Quick verdict: treasury and bond CFD brokers in Australia
IG Markets is the best treasury CFD broker in Australia, with the widest bond CFD lineup of any ASIC broker: the AU 10-year, US Treasuries from two to thirty years, the German Bund, UK Gilt and Italian BTP. CMC Markets is the closest alternative on Next Generation. Only ten ASIC brokers carry bond CFDs.
- IG Markets: widest bond CFD lineup of any ASIC broker.
- CMC Markets: broadest easy-access bond CFDs.
- Interactive Brokers: the underlying cash bond market, not CFDs.
- Totality: 5,000+ direct government and corporate bonds.
- OANDA: US Treasury CFDs with a research suite.
- FP Markets: selected sovereign bond CFDs plus IRESS.
- IC Markets: limited bond CFDs on a low-cost ECN account.
- Forex.com: core global bond CFDs, StoneX-backed.
- Vantage: major government bond CFDs with TradingView.
- AvaTrade: a small bond CFD list beside AvaOptions.
Bond CFDs are a niche corner of the Australian retail market, and the shortlist is genuinely short. What each broker actually tracks matters more than the count.
Several forex-focused brokers (Pepperstone, Eightcap, Fusion Markets, Global Prime) do not carry treasury CFDs in any meaningful form. If a broad, multi-country bond CFD range is what matters, IG and CMC remain the two to beat. Beyond bonds, our best forex brokers in Australia guide ranks every ASIC broker we cover on cost and platform.
ASIC caps retail leverage on government bond CFDs at 5:1, the “shares and other assets” tier under ASIC Corporations (Product Intervention Order - Contracts for Difference) Instrument 2020/986, extended to 23 May 2027. Wholesale clients can request higher.
Comparison table: AU treasury CFD brokers
| Broker | Bond CFDs offered | Max retail leverage | Platforms | AFSL | Min deposit |
|---|---|---|---|---|---|
 IG Markets | AU 10-year, US 2/5/10/30-year, German Bund + Schatz, UK Gilt, Italian BTP | 5:1 | IG web platform, MT4, ProRealTime, L2 Dealer | 515106 | $0 |
 CMC Markets | AU 10-year, US T-Note, German Bund, UK Gilt, Long Gilt | 5:1 | Next Generation, MT4 | 238054 | $0 |
 Interactive Brokers | Direct access to underlying bonds (not CFDs) | n/a (cash bond market) | TWS, IBKR Web, IBKR Mobile | 453554 | $0 |
 Totality | 5,000+ direct bonds (underlying, not CFDs) | n/a (direct bond market) | Totality Edge, Totality Apex | 280372 | $0 |
 OANDA | Limited range incl US Treasuries | 5:1 | OANDA Trade, MT4, MT5, TradingView | 412981 | $0 |
 FP Markets | Selected sovereign bond CFDs | 5:1 | MT4, MT5, cTrader, TradingView, IRESS | 286354 | $100 |
 IC Markets | Limited selection | 5:1 | MT4, MT5, cTrader | 335692 | $200 |
 Forex.com | US T-Notes, German Bund, UK Gilts | 5:1 | Forex.com Web, MT4, MT5, TradingView | 345646 | $100 |
 Vantage | Selected major government bonds | 5:1 | MT4, MT5, TradingView, Vantage App | 428901 | $50 |
 AvaTrade | Limited range | 5:1 | MT4, MT5, AvaTradeGO, AvaOptions | 406684 | $100 |
Bond CFD lineups change with liquidity. The Italian BTP and the short-dated US Treasuries at IG move on and off the market schedule, so check the broker’s current product list before funding an account. Availability for OANDA, FP Markets, Vantage and AvaTrade is drawn from our broker reviews and was not reconfirmed against each current PDS for this update, so confirm the live product list before funding.
