Understanding Brokers and Platforms for DAX and Gold Trading

I got a few questions from Australian traders so I thought I would do more of a deep dive here. It also applies to traders everywhere in terms of a decision process.

Introduction

On the one hand, trading is very simple: click a mouse button and you are in a trade.

On the other hand, the underlying structure is complex. Most traders do not understand all the different parts: platforms, brokers, data feeds, exchanges, sessions, instruments, tax.

Trading edges are small, trading ignorance is expensive.

1. What is a trading platform?

A trading platform is software used to view markets and send orders.

Typical functions:

Price charts and indicators
Order tickets (market, limit, stop)
Position and P&L display
Basic risk controls (brackets, OCO orders, etc.)

Key point: a platform is just the interface. It may or may not contain the brokerage account inside it.

Examples of platforms (no endorsement):

Interactive Brokers TWS
TradingView
NinjaTrader
cTrader
TOS
td365.com or .com.au

These applications are front ends. They only become “live” when connected to a broker that supports them. (TradingView)

2. What is a broker?

A broker (or Futures Commission Merchant / CFD provider) is the entity that:

Holds client money
Provides market access to specific exchanges or OTC products
Supplies account statements and regulatory disclosures
Routes orders from the platform to the exchange or liquidity provider

In futures, this is typically an FCM or equivalent foreign entity. (nfa.futures.org)

In CFDs or margin FX, in Australia it is usually an ASIC-regulated broker dealing with an Australian retail client. (Moneysmart)

You can think of it as:

Platform = screen + keyboard
Broker = bank account + legal access to the exchange

3. How platforms and brokers connect

The platform connects to the broker through an integration the vendor supports.

Examples:

TradingView: you open a chart in TradingView, then log in to a supported broker through TradingView’s “Trading Panel”. TradingView sends orders to that broker; the broker sends back fills and account data. (TradingView)
NinjaTrader Desktop: you run NinjaTrader, then connect to either NinjaTrader Brokerage or another supported provider. Data and order routing are handled through those connections. (NT)
Interactive Brokers: Interactive Brokers provides its own platform suite (Trader Workstation, IBKR Mobile, IBKR WebTrader). These platforms include charting, order entry, and position management, and they connect directly to the brokerage account. They operate as a combined platform–broker environment rather than a standalone interface that requires a third-party connection.
Pepperstone + cTrader: Pepperstone is the broker; cTrader is the platform they provide. You log into cTrader with your Pepperstone credentials; platform and broker are effectively bundled. (Pepperstone)
TD365: The website is the platform and the broker in one

The trader experience can look like “one product”, but structurally it is always:

Platform → Broker → Exchange / Liquidity provider

4. Why “what do you want to trade?” comes first

Platform choice should come after the instrument is defined.

Each instrument:

Is listed on a specific exchange (or quoted OTC via a CFD/FX broker)
Has defined Regular Trading Hours (RTH) and Extended / Globex / overnight sessions
Trades in a particular time zone

For futures:

ES (E-mini S&P 500) trades on CME with a near-24-hour Globex session and a defined primary RTH window. (CME Group)
DAX futures (FDAX / mini-DAX) trade on Eurex, with European day RTH and other defined phases. (Deutsche Börse Group)

For an Australian trader, the practical questions are:

Which exchange is this instrument on?
When is that exchange’s RTH, in my local time?
Am I actually awake and at the screen during that RTH?

Only after that do platform and broker questions matter.

5. Example: trading the DAX from Australia

Underlying index

The DAX is a German equity index (currently 40 large companies listed in Frankfurt). It is not directly tradeable; you need a derivative on it.

