[2023] Am I missing something or is the trade system easy to go around?

So, I read the blog post, and I feel like the faction choice doesn't make that much difference, and you should always play as CoF, while having a merchant side character. Reasoning:

1. Merchant Guild characters can trade any gear items, even the one that require CoF level to equip
2. COF drops are heavily skewed towards better affixes, better stats
3. Strongest items will be dropped as CoF, and if you want to sell them, just use your side character. Same with buying, buy gear from Bazaar with side character, give it to your main or to your friend with Resonance.
4. Your main stays permanently in CoF, with boosted drop rates and supplies gear for selling to your side character

Please tell me where I am wrong, otherwise the systems, while it seems cool, just doesn't really have any restrictions in trading.