An index CFD lets you trade a whole market, like the ASX 200 or US 500, in one position rather than buying every stock in it. For index CFDs in Australia, CMC Markets has the widest range at 80+ index CFDs against 36+ at IG Markets, and CMC has the strongest platform, the one I would pick for charting, while Pepperstone is cheapest on the majors. Major indices are capped at 20:1 leverage for retail clients and minor indices at 10:1 under ASIC’s product intervention order, and there is a real difference between cash and futures index CFDs that changes the cost.
Quick verdict: index CFD brokers in Australia
The tier an index sits in changes the margin on an identical trade, so your minor index trade ties up twice the margin of a major for the same exposure. I also want you to know that cash and futures pricing behave differently: a cash index carries overnight financing for as long as you hold it, while a futures index carries a wider spread and an expiry you have to roll. My advice is to decide which of those you are actually trading before you compare any headline index count, because your margin and your financing costs depend on it.
- IG Markets: 36+ index CFDs, cash and futures.
- CMC Markets: technical index trading on Next Generation.
- Pepperstone: low-cost pricing on the major indices.
- IC Markets: raw spreads for scalping US indices.
- Vantage: index CFDs on RAW pricing with TradingView.
- Eightcap: indices traded from native TradingView.
- Capital.com: no-commission index pricing, 25+ markets.
- FP Markets: broad global index coverage on raw pricing.
- Plus500: simple index trading, 30+ CFDs.
- Trade Nation: fixed index spreads through news.
I’d start with the cash-or-futures fork, then platform. Both are compared per broker below.
Comparison table: index CFD brokers
| # | Broker | Index CFDs (count) | Key indices | Max retail leverage | Platform | Visit broker | More details |
|---|---|---|---|---|---|---|---|
| 1 | #1 Top index CFD pick IG Markets | 36+ | ASX 200, US 500, US Tech 100, UK 100, GER 40 | 20:1 major / 10:1 minor | IG web, L2 Dealer | Visit IG Markets | |
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| 2 |  CMC Marketstechnical index trading on Next Generation | 80+ | ASX 200, US 500, US Tech 100, UK 100, GER 40 | 20:1 / 10:1 | Next Generation | Visit CMC Markets | |
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| 3 |  Pepperstonelow-cost pricing on the major indices | 25+ | ASX 200, US 500, US Tech 100, UK 100, GER 40 | 20:1 / 10:1 | MT4, MT5, cTrader, TradingView | Visit Pepperstone | |
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| 4 |  IC Marketsraw spreads for scalping US indices | 25+ | ASX 200, US 500, US Tech 100 | 20:1 / 10:1 | MT4, MT5, cTrader | Visit IC Markets | |
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| 5 |  Vantageindex CFDs on RAW pricing with TradingView | 20+ | ASX 200, US 500, US Tech 100 | 20:1 / 10:1 | MT4, MT5, TradingView | Visit Vantage | |
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| 6 |  Eightcapindices traded from native TradingView | 20+ | ASX 200, US 500, US Tech 100 | 20:1 / 10:1 | MT4, MT5, TradingView | Visit Eightcap | |
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| 7 |  Capital.com | 25+ | ASX 200, US 500, US Tech 100 | 20:1 / 10:1 | WebTrader, MT4, TradingView | Visit Capital.com | |
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| 8 |  FP Marketsbroad global index coverage on raw pricing | Yes | ASX 200, US 500, global majors | 20:1 / 10:1 | MT4, MT5, cTrader, TradingView, IRESS | Visit FP Markets | |
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| 9 |  Plus500simple index trading, 30+ CFDs | 30+ | ASX 200, US 500, US Tech 100 | 20:1 / 10:1 | Plus500 WebTrader | Visit Plus500 | |
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| 10 |  Trade Nationfixed index spreads through news | Yes | ASX 200, SPI 200, global majors | 20:1 / 10:1 | TN Trader | Visit Trade Nation | |
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| 11 |  Mitrade | Yes | ASX 200, global majors | 20:1 / 10:1 | Mitrade WebTrader | Visit Mitrade | |
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| 12 |  FXCM | Yes | ASX 200, US 500, global majors | 20:1 / 10:1 | Trading Station, MT4, TradingView | Visit FXCM | |
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| 13 |  Fortrade | 19 | ASX 200, US 500, US Tech 100, UK 100, GER 40 | 20:1 / 10:1 | Fortrader | Visit Fortrade | |
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On major equity indices, ASIC caps retail leverage at 20:1, with minor indices at 10:1. Index lists are taken from each broker’s current Australian disclosure and change over time, so check the broker’s market list before funding an account.