CMC Markets and IG are bound by ASIC’s Product Intervention Order on retail bond CFDs: 5:1 leverage cap, mandatory negative balance protection, margin close-out at 50% of initial margin. Interactive Brokers’ AU offering on bonds is the underlying instrument, not a CFD, so the PIO doesn’t apply in the same way (different product class, different rules).
If you want the bond itself: direct access instead of CFDs
Interactive Brokers: underlying access, not CFDs
Interactive Brokers is one of two brokers here offering the underlying bonds rather than CFDs. Government, corporate and municipal bonds trade across major markets through Trader Workstation, with government bond commission from 0.002% of face value and a US$5 minimum, and holdings sit in true multi-currency accounts alongside shares, options and futures. There is no minimum deposit. For investors who want actual fixed-income exposure rather than a leveraged price contract, this is the deeper route. Interactive Brokers Australia has held AFSL 453554 since 2007.
Interactive Brokers: Underlying Access, Not CFDs
Average Spread
EUR/USD = 0.2
GBP/USD = 0.4
AUD/USD = 0.3
Trading Platforms
TWS, IBKR Mobile, GlobalTrader, WebTrader
Minimum Deposit
$0
Pros & Cons
- ASIC AFSL 453554 (Interactive Brokers Australia Pty Ltd), with a NASDAQ-listed parent regulated globally by SEC, FINRA, CFTC, FCA, MAS, CIRO, JFSA and HKSFC
- Cheapest ASX share brokerage on this site, from AUD 6 minimum per trade; US shares from USD 0.005 per share with a USD 1 minimum
- True multi-currency accounts. Hold AUD, USD, EUR, GBP and 20+ others natively without forced conversion at deposit or withdrawal
- TWS desktop has a famously steep learning curve. The interface is dense and looks dated next to Pepperstone or CMC's Next Generation
- No MT4, no MT5, no cTrader, no TradingView. Not a fit for traders running existing forex EAs
- IBKR Pro commission structure rewards experienced traders
Broker's Detail
Founded in 1978 and NASDAQ-listed (IBKR), Interactive Brokers operates the AU entity under AFSL 453554. The group holds licences across every major financial market and is one of the very few brokers offering direct exchange access alongside CFDs.
IBKR's pricing model is volume-tiered with very low headline commissions. Spreads on forex pairs start from 0.2 pips with a typical commission of USD 2.50 per AUD 100,000. The platform stack is built around Trader Workstation (TWS), which is feature-dense and built for professionals, plus the lighter IBKR Mobile, GlobalTrader and WebTrader.
$0 minimum deposit with fee-free AU funding via PayID, BPAY, card and wire. Retail leverage follows ASIC's product intervention order caps. AFCA dispute coverage and negative balance protection standard. Inactivity fees apply on small accounts.
What a treasury CFD actually tracks
A treasury CFD is a contract for difference on a government bond futures price. You’re not buying the bond. You’re not lending money to the government. You’re trading the price of the underlying futures contract on a margined account.
Most CFD brokers track the front-month futures contract on the relevant bond:
- AU 10-year Treasury Bond CFD typically tracks the ASX 10-year bond futures (XT contract on the SFE)
- US 10-Year T-Note CFD tracks the CBOT 10-Year Treasury Note futures (ZN)
- German Bund CFD tracks the Eurex Bund futures (FGBL)
- UK Gilt CFD tracks the ICE Long Gilt futures
What this means in practice: when the RBA hikes the cash rate and AU 10-year yields rise, the AU 10-year Treasury Bond futures price falls. Your long bond CFD goes against you. Your short bond CFD goes with you. Bonds and yields move inversely.
The CFD tracks the futures price directly. There’s a daily rollover where the contract moves between expiry months. This can produce a small adjustment in your position that’s often invisible to the user but worth understanding before placing a multi-month trade.
