Treasury & Bond CFD Brokers in Australia (2026)

Summary

Most of the AU retail CFD market focuses on forex, indices and equities. Treasuries (government bond CFDs) are an afterthought at most brokers. The shortlist of ASIC-regulated brokers offering meaningful bond CFD coverage is short:

• CMC Markets offers the broadest CFD-only bond coverage on the AU retail side. Australian 10-year Treasury Bond, US 10-Year T-Note, German Bund, UK Gilts and several others through the Next Generation platform.
• IG Markets matches CMC on range and adds short-dated US Treasuries plus the Italian BTP. Strongest bond CFD lineup overall.
• Interactive Brokers doesn’t offer CFDs on bonds in the AU retail product but provides direct access to the underlying bond markets, which is the closest equivalent for serious rate traders.

The smaller AU-focused brokers (Pepperstone, IC Markets, FP Markets, Eightcap, Fusion Markets) don’t carry treasury CFDs in any meaningful form. If bond exposure matters to your strategy, you’re picking from the three names above.

ASIC’s Product Intervention Order caps retail leverage on government bond CFDs at 20:1 (treated as minor index / non-major asset under the PIO classification). Wholesale clients can request higher.

Comparison table: AU treasury CFD brokers

Broker	Bond CFDs offered	Max retail leverage	Platforms	AFSL	Min deposit
CMC Markets	AU 10-year, US T-Note, German Bund, UK Gilt, Long Gilt	20:1	Next Generation, MT4	238054	$0
IG Markets	AU 10-year, US 2/5/10/30-year, German Bund + Schatz, UK Gilt, Italian BTP	20:1	IG web platform, MT4, ProRealTime, L2 Dealer	220440	$0
Interactive Brokers	Direct access to underlying bonds (not CFDs)	n/a (cash bond market)	TWS, IBKR Web, IBKR Mobile	245574	$0

Bond CFD lineups change. Verify current product lists against each broker’s market schedule on publish day. The Italian BTP and short-dated US Treasury list at IG can move with liquidity.

CMC Markets and IG are bound by ASIC’s Product Intervention Order on retail bond CFDs: 20:1 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).

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.

Top treasury CFD brokers reviewed

CMC Markets: proprietary platform, broad bond coverage

CMC MARKETS

CMC Markets — Proprietary Platform, Broad Bonds

Forex Panel Score

★★★☆☆

68

Average Spread

EUR/USD = 0.7
GBP/USD = 0.9
AUD/USD = 0.6

Trading Platforms

Next Generation, MT4, CMC Stockbroking

Minimum Deposit

$0

Visit Broker

Why We Recommend CMC Markets

CMC Markets (AFSL 238054) is the most accessible entry point for AU traders who want bond CFDs alongside forex, indices and equities in a single platform. The Next Generation platform carries:

- Australian 10-year Treasury Bond CFD - US 10-Year T-Note CFD - German Bund CFD - UK Long Gilt CFD - Eurodollar (US short rate) - Several others depending on market schedule

Spreads on the AU 10-year typically print at 2 ticks. The US 10-Year T-Note prints at 1 tick. These aren't ECN-style raw spreads. They're a proprietary market and CMC takes the other side. For most retail bond CFD traders, the spread is tight enough that it doesn't drive the trade.

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 capped at ASIC's 30:1 on majors. Negative balance protection and AFCA dispute coverage standard. Customer support runs 24/5 by live chat, email and phone.

CMC Markets spread table (averaged over our most recent test cycle):

Pair	CMC Standard (avg pips)	AU industry avg (Standard)
EUR/USD	0.7	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

IG Markets: widest bond CFD lineup in Australia

IG MARKETS

IG Markets — Widest Bond CFD Lineup

Forex Panel Score

★★★★☆

77

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

Visit Broker

Why We Recommend IG Markets

IG Markets (AFSL 220440) carries the widest treasury CFD lineup of any ASIC broker we cover. The list includes:

- AU 10-year Treasury Bond - US 2-, 5-, 10- and 30-year Treasuries - German Bund (10-year) and Schatz (2-year) - UK Gilt and Long Gilt - Italian BTP

That short-dated US Treasury coverage (the 2-year and 5-year) is genuinely useful for traders speculating on Fed policy at the front end of the curve. Most AU brokers don't carry those instruments. IG also offers MT4 alongside its proprietary web platform, plus the L2 Dealer professional terminal for wholesale clients.

Pros & Cons

• ASIC AFSL 220440 since 2002, plus FCA, MAS, CIRO regulation globally; LSE-listed parent with FTSE 250 status
• 18,000+ tradeable markets including 17,000+ 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 (verify before publish)
• 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). The AU entity has operated under AFSL 220440 since 2002. The group also holds FCA (UK), MAS (Singapore), CIRO (Canada) and 8 additional Tier-1 licences.

The headline draw is product breadth: 18,000+ tradeable markets including 17,000+ 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 capped at ASIC's 30:1 on majors. 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	0.85	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

Interactive Brokers: underlying access, not CFDs

INTERACTIVE BROKERS

Interactive Brokers — Underlying Access, Not CFDs

Forex Panel Score

★★★★☆

88

Average Spread

EUR/USD = 0.2
GBP/USD = 0.4
AUD/USD = 0.3

Trading Platforms

TWS, IBKR Mobile, GlobalTrader, WebTrader

Minimum Deposit

$0

Visit Broker

Why We Recommend Interactive Brokers

Interactive Brokers (AFSL 245574) doesn't carry retail bond CFDs in its AU product mix. What IBKR does offer is direct cash market access to government bonds: AU Treasury Bonds, US Treasuries, German Bunds, Gilts and the rest of the major sovereign curve. You're buying the actual instrument, not a derivative.

This is a different product class to CFDs. The leverage profile is different (margin loans rather than CFD leverage). The tax treatment is different (interest income, capital movements, potentially withholding tax on foreign bonds). Settlement is different. AFCA jurisdiction over the trade itself is different.

For a serious rate trader who wants real bond exposure, IBKR's underlying access is the best AU retail option. For a CFD trader who wants margined exposure to bond price moves, CMC or IG is the answer. See the [Interactive Brokers review](/reviews/ibkr/).

Pros & Cons

• ASIC AFSL 245574 (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 245574. 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) — 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 capped at ASIC's 30:1 on majors. AFCA dispute coverage and negative balance protection standard. Inactivity fees apply on small accounts.

ASIC leverage cap on bond CFDs

ASIC’s Product Intervention Order classifies major government bond CFDs as a 20:1 retail leverage product. The classification sits alongside major indices and gold under the PIO’s tiered structure.

For a retail client, that means:

• AUD 10,000 notional bond CFD position requires AUD 500 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 20:1 tier despite being lower-volatility instruments than most forex pairs. The classification is conservative.

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.