I need you to hear this risk warning, and I want you to take it seriously: CFDs are leveraged products and carry a high risk of loss. Most retail CFD accounts lose money. Review the broker's PDS and TMD before you trade, and make sure you can afford the loss and you are comfortable with the risk.
1. IG Markets: 36+ index CFDs in cash and futures form
IG Markets ranks first on Index CFD Fit with 36+ index CFDs spanning the ASX 200, US 500, US Tech 100 and the major global markets, offered in both cash and futures form. Positions run on the IG web platform or MT4, with ProRealTime charting free for clients trading four or more times a month, and Knock-Out and Barrier options add defined-risk index exposure that I would call unmatched here. The minimum deposit is A$100 by card (A$10 by BPAY). IG has operated in Australia since 2002, and IG Australia Pty Ltd holds AFSL 515106.
Average spread
EUR/USD 0.16 pips (Forex Direct, measured)
Trading platforms
IG web, L2 Dealer, TradingView
Minimum deposit
A$100
Regulation
ASIC AFSL 515106
Why higher here? Index CFD Fit weights index range and technical tooling, which lifts IG Markets above its #14 sitewide position. See the ranking method ↓
Pros & Cons
- 36+ index CFDs, from the ASX 200 and US 500 across the major global markets
- Cash and futures forms, so you can carry positions without nightly financing
- Competitive spreads on the major indices
- Proprietary platforms (IG web, L2 Dealer) rather than MetaTrader or cTrader
- All-in cost sits mid-pack on the majors
- Breadth beyond the headline indices is more than most traders need
2. CMC Markets: best index charting on Next Generation
CMC Markets has the widest index range on this page at 80+ index CFDs and is the pick for technical traders, with the ASX 200, S&P/ASX SPI 200 and the major global markets on its Next Generation platform. Pattern recognition scanning, client sentiment data and 115+ built-in indicators give it a charting toolkit that I would reach for in chart-led index trading, and the Standard account is spread only with no commission and no minimum deposit. Retail leverage on major index CFDs is capped at 20:1 under ASIC rules across this page. CMC Markets Asia Pacific has held AFSL 238054 since 2004.
Average spread
EUR/USD 0.5 pips (Standard, advertised)
Trading platforms
Next Generation, TradingView
Minimum deposit
A$0
Regulation
ASIC AFSL 238054
Why higher here? Index CFD Fit weights range and technical tooling. CMC's 80+ index CFDs are the widest range on this page, and its client sentiment data and pattern scanner help on indices, which lifts it above its #21 sitewide position. See the ranking method ↓
Pros & Cons
- Strong index range paired with Next Generation, the best charting of the group
- Suits traders who analyse indices technically
- Both cash and futures index forms
- Cost sits in the middle of the pack on the majors
- Next Generation is proprietary, no MT5 or cTrader
- You pay for the platform features
3. Pepperstone: lowest-cost major index CFDs
Pepperstone carries 25+ index CFDs, including the ASX 200 and S&P/ASX SPI 200 beside the global majors, on MT4, MT5, cTrader, TradingView and its own web platform from a single login. Razor raw pricing carries across its asset classes, there is no minimum deposit or inactivity fee, and support runs 24/7 with live-chat responses under a minute in Australian business hours, a speed I would call quick. As the top-rated broker overall, it suits index traders who also run forex from the same account. Pepperstone has held AFSL 414530 since 2013.
Average spread
EUR/USD 0.1 pips (Razor, measured)
Trading platforms
MT4, MT5, cTrader, TradingView
Minimum deposit
A$0
Regulation
ASIC AFSL 414530
Pros & Cons
- Low-cost major indices across MT4, MT5, cTrader and TradingView
- Strong for active traders on the ASX 200 and US 500
- Four platforms including TradingView
- Range narrower than IG or CMC
- Best value on the headline indices, not the long tail
- Index trading sits beside a forex-first account
4. IC Markets: tightest raw index spreads
IC Markets offers 25+ index CFDs including the ASX 200 and S&P/ASX SPI 200, traded on MT4, MT5 or cTrader. It is known for execution speed, consistently among the fastest tracked in quarterly latency testing, and that speed is what I would value most for a latency-sensitive strategy. Index positions sit beside forex, commodities and share CFDs on one account, the minimum deposit is US$200, and support runs 24/7 on live chat with average responses under 90 seconds in testing. International Capital Markets has operated under AFSL 335692 since 2009.
