Half the brokers calling themselves ECN are not, so I ranked the genuine ones on how their orders actually fill, then checked the cost against my spread test. IC Markets leads because it does both: genuine no-dealing-desk execution and the tightest raw spreads I measured at 0.15 pips across eight pairs (May to June 2026 test). Global Prime is the transparency pick, since it publishes trade receipts showing where each order filled, the rarest proof a broker is really routing orders out. Pepperstone rounds out the genuine ASIC set. A true ECN sends your order to outside liquidity with no dealing desk, which is the part that matters, not the badge. 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, weighting execution model (no dealing desk), depth of liquidity, transparency of fills and tested raw spread. They are not the broker’s overall site score, which weights things ECN traders don’t always care about. The scoring decreases with rank so a reader doesn’t see a top pick below a lower-ranked one.
Quick verdict: the best ECN forex brokers in Australia right now
IC Markets is the best ECN forex broker in Australia, with genuine no-dealing-desk execution on liquidity from 25+ providers and the tightest raw spreads we measured at 0.15 pips across eight majors. Global Prime is the transparency pick, publishing trade receipts for every fill, and Fusion Markets runs the cheapest raw execution at A$4.50 round-turn. We ranked on liquidity and proof of fills, not cost.
- IC Markets: strongest ECN on 25+ liquidity providers.
- Global Prime: trade receipts prove every fill.
- Pepperstone: no-dealing-desk execution at scale.
- FP Markets: longest-running ASIC raw account.
- Fusion Markets: cheapest raw execution, A$4.50 round-turn.
- Eightcap: hybrid raw pricing that matches the leaders.
- Axi: MT4 raw specialist with free VPS.
- GO Markets: near-ECN pricing, ASIC-licensed since 2006.
Plenty of raw accounts market themselves as ECN. Proof of routing separates the two tiers below.
Execution model comparison table
| Broker | Execution model | Named liquidity / depth | Raw spread, 8-pair avg | Commission (AUD round-turn) | No dealing desk | Execution proof | AFSL |
|---|---|---|---|---|---|---|---|
 IC Markets | ECN | 25+ liquidity providers | 0.15 pips | A$9.00 | Yes | No | 335692 |
 Global Prime | ECN | Bank quote sourcing | 0.30 pips | A$7.00 | Yes | Trade receipts | 385620 |
 Pepperstone | ECN/STP | Tier-1 liquidity | 0.46 pips | A$7.00 | Yes | No | 414530 |
 FP Markets | ECN | Tier-1 liquidity | 0.46 pips | A$7.00 | Yes | No | 286354 |
 Fusion Markets | ECN/STP | Multi-LP | 0.36 pips | A$4.50 | Yes | No | 385620 |
 Eightcap | STP/hybrid | Not published | 0.15 pips | A$7.00 | Hybrid | None published | 391441 |
 Axi | STP/hybrid | Not published | 0.16 pips | A$7.00 | Hybrid | None published | 318232 |
 Vantage | STP/hybrid | Not published | 0.52 pips | A$5.00 | Hybrid | None published | 428901 |
 ACY Securities | STP/hybrid | Not published | 0.41 pips | A$1.50 per side | Hybrid | None published | 403863 |
 TMGM | STP/hybrid | Not published | 0.1 pips (EUR/USD) | USD 7.00 | Hybrid | None published | 436416 |
 GO Markets | STP/hybrid | Not published | 0.24 pips | A$6.00 | Hybrid | None published | 254963 |
Raw spreads from the May to June 2026 eight-pair test (see lowest-spreads guide). “Execution proof” flags brokers that publish trade receipts or verifiable fill data. The lower six rows are near-ECN raw accounts: tight measured spreads on hybrid or STP books with no published routing proof.
Execution data collected by Noam Korbl, RG146. The displayed score on each card is an ECN Fit Score out of 100 weighted on execution model, depth of liquidity, transparency of fills and tested raw spread. It is the page’s ranking metric, not the broker’s overall site score, and decreases monotonically with rank.
1. IC Markets: the strongest ECN
IC Markets is the strongest ECN broker in Australia because it does both parts well, genuine no-dealing-desk routing to more than 25 liquidity providers and the tightest raw spreads we measured, averaging 0.15 pips across eight majors and 0.01 pips on EUR/USD. Commission on the Raw Spread account is A$4.50 per side (A$9.00 round turn), and cTrader is its recommended platform alongside MT4 and MT5. IC Markets has held ASIC AFSL 335692 since 2007.
IC Markets: Strongest ECN
8-pair raw avg
0.15 pips
Round-turn commission
A$9.00
Trading Platforms
MT4, MT5, cTrader, TradingView
Pros & Cons
- Genuine no-dealing-desk execution on deep liquidity from 25+ providers
- Tightest raw spread in testing at 0.15 pips across eight pairs
- ASIC-regulated since 2007 (AFSL 335692), Sydney-headquartered
- 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
2. Global Prime: the transparency pick
Global Prime is the transparency pick, the only ASIC-regulated retail broker we cover that publishes anonymised execution receipts showing the liquidity venue, timestamp and price of each fill, which is the clearest available proof that orders are routed out to the market. Its Raw account measured 0.10 pips on EUR/USD and 0.30 pips across eight majors, with A$3.50 per side commission on MT4 and MT5. Global Prime holds ASIC AFSL 385620.
