Difference between forwards and futures

1) Futures are traded in exchange market. Forwards are trded in OTC market.

 

2) Counterparties of futures are traded with clearing house only.

    Counterparties of forwards are traded with each other.

 

3) Counterparties of futures need to pay margin. So, futures don't have credit risk.

    Counterparties of forwards no need. So forwards have credit risk.

 

4) Futures have standard expiry months. Usually monthly or quarterly. liquidity tends to be greatest in the nearest expiry, since traders sometime needs to rolling the position.