Quick verdict: MT4 brokers in Australia
Pepperstone is the best MT4 broker in Australia, the all-rounder, with its Razor account averaging 0.10 pips on EUR/USD in our May to June 2026 capture, plus a commission of A$3.50 per side. IC Markets is the closest thing to true ECN MT4, and Fusion Markets costs A$2.25 per side, joint second lowest with Axi, behind ACY Securities. 24 of the 33 ASIC brokers we cover still offer MT4.
- Pepperstone: the MT4 all-rounder on Razor pricing.
- IC Markets: closest to true ECN MT4.
- FP Markets: raw MT4 over Equinix hosting.
- Fusion Markets: lowest-cost MT4, A$2.25 per side.
- Eightcap: under-rated MT4 build.
- Axi: expert advisor specialist with free VPS at volume.
- Global Prime: 0.08 pip average EUR/USD spread on the Raw account, September 2026.
- GO Markets: MT4 under an AFSL.
- Vantage: MT4 beside MT5 and TradingView.
- ACY Securities: multilingual MT4 desk.
- Blueberry Markets: 0.13 pip average EUR/USD spread on the Direct account, September 2026.
Every broker below allows EAs, so when you choose, the separators are cost, hosting and what else runs on the same login.
Quick comparison: top MT4 brokers in Australia
| Broker | Account types on MT4 | EUR/USD typical (RAW) | Commission per side | EAs allowed | Free VPS | AFSL |
|---|---|---|---|---|---|---|
| Pepperstone | Standard, Razor | 0.09 pips + AUD 3.50 | AUD 3.50 / 100k | Yes | Yes (Active Trader tier) | 414530 |
| IC Markets | Standard, Raw Spread | 0.0 pips + AUD 4.50 | AUD 4.50 / 100k | Yes | Yes (AUD 5k balance) | 335692 |
| FP Markets | Standard, Raw | 0.1 pips + AUD 3.50 | AUD 3.50 / 100k | Yes | Yes (qualifying balance) | 286354 |
| Eightcap | Standard, Raw | Not measured | AUD 3.50 / 100k | Yes | No | 391441 |
| Fusion Markets | Classic, Zero | 0.0 pips + AUD 2.25 | AUD 2.25 / 100k | Yes | No | 385620 |
| Blueberry Markets | Standard, Raw | 0.1 pips + AUD 3.50 | AUD 3.50 / 100k | Yes | No | 535887 |
| ThinkMarkets | Standard, ThinkZero | 0.1 pips + AUD 3.50 | AUD 3.50 / 100k | Yes | Yes (qualifying balance) | 424700 |
| Axi | Standard, Pro | 0.2 pips + AUD 4.50 round turn | AUD 4.50 / 100k round turn, charged at open | Yes | Yes (Pro tier, AUD 1k+) | 318232 |
| Vantage | Standard, Raw, Pro | 0.0 pips + AUD 2.50 | AUD 2.50 / 100k | Yes | Yes (qualifying balance) | 428901 |
| Global Prime | Standard, Raw | 0.0 pips + AUD 3.50 | AUD 3.50 / 100k | Yes | No | 385620 |
| ACY Securities | Pro Zero | 0.0 pips + AUD 1.50 | AUD 1.50 / 100k | Yes | No | 403863 |
| GO Markets | Standard, GO Plus+ | 0.2 pips + AUD 3.00 | AUD 3.00 / 100k | Yes | No | 254963 |
| FXCM | Standard, Active Trader | 0.3 pips + AUD 4.00 | AUD 4.00 / 100k | Yes | Active Trader tier | 309763 |
| MultiBank Group | Standard, ECN | 0.0 pips + commission | Not published | Yes | No | 416279 |
| AvaTrade | Standard | 0.86 pips (variable, measured September 2026) | None (spread-only) | Yes | No | 406684 |
| FOREX.com | Standard | No RAW account; Standard 0.82 pips (variable, measured September 2026) | None (share CFDs only) | Yes | No | 345646 |
Spread averages pulled from each broker’s published spread page on 6 June 2026. AFSL numbers verified against ASIC Connect. Fusion Markets and Global Prime are separate brands of the same licensee, FMGP Trading Group Pty Ltd (ABN 74 146 086 017), which is why AFSL 385620 appears twice above.
