What is the difference between Futures and Forex?

Futures and Forex are both financial markets, but they differ significantly.

Forex (Foreign Exchange) specifically involves trading currencies, allowing you to buy one currency while selling another. It's a decentralized market operating 24/5.

On the other hand, Futures are contracts to buy or sell an asset at a predetermined price and future date. They cover a wider range of assets, including currencies, commodities, indices, and more, and trade on centralized exchanges. While Forex deals with immediate exchange, Futures involve a commitment for future delivery.