1. IG Markets: widest bond CFD lineup in Australia
IG Markets has the widest bond CFD lineup of any ASIC broker we cover: the Australian 10-year, US Treasuries from two to thirty years, the German Bund, UK Gilt and Italian BTP. Positions trade on the IG web platform or MT4, with ProRealTime charting free for active clients, and the bond book sits beside 17,000+ other markets on the same login. The minimum deposit is A$450. IG has operated in Australia since 2002, and IG Australia Pty Ltd holds AFSL 515106.
IG Markets: Widest Bond CFD Lineup
Average Spread
EUR/USD = 0.6
GBP/USD = 0.9
AUD/USD = 0.8
Trading Platforms
MT4, IG Web Platform, IG Mobile App
Minimum Deposit
$0
Pros & Cons
- ASIC AFSL 515106 (IG Australia Pty Ltd), operating in Australia since 2002, plus FCA, MAS, CIRO regulation globally; LSE-listed parent with FTSE 250 status
- 17,000+ tradeable markets including 13,000+ share CFDs, the broadest range of any ASIC-regulated broker
- $0 minimum deposit; fee-free PayID, BPAY, card and PayPal funding for AU clients
- No MT5 and no cTrader on the AU entity
- No native TradingView trading integration
- Share CFD overnight financing rates above the AU market average
Broker's Detail
IG is one of the oldest brokers in the industry, founded in 1974 and listed on the London Stock Exchange (FTSE 250). In Australia it has operated since 2002; new Australian CFD accounts are issued by IG Australia Pty Ltd under AFSL 515106. The group also holds FCA (UK), MAS (Singapore), CIRO (Canada) and 8 additional Tier-1 licences.
The headline draw is product breadth: 17,000+ tradeable markets including 13,000+ share CFDs, the broadest range of any ASIC-regulated broker we cover. Forex coverage spans 90+ pairs. Spreads start from 0.6 pips on EUR/USD with no commission on the standard account; an Active Trader rebate programme is available for high-volume clients.
$0 minimum deposit and fee-free AU funding via PayID, BPAY, card and PayPal. Platforms include MT4, the IG Web Platform and the IG Mobile App. Retail leverage follows ASIC's product intervention order caps. Negative balance protection and AFCA dispute coverage standard.
IG Markets spread table (averaged over our most recent test cycle):
| Pair | IG typical spread (pips) | AU industry avg (Standard) |
|---|---|---|
| EUR/USD | 1.13 | 1.1 |
| AUD/USD | 0.6 | 1.3 |
| GBP/USD | 0.9 | 1.4 |
| USD/JPY | 0.7 | 1.4 |
| EUR/GBP | 0.9 | 1.4 |
| EUR/JPY | 1.5 | 1.9 |
| AUD/JPY | 1.4 | 2.1 |
2. CMC Markets: proprietary platform, broad bond coverage
CMC Markets is the closest alternative to IG, carrying the Australian 10-year bond, US T-Notes, German Bund and UK Gilts as CFDs on its Next Generation platform. Treasury positions share a login with 12,000+ other CFD instruments, the Standard account is spread only with no commission or minimum deposit, and Morningstar and Reuters research feeds are built in. For chart-driven bond traders, Next Generation's pattern recognition and client sentiment tools carry across to the treasury book. CMC Markets Asia Pacific has held AFSL 238054 since 2002.
CMC Markets: Proprietary Platform, Broad Bonds
Average Spread
EUR/USD = 0.7
GBP/USD = 0.9
AUD/USD = 0.6
Trading Platforms
Next Generation, MT4, CMC Stockbroking
Minimum Deposit
$0
Why higher here? Bond CFD Fit weights curve coverage and charting. CMC has the second-widest bond CFD coverage on this page and the strongest platform tooling for rates products, which lifts it above its #20 sitewide position. See how we score
Pros & Cons
- ASIC AFSL 238054 since 2002, plus FCA, BaFin, MAS, CIRO regulation globally, top-tier trust profile
- Next Generation platform is the strongest proprietary CFD platform in Australia
- 12,000+ CFD instruments plus integrated CMC Stockbroking for ASX equities
- Standard account spreads on EUR/USD and AUD/USD wider than top-tier RAW brokers
- Share CFD overnight financing rates above average for the AU market
- Customer support hours 24/5 only (closed weekends)
Broker's Detail
Founded in London in 1989 and operating in Australia since 2002, CMC Markets is one of the longest-tenured CFD brokers in the AU market. The AU entity holds AFSL 238054. The group is LSE-listed and also holds FCA (UK), BaFin (Germany), MAS (Singapore) and CIRO (Canada) licences.