Global Prime: Transparency Pick
8-pair raw avg
0.30 pips
Round-turn commission
A$7.00
Trading Platforms
MT4, MT5, TradingView
Pros & Cons
- Publishes trade receipts showing the liquidity source and fill price
- Strong evidence it routes orders out rather than internalising
- Raw spread averaged 0.30 pips
- Commission and spread put it mid-pack on all-in cost
- Smaller broker than the market leaders
- Proof-of-routing matters more to some traders than others
3. Pepperstone: no-dealing-desk execution at scale
Pepperstone completes the genuine ASIC ECN set, pairing no-dealing-desk Razor execution with some of the fastest fills we track, averaging 28 milliseconds on market orders in controlled testing. EUR/USD measured 0.10 pips with a 0.46 pip eight-pair average and A$3.50 per side commission, across MT4, MT5, cTrader and TradingView. Pepperstone has held ASIC AFSL 414530 since 2010.
Pepperstone: NDD At Scale
8-pair raw avg
0.46 pips
Round-turn commission
A$7.00
Trading Platforms
MT4, MT5, cTrader, TradingView
Pros & Cons
- Reputable no-dealing-desk execution at scale with fast fills
- Four platforms (MT4, MT5, cTrader, TradingView)
- ASIC-regulated since 2010 (AFSL 414530), Melbourne-founded
- Raw average of 0.46 pips is not the tightest on this page
- Execution reliability, not headline spread, is the reason it stays
- Beaten on measured cost by Fusion and Eightcap
4. FP Markets: long-running ASIC raw account
FP Markets runs raw pricing on the Raw account, EUR/USD measured at 0.14 pips plus A$3.50 per side commission, and adds direct market access to ASX shares through IRESS that no other broker on this page offers. It supports MT4, MT5, cTrader and TradingView alongside IRESS Trader. FP Markets has held ASIC AFSL 286354 since 2005.
FP Markets: Long-Running Raw
8-pair raw avg
0.46 pips
Round-turn commission
A$7.00
Trading Platforms
MT4, MT5, cTrader, IRESS, TradingView
Pros & Cons
- Long-running ASIC raw account with genuine no-dealing-desk pricing
- A$3.50 per side (A$7.00 round-turn), one of the lower commissions here
- ASIC-regulated since 2005 (AFSL 286354), Sydney
- Raw spread wider than the tightest names on this page
- Better known for its broader offering than for ECN alone
- All-in cost depends on the pair traded
5. Fusion Markets: low-cost raw execution
Fusion Markets pairs raw-pricing execution on the Zero account with the lowest commission on this page, A$2.25 per side (A$4.50 round turn). Raw spreads measured 0.04 pips on EUR/USD and 0.36 pips across eight majors, on MT4, MT5, cTrader and TradingView. Fusion has held AFSL 385620 since 2017, the same FMGP Trading Group licence as Global Prime; the two run as separate brands.
Fusion Markets: Low-Cost Raw
8-pair raw avg
0.36 pips
Round-turn commission
A$4.50
Trading Platforms
MT4, MT5, cTrader, TradingView
Pros & Cons
- Low-cost raw execution at A$2.25 per side (A$4.50 round-turn)
- Eight-pair average of 0.36 pips, tighter than Pepperstone
- ASIC-regulated (AFSL 385620), Melbourne since 2017
- Execution profile is less publicised than the leaders
- Smaller broker founded more recently, in 2017
- Earns its place on cost rather than proof-of-routing
Near-ECN raw accounts: tight pricing without the full ECN badge
These three accounts match ECN-grade raw spreads but run hybrid or STP books, and none publishes the fill receipts that verify where an order was routed. That missing proof is why their ECN-fit scores cap below the genuine tier above, even where the measured spread is level with the leaders. Ranking continues on the same ECN-fit metric, so the numbers keep decreasing with position.
6. Eightcap: hybrid raw pricing that matches the leaders
Eightcap prices the Raw account among the tightest we measured anywhere, 0.00 pips on EUR/USD and 0.15 pips across eight majors, with A$3.50 per side commission (A$7.00 round turn). It runs MT4, MT5, TradingView and TradeLocker, with native TradingView execution. Eightcap has operated under AFSL 391441 since 2009.
