Which CFD brokers should Australians compare? For a retail trader comparing more than forex, three useful starting points are IG Australia for its share-CFD and index market coverage with a local commission schedule, CMC Markets Australia for its broad multi-asset catalogue and itemised holding-cost disclosures, and FP Markets Australia for access to share CFDs on an Iress-oriented route. This is a comparison of documented product and cost models, not a performance ranking or a claim that these brokers offer the lowest realised trading cost.
CFDs let you speculate on the price movement of currencies, shares, indices, commodities and other underlying markets without owning the underlying asset. Unlike buying an ASX share, opening a share CFD generally involves leverage, financing charges and counterparty exposure. For investors who want long-term share ownership, a conventional share-investing account may be more suitable than a CFD account.
Australian retail readers should start with the contracting entity and account classification. The Australian financial services licence, CFD issuer, target-market determination and product disclosure statement should correspond to the account actually opened. A group-wide licence page, a headline 1:500 leverage advertisement or an offshore account is not a substitute for those checks.
Best CFD brokers in Australia: an at-a-glance comparison
The following shortlist is grouped by a practical use case. It deliberately does not assign a universal winner: the answer changes depending on whether a trader wants ASX shares, US stock CFDs, index CFDs or forex CFDs, and whether positions are held overnight.
| Australian-facing provider | Relevant Australian CFD issuer / AFSL shown in provider disclosures | Product or platform emphasis | Australian share-CFD costs | Most important limitation |
|---|---|---|---|---|
| IG | IG Australia Pty Ltd / 515106 | Share, index, forex, commodity and other CFDs; IG platform | Australian shares: from 0.08% per side, AUD 7 minimum per side | Financing, currency conversion and market-data charges can change the total; verify the specific CFD instrument and account |
| CMC Markets | CMC Markets Asia Pacific Pty Ltd / 238054 (CFD issuer) | Broad share, index, forex and commodity CFD catalogue on its Australian CFD platform | Australian share CFDs: 0.09% per side, AUD 7 minimum per side | Holding charges, exchange-data subscriptions and dormancy fees may apply; CMC Invest is a separate investment service |
| FP Markets | First Prudential Markets Pty Ltd / 286354 | Share CFDs including an Iress route, alongside other CFD products and platforms | Exchange- and account-specific schedule: check the current Iress share-CFD commission and minimum charge before trading | Share-CFD access, commissions, platform costs and financing terms are not interchangeable across its account types |
Provider descriptions and fee examples reflect Australian-facing public disclosures reviewed in November 2026. They are indicative, not executable quotations. Actual spreads, notional values, funding rates, platform subscriptions and available markets vary. A broker's licence number on its website does not replace a current ASIC register search.
1. Check the Australian entity and your client status first
Before comparing spreads, establish who will issue the derivative. IG identifies IG Australia Pty Ltd (AFSL 515106) as its Australian-facing firm. CMC separates CMC Markets Asia Pacific Pty Ltd (AFSL 238054), the CFD issuer, from CMC Markets Stockbroking Limited, which provides stockbroking services. FP Markets identifies First Prudential Markets Pty Ltd (AFSL 286354) in its Australian information. Those distinctions matter: opening a share-investing account is not the same contract as entering into a share CFD.
Australia's regulator maintains a professional registers search for licence status and authorised activities. Match the named entity and AFSL to the actual client agreement, and review the applicable Product Disclosure Statement (PDS), Financial Services Guide (FSG) and Target Market Determination (TMD). A licence alone does not mean ASIC endorses a provider, confirms its pricing or guarantees client money.
Retail and wholesale accounts are not equivalent. ASIC's CFD intervention order restricts leverage and requires other safeguards for retail clients. Eligible wholesale clients may face different leverage and protections. Do not assume that a site's professional leverage figure or an overseas group's terms apply to an Australian retail account.
Australian retail CFD leverage limits by underlying asset
| Underlying asset of the CFD | Maximum leverage for covered Australian retail CFDs | Approximate initial margin at the maximum |
|---|---|---|
| Major currency pairs | 30:1 | 3.33% |
| Minor currency pairs, gold, major stock indices | 20:1 | 5% |
| Other commodities, minor stock indices | 10:1 | 10% |
| Shares and other assets | 5:1 | 20% |
| Crypto-asset CFDs | 2:1 | 50% |
These are regulatory maximums, not promises of available leverage. A provider may require more margin for an individual symbol, heightened volatility or a particular account. The intervention order also provides standardised margin close-out arrangements, negative-balance protection for covered retail CFD accounts and restrictions on certain inducements. Negative-balance protection is not a guarantee against losing the funds in the CFD account.
Current rule versus proposal: ASIC states the existing order is due to expire on 23 May 2027. Its October 2026 consultation proposes extending it to the statutory sunset of 1 April 2031, subject to approval, alongside amendments. The consultation is not an enacted extension. The operative requirements must be checked again at publication and whenever the law changes.
2. Which broker fits which CFD trading need?
IG Australia: a starting point for ASX-share and index CFD comparisons
Best suited to: a trader who wants clear commission examples for Australian shares and a range of market classes through one Australian-facing CFD platform.
