Pepperstone is our pick for share CFDs in Australia because it is cheap on local shares: 0.07% per side on 200 ASX share CFDs with no minimum charge, plus more than 600 US shares at USD 0.02 a share. If you want a bigger list of companies, IG Australia and CMC Markets carry far more.
Short answer: Pepperstone for low ASX share CFD commission; IG or CMC Markets for a much longer list of shares.
ASIC caps retail leverage on share and ETF CFDs at 5:1, so you post 20% of the position as margin.
Pepperstone commission per side: ASX 0.07%, UK, German and European 0.10%, Hong Kong 0.20%, US USD 0.02 per share.
CMC Markets charges 0.09% per side on ASX share CFDs with a AUD 7 minimum.
Pepperstone lists 1,162 share CFDs and 95 ETF CFDs, and more than 100 US shares trade 24 hours on weekdays.
Dividends are paid as cash adjustments; you don't own the shares or get voting rights.
What the commission difference looks like
On a AUD 5,000 ASX share CFD trade, Pepperstone's 0.07% comes to AUD 3.50 each way. CMC Markets' 0.09% would be AUD 4.50, but its AUD 7 minimum applies, so you pay AUD 7 each way. On a AUD 20,000 trade the minimum no longer bites: AUD 14 at Pepperstone against AUD 18 at CMC.
The gap matters most if you trade small sizes often. Holding costs are similar at both firms: the benchmark rate plus 2.5% a year on longs.
Best for ASX share CFDs
200 ASX share CFDs at 0.07% per side with no minimum, 600-plus US shares, 46 Hong Kong shares and 95 ETF CFDs from one account.
Pepperstone's Australian site does not publish a retail-loss percentage. Its AU risk warning: "Trading CFDs and margin FX is risky. It isn't suitable for everyone."
Commission-free shares
Capital.com prices share CFDs with no commission, but adds a 0.7% conversion on profits from US shares in an AUD account.
Capital.com's Australian site does not publish a retail-loss percentage. Its AU risk line: "Most traders lose money."
Pepperstone, Capital.com and XS are our partners. We may earn a commission if you open an account through our links. That does not change the facts on this page.
Your questions, answered
how brokers handle corporate actions for stock cfds
When a company splits its shares, issues rights or is taken over, the broker adjusts your CFD to match. Pepperstone's PDS says it passes on its liquidity providers' adjustments without profiting from them, may ask you to choose how a corporate action applies before the ex-date, and cancels working orders affected by it, which you must re-enter. It warns the result can be less favourable than holding the real shares.
Can I trade ASX share CFDs?
Yes. Pepperstone offers CFDs on 200 ASX-listed companies at 0.07% commission per side with no minimum, and ASX share CFDs open with a staggered start by ticker, from A–B first to S–Z last. Retail leverage is 5:1. You can go long or short, but you don't own the shares.
How do I trade US share CFDs from Australia?
Open a Pepperstone account in AUD or USD, search for the ticker, for example NVDA.US, and size your trade. Commission is USD 0.02 per share per side, and more than 100 large US shares also trade as 24-hour CFDs on weekdays. Pepperstone converts USD profits into an AUD account at the spot rate with no conversion fee. If you'd rather own US shares outright, see our country guide.
What commission is charged on ASX share CFDs?
At Pepperstone it is 0.07% of the trade value per side with no minimum, on both Standard and Razor accounts. At CMC Markets it is 0.09% per side with a AUD 7 minimum. Capital.com charges no commission but includes its cost in the spread. Add overnight funding if you hold past the close.
What leverage can I use on share CFDs in Australia?
Up to 5:1 for retail clients, under ASIC's product intervention order, so a AUD 10,000 share position needs AUD 2,000 of margin. That applies equally to ASX, US and other shares and to ETF CFDs. Pepperstone Pro clients can reach 20:1 on shares and ETFs, at the cost of retail protections.
Can I short sell ASX shares as CFDs?
Yes. Selling a share CFD lets you profit if the price falls without borrowing stock, at Pepperstone on any of its 200 ASX share CFDs. A short position receives the benchmark rate minus 2.5% a year, which can be a small cost when rates are low, and is debited the dividend if you hold over the ex-dividend date. Losses on a short are open-ended until you close or are closed out.
Do you get dividends on share CFDs?
Not the dividend itself, but a cash adjustment. At Pepperstone, if you're long a share CFD on the ex-dividend date your account is credited, and if you're short it is debited. The amount reflects market conditions and any withholding tax, so it may not equal the full dividend, and you get no franking credits, since you don't own the shares.
Which Australian broker offers ETF CFDs?
Pepperstone offers 95 ETF CFDs, including the iShares MSCI Australia ETF and regional funds for Asia such as India, Singapore, Korea and Taiwan, at up to 5:1 retail leverage. ETF CFDs follow the share commission schedule; US-listed ETFs cost USD 0.02 per share. To buy ETFs and hold them for years, a share-trading account is usually cheaper than a CFD.
How many share CFDs does an Australian broker offer?
It varies widely. Pepperstone lists 1,162 share CFDs: more than 600 US, 200 ASX and 46 Hong Kong shares plus UK and European names. Capital.com, IG Australia and CMC Markets carry several thousand more within their wider ranges. If you trade large caps, Pepperstone's list is enough; small caps are where the bigger lists help.
Published 2026-10-21. Informational only, not investment advice. CFDs are leveraged products and most retail accounts lose money.
Best for ASX share CFDs
Commission-free shares