Plenty of raw accounts market themselves as ECN, so I look at what a broker’s own disclosure says and what pricing it publishes rather than the account name. For Australian OTC CFDs the issuer is your counterparty regardless of the label. For the broader picture beyond execution model, our guide to the best forex brokers in Australia ranks every ASIC name we cover.
The numbers in brackets next to each broker below are an ECN Fit Score out of 100 that follows the all-in cost order, from 96 for Fusion Markets down to 76 for Eightcap. It is a ranking metric for this page, not a routing measurement, and it is not the broker’s overall site score.
Every ASIC-licensed CFD issuer deals as principal, standing as the counterparty to its clients’ over-the-counter CFDs. That makes taking the other side of the trade a poor test of an ECN claim, since every licensed broker does it. This guide instead tests where a broker’s prices come from, meaning external liquidity providers with no dealer intervention in the quote, and what each broker’s PDS discloses about hedging its clients’ positions.
Which ECN forex broker is best in Australia?
Fusion Markets ranks first on measured all-in cost at 0.47 pips (A$4.50 round turn) in our October 2026 capture, with Axi second at 0.61 pips on a single A$4.50 round turn. I would point an active trader to Fusion Markets first, because commission, not the raw spread, is what moves your cost here. The ranking is the eight-pair raw spread average plus commission in pips. We hold no per-fill routing evidence for any broker here, and these are RAW accounts, not ECN.
- Fusion Markets: 0.47 pips all-in across eight pairs, A$4.50 round turn.
- Axi: 0.61 pips all-in across eight pairs, A$4.50 round turn.
- Global Prime: 0.76 pips all-in across eight pairs, A$7.00 round turn.
- GO Markets: 0.84 pips all-in across eight pairs, A$6.00 round turn.
- Pepperstone: 0.94 pips all-in across eight pairs, A$7.00 round turn.
- FP Markets: 0.95 pips all-in across eight pairs, A$7.00 round turn.
- IC Markets: 1.05 pips all-in across eight pairs, A$9.00 round turn.
- Eightcap: 1.08 pips all-in across eight pairs, A$7.00 round turn.
Plenty of raw accounts market themselves as ECN. We hold no per-fill routing receipts from any broker on this page, so pricing and disclosure, not the badge, are the test I weigh first.
ECN forex brokers compared on raw pricing and disclosure
| # | Broker | Raw spread, eight-pair average | Commission | All-in, eight pairs incl. commission (October 2026) | Visit broker | More details |
|---|---|---|---|---|---|---|
| 1 | #1 Top all-in cost pick Fusion MarketsAFSL 385620 | 0.10 pips (October 2026) | A$4.50 round turn | 0.47 pips | Visit Fusion Markets | |
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| 2 |  AxiAFSL 318232 | 0.24 pips (October 2026) | A$4.50 round turn | 0.61 pips | Visit Axi | |
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| 3 |  Global PrimeAFSL 385620 | 0.19 pips (October 2026) | A$7.00 round turn | 0.76 pips | Visit Global Prime | |
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| 4 |  GO MarketsAFSL 254963 | 0.35 pips (October 2026) | A$6.00 round turn | 0.84 pips | Visit GO Markets | |
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| 5 |  PepperstoneAFSL 414530 | 0.37 pips (October 2026) | A$7.00 round turn | 0.94 pips | Visit Pepperstone | |
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| 6 |  FP MarketsAFSL 286354 | 0.38 pips (October 2026) | A$7.00 round turn | 0.95 pips | Visit FP Markets | |
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| 7 |  IC MarketsAFSL 335692 | 0.31 pips (October 2026) | A$9.00 round turn | 1.05 pips | Visit IC Markets | |
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| 8 |  EightcapAFSL 391441 | 0.51 pips (October 2026) | A$7.00 round turn | 1.08 pips | Visit Eightcap | |
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| 9 |  VantageAFSL 428901 | 0.58 pips (October 2026) | A$5.00 round turn | Not ranked | Visit Vantage | |
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| 10 |  ACY SecuritiesAFSL 403863 | 0.78 pips (October 2026) | A$1.50 per side | Not ranked | Visit ACY Securities | |
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| 11 |  TMGMAFSL 436416 | Not measured | USD 7.00 round turn | Not ranked | Visit TMGM | |
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Each raw-spread cell names its own capture window, October 2026 for every broker measured, and the method sits in the lowest-spreads guide. We hold no per-fill routing receipts from any broker on this page, so no execution-proof tier is claimed. Vantage’s figure comes from our October 2026 capture on its Australian licensee’s RAW Classic account, ending 4047, at Vantage Global Prime Pty Ltd (AFSL 428901).