IG's Australian charges page separates share CFD commission from spreads on most other CFD markets. For Australian-listed share CFDs it quotes 0.08% per side, subject to an AUD 7 online minimum. It also lists index, forex and commodity spread examples and explains overnight funding for cash CFD positions. IG publishes a separate currency-conversion fee, and some market-data subscriptions and platform services can incur charges.
Trade-off: an ASX share-CFD commission is not the complete cost of holding a position, and the headline minimum spread is not an observed average. A short holding period may emphasise dealing commission; an extended position adds funding and possibly currency conversion. The value of IG's pricing depends on the market and trade size. Review the current Australian CFD charges and Australian CFD terms before opening a position.
CMC Markets Australia: a starting point for broad multi-asset CFD access
Best suited to: traders comparing share, forex, index and commodity CFDs who want a detailed schedule of commission, holding and ancillary charges.
CMC's Australian CFD site covers a large multi-asset catalogue, with product availability differing by platform. Its Australian share-CFD commission is 0.09% per side, subject to an AUD 7 minimum. For cash share CFDs, its holding-cost explanation uses a reference interest rate with an additional 2.5 percentage points on long positions; this is a formula, not a fixed all-in annual borrowing rate. The provider also lists exchange-data charges where applicable, currency-conversion terms and a dormant-account fee in certain circumstances.
Trade-off: a broad product menu can hide different costs and dealing conditions across instruments. Read the instrument details, especially where a cash CFD, forward CFD and direct share-investing service coexist. CFDs do not convey ownership of the shares. The current Australian pricing schedule provides the relevant cost headings.
FP Markets Australia: a starting point for share CFDs using Iress
Best suited to: an experienced trader whose workflow requires share-CFD market access and who is prepared to compare platform-specific terms rather than select on a headline forex spread.
FP Markets' Australian share-CFD offering describes broad international equity coverage and multiple platforms, including Iress. Its Australian legal disclosures identify First Prudential Markets Pty Ltd as the licensed firm. The cost model depends on the exchange and the specific Iress or other CFD account. Share CFDs can generate commission on entering and exiting trades, overnight financing and short-stock borrow costs where relevant. The provider's Australian fees and charges and share-CFD information are more relevant than a generic minimum forex spread.
Trade-off: general platform or product counts do not establish that every share CFD is available with the same leverage, pricing or order features in a particular retail account. Confirm the complete current commission schedule, minimums, subscription fees, finance rate and instrument eligibility before relying on an Iress cost estimate.
3. Compare total trading cost, not the advertised spread alone
For a useful comparison, build the cost around a specific instrument and holding period. A share CFD, an index CFD and a currency CFD do not necessarily use the same commission or funding structure.
| Cost | When it may apply | Why it changes the comparison |
|---|---|---|
| Bid–ask spread | Most CFD orders | Variable spreads widen during thin trading and volatile periods; a minimum quote does not show typical execution |
| Dealing commission | Often share CFDs; some raw-priced forex accounts | Can apply separately on opening and closing, with minimums, markets and currency units |
| Overnight financing or holding adjustment | Cash CFDs kept past the relevant cut-off | Depends on notional exposure, direction, reference rate, markup and time held; forwards can price carry differently |
| Conversion fee | Trading a foreign-currency product from an AUD account | Can affect profit, loss, dividends, commission and funding rather than just deposits |
| Market data or platform subscription | Some exchange feeds or specialist platforms | A small share-CFD trading budget can be dominated by recurring access charges |
| Other charges | Guaranteed stops, inactivity, borrow fees and certain transfers | Strategy-specific costs can exceed small differences in quoted commission |
A worked Australian share-CFD commission example
Assume an Australian-listed share CFD has an AUD 10,000 notional trade value on entry and the same value on exit, and that the broker applies the published percentage commission for that instrument, with no change in schedule. IG's illustrative dealing commission is AUD 8 to open and AUD 8 to close (AUD 16 total) at 0.08% per side. CMC's equivalent is AUD 9 to open and AUD 9 to close (AUD 18 total) at 0.09% per side. Both exceed the stated AUD 7 minimum in this example.
The AUD 2 difference is only a dealing-commission comparison. It excludes bid–ask price difference, price movement, slippage, overnight financing, conversion, GST or other charges where relevant. It does not predict which provider will deliver the lowest total cost or a better trade outcome. At a smaller position size, minimum commission can erase the percentage-based difference; for a longer hold, financing can matter much more.
Why holding-period assumptions matter
Consider two traders with identical AUD 10,000 nominal exposure: one closes a share CFD before the funding cut-off, while another keeps it for two weeks. The second trader may pay a funding adjustment on the full notional exposure, not only on the margin deposit. Funding rates can change with reference rates and position direction, and weekend rollovers can affect the total. A broker whose dealing commission is lower can therefore be more expensive for a position held over time.
