What is the best broker for trading the DAX from Australia?
Verdict
- Pepperstone is our best broker for trading the DAX from Australia: its GER40 CFD averages 1 point on Razor and 1.3 on Standard with no commission, under ASIC licence AFSL 414530.
- The Frankfurt session runs through the Australian evening and night, so most Australians trade the DAX after work.
- A EUR base-currency account, one of Pepperstone's six options, keeps GER40 results in euros instead of converting every trade to AUD.
- Capital.com (AFSL 513393) is our second choice, mainly for its guaranteed stops, which Pepperstone does not offer.
Pepperstone lists Germany's benchmark as GER40, and it is one of the most actively traded indices outside the US. For someone in Australia, choosing a broker for it comes down to three things: the spread, the hours you can realistically watch it, and how you handle the volatile Frankfurt open.
Why Pepperstone is our GER40 pick
Pepperstone publishes a GER40 minimum of 0.9 points and an average of 1 point on Razor, against 1.2 and 1.3 on Standard, and charges no commission on index CFDs. It says orders fill from 50 milliseconds with a 99.32% fill rate and no dealer intervention (trades from January to March 2026), which matters on an index known for a sharp open. You can trade GER40 on MT5, cTrader or Pepperstone's app with either account, or on MT4 and TradingView with Razor.
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What a DAX round trip costs
Index spreads are in points, so your cost depends on how much you trade per point. Using Pepperstone's published averages:
- At €1 per point: about €1 on Razor and €1.30 on Standard for each round trip.
- At €5 per point: about €5 on Razor and €6.50 on Standard.
- 100 round trips a month at €5 per point: roughly €500 on Razor against €650 on Standard, a €150 difference before financing.
- The GER40-F forward starts at a 3-point minimum spread, so keep it for positions you plan to hold for weeks rather than intraday trades.
Trading Frankfurt on Australian time
The Xetra cash session opens at 9:00 in Frankfurt, which is between about 5 pm and 7 pm on the Australian east coast depending on daylight saving in each country. That suits anyone who trades after work, but the open is often the most volatile part of the day. Because Pepperstone's stops aren't guaranteed, a stop placed close to the open can fill some way past its level. Place orders before you step away, size positions so a gap won't hurt badly, and use price alerts rather than staying up past midnight.
Margin on a GER40 position
Pepperstone's ASIC retail table caps major indices at 1:20 and minor ones at 1:10; GER40's tier is shown in its contract specification. In the major tier, a €20,000 GER40 position needs about €1,000 of margin, and a 2% move changes its value by €400. Qualifying professional clients can go to 1:400 on major indices, but they lose full negative balance protection and get a one-time cover of up to USD 100,000 instead.
Pepperstone or Capital.com for the DAX
Pick Capital.com if a guaranteed exit on the Frankfurt open matters more to you than a published spread.
| Pepperstone | Capital.com | |
|---|---|---|
| Australian licence | AFSL 414530 | AFSL 513393 |
| Published GER40 average | 1 point Razor, 1.3 Standard | Not in our data |
| Commission on index CFDs | None | Not in our data |
| Retail leverage, major indices | 1:20 | 20:1 |
| Guaranteed stop-loss | Not offered | Offered |
| Minimum deposit | $10 | $20 |
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Sources
Spreads, leverage and order terms as published.
Is GER40 the same as the DAX?
Yes. GER40 is Pepperstone's symbol for its DAX index CFD; some older Pepperstone pages still use the former name, GER30.
Can I trade the DAX at weekends?
No. Pepperstone's 24/7 perpetual CFDs cover NAS100 and US500 among indices, not GER40.
Should I hold a EUR account to trade the DAX?
If the DAX is most of what you trade, a EUR base currency avoids converting each result to AUD. If you trade a mix of markets, an AUD account is usually simpler.
CFDs on indices are complex and leveraged, and you can lose money quickly, especially around market opens. Read the PDS and TMD and consider whether you can afford the risk. This page is not investment advice.