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What Is the Primary Difference between a Forward and a Futures Contract?

Futures contracts are standardized, traded on an exchange, and cleared through a clearing house, which reduces counterparty risk. Forward contracts are customized, traded over-the-counter (OTC), and carry higher counterparty risk as they are private agreements.

What Is the Primary Difference between OTC and Exchange-Traded Derivatives?
What Is a Futures Contract and How Does It Differ from a Forward Contract?
What Is the Primary Difference between a Forward Contract and a Futures Contract?
What Is the Difference between a Forward Contract and a Futures Contract?