How do I trade the ASX 200 as a CFD?
Verdict
- To trade the ASX 200 as a CFD, open an account with an ASIC-licensed broker (our pick is Pepperstone), fund it in AUD, and buy or sell its AUS200 index CFD; you profit or lose on the index's movement without owning any shares.
- Pepperstone's AUS200 spread averages 1.5 points on both Standard and Razor, with no commission, so the simpler Standard account is enough if you only trade indices.
- Retail leverage on major indices at Pepperstone is capped at 1:20, which means 5% margin: about A$1,000 to hold A$20,000 of exposure.
- Choose between the cash CFD (AUS200) for short holds and the forward (AUS200-F) for longer ones, and set a stop knowing it is not guaranteed.
A CFD on the ASX 200 tracks Australia's benchmark index, so you can take a view on the whole market, long or short, with one position. The mechanics are simple; the risk management is where people go wrong. Here is the full process at Pepperstone.
Doing it with Pepperstone
Pepperstone Group Limited (AFSL 414530) lists the ASX 200 as AUS200, priced at a 1-point minimum and 1.5-point average spread on both account types, with no commission, according to its August 2026 index fee data. You can trade it on Pepperstone's web platform and app, MT5 and cTrader on either account, and on MT4 and TradingView with Razor. Fund in AUD by PayID or card from $10, so there is no conversion between your deposit and an Australian-dollar index.
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Step by step
- Open and verify an account, and read the PDS and TMD.
- Choose Standard or Razor; on AUS200 they are priced the same.
- Deposit in AUD by PayID, BPAY, card or bank transfer.
- Find AUS200 (cash) or AUS200-F (forward) and open the symbol's specification for contract value per point, trading hours and margin.
- Decide direction: buy if you expect the index to rise, sell if you expect it to fall.
- Size the trade from your stop distance and the value per point, so a stop-out costs a small share of your balance.
- Set a stop-loss and take-profit, then monitor financing if you hold overnight.
A worked example in points
You buy AUS200 at the 1.5-point average spread. The index must rise 1.5 points just for you to break even on the spread. If it rises 30 points and you close, your gain is 28.5 points times your position's value per point; if it falls 30 points, you lose 31.5 points' worth. At 1:20, a position with A$20,000 of exposure ties up about A$1,000 of margin, and a 5% fall in the index would wipe out that whole margin. That is why the size of the position, not the leverage cap, should set your risk.
Cash CFD or forward?
| AUS200 (cash) | AUS200-F (forward) | |
|---|---|---|
| Minimum spread | 1 point | 3 points |
| Average spread | 1.5 points | Not published |
| Holding cost | Overnight financing each night | Built into the price |
| Best for | Intraday and short swings | Longer holds |
Sources
Do I own ASX shares when I trade an AUS200 CFD?
No. A CFD is a contract on the index price; you have no shares, voting rights or franking credits.
Can I short the ASX 200 with a CFD?
Yes. Selling the AUS200 CFD profits if the index falls and loses if it rises.
Is there a guaranteed stop on AUS200 at Pepperstone?
No. Pepperstone does not offer guaranteed stops, so an overnight gap can fill your stop beyond its level. Capital.com offers guaranteed stop-losses.
Index CFDs are leveraged and a small market move can cost you your whole margin. Make sure you understand the product and read the PDS. Not personal or investment advice.