Standard account spreads start from 0.5 pips on EUR/USD with no commission; FX Active pairs tighter spreads with a commission. CMC also runs a separate stockbroking service for direct ASX share investing. The Next Generation platform pairs with MT4 (no MT5 or cTrader on the AU entity).
$0 minimum deposit and fee-free AU funding via PayID, BPAY and card. Retail leverage follows ASIC's product intervention order caps. Negative balance protection and AFCA dispute coverage standard. Customer support runs 24/5 by live chat, email and phone.
CMC Markets spread table (indicative standard-account pricing, not from our measured capture):
| Pair | CMC Standard (typical pips) | AU industry avg (Standard) |
|---|---|---|
| EUR/USD | 0.5 | 1.1 |
| AUD/USD | 0.6 | 1.3 |
| GBP/USD | 0.9 | 1.4 |
| USD/JPY | 0.7 | 1.4 |
| EUR/GBP | 0.7 | 1.4 |
| EUR/JPY | 1.2 | 1.9 |
| AUD/JPY | 1.2 | 2.1 |
3. OANDA: US Treasury CFDs with a rates-desk pedigree
OANDA keeps a limited bond CFD list that includes US Treasuries, traded on its OANDA Trade platform, MT4, MT5 or natively inside TradingView. Guaranteed stop-loss orders are available on OANDA Trade, and the broker's regulatory pedigree, ASIC alongside US CFTC oversight within the group, is part of its appeal for cautious fixed-income traders. There is no minimum deposit on the Standard account, and an unlimited demo with US$100,000 in virtual funds suits testing bond CFD sizing first. OANDA Australia has held AFSL 412981 since around 2010.
OANDA: US Treasury CFDs + Rates Desk
Bond CFDs
Limited range incl US Treasuries
Trading Platforms
OANDA Trade, MT4, MT5, TradingView
Minimum Deposit
$0
Pros & Cons
- Bond CFD range includes US Treasuries, on an account carrying the economic calendar and API access for yield-curve data
- Dual ASIC (AFSL 412981) and US CFTC regulation, a top-tier trust profile
- $0 minimum deposit with spread-only Standard pricing
- Bond range is limited against IG's multi-country lineup
- Bond CFD availability is drawn from our OANDA review, not reconfirmed against the current PDS for this update
Broker's Detail
Founded in 1996, OANDA operates its Australian entity as OANDA Australia Pty Ltd under AFSL 412981, with the US arm holding CFTC registration. The platform stack spans OANDA Trade, MT4, MT5 and TradingView, so rate traders can chart yields where they already work. Retail leverage follows ASIC's product intervention order caps. Negative balance protection and AFCA dispute coverage are standard.
4. FP Markets: sovereign bond CFDs on the all-rounder account
FP Markets carries selected sovereign bond CFDs within its multi-asset range, a narrower book than IG's or CMC's but enough for traders who want occasional government bond exposure beside forex and shares. Accounts run on MT4, MT5, cTrader and TradingView with Raw or Standard pricing, the minimum deposit is A$100, and there is no inactivity fee. The same relationship reaches direct ASX equities through IRESS, so bond CFDs can complement a real-asset portfolio. First Prudential Markets has held AFSL 286354 since 2005.