Raw spread data on this page comes from our October 2026 capture, run by Noam Korbl, RG146. The displayed score on each card is an ECN Fit Score out of 100 that decreases with all-in cost rank, from 96 for Fusion Markets to 76 for Eightcap; I read it as the page’s ranking metric, not the broker’s overall site score. Ranking reflects all-in cost alone, so the table’s other rows (Vantage, ACY Securities, TMGM) are shown but not ranked, and Vantage’s figure is from the October 2026 capture.
Risk warning: CFDs are leveraged products and carry a high risk of loss. Most retail CFD accounts lose money. Review the broker's PDS and TMD before trading.
1. Fusion Markets offers low-cost raw execution
Fusion Markets pairs its Zero account with a commission that is joint second-lowest on this page, A$2.25 per side (A$4.50 round turn) level with Axi and behind ACY Securities, and I would call it the low-cost raw account pick. That is the number you look at first if per-trade cost drives the decision. In our October 2026 capture its raw spreads measured 0.01 pips on EUR/USD and 0.10 pips across eight pairs, each ranked first of the 12 raw accounts we measured, on MT4, MT5, cTrader and TradingView. Fusion has traded under AFSL 385620 since its 2017 launch (the FMGP Trading Group licence dates to 2011), and Global Prime runs as a separate brand under the same licence.
Average spread
8-pair avg 0.10 pips (Raw, measured October 2026) plus A$4.50 round turn
Trading platforms
MT4, MT5, cTrader, TradingView
Minimum deposit
A$0
Regulation
ASIC AFSL 385620
Why higher here? Fusion Markets leads this ranking on measured all-in cost at 0.47 pips, with a commission of A$4.50 round turn that ties with Axi's for joint first among the eight, and a raw average of 0.10 pips, first of the eight, against #4 sitewide. See the ranking method ↓
Pros & Cons
Pros
- Low-cost raw execution at A$2.25 per side (A$4.50 round-turn)
- Measured eight-pair raw average of 0.10 pips in our October 2026 capture
- ASIC-regulated (AFSL 385620, licence held since 2011), Melbourne launch 2017
Cons
- Founded more recently, in 2017, compared with the longer histories of the leaders
- No per-fill routing verification held by us
2. Axi offers raw pricing on the Pro account
Axi sat with the leaders on raw pricing, measuring 0.05 pips on EUR/USD and 0.24 pips across eight pairs on the Pro account in our October 2026 capture, with a single A$4.50 round turn per standard lot debited in full when the position opens. The Australian entity runs MT4, MT5 and the Axi Trading Platform, so MT4 traders keep full expert advisor support if that is the platform you trade on. Axi has operated under AFSL 318232 since 2007.
Average spread
8-pair avg 0.24 pips (Raw, measured October 2026) plus A$4.50 round turn
Trading platforms
MT4, MT5, Axi Trading Platform
Minimum deposit
A$0
Regulation
ASIC AFSL 318232
Why higher here? The ranking is built on measured all-in cost, and Axi comes second at 0.61 pips on a 0.24 raw average with a single A$4.50 round turn, against #21 sitewide; its overall score is held down by categories this page does not weigh. See the ranking method ↓
Pros & Cons
Pros
- Pro account measured 0.24 pips across eight pairs in our October 2026 capture
- EUR/USD measured at 0.05 pips in our October 2026 capture, with an EA-friendly MT4 setup, though the free VPS is wholesale Elite only
- ASIC-regulated since 2007 (AFSL 318232), Sydney
Cons
- Execution model not established in our evidence set
- Free VPS comes with the wholesale Elite account (US$25,000 minimum balance), not a retail volume perk
3. Global Prime offers a RAW account and market-making disclosure
In its Product Disclosure Statement, dated 20 February 2024, Global Prime discloses a market maker model, prices set from its dealings with its Hedge Counterparties, and hedging with a Hedge Counterparty, not orders placed directly into the market. The website, read 1 October 2026, mentions no trade receipts, and we hold none from our account. Its ECN account measured 0.08 pips on EUR/USD and 0.19 pips across eight pairs in our October 2026 capture, with A$3.50 per side commission on MT4 and MT5. Global Prime holds ASIC AFSL 385620.
