An FxPro account, in plain terms

A price contract on a world share, beside a share recorded in your name in CSCS

A CFD on a share is a contract between you and the broker that pays the difference between the price when the contract opens and the price when it closes. No share is bought, no certificate is issued, and nothing is recorded in your name at any depository. The contract is with FxPro, an international broker, and it is governed by FxPro's terms, not by Nigerian exchange rules. A share bought through a Nigerian stockbroker is different: the order goes to the Nigerian Exchange, the trade settles through the Central Securities Clearing System, and the shares appear in a CSCS account under your name. That account is the proof of holding, and the company's registrar has your name on its register. A CFD has none of those.

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Why a contract has no CSCS account, no registrar and no shareholder mail

Because a CFD is a contract on a price, not a purchase of a share, there is no CSCS account number, no clearing house number, and no registrar entry. The holder of a CFD has no vote, no right to attend a company meeting, and no direct claim on the company. Any dividend-related payment is a cash adjustment made by the broker around the ex-dividend date under its own contract terms; it is not a dividend paid by the company. This site does not state whether FxPro lists any share from this country's exchange. What the broker's account offers is a price contract on global shares and indices, which is a different thing from buying a share through a local broker and depository, which is what this site's guides describe. A reader who wants the local share must use the local chain.

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What to read in the terms before an account is opened from Nigeria

A CFD is a leveraged product and losses can be fast; the broker states that clients cannot lose more than the funds they deposited (negative balance protection) and offers a free practice account. Opening an account requires identity verification. Platforms: MetaTrader 4, MetaTrader 5, cTrader, a browser platform and a mobile app. FxPro is not supervised by the Securities and Exchange Commission (SEC) Nigeria; a Nigerian resident who opens an account deals with a foreign firm outside local supervision. A CFD on a share is not recorded in a CSCS account and does not appear in the reader's CSCS statement. The reader must read the contract specification before relying on it.

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FxPro is not licensed by the Securities and Exchange Commission of Nigeria. An account is opened with a company regulated outside Nigeria - the group's companies are authorised by regulators such as the FCA in the United Kingdom - so a resident here deals with a foreign firm and the protections of a locally registered one do not apply. A contract for difference on a share is not ownership of a share and is not recorded in a CSCS account. Sending money abroad is subject to the Central Bank of Nigeria's foreign exchange rules. Nothing on this site is investment advice.