FDAX vs FDXM: Which DAX Future Should You Trade?
Understanding DAX Futures Contracts
Eurex, the European derivatives exchange, offers two main DAX futures contracts: FDAX (the full-size contract) and FDXM (the mini contract). Both track the DAX 40 index, but they differ significantly in tick value, margin requirements, and suitability for different account sizes.
Contract Specifications
| Specification | FDAX | FDXM |
|---|---|---|
| Tick Size | 1 point | 1 point |
| Tick Value | €25.00 | €5.00 |
| Point Value | €25.00 | €5.00 |
| Multiplier | 25× index | 5× index |
| Day Margin (est.) | €8,000–15,000 | €1,500–3,000 |
| Overnight Margin | €25,000–40,000 | €5,000–8,000 |
| Exchange | Eurex | Eurex |
| Liquidity | Very high | High |
| Trading Hours | 01:15–22:00 CET | 01:15–22:00 CET |
Which One Should You Trade?
Choose FDXM If:
- Your account is under €25,000
- You are in a prop firm evaluation
- You are learning to trade DAX futures
- You want to scale in/out of positions with precision
- You trade multiple contracts and need fine-grained sizing
Choose FDAX If:
- Your account exceeds €50,000
- You have consistent profitability on FDXM
- You want maximum capital efficiency per contract
- You trade fewer but higher-conviction setups
- Liquidity at the top of the book matters for your order size
Practical Considerations
Most retail traders and funded traders should start with FDXM. The €5 per point value means a 100-point stop costs €500 — manageable for accounts of €10,000+. On FDAX, the same stop costs €2,500, which can quickly violate drawdown limits.
Trading costs add up fast on smaller contracts. Commission per point is higher on FDXM relative to its tick value. Services like CashbackForex can offset some of these costs by returning a portion of your commission on every trade.
FDXM also allows for more precise position sizing. If your risk model says to risk €250 per trade, you can trade 1 FDXM with a 50-point stop. With FDAX, the minimum risk granularity is €25 per tick, making fine-tuning difficult.
DAX845’s key levels work for both FDAX and FDXM — the price levels are identical, only the per-point value differs.
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Get Funded with FTMO →Frequently Asked Questions
What is the difference between FDAX and FDXM?
FDAX is the full-size DAX futures contract with a point value of €25, while FDXM is the mini contract at €5 per point. Both track the DAX 40 index on Eurex but differ in tick value, margin requirements, and suitability for different account sizes.
How much margin do I need for FDXM?
Estimated day trading margin for FDXM is €1,500–3,000, and overnight margin is €5,000–8,000. Requirements vary by broker.
Should beginners trade FDAX or FDXM?
Beginners and funded traders should start with FDXM. The €5 per point value means a 100-point stop costs €500, which is manageable for accounts of €10,000+.