Average spread
8-pair avg 0.19 pips (Raw, measured October 2026) plus A$7.00 round turn
Trading platforms
MT4, MT5
Minimum deposit
A$0
Regulation
ASIC AFSL 385620
Why higher here? Measured all-in cost drives this page, and Global Prime is third at 0.76 pips on a 0.19 raw average plus an A$7.00 round turn, against #26 sitewide; the overall score weighs trust and range, which this page does not. See the ranking method ↓
Pros & Cons
Pros
- Raw spread measured at 0.19 pips across eight pairs in our October 2026 capture
Cons
- Platform choice is limited to MT4 and MT5, with no cTrader or TradingView
- Smaller broker than the market leaders
4. GO Markets has ASIC history with raw pricing
GO Markets' GO Plus+ account comes fourth, with A$6.00 round turn commission on a 0.35 pip raw average giving 0.84 pips all-in. Our October 2026 capture put the account at 0.08 pips on EUR/USD and 0.35 pips across eight pairs, plus a competitive A$3.00 per side commission (A$6.00 round turn), which is the pricing your comparison should weigh. In my opinion that all-in figure is what you should judge the account on, not the headline spread, and I rate 0.84 pips as a fair place to land for a raw account with this history. One of the longest-running Australian brokers, it has held AFSL 254963 and runs MT4, MT5, cTrader and TradingView. I would point you here if platform choice ranks high on your list.
Average spread
8-pair avg 0.35 pips (Raw, measured October 2026) plus A$6.00 round turn
Trading platforms
MT4, MT5, cTrader, TradingView, GO TradeX
Minimum deposit
A$0
Regulation
ASIC AFSL 254963
Why higher here? Ordering here follows measured all-in cost, and GO Markets is fourth at 0.84 pips on a 0.35 raw average plus an A$6.00 round turn, the third lowest commission of the eight, against #13 sitewide. See the ranking method ↓
Pros & Cons
Pros
- One of the longest continuous Australian licences here (AFSL 254963)
- GO Plus+ measured 0.08 pips raw on EUR/USD in our October 2026 capture, at A$3.00 per side
- Five platforms, with cTrader, TradingView and GO TradeX each needing a separate account link
Cons
- Our October 2026 capture measured an eight-pair raw average of 0.35 pips, above Global Prime's 0.19 pips in the same window
- Execution model not established in our evidence set
5. Pepperstone offers raw pricing at scale
Pepperstone sits sixth, with the Razor account's 0.37 pip raw average plus an A$7.00 round turn commission giving 0.94 pips all-in. EUR/USD measured 0.10 pips with a 0.37 pip eight-pair average and A$3.50 per side commission, across MT4, MT5, cTrader and TradingView, in our October 2026 capture, and I would call that pricing at scale. Pepperstone has held ASIC AFSL 414530 since 2013.
Average spread
8-pair avg 0.37 pips (Raw, measured October 2026) plus A$7.00 round turn
Trading platforms
MT4, MT5, cTrader, TradingView
Minimum deposit
A$0
Regulation
ASIC AFSL 414530
Why lower here? Ranking on measured all-in cost, Pepperstone's A$7.00 round turn on a 0.37 raw average gives 0.94 pips all-in, placing it sixth against #1 sitewide; this page ranks cost alone, not the platforms and range that lift its overall score. See the ranking method ↓
Pros & Cons
Pros
- EUR/USD raw spread of 0.10 pips, measured in our October 2026 capture
- Five platforms (MT4, MT5, cTrader, TradingView, Pepperstone platform)
Cons
- Razor's 0.37 pip eight-pair raw average, measured in our October 2026 capture, trails Fusion's 0.10 pips
- Beaten on measured all-in cost by Fusion and Axi in our October 2026 capture
6. FP Markets has a long-running ASIC raw account
FP Markets runs raw pricing on the Raw account, which measured 0.08 pips on EUR/USD in our October 2026 capture plus A$3.50 per side commission, and I would call that the long-running ASIC raw account. You also get direct-market-access pricing on ASX share CFDs through IRESS, something you will not find at any other broker on this page. It supports MT4, MT5, cTrader and TradingView alongside IRESS Trader. FP Markets has held ASIC AFSL 286354 since 2005.