Watch: Best MT4 brokers Australia.
For your protection, every broker in the table above holds an Australian Financial Services Licence and is a member of the Australian Financial Complaints Authority (AFCA). They all apply ASIC’s Product Intervention Order leverage caps to retail clients, starting at 30:1 on major forex pairs, with the full tier ladder set out in our ASIC forex regulation guide.
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. Pepperstone: the all-rounder
Pepperstone is the best MT4 broker in Australia as the all-rounder, and the one I would send most MT4 traders to first: Razor pricing on MT4 with commission at A$3.50 per side, full expert advisor support for legacy strategies, free Smart Trader Tools, and VPS hosting for active traders meeting volume thresholds. The MT4 build sits inside the widest platform stack on this page, so you can keep an old EA running while testing MT5, cTrader or TradingView on the same account. Pepperstone has held ASIC AFSL 414530 since 2013.
Average spread
EUR/USD 0.10 pips (Raw, measured May to June 2026)
8-pair avg 0.46 pips (Raw, measured May to June 2026)
Trading platforms
MT4, MT5, cTrader, TradingView, Pepperstone Trading App
Minimum deposit
A$0
Regulation
ASIC AFSL 414530
Broker's Detail
One of Australia's largest forex brokers, Pepperstone was founded in Melbourne in 2010 and has held ASIC AFSL 414530 since 2013. Its Tier-1 licences also cover the FCA (UK), BaFin (Germany), CySEC (Cyprus), CMA (Kenya) and DFSA (Dubai).
Pepperstone offers two main account types. The Razor (RAW) account pairs EUR/USD spreads from 0.0 pips with AUD 7 round-turn commission per standard lot, while the Standard account is commission-free with EUR/USD from roughly 1.1 pips. You can trade across five platforms: MT4, MT5, cTrader, TradingView and the Pepperstone Trading Platform, but TradingView is available on the Razor account only, not on Standard.
Funding is fee-free via PayID, BPAY, card and PayPal, and AUD-denominated accounts are available. Retail leverage follows ASIC's Product Intervention Order caps, with negative balance protection and AFCA dispute coverage standard. Customer support runs 24/7 by live chat if you need a hand.
Pepperstone spread table (averaged over our May to June 2026 test cycle):
| Pair | Razor avg spread (pips) | + commission equivalent | Total cost |
|---|---|---|---|
| EUR/USD | 0.10 | 0.45 | 0.55 |
| AUD/USD | 0.10 | 0.45 | 0.55 |
| GBP/USD | 0.20 | 0.45 | 0.65 |
| USD/JPY | 0.10 | 0.45 | 0.55 |
| EUR/GBP | 0.30 | 0.45 | 0.75 |
Broker Screenshots
2. IC Markets: closest thing to true ECN MT4 in Australia
IC Markets is the closest thing to true ECN MT4 in Australia, with Raw Spread pricing from 0.0 pips. Noam Korbl's September 2026 live capture put Raw Spread at 0.11 pips on EUR/USD, plus A$4.50 per side commission. Expert advisors are fully supported, and the free VPS for clients holding an AUD 5,000 balance and trading 15 standard lots a month suits you if you need the platform running around the clock. MT4 remains supported mainly for legacy EAs, with cTrader the house recommendation. IC Markets has held ASIC AFSL 335692 since 2009.
Average spread
EUR/USD 0.11, GBP/USD 0.24, AUD/USD 0.09 pips (Raw, MT5, measured September 2026)
8-pair avg 0.26 pips (Raw, MT5, measured September 2026)
Trading platforms
MT4, MT5, cTrader, TradingView
Minimum deposit
A$200
Regulation
ASIC AFSL 335692
Broker's Detail
Founded in Sydney in 2007, IC Markets is one of Australia's longest-running ECN brokers and has held AFSL 335692 since 2009. The Raw Spread account delivers EUR/USD spreads from 0.0 pips with AUD 9 round-turn commission, while the cTrader RAW account bills USD 3.00 per USD 100,000 traded per side, converted to your account currency. The Standard account is commission-free with spreads from 1.0 pips.
