Contract for Differences (CFDs) is the over-the-counter (OTC) arrangement that involves a contract to trade on financial instruments based on the price difference between the opening and closing prices of a security or an array of securities without purchasing or owning the securities.
Unlike other financial instruments, CFD traders do not own the securities but instead, speculate on the changes in the price of the security without purchasing or owning the security.
In Nigeria, CFDs are a popular way to trade forex, commodities, and stocks.
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