Average spread
8-pair avg 0.38 pips (Raw, measured October 2026) plus A$7.00 round turn
Trading platforms
MT4, MT5, cTrader, IRESS, TradingView
Minimum deposit
A$0 (Standard and Raw)
Regulation
ASIC AFSL 286354
Pros & Cons
Pros
- Long-running ASIC raw account with competitive raw pricing
- A$3.50 per side (A$7.00 round-turn), one of the lower commissions here
- ASIC-regulated since 2005 (AFSL 286354), Sydney
Cons
- Raw spread wider than the tightest names on this page
- Better known for its broader offering than for its Raw account alone
- All-in cost depends on the pair traded
7. IC Markets for raw pricing and PDS disclosure
Among Australian RAW accounts, IC Markets combines the two parts that matter to me: raw spreads that stayed tight in our October 2026 capture, averaging 0.31 pips across eight pairs and 0.10 pips on EUR/USD, and a PDS dated 25 September 2026 that sources prices from external liquidity providers while dealing with you as principal and counterparty. Those raw figures are the part that sets your trading costs. Commission on the Raw Spread account is A$4.50 per side (A$9.00 round turn), and its platforms are MT4, MT5 and cTrader, with TradingView available via cTrader, checked 27 September 2026. IC Markets has held ASIC AFSL 335692 since 2009.
Average spread
8-pair avg 0.31 pips (Raw, measured October 2026) plus A$9.00 round turn
Trading platforms
MT4, MT5, cTrader, TradingView
Minimum deposit
US$200 (website)
Regulation
ASIC AFSL 335692
Why lower here? The measure on this page is all-in cost from our capture, and IC Markets sits seventh against #2 sitewide: its 0.31 pip raw average is the fourth tightest, but the A$9.00 round turn is the highest commission of the eight, giving 1.05 pips all-in. See the ranking method ↓
Pros & Cons
Pros
- PDS dated 25 September 2026 sources prices from external liquidity providers
- Raw spreads measured in our October 2026 capture at 0.31 pips across eight pairs
- ASIC-regulated since 2009 (AFSL 335692), Sydney-headquartered
Cons
- Highest commission in the group at A$4.50 per side
- All-in cost depends on the pair once commission is added
- Raw pricing suits active traders more than occasional ones
8. Eightcap offers raw pricing on four platforms
Eightcap prices the Raw account at 0.51 pips across the eight-pair basket in our October 2026 capture, measured across the full month of October 2026, and I would call that raw pricing with a trade-off in spread width. Its advertised EUR/USD spread is from 0.0 pips, which is a floor, not a measurement; our October 2026 capture measured the live EUR/USD at 0.10 pips. You pay A$3.50 per side commission (A$7.00 round turn), and it runs MT4, MT5, TradingView and TradeLocker, with native TradingView execution, which you can use directly. Eightcap has operated under AFSL 391441 since 2011.
Average spread
8-pair avg 0.51 pips (Raw, measured October 2026) plus A$7.00 round turn
Trading platforms
MT4, MT5, TradingView
Minimum deposit
A$100
Regulation
ASIC AFSL 391441
Pros & Cons
Pros
- Raw account measured 0.51 pips across eight pairs in our October 2026 capture
- Raw commission of A$7.00 round-turn, A$2.00 under IC Markets
- Native TradingView execution, ASIC-regulated since 2011 (AFSL 391441)
Cons
- We hold no per-fill routing verification for this broker
- Execution model not independently tested by us
What ECN actually means
ECN vs STP vs market maker
An ECN broker matches your order against prices from a network of outside liquidity providers and charges a commission on a near-zero spread. An STP broker passes orders to liquidity providers too, but with more discretion over routing. A market maker is the counterparty to the trade and sets its own prices, which can create a conflict of interest against your order. For Australian OTC CFDs the issuer remains your counterparty whatever the label, so I look at what a broker’s PDS discloses and what pricing it publishes.