FP Markets: Sovereign Bond CFDs
Bond CFDs
Selected sovereign bond CFDs
Trading Platforms
MT4, MT5, cTrader, TradingView, IRESS
Minimum Deposit
$100
Pros & Cons
- Selected sovereign bond CFDs on the same Raw account as its forex and index pricing
- Five platforms including IRESS DMA for Level 2 depth on ASX equities
- ASIC AFSL 286354 since 2005, Sydney-headquartered
- Bond CFD coverage is selected sovereigns, not the broad multi-country range IG offers
- Bond CFD availability is drawn from our FP Markets review, not reconfirmed against the current PDS for this update
Broker's Detail
First Prudential Markets Pty Ltd trades as FP Markets under AFSL 286354, operating from Sydney since 2005. The account reaches five platforms: MT4, MT5, cTrader, TradingView and IRESS, the last giving direct market access and Level 2 depth on ASX shares. Retail leverage follows ASIC's product intervention order caps. Negative balance protection and AFCA dispute coverage are standard.
5. Vantage: government bond CFDs with TradingView charting
Vantage lists selected major government bond CFDs beside its forex, index and commodity range, on MT4, MT5, native TradingView and the Vantage App. It suits traders adding modest treasury exposure to an existing multi-asset account rather than fixed-income specialists, with a A$50 minimum deposit and fee-free funding across PayID, BPAY, PayPal, Apple Pay and Google Pay. One caution is the inactivity fee, US$25 a month after 90 days dormant. Vantage Global Prime has held AFSL 428901 since 2009 and is an AFCA member.
Vantage: Government Bond CFDs + TradingView
Bond CFDs
Selected major government bonds
Trading Platforms
MT4, MT5, TradingView, Vantage App
Minimum Deposit
$50
Pros & Cons
- Selected major government bond CFDs on MT4 and MT5 with native TradingView charting
- AUD 50 minimum deposit, the lowest on this page
- ASIC AFSL 428901
- USD 25 per month inactivity fee applies after 90 days
- Bond CFD range is undisclosed and was not reconfirmed against the current PDS for this update
Broker's Detail
Vantage Global Prime Pty Ltd holds AFSL 428901 and has operated since 2009. The platform choice covers MT4, MT5, TradingView and the Vantage App, so yield charting and order entry share one environment. Retail leverage follows ASIC's product intervention order caps. Negative balance protection and AFCA dispute coverage are standard.
6. AvaTrade: bond CFDs plus a vanilla options desk
AvaTrade closes the list with a bond range its own review describes as limited next to CMC or IG, so confirm the current instrument list covers the specific treasury you want before relying on it. Pricing is spread only with no commission on the single retail account, on MT4, MT5 or AvaTradeGO, and the minimum deposit is A$100. Dormancy fees start after three months, the shortest window in our coverage. Ava Capital Markets Australia has held AFSL 406684 since 2014.
AvaTrade: Bond CFDs + Vanilla Options
Bond CFDs
Limited range
Trading Platforms
MT4, MT5, AvaTradeGO, AvaOptions
Minimum Deposit
$100
Pros & Cons
- Bond CFD coverage alongside AvaOptions vanilla FX options, the only options desk on this page
- ASIC AFSL 406684
- MT4, MT5, AvaTradeGO and AvaOptions in one account
- Bond CFD range is narrow against CMC and IG
- The most aggressive inactivity fee structure on this site
- Bond CFD availability is drawn from our AvaTrade review, not reconfirmed against the current PDS for this update
Broker's Detail
Ava Capital Markets Australia Pty Ltd trades as AvaTrade under AFSL 406684, part of a group founded in 2006. The platform range covers MT4, MT5, AvaTradeGO and the AvaOptions vanilla-options terminal. Retail leverage follows ASIC's product intervention order caps. Negative balance protection and AFCA dispute coverage are standard.
ASIC leverage cap on bond CFDs
ASIC classifies government bond CFDs under “shares and other assets”, the 5:1 retail leverage tier of ASIC Corporations (Product Intervention Order - Contracts for Difference) Instrument 2020/986, extended to 23 May 2027. Bonds do not share the 20:1 tier that covers major indices and gold.
