Distinguish between the following: 'Currency futures' and 'currency options' in forex trading.

Currency Futures: Future contracts are legally binding agreements in which one party agrees to either buy or sell a certain foreign currency at a later date in time. These contracts are standardized with respect to what is being traded, the quantity, delivery time and delivery location. They consist of secondary markets and can also be dealt numerous times much like a bond and opposed to a bank loan. Currency Option: Currency options, commonly known as a Forex options are contracts which allows a person the right, but not the obligation, to buy or sell a specified currency at a specified exchange rate on or before a specified date. The only person obliged to perform the contract is the seller of the option.