Compare the best MetaTrader brokers in Australia below.

In January 2019 the best forex brokers that offer MetaTrader were compared with a secondary focus of leverage.

MetaTrader 4 is the world’s most popular platform created by MetaQuotes in July 2005.
In June 2010 MetaTrader 5 was released which also includes stock exchange trading.

Compare the best MetaTrader brokers for Australian forex trading below!

Best Australian Broker Image


  • Leverage
  • Guaranteed Stops?
  • Cuts Out a Dealing Desk?
  • Speed of Execution?
  • MetaTrader Supported?
  • Avoids Charging Withdrawal Fee?
  • Spread Fee – AUD/USD
  • Minimum Deposit?
  • Regulated In
  • Headquarters In Australia?
  • Promotional Bonus?
  • Payment Methods
  • Reviews


We compared some of the best Forex Brokers in Australia that offer the MetaTrader platform for trading based on each brokers commission based ‘Pro’style accounts.  We came to the conclusion that IC Markets is the best broker in Australia that offers the MetaTrader platform on the forex market. Here is why:

IC Markets Is The Best MetaTrader Broker In Australia

  1. Fast execution speeds using MetaTrader 4 (mt4)
  2. Low commissions and spreads from 0.0 pips
  3. High Leverage level of 500:1
  4. Strong Customer Service

No other trader offers the combination of spreads from as low as 0.0 pips combined with a leverage product of 500:1. In addition to having superior execution speeds and excellent customer service.

Pepperstone come relatively close to IC Markets. Pepperstone offer much of the same features as IC Markets especially when it comes to execution speeds however they do not offer commissions from 0.0 pips. It should however be noted that spreads offerd by Pepperstone are for their ECN Razor Account are still exceptionally competitive and may even be better than IC Markets when when averaged out over the long term.

CMC do have one advantage over IC Markets and that is that they do not have a minimum deposit when opening an account. IC Markets require a minimum deposit of $200. The non minimum account however is somewhat misleading as you will need to make a deposit in order to actually commence trading. Spreads with CMC are generally higher than offered by IC Markets.

ThinkMarkets (formerly Think Forex) Pro Account has a very high minimum operating balance $2000. This is a steep increase on the minimum required deposits of all over brokers we looked at. A minimum deposit of $200 is a basic industry standard. ThinkMarkets also have a lower maximum leverage compared to the other accounts we reviewed. ThinkMarkets only offer leverage of 400:1. While this is still relatively high, it is lower than the 500:1 offered by other brokers.

Go Markets execution speed is slower than offered by other brokers. This is a big deal when dealing with leverage of 500:1 because unfavourable movement of currency pairs can significantly amplify your investment losses when foreign exchange trading. Given Go Markets require a minimum deposit of $500 then the amount of margin available for trading will be quite high when trading with leverage of 500:1. It is however noted that the default trading leverage is 100:1. Users will actively need to actively increase the leverage amount if they wish to trade with the maximum amount.

 

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How Does IC Markets Offer Fast Execution Speeds?

1) NY4 Data Centre & ServersNY4 Forex Trading Speeds

Next to Wall Street, NY4 is an IBX Data Centre run by Equinix, a NYSE listed technology company. With over 150 financial service providers and 60 exchanges, it is one of the most reliable and data centres worldwide.

By having all these participants of financial markets in the one place the latency can be reduced with dedicated lines minimising latency and the resulting slippage.

Beeks IC Markets2) Fibre Optic Line

IC Markets utilises dedicated fibre optic tables that cross connects their ECN to liquidity providers.

Latency can be further improved through Beeks VPN with Ping times of less than 0.5 milliseconds to the NY4 servers.

3) Other Technology

By partnering with other technology providers, IC Markets has been able to see utilise other tools including spread monitoring, Depth Of Market and spread monitoring. Their mobile platform has also been optimise to execute the fastest speeds possible..

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How Low Are IC Markets Spreads?