Common DAX derivatives

DAX futures (FDAX, FDXM, FDXS) on Eurex
- Exchange: Eurex (Europe) so you need a EUREZ monthly data feed to get data
- Product: regulated futures contracts on the DAX index
- Trading hours: Eurex RTH runs broadly from 08:00 to 22:00 CET, with defined European and US sub-windows. (Deutsche Börse Group)
DAX CFDs
- OTC derivatives priced by a CFD broker, typically referencing the DAX cash index or futures
- They will NOT match the futures chart exactly because the broker gives you the price, but it will resemble the futures chart.
- Execution, leverage, and costs depend on the CFD broker and its licence conditions

Australian angle

For a trader in Australia:

European RTH will generally fall into late afternoon / evening local time
You need a broker that offers either Eurex DAX futures access or DAX CFDs (German 40)
Your platform must integrate with that broker or be supplied by that broker

The decision tree is:

Choose product type: regulated futures vs OTC CFDs
Choose broker that offers that product to Australian residents
Choose a platform that either:
- Is bundled with the broker, or
- Connects cleanly to that broker via a supported integration

6. Example: trading Gold / XAUUSD from Australia

Underlying concept

“Gold” can mean several different products:

COMEX Gold futures (GC)
- Listed on CME (COMEX)
- Futures contract on gold with defined Globex trading hours. (CME Group)
- Volume higher in Europe and US session
Gold CFDs (often quoted as XAUUSD)
- OTC derivatives priced by CFD brokers
- Typically offered 24 hours on most weekdays, with liquidity linked to futures and spot markets
Spot/margin FX gold (XAUUSD)
- Similar OTC structure, usually on FX margin platforms

Australian angle

For a trader in Australia:

COMEX RTH is centred on US daytime, which is night or early morning in Australia. But can be traded in evening Australian time equivalent to Euro-zone morning.
CFD/spot gold often trades around the clock on weekdays, but with changing liquidity and spread profiles that roughly follow the underlying futures market

Again, the order of decisions is:

Choose product type (regulated futures vs CFDs / FX gold)
Find a broker that offers that product to Australians
Use a platform that supports that broker

7. Platforms often mentioned by futures and CFD traders

No recommendations or rankings here. This is a non-exhaustive list of platform names that frequently appear in futures/CFD discussions:

TradingView (multi-asset charting and connected order entry through supported brokers) (TradingView)
NinjaTrader Desktop (futures-oriented platform with multiple connectivity and brokerage options) (NT)
cTrader (platform offered with Pepperstone and other brokers for CFDs / FX) (Pepperstone)
Multi-asset broker platforms such as those provided by full-service global brokers (for example, platforms bundled with large multi-market brokerage accounts) (Moneysmart)

8. Tax and regulatory note (Australia)

Futures contracts, options, and many CFDs are derivatives and are treated as such in Australian tax and regulatory language. (Australian Taxation Office)
Australian residents dealing with derivatives may fall under ATO rules that depend on whether activity is categorised as investment, trading, or business; the boundary is fact-specific.
Nothing here is tax advice or personal financial advice. Any serious trading activity needs guidance grounded in ATO material and, where relevant, professional advice.

9. Summary

Core structure:

A trading platform is software: charts, orders, positions.
A broker is the regulated entity: holds funds, provides access to exchanges or OTC markets, and routes orders.
The platform–broker link is defined by official integrations, not by what traders “wish” would connect.
For an Australian trader, the first step is always the instrument and its exchange: DAX (Eurex), Gold (COMEX or CFDs), ES (CME), etc., and whether those RTH/ETH windows realistically align with local time.
Only after the instrument and exchange are fixed does it make sense to choose broker and platform.
My preference is always trading the instrument off the exchange, like a futures contract and not a CFD, but CFDs were great for my learning for years because its cheap to practice.

References

Australian Securities and Investments Commission (ASIC), Moneysmart – online trading and investment scam guidance. (Moneysmart)
National Futures Association (NFA), definition and role of a Futures Commission Merchant (FCM). (nfa.futures.org)
CME Group, E-mini S&P 500 contract specifications and trading hours. (CME Group)
Eurex, DAX futures product information and trading-hours framework. (Deutsche Börse Group)
Australian Taxation Office (ATO), treatment and definition of derivative transactions including futures. (Australian Taxation Office)
TradingView, supported brokers and integrated trading. (TradingView)
NinjaTrader, connectivity and brokerage options. (NT)
Pepperstone, cTrader platform information. (Pepperstone)
Interactive Brokers Australia, futures product access and exchange coverage. (Interactive Brokers Australia)
Interactive Brokers, Trader Workstation (TWS) platform documentation. (Interactive Brokers)
Interactive Brokers, futures margin requirements and account structure. (Interactive Brokers)
Interactive Brokers, market-centre and product-access overview. (Interactive Brokers)

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