What is the best broker for trading the DAX?
Verdict
- Pepperstone is our pick for trading the DAX from the UAE: its GER40 CFD averages 1 point on Razor (0.9 minimum) and 1.3 points on Standard, and Pepperstone charges no commission on index CFDs.
- GER40 is the DAX's 40-company version; Pepperstone's UK markets page still uses the old GER30 name in places, but the symbol you trade is GER40.
- Pepperstone's German company is regulated by BaFin, but it serves German residents. A UAE resident's CFDs are issued by Pepperstone Markets Limited in the Bahamas (SCB SIA-F217).
- Capital.com, which holds a UAE CMA licence through its Dubai company, is our second choice; we have no published DAX spread for it or for XS.
The DAX moves in large point swings, so the spread you pay on each trade adds up quickly. Pepperstone's GER40 pricing is published and competitive, so it is our recommendation. Below we explain the symbol confusion, which Pepperstone company you would actually deal with, and what a month of DAX trading costs.
Pepperstone's GER40: the published numbers
On Pepperstone's index-fees page (August 2026 data), GER40 shows a 0.9-point minimum and a 1-point average on Razor, against 1.2 and 1.3 on Standard. Its UK fee page lists the same minimums. With no commission on index CFDs, Razor is cheaper on the DAX by 0.3 points on average and has no fee to offset that. A euro base currency is available to UAE clients alongside AED, USD, GBP and AUD, which keeps a euro-priced index in its own currency. If you prefer individual German stocks, Pepperstone's fee pages list a 0.10% commission per side on German share CFDs.
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GER40, GER30 and DE40: one index, several names
The DAX grew from 30 to 40 companies, and brokers renamed their contracts at different speeds. Pepperstone's symbol is GER40, although its UK markets page still mentions GER30. Other platforms use DE40 or Germany 40. When you compare brokers, make sure you are looking at the cash index CFD in each case and not a forward: Pepperstone's GER40-F forward has a published minimum spread of 3 points, three times the cash average.
Which Pepperstone company you would deal with
Pepperstone runs separate companies for different countries, and the German one is not the one a UAE resident joins.
| Company | Regulator | Who it serves |
|---|---|---|
| Pepperstone GmbH | BaFin, Germany | German residents |
| Pepperstone Markets Limited | SCB, The Bahamas (SIA-F217) | Issues CFDs to UAE retail clients |
| Pepperstone Financial Services (DIFC) Ltd | DFSA (F004356), Dubai International Financial Centre | Listed on the UAE site |
| Pepperstone Financial Services LLC | UAE CMA licence 20200000358 (introduction and consultation) | Dubai office at Emaar Square |
A month of DAX trading at €5 a point
Thirty round trips a month at €5 a point cost €150 in spread on Razor at the 1-point average, and €195 on Standard at 1.3 points. The leverage ceiling for UAE retail clients on major indices is 1:200, so a €30,000 position needs €150 of margin, but a 100-point DAX move is a €500 swing on that size. Held overnight, the position also pays financing, which you can read in the platform before you keep it open.
Second and third choices
- Capital.com: licensed by the UAE CMA (20200000176) through its Dubai company, with index leverage up to 300:1 there. Pick it if you need a swap-free account as a UAE resident, which Pepperstone does not offer. Our data has no DAX spread for it.
- XS: swap-free is applied automatically for UAE residents on MT4 and MT5. The only spread we can verify is EUR/USD from 0.1 pips on Elite ($6 round turn, $500 minimum), so check its DAX symbol and live quote first.
Sources
Can a UAE resident open an account with Pepperstone's German company?
Pepperstone GmbH serves German residents. UAE residents trade through the entities on Pepperstone's UAE site, with CFDs issued by Pepperstone Markets Limited.
Does Pepperstone charge commission on the DAX?
No. Index CFDs carry no commission at Pepperstone on either Razor or Standard; you pay the spread and any overnight financing.
Is the DAX forward cheaper than the cash CFD?
Not on spread. GER40-F has a published minimum of 3 points, against a 1-point Razor average on the cash CFD. Compare holding costs before choosing the forward for longer trades.
Index CFDs are leveraged and can lose you money quickly, including more than you planned if a stop slips in a fast market. This page gives general information, not investment advice; check the broker's latest terms before you trade.