DMA and depth of market
DMA (direct market access) lets you see and trade against the actual order book of a liquidity venue. Depth of market shows the prices and sizes available at each level above and below the current bid and ask, so you are not guessing at the liquidity behind a price. It is a display, though: it never proves the venue where your own fill executed. I’d still use it for sizing your entries, because you can see where the resting volume sits before you commit. I would treat depth of market as context for your decisions, and I’d let price and cost carry the final judgement on any fill.
How to tell a real ECN from a relabelled market maker
Three things separate a real ECN from a market maker wearing the label.
Commission pricing tells you how you pay, not where your fill executed. To check a broker’s claims, read the PDS for its issuer role, how it sets prices and how it hedges, and ask it for fill records. We hold no per-fill receipts from any broker here, and none of these checks alone proves an ECN client fill. If a broker offers none of them, I would treat the ‘ECN’ badge with caution.
Tight but not proven ECN. What I would want you to take from this is that a raw spread alone does not make an ECN broker. Axi (0.24 pips eight-pair) and GO Markets (0.35 pips eight-pair) in our October 2026 capture deliver pricing that sits close to the leaders, while Eightcap (0.51 pips eight-pair) ran wider in the same window, and our captures confirm it. What separates them in our evidence set is disclosure: their execution models are not established in the documents we hold, and we hold no per-fill routing receipts from any broker on this page. If your view is spread-led, these accounts also appear on our lowest-spreads guide.
Cost of an ECN account
ECN accounts pair a near-zero spread with a per-lot commission, so what you pay per round turn is split into two visible parts. Not every broker publishes both parts in full, and MultiBank Group is one: MEX Australia Pty Ltd, its ASIC licensee, publishes the ECN commission as A$7 without stating the basis (14 October 2026), so the per-lot total cannot be computed. In my view that gap should make you cautious, because you cannot compare what you cannot compute. Our May to June 2026 capture recorded the ECN account at 0.40 pips across eight pairs, though no record ties that capture to an account with MEX Australia. The per-lot total for a pair is its measured spread plus the commission converted to pips, compared at the same window. Volume scales your monthly bill, and any tiered rebates sit outside this comparison, so compare total trading costs across both before you commit. For the spread-led view, see lowest spread forex brokers. The commission-led view is at lowest commission forex brokers.
The calculator below lets you set your monthly volume, because volume scales your monthly bill. I would encourage you to try a few volume levels, because the ranking below only shifts if rebates enter the picture, and none are modelled here. With spreads and commissions both proportional to size and no rebate, the per-lot comparison stays the same at any volume you choose. The card ranks the raw and ECN accounts we hold pricing for by what a month of trading costs, cheapest first. My suggestion: read the card as a monthly bill, since that is the number your account actually feels.
When ECN is not worth it
Choosing between a raw and a standard account turns on pair-specific total cost and your own workflow, not on the ECN label. For low-frequency traders, I would point to a tight standard account or a fixed-spread broker like Trade Nation (covered on fixed spread brokers) as simpler and similar. Depth of market is a useful display, but no raw account requires it. Sizing matters more than the account label, so work out position size from your risk and stop before opening.
ECN forex broker FAQs
What is an ECN forex broker?
Is ECN better than a market maker?
Which Australian brokers are true ECN?
Does ECN mean lower cost?
Can I see where my ECN order was filled?
Which broker is better, ECN or STP?
What is a true ECN broker?
ECN and low cost broker guides
- Lowest spread forex brokers in Australia
The same capture behind the ECN ranking also drives the spread comparison, so raw averages and all-in figures can be traced account by account.
- Lowest commission forex brokers in Australia
Commission converted into pips is how the ECN ranking builds all-in cost, and the commission comparison isolates that per-side charge.
- Best fixed spread forex brokers in Australia
Low-frequency trading is where fixed quotes appeal, and the fixed spread comparison weighs Trade Nation's sheet against easyMarkets' published table.
- Best forex brokers in Australia
Beyond execution model, the forex broker ranking places every ASIC name the site covers, with spreads, commission and platforms compared.
About Justin Grossbard
Justin co-founded CompareForexBrokers in 2014 and has traded forex since 1998. Based in Melbourne, he leads the site's research, and has written for Forbes, Kiplinger and Finance Magnates, while the Australian Financial Review has cited CompareForexBrokers research. He holds a Bachelor of Commerce (Honours) and a Master of Marketing from Monash University. Justin is the co-founder and CEO of CompareForexBrokers.