Average spread
EUR/USD 0.01 pips (Raw Spread, measured)
Trading platforms
MT4, MT5, cTrader, TradingView
Minimum deposit
A$200
Regulation
ASIC AFSL 335692
Pros & Cons
- Tight raw spreads on the major indices on deep liquidity
- Suits scalpers and day traders on the S&P 500 and Nasdaq
- MT4, MT5 and cTrader supported
- Raw pricing carries a per-lot commission
- Focused on the headline indices rather than a deep range
- No proprietary charting platform
5. Vantage: competitive mid-range pricing
Vantage covers the ASX 200, S&P/ASX SPI 200 and the major global indices within its 1,000+ instruments, priced through a spread-only Standard STP account or the commission-based RAW account. Native TradingView execution is available on the Standard and Raw Classic accounts, and the Vantage App handles mobile. The minimum deposit is A$50 and funding is fee-free across PayID, BPAY, PayPal, Apple Pay and Google Pay, a detail I would appreciate. Vantage Global Prime has operated under AFSL 428901 since 2012.
Average spread
EUR/USD 0.18 pips (RAW ECN, measured)
Trading platforms
MT4, MT5, TradingView
Minimum deposit
A$50
Regulation
ASIC AFSL 428901
Why higher here? Index CFD Fit weights index range and technical tooling, which lifts Vantage above its #24 sitewide position. See the ranking method ↓
Pros & Cons
- Competitive index pricing across MT4, MT5 and TradingView
- Moderate range covering the headline names
- TradingView charting on the account
- Range not as deep as IG or CMC
- Covers the headline indices rather than the long tail
- Lower overall site ranking than the leaders above
6. Eightcap: major indices across MT4, MT5 and TradingView
Eightcap trades the ASX 200, S&P 500, NASDAQ, FTSE 100, DAX and Nikkei among its major global indices. It is the pick for traders who live in the charts, because it’s one of the few brokers here with native TradingView execution, and that is the reason I would choose it for chart-heavy trading. MT4, MT5 and TradeLocker complete the platform set, algo traders get free VPS hosting with the FlashTrader MT5 add-on, and there is no inactivity fee. The minimum deposit is A$100, and its work was recognised in Investment Trends awards in 2023 and 2024. Eightcap was founded in Melbourne in 2009, and its AFSL 391441 is current since 2011.
7. Capital.com: 25+ index CFDs with no commission
Capital.com lists 25+ index CFDs including the ASX 200, S&P 500, NASDAQ, FTSE 100 and DAX, priced into the spread with no separate commission. The guaranteed stop-loss orders on selected instruments give index traders a hard floor under fast markets, charged only if triggered and only on its own platform, and that is a feature I would want for peace of mind during data releases. WebTrader, MT4, MT5 and native TradingView all carry the range, the minimum deposit is A$20, there is no inactivity fee, and support runs 24/7. ASIC issued Capital Com Australia AFSL 513393 in 2021.
8. FP Markets: widest platform choice for index CFDs
FP Markets covers the ASX 200, S&P/ASX SPI 200, S&P 500, NASDAQ, FTSE 100, DAX, Nikkei and Hang Seng. Its account structure matches most styles: Raw pricing for active traders or a spread-only Standard account. Platforms run from MT4 and MT5 through cTrader and TradingView, and index CFDs sit beside the IRESS share offering on the same relationship. The minimum deposit is A$100 with no inactivity fee, and multiple Investment Trends awards recognise its execution quality and client service. First Prudential Markets has held AFSL 286354 since 2005.
9. Plus500: 30+ index CFDs plus index options
Plus500 lists 30+ index CFDs including the ASX 200 and S&P/ASX SPI 200, on a single spread-only account with no commission. The WebTrader platform keeps index trading approachable, and guaranteed stop-loss orders, priced through a wider spread set when the position opens, cap the downside on leveraged index positions held through data releases. The minimum deposit is A$100, sign-up for the free unlimited demo starts with just an email, and support runs 24/7 on live chat and email. Plus500AU has held AFSL 417727 since 2012, with an LSE-listed FTSE 250 parent.
10. Trade Nation: fixed spreads on the ASX 200 and global majors
Trade Nation completes the list as the fixed-cost option: index CFDs on the ASX 200, S&P/ASX SPI 200 and the major global markets trade on TN Trader, its fixed-spread, no-commission platform, so trading costs do not widen through data releases or session opens. A separate MT4 account supports expert advisors on variable spreads, TradingView runs on the same login, and there is no minimum deposit or inactivity fee. Trade Nation Australia has held AFSL 422661 since 2012, having been renamed from Core Spreads in 2020.