IC Markets has two accounts that offer the MetaTrader forex broker platform. The standard account has no commissions but higher spreads which for the EUR/USD pairing averages at 1.1 pips. The secondary account is called ‘True ECN’ and while it has a commission rate of $3.50 per lot the spreads are near zero. For example, the EUR/USD averages at 0.1 pips.

MetaTrader Forex Trading Spreads

High volume traders normally opt for the true ECN account due to the lower spreads which overall have reduced trader costs despite the commission levels.

MetaTrader Spreads

What Leverage Does IC Markets Offer?

IC Markets offers 500:1 leverage which is the equal highest of the mainstream Australia MetaTrader brokers.

500:1 means that for a $200 deposit you could trade up to $10,000, dramatically increasing your risk profile and potential to make profits. There are no safeguards such as guaranteed stops or negative balance protection as a true ECN. This means that only experienced traders with a high risk appetite should consider accepting the highest leverage available with the Australian fx broker.

 

What Customer Service Levels Are Available?

Forex E-LearningThe strongest part of IC Markets is their 24 hours support offered five days a week while currency markets are open. The customer service team are actual forex traders with experience unlike some other forex brokers that hire less skilled individuals. There is also an education hub online including video tutorials to help improve individuals forex trading strategies.

There are also news resources and a forex calendar to keep their traders ontop of world events and to ensure they are informed or market sensitive announcements that lead to currency fluctuations.

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Why MetaTrader is so good

MetaTrader 4 is easily the most popular platform on the market for forex trading. Over 90% of online forex brokers offer the platform. Perhaps the main reason it is the most popular platform is because it has been around for so long and has been consistently improved over the years to cater for users needs. MetaTrader was developed by MetaQuotes Software in 2000, initially is was a basic prodict that allowed people to see charts of different CFDs on the market. In 2005 an upgrade of MetaTrader was released. This release is the platform we know it as today. MetaTrader 4 or MT4 for short. This version has continued to be refined and improved which has kept the product ahead of competitors in the market.

Some of the key features that make MT4 so great are

  1. Its free – Unlike some brokers that use their own platform and charge a feee, MT4 is available free to users.
  2. It does not lock you into an eco-system – unlike some brokers that offer their own propriety software, MT4 is used by many brokers which means you will not be locked into trading with only one broker and can easily switch to another broker without having to learn a new platform
  3. Automated Trading – MT4 allows use of Expert Traders or algorithmic trading. This makes it very popular with large traders who wish to trade in large volumes on behalf of many clients.
  4. It is easy to use – MT4 interface is intuitive and user friendly and has many integrated windows that allow users to find the information they need, These include charts, navigator windows market terminals, indicator charts. In fact there are over 80 pre-installed indicators.
  5.  Customisability – MT4 can easily be customised to suit your needs. This can not only be done via the graphical user interface by selecting the types of charts, indicator and trading signals you want but also through MQL4 programming language.
  6. Has added features – Users can take advantage of added features such as live charts for real time trading, one click trading which means your trades can be executed very quickly which is useful in a high risk trading environment, templates to view the financial instruments, FX trading news, demo account to practice trading.

Background to this MetaTrader Broker Comparison.

Compare Forex Brokers was created in 2014 and has created a number of forex broker comparison tables based on different features from leverage to spreads. The comparison table about focuses on MetaTrader brokers including MT4 providers and is similar to the previously made best forex broker table that focused on high leverage providers.

All brokers compared on compare forex broker are regulated locally in Australia and have an Australia Business or Company number. While there are a plethora of brokers only the most credible were picked based on reputation and market share to ensure traders can feel confident with the broker chosen.

IC Markets Business Details

All information on this site comes from the providers website and third party sites where reviews and insights are made. The owners of the site also have MetaTrader brokers accounts to provide further insights into broker selection. No automation was used in the site and while pages are regularly updated there may be occasions where brokers change information (for example leverage) which hasn’t been reflected on this site. Based on this compare forex brokers should be used as a guide only and users are always directed to providers sites to sign-up providing an opportunity to verify all the information shown on this site.