What is the best broker for trading the ASX 200?
Verdict
- Pepperstone is our pick for trading the ASX 200: it publishes its AUS200 spread (1.5 points on average, no commission), funds in AUD by PayID or BPAY, and adds share CFDs on 200 ASX stocks at 0.07% per side.
- Capital.com (AFSL 513393) is our second choice, mainly because it offers guaranteed stop-losses, which Pepperstone does not.
- CMC Markets (AFSL 238054) also offers guaranteed stops and runs a separate stockbroking business if you want to own shares rather than trade CFDs.
- We found no published AUS200 average for Capital.com or CMC, so compare their live quotes against Pepperstone's 1.5 points.
For an Australian, the ASX 200 is the home market: the hours suit, the currency matches and the news is local. The best broker for it is the one that prices the index transparently, funds cleanly in AUD and lets you trade the constituents too.
Pepperstone: our ASX 200 pick
Pepperstone Group Limited, licensed by ASIC under AFSL 414530 and based in Melbourne, quotes the ASX 200 as AUS200 at a 1-point minimum and 1.5-point average spread on both of its accounts, with no commission. You can open in AUD and deposit by PayID, BPAY or card from $10 without fees. For single-stock views, it lists around 200 ASX share CFDs at a commission of 0.07% per side with no minimum. Platforms include Pepperstone's app, MT5 and cTrader on both accounts, and MT4 and TradingView on Razor.
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How the main ASIC-licensed options compare
CMC's guaranteed-stop terms come from its UK site; check the Australian PDS.
| Pepperstone | Capital.com | CMC Markets | |
|---|---|---|---|
| ASIC licence | AFSL 414530 | AFSL 513393 | AFSL 238054 (CFDs); 246381 (stockbroking) |
| AUS200 average spread | 1.5 points, no commission | Not published | Not published |
| Guaranteed stop-loss | No | Yes | Yes, fee refunded if not triggered |
| ASX share CFDs | About 200, 0.07% per side | Check the platform | Check the platform |
| Retail leverage on major indices | 1:20 | 1:20 | ASIC limits apply |
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Which broker for which ASX 200 trader
- Active day trader who wants a published cost and TradingView or cTrader: Pepperstone.
- Swing trader holding through the overnight US session, who wants a hard floor on losses: Capital.com or CMC Markets, for guaranteed stops.
- Investor who wants to own the shares, not trade CFDs: a stockbroking account such as CMC Markets Stockbroking.
- Longer index views at Pepperstone: consider AUS200-F, the forward, at a 3-point minimum spread with no nightly financing.
Sources
Is the ASX 200 cheaper on Razor or Standard at Pepperstone?
Neither: AUS200 is priced at a 1.5-point average on both, with no commission.
Can I trade individual ASX stocks at Pepperstone?
Yes, as share CFDs on around 200 ASX stocks, at 0.07% commission per side. You do not own the shares.
Which broker has guaranteed stops on the ASX 200?
Capital.com and CMC Markets both offer guaranteed stop-losses. Pepperstone does not.
Index and share CFDs are leveraged and you can lose money quickly. Owning shares through a stockbroker carries different risks from trading CFDs. This page is general information, not personal advice.