Liquidity is sourced from 25+ Tier-1 banks and dark pools, delivering true ECN execution that suits scalpers and EA traders. You can run MT4, MT5 and cTrader on this setup, and over 2,250 tradeable instruments span forex, indices, commodities, bonds, shares and crypto CFDs.
Minimum deposit is $200, higher than the $0 brokers in this list, so you pay more upfront. AUD funding via PayID, BPAY and card is fee-free. Retail leverage follows ASIC's Product Intervention Order caps, with AFCA dispute coverage and negative balance protection.
IC Markets spread table (averaged over our September 2026 test cycle):
| Pair | Raw Spread avg (pips) | + commission equivalent | Total cost |
|---|---|---|---|
| EUR/USD | 0.11 | 0.64 | 0.75 |
| AUD/USD | 0.09 | 0.64 | 0.73 |
| GBP/USD | 0.24 | 0.64 | 0.88 |
| USD/JPY | 0.15 | 1.01 | 1.16 |
| AUD/JPY | 0.41 | 1.01 | 1.42 |
3. FP Markets: quietly strong
FP Markets gives MT4 full EA support and a deep third-party indicator ecosystem, on Raw pricing of A$3.50 per side with EUR/USD measured at 0.30 pips in our September 2026 capture. That same account reaches MT5, cTrader and TradingView, and IRESS adds direct ASX market access for traders mixing EAs with share dealing. The 30-day demo renews, so you get longer EA test cycles, and the Standard account keeps MT4 with spread-only pricing for casual use. First Prudential Markets has held ASIC AFSL 286354 since 2005.
Average spread
EUR/USD 0.30, GBP/USD 0.58, AUD/USD 0.57 pips (Raw, MT5, measured September 2026)
8-pair avg 0.63 pips (Raw, MT5, measured September 2026)
Trading platforms
MT4, MT5, cTrader, TradingView, IRESS
Minimum deposit
A$100
Regulation
ASIC AFSL 286354
Why higher here? MT4 Fit weights MT4 cost and expert-advisor support, which lifts FP Markets above its #8 sitewide position. See the ranking method ↓
Broker's Detail
One of Australia's longest-running RAW-style brokers, FP Markets was founded in Sydney in 2005 and holds AFSL 286354. The group also holds CySEC (Cyprus), FSCA (South Africa), FSC (Mauritius) and CMA (Kenya) licences.
The Raw account pairs EUR/USD spreads from 0.0 pips with AUD 7 round-turn commission per standard lot, while the Standard account is commission-free with wider spreads. The differentiator on this list is the IRESS account, which provides DMA-priced share CFDs on ASX and international stocks if you also want share exposure.
You need a $100 minimum deposit on the Raw and Standard accounts; the IRESS account requires a separate application and higher balance. Funding is fee-free via PayID, BPAY, card and PayPal. Retail leverage follows ASIC's Product Intervention Order caps, with AFCA dispute coverage and negative balance protection standard.
FP Markets spread table (averaged over our September 2026 test cycle):
| Pair | Raw avg spread (pips) | + commission equivalent | Total cost |
|---|---|---|---|
| EUR/USD | 0.30 | 0.50 | 0.80 |
| AUD/USD | 0.57 | 0.50 | 1.07 |
| GBP/USD | 0.58 | 0.50 | 1.08 |
| USD/JPY | 0.82 | 0.78 | 1.60 |
| EUR/GBP | 0.27 | 0.37 | 0.64 |
| EUR/JPY | 1.04 | 0.78 | 1.82 |
4. Fusion Markets: lowest-cost MT4 broker we cover
Fusion Markets prices MT4 trading off the Zero account at A$2.25 per side (A$4.50 round turn), with legacy MT4 expert advisors supported alongside MQL5 Signals. Our September 2026 capture measured raw spreads at 0.01 pips on EUR/USD and 0.09 pips across eight majors, and MT5, cTrader and TradingView are available too, each through its own trading account. Melbourne-founded in 2017 by an ex-Pepperstone executive, Fusion has held ASIC AFSL 385620 through FMGP Trading Group and charges no inactivity fee. Its dashboard claims most accounts are verified within an hour, while Noam Korbl's August 2026 application took 46 hours and 41 minutes to approve.
