Which broker has the lowest spread on Germany 40?
Verdict
- Pepperstone has the lowest Germany 40 spread in our verified data: a 0.9-point minimum on Razor and spread bets, and a published Razor average of 1 point.
- The Standard account is wider, at a 1.2-point minimum and 1.3 average, and Pepperstone's index-fee page says index CFDs carry no commission.
- At £2 a point, a Germany 40 round trip costs about £2 on Razor at the average and £1.80 on a spread bet at the minimum.
- Rival UK brokers' Germany 40 spreads are not in our data; compare them live during the Frankfurt session.
The Germany 40 tracks the DAX, Germany's 40 largest listed companies, and is one of the most traded indices by UK clients. Pepperstone's spread on it is under a point at the minimum and about one point on average, the tightest figures we have, which makes it our pick.
Pepperstone on the Germany 40
Pepperstone's UK cost page lists Germany 40 minimums of 0.9 on Razor, 1.2 on Standard and 0.9 on spread bets. Its index-fee page adds averages from August 2026 data: 1 point on Razor and 1.3 on Standard. With no commission on index CFDs, according to that page, Razor is the cheaper CFD route. You can trade it on MT4, MT5, cTrader, TradingView or Pepperstone's own platform, and UK retail leverage on the index is 1:20.
Affiliate link — we may earn a commission at no extra cost to you.
Germany 40 cost per trade
| Stake / exposure per point | Razor at 1.0 average | Standard at 1.3 average | Spread bet at 0.9 minimum |
|---|---|---|---|
| £1 | £1.00 | £1.30 | £0.90 |
| £2 | £2.00 | £2.60 | £1.80 |
| £10 | £10.00 | £13.00 | £9.00 |
Naming: GER40, GER30 and DAX
The index was expanded from 30 to 40 members, and brokers renamed their contracts. Pepperstone's symbol is GER40, though its UK markets page still mentions GER30 in places. When you compare brokers, make sure you are looking at the cash (undated) contract, not a forward: Pepperstone's GER40 forward has a minimum spread of 3 points, far wider than the cash market.
How to compare other brokers fairly
- IG, CMC Markets, Capital.com, Spreadex and StoneX Trading quote the German index, but their spreads aren't in our verified data.
- Check spreads during Frankfurt cash hours, when they are tightest, and again in the early morning and evening.
- Note whether a firm quotes a minimum or a typical figure; Pepperstone gives both.
- If you need protection against weekend gaps, Capital.com, IG and CMC Markets offer guaranteed stops; Pepperstone does not.
Sources
Is the Germany 40 the same as the DAX?
Yes. Brokers list a contract tracking the DAX index under names such as Germany 40 or GER40.
What is Pepperstone's Germany 40 spread?
From 0.9 points on Razor and spread bets, 1.2 on Standard; averages of 1 on Razor and 1.3 on Standard.
Does Pepperstone charge commission on the Germany 40?
Its index-fee page says index CFDs carry no commission; that page is published for its Australian entity, so UK clients should confirm.
Trading the Germany 40 on margin carries a high risk of fast losses, and index markets can gap overnight. Broker spreads are as published and vary. This is not investment advice.