Participants are different: the forward is generally professionals and big manufacturers, while the futures can participate as long as they pay the deposit according to the regulations;

Trading methods are different: forward is direct contact and trading between buyers and sellers, and futures trading is not direct contact between the two parties, and is represented by brokers;

The contents of the transaction are different: forward transactions can be performed through negotiation as needed, while futures are standardized contracts, which are easy to transfer and do not require holding maturity;

Trading places are different: forward is over-the-counter trading, and there is no fixed place, while futures is on-site trading, with fierce competition;

Trading settlement is different: in principle, spot delivery is carried out on the delivery date for forwards, and spot delivery is not carried out for futures. For open contracts, the deposit shall be settled on a daily basis.