1. Forward contracts are not standardized, but contracts used in futures trading are standardized.
2. Many forward transactions do not need to pay margin, and futures transactions need to pay margin.
3. Different risks, big long-term risks and small futures risks.
4. Forward transactions are mostly delivered in kind, and futures are basically not delivered in kind.
There is no third party in the forward contract, but there is futures.
6. Futures are traded on the floor, and forwards are traded on the OTC market.
In fact, futures trading is the evolution of forward trading, which is more standardized and can prevent the risk of default, but it restricts the transactions between individuals and therefore lacks flexibility.