Futures trading is based on forward contract between a buyer/seller and the exchange. Futures contract refers to a standardized contract to buy or sell a specified commodity of standardized quality to be delivered at a certain date in the future, at a market determined price. The price is determined by the instantaneous equilibrium between the forces of supply and demand among competing buy and sell orders on the exchange at the time of the purchase or sale of the contract.
Futures are highly liquid financial instruments, so individuals can trade on tight spreads. Exchanges also ensure the transparency of all transactions.
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An option is a contract between a buyer and a seller that gives the buyer the right—but not the obligation—to buy or to sell a particular asset at a later day at an agreed price. In return for granting the option, the seller collects a payment (the premium) from the buyer.
Hence, there is a fixed limited risk associated with buying options and thus it is one of the favorite instrument for speculators.
An option buyer retains the choice of being either bullish or bearish. A call option gives the buyer the right to buy the underlying asset; a put option gives the buyer of the option the right to sell the underlying asset. If the buyer chooses to exercise this right, the seller is obliged to sell or buy the asset at the agreed price. The buyer may choose not to exercise the right and let it expire. So in the worst case scenario the option buyer only looses the premium amount paid irrespective of how much the market has moved against his position.
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