Eightcap: Hybrid Raw Tier
8-pair raw avg
0.15 pips
Round-turn commission
A$7.00
Trading Platforms
MT4, MT5, TradingView
Pros & Cons
- Matches IC Markets on measured cost at 0.15 pips across eight pairs
- Raw commission of A$7.00 round-turn, A$2.00 under IC Markets
- Native TradingView execution, ASIC-regulated since 2009 (AFSL 391441)
- Runs an STP hybrid book without published fill receipts
- Falls outside the genuine-ECN tier on proof of routing
- Routing transparency is weaker than Global Prime
7. Axi: MT4 raw specialist in the hybrid tier
Axi matched the leaders on raw pricing, measuring 0.00 pips on EUR/USD and 0.16 pips across eight majors on the Pro account, with A$3.50 per side commission (A$7.00 round turn). It is built around MetaTrader 4 on the Australian entity, with full expert advisor support. Axi has operated under AFSL 318232 since 2007.
Axi: MT4 Raw Specialist
8-pair raw avg
0.16 pips
Round-turn commission
A$7.00
Trading Platforms
MT4
Pros & Cons
- Pro account measured 0.16 pips across eight pairs, third-tightest here
- EUR/USD averaged 0.00, with an EA-friendly MT4 setup and free VPS at volume
- ASIC-regulated since 2007 (AFSL 318232), Sydney
- Execution is hybrid rather than receipt-verified
- Free VPS depends on trading volume
- Sits below the genuine-ECN tier on proof of routing
8. GO Markets: ASIC history with near-ECN pricing
GO Markets rounds out the alternatives with raw pricing on the GO Plus+ account, measured at 0.10 pips on EUR/USD and 0.24 pips across eight majors, and a competitive A$3.00 per side commission (A$6.00 round turn). One of the longest-running Australian brokers, it has held AFSL 254963 since 2006 and runs MT4, MT5, cTrader and TradingView.
GO Markets: Long-Licensed Raw
8-pair raw avg
0.24 pips
Round-turn commission
A$6.00
Trading Platforms
MT4, MT5, cTrader, TradingView
Pros & Cons
- One of the longest continuous Australian licences here (AFSL 254963 since 2006)
- GO Plus+ raw averaged 0.10 pips on EUR/USD at A$3.00 per side
- Four platforms on one account, including cTrader and TradingView
- Eight-pair average of 0.24 pips is wider than the leaders
- Hybrid STP book without published fill evidence
- Placed below the genuine-ECN tier on routing proof
What ECN actually means
ECN vs STP vs market maker
An ECN broker routes your order into a network of outside liquidity providers and never takes the other side of your trade. An STP broker passes orders to liquidity providers too, but with more discretion over routing. A market maker is the counterparty to your trade and sets its own prices, which can mean a conflict of interest. Many retail accounts marketed as “ECN” are really STP or hybrid, which is why I look at how a broker prices and whether it can evidence its fills.
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. Both are stronger signals than the ECN label alone, because they show you the routing rather than asserting it. cTrader is the platform that surfaces depth of market most clearly.
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-based pricing is the first: a true ECN charges a small commission on a near-zero spread, rather than burying its margin in a wide spread. Named liquidity and depth-of-market is the second: you can see the prices behind your order. Proof of execution is the third, and the rarest: Global Prime, for example, lets you verify where your trade filled. If a broker offers none of these, treat the “ECN” badge with caution.
Tight but not pure ECN. Eightcap (0.15 pips), Axi (0.16 pips) and GO Markets (0.24 pips eight-pair) post raw spreads close to the leaders, yet they run STP or hybrid books rather than pure ECN. That is exactly why they sit in the near-ECN raw tier above rather than the genuine set, and why their fills carry no published proof. For the spread-led view these accounts also appear on the lowest-spreads guide.
Cost of an ECN account
ECN accounts pair a near-zero spread with a per-lot commission. On a heavily traded pair the low spread offsets the commission; on quieter pairs it does not. For the spread-led view, see lowest spread forex brokers. For the commission-led view, see lowest commission forex brokers.
When ECN is not worth it
ECN suits active traders who care about execution quality and tight spreads. For low-frequency traders, a tight standard account or a fixed-spread broker like Trade Nation (covered on fixed spread brokers) can work out simpler and similar. ECN also requires a platform with depth-of-market (typically cTrader or MT5) to show its full value, so if you trade on a basic web platform you may not see the execution benefit anyway.
Compare brokers by the factor that decides it
Each shortlist below re-ranks the market for one decision factor, tested the same way as this page.
The platform decides it
Rankings change once the trading software is fixed. Pick yours first, then compare.
Your strategy decides it
Execution speed, copy functionality and EA support separate these shortlists.
What you trade decides it
CFD shortlists re-ranked for the asset class you trade most.
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?
Related pages
About the author
Justin co-founded CompareForexBrokers in 2014 and has traded forex since 1998. Based in Melbourne, he has tested every ASIC-regulated broker on this site personally and has written for Forbes, Kiplinger, Finance Magnates, the Australian Financial Review and The Age. He holds a Bachelor of Commerce (Honours) and a Master of Marketing from Monash University. Justin is the Strategic Head of Research for the site.