Request the exact opening and closing commission, an instrument-specific financing example for the planned holding period, and any foreign-exchange conversion before deciding that an offer is cheaper. If share ownership, dividends or long investment horizons are central to the strategy, compare the separate share-investing product instead of assuming a CFD is equivalent.
4. CFDs are not the same as owning shares, futures or forex cash balances
- Share CFD versus ASX share: a share CFD follows the underlying price but does not provide direct shareholder ownership or voting rights. Dividend adjustments and financing can apply; a direct shareholding follows a different account, custody and fee framework.
- Index CFD versus exchange-traded futures: an OTC index CFD has a broker counterparty and product-specific pricing. Exchange-traded futures have exchange specifications and clearing arrangements. A forward-style CFD referencing futures is still a CFD.
- Forex CFD versus exchanging currency: a leveraged CFD on AUD/USD is a derivative position, not an ordinary foreign-exchange transfer or cash currency balance. A forex-only broker shortlist can miss share-CFD commission, data feeds and dividend-adjustment issues.
- Retail versus wholesale: leverage and some protections can differ. Wholesale treatment is a legal classification with consequences, not simply a way to unlock a larger position.
For readers primarily trading forex, the existing FXRanking Australian forex broker comparison focuses on currency-account costs and retail leverage. This guide instead centres on multi-asset CFD contracts and the additional cost of holding equity and index exposures.
5. Risks and safeguards for Australian retail CFD traders
CFDs are complex, high-risk leveraged derivatives. You can lose the entire balance allocated to a CFD account, and stops may be executed at worse prices during gaps or fast markets. Australian retail negative-balance protection on covered CFDs reduces the risk of owing more than the funds in that account, but it does not prevent losses, forced liquidation, market gaps or counterparty risk.
ASIC's October 2026 consultation cites sector data for financial year 2023–24: 68% of retail clients who traded CFDs incurred a net loss, and aggregate net retail client losses exceeded AUD 458 million, including AUD 73 million in fees. These are historical sector figures, not a prediction of an individual outcome or the loss rate of any provider in this guide. See ASIC Consultation CS 64.
Before funding a retail account, check whether the contract and disclosures actually describe the intended CFD, whether a margin call or close-out can occur before a planned stop price, what happens if markets gap, whether negative-balance protection applies to that account and how complaints and client-money arrangements work. Consider using a demonstration account to understand the interface, but do not interpret a demo result as evidence of real-market execution quality.
Bottom line: compare IG and CMC where Australian-listed share-CFD pricing and multi-asset access are central, and compare FP Markets where the Iress share-CFD workflow is a specific requirement. None should be chosen on a headline margin percentage or a '0.0 pip' claim alone. Traders seeking long-term asset ownership should normally investigate direct investing first.
FAQs
Which legal entities serve Australian residents?
Australian-facing disclosures identify IG Australia Pty Ltd (AFSL 515106), CMC Markets Asia Pacific Pty Ltd (AFSL 238054) for CMC CFD products, and First Prudential Markets Pty Ltd (AFSL 286354). Check the current ASIC professional register and the actual account agreement; related group companies and separate stockbroking services are not interchangeable.
What is the maximum CFD leverage for Australian retail traders?
ASIC’s current CFD intervention order caps leverage by underlying asset: 30:1 on major FX pairs, 20:1 on minor FX pairs, gold and major indices, 10:1 on other commodities and minor indices, 5:1 on shares and other assets, and 2:1 on crypto-asset CFDs. A broker can require more margin than these maximums imply.
Does an ASIC-regulated CFD broker guarantee that my money is safe?
No. Regulation can require specific conduct and retail protections, but it cannot prevent market losses, slippage, forced close-out or every form of counterparty risk. Verify the particular licence and CFD issuer, the PDS, client money terms and dispute-resolution arrangements.
How do share-CFD fees differ from forex-CFD fees?
Share CFDs often charge commission on both entry and exit, plus possible financing, market-data and conversion costs. Forex CFDs may use spreads, separate commission on raw-pricing accounts and overnight swap or tom-next adjustments. Compare instrument-specific total cost, not just the headline spread.
Does buying a share CFD mean I own the ASX share?
No. A share CFD is a derivative referencing a share price; it does not normally confer share ownership, voting rights or the same custody arrangements. Dividend-related adjustments may apply under the contract. If ownership is the objective, compare a direct share-investing account.
Will ASIC CFD rules automatically run until 2031?
Not on the basis of the October 2026 announcement. ASIC stated the existing intervention order expires on 23 May 2027 and proposed extending it to 1 April 2031, subject to approval. Its proposal is not an enacted extension; check the current instrument when making a decision.
Is a 0.0-pip CFD spread free trading?
No. A minimum or promotional spread does not show the spread actually available during the intended trading session. Commissions, overnight financing, platform or market-data subscriptions, slippage and conversion may still apply.
Is a CFD suitable for a long-term investment?
Usually it is less straightforward than direct ownership because a cash CFD can incur recurring financing, has leverage and exposes you to the issuer as a counterparty. Compare direct shares or funds if the objective is to hold assets over months or years rather than trade short-term price movements.
Nathan Wong
