A forward contract is not the same as a futures contract. Both agreements bind traders to buy and sell an asset (or settle the exchange in cash) at a predetermined price in the future. However, there are a few key differences between them, which are as follows:
Forward contracts are...
Traded over-the-counter (OTC)
Non-standardised (can be customised)
Negotiable
Futures contracts are...
Traded on exchange
Standardised (can't be customised)
Non-negotiable