Question: Could someone give me the different points between futures and forward contracts? > Forward and futures are similar because the involved parties must agree to

Could someone give me the different points between futures and forward contracts?

> Forward and futures are similar because the involved parties must agree to buy/sell an asset at a specific agreed price in the future? Is it correct?

> Forward is privately negotiated so it could not be used to trade on exchange but Futures can? Is it correct?

> Futures contracts are highly standardized forward in form of commodities, delivery date or location. Is it correct? & Please explain to me in-depth as you can, I am struggle with this part the most!

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