What an index CFD tracks
An index CFD tracks the level of a stock-market index, like the ASX 200 or US 500, in a single position. The position gains or loses as the index moves, without buying the underlying shares, and it can be long or short with leverage. The result is the index move times the position size, minus costs.
Cash vs futures index CFDs
A cash index CFD tracks the spot level of an index and has no expiry, so it can be held indefinitely, but overnight financing is charged each night the position is held. A futures index CFD tracks a specific futures contract, has an expiry date, and builds the financing cost into the price rather than charging it nightly. Cash suits short holds and day trading; futures can suit longer positions where nightly financing would add up. Check which one the broker is quoting.
ASIC leverage caps on index CFDs
The major indices (ASX 200, US 500, US Tech 100, UK 100, Germany 40 and a handful of others) carry a 20:1 retail cap. That means a A$1,000 margin controls up to A$20,000 of major-index exposure. At 20:1 the margin is 5% of position value, and the tool to calculate required margin shows it for any index and lot size. Smaller or less liquid indices sit in the 10:1 minor tier. Whichever broker you pick from our CFD broker rankings, the tiers still apply, so the leverage available depends on the index traded. Professional clients can access higher leverage but give up retail protections.
The same ASIC instrument governs these limits: Corporations (Product Intervention Order - Contracts for Difference) Instrument 2020/986, in force since 29 March 2021 and extended to 23 May 2027. Notice how the calculator below responds when the tiers switch: the cap moves with it, and so does the close-out level the instrument fixes at 50% of initial margin.
Holding costs sit outside this. A cash index CFD accrues financing daily, whereas a futures-based contract prices that cost in instead. Neither is included below.
The ASX 200 in an Australian context
The ASX 200 is the index every Australian retail trader knows. Trading it as a CFD means AUD-denominated exposure during Sydney hours (10am to 4pm AEST), with quarterly rebalances and the same dividend events that drive the underlying stocks. Spreads tighten in the Sydney open and widen at the close.
The local-trader angle is real and it works in your favour if you’re trading the ASX 200: AU brokers tend to price the index more competitively than offshore brokers, because their AU client base trades it heavily.
How index CFD costs work
Index CFD trades come with three costs: the spread (typically tight on the majors, wider on smaller indices), the overnight financing on cash index CFDs (charged daily on long positions), and any commission the broker charges (most index CFDs are spread-only). Futures index CFDs do not carry nightly financing but build the carry cost into the futures price. See the leading ASIC-regulated forex brokers guide if price is the deciding factor; it ranks every ASIC broker on total trading cost, built on the live spread capture Noam Korbl runs.
Tax treatment of index CFD profits
Index CFD profits are generally taxed on revenue account as ordinary income, like other CFDs, rather than as capital gains. This differs from owning an index ETF as an investment, which is usually a CGT event on sale. The treatment depends on individual circumstances, so confirmation with the ATO or a tax adviser is prudent.
Compare brokers by the factor that decides it
I re-rank the market for each shortlist below around a single decision factor, each tested the same way as this page so you can trust the comparison. When you use these shortlists, you are comparing brokers on the same footing, so you can make a decision you feel confident about.
Start with the overall ranking
My baseline is our tested, ASIC-only ranking of the best forex brokers in Australia, and I re-rank it for a different decision factor in each shortlist below. I want you to see how each broker performs when you prioritise what matters to you, and I hope you find the one that fits your trading style and your decision-making.
The platform decides it
Rankings change once the trading software is fixed. Pick yours first, then compare.
Cost decides it
Account types price the same trade differently. These shortlists rank by total cost.
You're starting out
Simpler platforms, stronger education, and demo accounts with no time pressure.
Your strategy decides it
Execution speed, copy functionality and EA support separate these shortlists.
FAQs
What is an index CFD?
Which indices count as major in Australia?
What leverage can I use on the ASX 200?
What is the difference between a cash and futures index CFD?
Are index CFDs taxed as CGT?
Related pages
About the author
Justin co-founded CompareForexBrokers in 2014 and has traded forex since 1998. Based in Melbourne, he has tested every ASIC-regulated broker on this site personally and has written for Forbes, Kiplinger, Finance Magnates, the Australian Financial Review and The Age. He holds a Bachelor of Commerce (Honours) and a Master of Marketing from Monash University. Justin is the co-founder and CEO of CompareForexBrokers.