Average spread
EUR/USD 0.01, GBP/USD 0.02, AUD/USD 0.01 pips (Raw, MT5, measured September 2026)
8-pair avg 0.09 pips (Raw, MT5, measured September 2026)
Trading platforms
MT4, MT5, cTrader, TradingView
Minimum deposit
A$0
Regulation
ASIC AFSL 385620
Broker's Detail
Joint second-lowest commission on our shortlist belongs to Fusion Markets, which was Melbourne-founded in 2017 (AFSL 385620) and sits level with Axi, behind ACY Securities. The Zero account pairs EUR/USD spreads from 0.0 pips with AUD 4.50 round-turn per standard lot.
You can trade on MT4, MT5, cTrader or TradingView, but you will need to open a separate trading account for every platform you want to use. The product range is narrower than the multi-asset brokers (forex-focused with selective indices and commodities), which is why active forex traders cluster here.
A $0 minimum deposit with fee-free AU funding via PayID, BPAY, card and bank transfer means you can start small. Retail leverage follows ASIC's Product Intervention Order caps, with AFCA dispute coverage and negative balance protection standard. Customer support runs 24/5.
5. Eightcap: under-rated MT4 build
Eightcap (AFSL 391441) is a Melbourne-headquartered broker that runs an unusually well-tuned MT4 environment, and I would call it under-rated. Spreads are competitive (0.1 pips + AUD 3.50 on the Raw account) and the broker has put genuine engineering work into MT4 plug-ins, including a sentiment indicator that pulls aggregated client positioning into the platform. EAs work fine. There is no free VPS, but it is a respectable starting point for AU traders who want MT4 without the largest brands.
Average spread
8-pair avg 0.15 pips (Raw, measured May to June 2026)
Trading platforms
MT4, MT5, TradingView
Minimum deposit
A$100
Regulation
ASIC AFSL 391441
Why higher here? MT4 Fit weights MT4 cost and expert-advisor support, which lifts Eightcap above its #9 sitewide position. See the ranking method ↓
Broker's Detail
The deepest crypto CFD broker in our ASIC-regulated shortlist, Eightcap was Melbourne-founded in 2009 (AFSL 391441) and has 250+ crypto derivative markets. It is subject to ASIC's 2:1 retail leverage cap on crypto CFDs.
Two account types are available. The Raw account pairs EUR/USD spreads from 0.0 pips with AUD 7 round-turn commission, while the Standard account is commission-free with spreads from 1.0 pips. You can trade on MT4, MT5 and native TradingView.
Funding is fee-free via PayID, BPAY and card, with a $100 minimum deposit. AUD-denominated accounts are available. Retail leverage is capped at ASIC's standard tiers, with AFCA dispute coverage and negative balance protection. Customer support runs 24/5 by live chat and email.
6. Axi: EA specialist on MT4 and MT5
Axi is the MT4 purist's entry: the Australian entity runs MetaTrader 4 and MetaTrader 5 but no cTrader, and its MT4 build is the one it has spent the longest tuning. That shows in the detail: full EA support, one-click trading, 28 built-in technical studies, free VPS for volume-qualifying clients and the Autochartist scanner included with an account. Pro account pricing measured 0.03 pips on EUR/USD and 0.18 pips across eight majors in our September 2026 capture, with A$4.50 round turn commission per standard lot. Axi has operated under AFSL 318232 since 2007.
