Which brokers offer both cash and futures pricing on indices?
Verdict
- Pepperstone offers both: next to its cash index CFDs it publishes forward index CFDs (such as UK100-F, GER40-F and US500-F) with their own spreads on its index-fees page, and its German site lists 'CFD forwards' as a product.
- Cash indices are cheaper to enter (UK100 from 1 point vs 3 on the forward) but pay overnight financing; forwards cost more to open and are built for longer holds.
- The forward spreads we cite come from Pepperstone's Australian index page, and our UK check didn't confirm forwards on the UK site, so look for the '-F' symbols in your UK platform.
- None of the other brokers in our fact pack publishes a cash-and-forward index list we could verify.
Pepperstone is the firm in our research that publishes both cash and forward pricing on major indices. This page sets the two side by side, explains which one suits which holding period, and flags the one thing a UK trader must confirm before relying on it.
Pepperstone's two index price lines
Pepperstone's index-fees page lists eight forward contracts next to the cash indices: AUS200-F, GER40-F, HK50-F, UK100-F, US500-F, NAS100-F, US30-F and JPN225-F. Each has a published minimum spread, and Pepperstone's index CFDs carry no commission. The product also appears in the navigation of Pepperstone's German site as 'CFD forwards'. UK clients contract with Pepperstone Limited (FCA 684312); the UK pages we checked publish cash index pricing but don't confirm the forward range, so search for the '-F' symbols in your platform before you plan around them.
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Cash versus forward spreads, index by index
| Index | Cash | Forward | Extra on the forward |
|---|---|---|---|
| AUS200 | 1 | 3 | +2 |
| GER40 | 0.9 | 3 | +2.1 |
| HK50 | 5 | 10 | +5 |
| UK100 | 1 | 3 | +2 |
| US500 | 0.4 | 1 | +0.6 |
| NAS100 | 1 | 3 | +2 |
| US30 | 2 | 5 | +3 |
| JPN225 | 7 | 16 | +9 |
What the two pricing models mean for you
A cash index CFD tracks the index's current level. It has the tightest spread but charges financing for every night the position stays open after the cut-off, which is 10 pm UK time at Pepperstone. A forward is priced for a future date, so by design the cost of carrying the position until then sits in its price rather than in a nightly charge. You pay for that with a wider spread, and the contract has an expiry.
- Day trades and holds of a few nights: cash usually works out cheaper.
- Positions held for weeks: compare total nightly financing on cash with the extra spread on the forward.
- Check the forward's expiry date, and what happens to an open position at expiry, before you trade it.
A break-even sketch on the UK100
The UK100 forward costs 2 points more to open than the cash index. At £5 a point that is £10 extra, paid once. If the nightly financing on the cash position adds up to more than £10 over the time you plan to hold, the forward wins on cost; if it adds up to less, stay with cash. Use the financing rate your platform shows for the cash UK100 to run your own numbers, because rates move with interest rates.
What about other brokers?
We checked the FCA-regulated firms in our fact pack, including Capital.com, IG, CMC Markets, Spreadex and StoneX, and found no published list of forward index prices to compare. That isn't proof they don't offer them; it means you'd need to look for futures-based or forward index markets in their platforms. If guaranteed stops matter to you, Capital.com (FCA 793714), IG and CMC Markets offer them; Pepperstone does not.
Sources
What does '-F' mean on Pepperstone index symbols?
It marks the forward version of the index, such as UK100-F, which is priced separately from the cash UK100.
Do forward index CFDs carry commission at Pepperstone?
Pepperstone says its index CFDs carry no commission, so the published forward spread is the dealing cost.
Are perpetual index CFDs the same as forwards?
No. Pepperstone's perpetual CFDs on the NAS100 and US500 have no expiry and charge a daily funding rate set weekly in advance. In the UK they are for Professional clients only.
CFDs are complex, leveraged products and carry a high risk of losing money rapidly. Make sure you understand how they work and can afford the risk. This is not investment advice; the spreads shown are Pepperstone's published figures and can change.