CFD
A contract for difference (CFD) is an agreement with a broker to exchange the difference in an asset's price between opening and closing the trade. You never own the asset.
The broker is often on the other side of your trade, so the price you trade at is the broker’s, not an exchange’s. CFDs make leverage easy, which is why regulators restrict them: they are not offered to retail traders in the United States, and leverage on them is capped in Europe.
Learn more: classes of instruments and exchange or broker.