For a retail client, that means:
- AUD 10,000 notional bond CFD position requires AUD 2,000 in margin
- Negative balance protection is mandatory
- Margin close-out triggers at 50% of initial margin
- No bonuses or inducements allowed
Wholesale clients can be offered higher leverage at the broker’s discretion. Typical wholesale bond leverage runs to 100:1 or higher because of the low absolute volatility of major government bond futures.
Compare this to the 30:1 cap on major forex pairs. Bond CFDs sit in the 5:1 tier despite being lower-volatility instruments than most forex pairs. The classification is conservative. Our ASIC regulation guide sets out the full leverage ladder across every asset class.
Use cases for treasury CFDs
Bond CFDs aren’t a beginner instrument. Most retail traders never touch them. The traders who do typically fall into one of three buckets.
Yield curve trading. Buying the 2-year and shorting the 10-year (or vice versa) to express a view on the slope of the yield curve. The classic 2s/10s steepener was a popular trade through 2024 and 2025 as central banks debated cuts. CFD platforms make this easier than direct futures because position sizing can be flexible and margin requirements are typically lower than exchange-traded futures.
Central bank policy speculation. Trading the AU 10-year before and after RBA cash rate decisions. Trading the US 10-year T-Note around FOMC meetings. The bond CFD captures the price reaction without the liquidity demands of the underlying futures contract.
Macro hedging. A trader running a long equity book might short bond CFDs as a hedge against rising rates compressing equity valuations. This works imperfectly but the correlation is real over long windows.
If your strategy doesn’t fit one of these three buckets, bond CFDs are probably the wrong instrument. The volatility is low, the spreads in tick terms can look small but are large in percentage of daily range, and the funding cost on overnight positions adds up.
Bond CFDs in an Australian context
The Australian government bond market is small by global standards. Total ACGB (Australian Commonwealth Government Bonds) outstanding sat around AUD 1 trillion as of mid-2025, against a US Treasury market north of USD 27 trillion. The AU 10-year futures contract is liquid, but nothing like the depth of the US 10-Year T-Note.
What this means for the AU trader:
- The AU 10-year CFD will track its futures contract closely during ASX hours
- After the SFE close, the AU 10-year CFD can drift and spreads widen
- Major moves in AU bond prices typically follow US Treasury moves overnight, not the other way around
- RBA cash rate decisions have a localised impact but the AU curve is partly driven by US flows
For traders specifically focused on the AU rates market, the better alternative is often direct ACGB exposure through Interactive Brokers or via ASX-listed bond ETFs. The CFD is a margined trading product. The cash market is an investment product.
Tax treatment for AU treasury CFD traders
Bond CFD profits and losses are generally treated by the ATO as assessable income under TR 2005/15, the same regime that applies to forex CFDs. The trade is treated as a trading activity rather than an investment in a fixed-interest security.
Direct bond ownership produces a different mix:
- Coupon income is assessable as interest income
- Capital movements may be CGT events
- Foreign bond income may attract withholding tax
The two regimes can produce very different outcomes on the same dollar of profit or loss. Don’t assume the treatment without checking.
We are not licensed to provide tax advice. Speak to a registered tax agent about your circumstances before assuming any tax treatment for CFD or bond positions.
Compare brokers by the factor that decides it
Each shortlist below re-ranks the market for one decision factor, tested the same way as this page.
Start with the overall ranking
Our tested, ASIC-only ranking of the best forex brokers in Australia is the baseline every shortlist below re-ranks.
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
Which Australian broker has the most bond CFDs?
What's the leverage cap on bond CFDs in Australia?
Do Pepperstone, IC Markets and Eightcap offer bond CFDs?
Can I buy actual Australian government bonds through a CFD broker?
Are bond CFD profits taxed as CGT in Australia?
What's the spread on the AU 10-year Treasury Bond CFD?
Why do bond CFDs use 5:1 leverage when bonds are low-volatility?
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 Strategic Head of Research for the site.