What is the difference between forwards and futures contracts?

1.  A futures contract is a standardized contract, traded on an exchange, to buy or sell the underlying instruments at a certain date in the future, at a specified price. Whereas a forward contract is an agreement between two parties to buy or sell underlying assets at a specified date, at the agreed rate in the future.
2.  Risk in a futures contract is high whereas in forwards contract it is low.
3.  Futures contract are self-regulated whereas forwards contract is regulated by stock exchange