First, the trading objects are different: the object of futures trading is the standardized contract formulated by the exchange; The object of forward transaction is non-standardized contract, and the quantity, grade, quality and delivery place of the goods in the contract are reached by the buyer and the seller through private consultation. All commodities can be traded in the future, but not all commodities can be traded in the future.

Second, the purpose of the transaction is different: the purpose of the forward transaction is to obtain or transfer the goods at some time in the future. Futures trading is to transfer risk or pursue risk return.

Third, the function is different: the function of futures trading is to avoid risks and price discovery; Although forward trading can adjust the relationship between supply and demand and reduce price fluctuation to a certain extent, it lacks liquidity, so its price authority and risk transfer function are limited.

4. Different ways of performance: There are two ways of performance for futures trading: hedging liquidation and due delivery, and the way of performance for forward trading mainly adopts commodity delivery.

5. Different credit risks: futures trading is based on the margin system, and the daily debt-free settlement system is implemented, and the daily settlement is guaranteed by the exchange, so the credit risk is small. The forward transaction, because it is privately agreed between the buyer and the seller, has great uncertainty.

Sixth, the margin system is different: futures trading has a specific margin system, and the margin is charged to the buyer and the seller according to a certain proportion of the contract value, usually 5%-10% of the contract value; Whether to charge or how much margin to charge for forward transactions is up to the buyers and sellers.