Forwards               Futures

Contract Terms           variable               standard
Delivery                 expected               only 2-5%
Trading                  via phone              centralised
Margins                  negotiated             uniform
Credit Risk                taken by             clearing
                           counterparty         house
Liquidity                lesser                 greater
Cash Flow                ........               ........

In forwards, you receive your profits (or pay for your losses):

a) on delivery.
b) as soon as prices change.