Average spread
EUR/USD 0.03, GBP/USD 0.09, AUD/USD 0.07 pips (Raw, MT5, measured September 2026)
8-pair avg 0.18 pips (Raw, MT5, measured September 2026)
Trading platforms
MT4 and MT5 (desktop, web, mobile)
Minimum deposit
A$200
Regulation
ASIC AFSL 318232
Why higher here? Platform Fit here is about MT4 specifically. MT4 is the platform Axi has tuned longest, and that shows in its EA tooling and free VPS, which lifts it above its #21 sitewide position. See the ranking method ↓
Pros & Cons
Pros
- ASIC AFSL 318232 since 2007; founded and headquartered in Sydney
- Autochartist market scanner and the Axi Academy library included with an account
- Pro account RAW spreads measured 0.03 pips on EUR/USD in our September 2026 capture, plus AUD 4.50 round turn per standard lot
Cons
- No cTrader and no native TradingView on the Australian (ASIC) entity
- Customer support 24/5 only (no weekend coverage)
Broker's Detail
AxiCorp Financial Services Pty Ltd (ACN 127 606 348) holds AFSL 318232 and also carries FCA (UK), CySEC (Cyprus) and DFSA (UAE) regulation across the group. Founded in Sydney in 2007 as AxiTrader and rebranded to Axi around 2021, the Australian entity runs MetaTrader 4 and MetaTrader 5 across desktop, web and mobile, with the Autochartist scanner as an add-on. There is no cTrader for AU clients.
Two account types matter for MT4 traders. The Standard account is spread-only, averaging around 0.6 pips on EUR/USD, while the Pro account is raw, measuring 0.03 pips on EUR/USD in our September 2026 capture plus AUD 4.50 round turn. Axi publishes no minimum deposit on either retail account and recommends $100 to start. Retail leverage follows ASIC's Product Intervention Order caps, with AFCA dispute coverage and negative balance protection standard.
For the full write-up, see the Axi review.
7. Global Prime: execution transparency
For Australian clients, Global Prime offers MT4 and MT5 only. Expert advisors and scalping are permitted on MT4, while hedging is reserved for ASIC Pro and Wholesale clients. Raw account pricing measured 0.08 pips on EUR/USD and 0.16 pips across eight majors in our September 2026 capture, with commission at A$3.50 per side. Global Prime operates under AFSL 385620, the same FMGP Trading Group licence as Fusion Markets; the two run as separate brands.
Average spread
EUR/USD 0.08, GBP/USD 0.09, AUD/USD 0.08 pips (Raw, MT5, measured September 2026)
8-pair avg 0.16 pips (Raw, MT5, measured September 2026)
Trading platforms
MT4, MT5
Minimum deposit
A$0
Regulation
ASIC AFSL 385620
Why higher here? Platform Fit here is about MT4 specifically. Global Prime's Raw account measured 0.08 pips on EUR/USD in our September 2026 capture, and it permits scalping and expert advisors on MT4, lifting it above its #26 sitewide position. See the ranking method ↓
Pros & Cons
Pros
- Raw account EUR/USD spreads averaged 0.08 pips (September 2026 capture), AUD 7.00 round-turn commission
Cons
- No proprietary platform; MT4 and MT5 only (no TradingView, cTrader or TraderEvolution on the AU entity)
Broker's Detail
Global Prime is operated by FMGP Trading Group Pty Ltd (ABN 74 146 086 017), which has held AFSL 385620 since 2011. It is the same licensee as Fusion Markets, though the brokers run separately. The AU platform stack is MetaTrader 4 and MetaTrader 5; TradingView, cTrader and TraderEvolution are not offered on the Australian entity.
In our September 2026 capture, Global Prime's Raw account averaged 0.08 pips on EUR/USD, with commission of AUD 3.50 per side (AUD 7.00 round turn), while the Standard account is spread-only, advertised from 0.9 pips when we read the account types page on 1 October 2026. Minimum deposit is $0 with no inactivity fee, and AUD funding runs via PayID, PayPal, Apple Pay, card and bank transfer. Retail leverage follows ASIC's Product Intervention Order caps, with AFCA dispute coverage and negative balance protection.
For the full write-up, see the Global Prime review.
8. GO Markets: full platform menu
GO Markets pairs MT4 with one of the longest continuous AFSLs in the Australian CFD market, and backs the platform with full EA support, free VPS hosting for active traders and the MetaTrader Genesis add-on. GO Plus+ pricing measured 0.09 pips on EUR/USD and 0.31 pips across eight majors in our September 2026 capture, with A$3.00 per side commission (A$6.00 round turn). MT4 runs on desktop, web and mobile, and you can also use MT5, cTrader and TradingView on the same account. GO Markets holds AFSL 254963.
Average spread
EUR/USD 0.09, GBP/USD 0.13, AUD/USD 0.12 pips (Raw, MT5, measured September 2026)
8-pair avg 0.31 pips (Raw, MT5, measured September 2026)
Trading platforms
MT4, MT5, cTrader, TradingView, GO TradeX
Minimum deposit
A$200
Regulation
ASIC AFSL 254963
Why higher here? MT4 Fit weights MT4 cost and expert-advisor support, which lifts GO Markets above its #13 sitewide position. See the ranking method ↓
Pros & Cons
Pros
- ASIC AFSL 254963, Australian-founded and headquartered in Melbourne
- GO Plus+ RAW pricing averaged 0.10 pips on EUR/USD (May to June 2026) with AUD 6 round-turn commission per standard lot
- MT4, MT5, cTrader, TradingView and the GO TradeX mobile app on a single account
Cons
- Smaller brand than CMC, IG or Pepperstone, fewer third-party reviews to draw on
- Standard account spreads averaged 0.9 pips on EUR/USD (May to June 2026 capture), not competitive against GO Plus+ for active traders
- Customer support 24/5, not 24/7
Broker's Detail
Holding AFSL 254963, GO Markets Pty Ltd (ABN 85 081 864 039) has been ASIC-regulated from Melbourne, giving it one of the longest continuous AFSLs in the Australian CFD market. The group also carries CySEC and FSCA regulation. Its platform line-up is MT4, MT5, cTrader, TradingView and the proprietary GO TradeX mobile app.
In our May to June 2026 capture, the GO Plus+ account averaged 0.10 pips on EUR/USD and 0.24 pips across eight majors, with commission of AUD 6.00 round turn (AUD 3.00 per side), while the Standard account was spread-only at 0.9 pips on EUR/USD. Minimum deposit is AUD 200 on both, with a free VPS for active traders and the MetaTrader Genesis add-on available. Retail leverage follows ASIC's Product Intervention Order caps, with AFCA dispute coverage and negative balance protection, and there is no inactivity fee.
For the full write-up, see the GO Markets review.
9. Vantage: MT4 plus TradingView
Vantage keeps MT4 as its full RAW pricing engine with expert advisor support, matching MT5 tick for tick since both builds share the same pricing. RAW account commission is A$2.50 per side (A$5.00 round turn), and our May to June 2026 capture recorded the eight-pair raw average at 0.52 pips with EUR/USD at 0.18 pips. The proprietary Vantage App mirrors account features on mobile, and funding is a strong suit, with PayID, BPAY, PayPal, Apple Pay and Google Pay all fee-free. Vantage has operated under AFSL 428901 since 2012.
Average spread
EUR/USD 0.18 pips (Raw, captured May to June 2026)
8-pair avg 0.52 pips (Raw, captured May to June 2026)
Trading platforms
MT4, MT5, TradingView, Vantage App
Minimum deposit
A$50
Regulation
ASIC AFSL 428901
Why higher here? MT4 Fit weights MT4 cost and expert-advisor support, which lifts Vantage above its #17 sitewide position. See the ranking method ↓
Broker's Detail
AFSL 428901 belongs to Vantage Global Prime Pty Ltd (ACN 157 768 566), which has held the licence since 21 December 2012 and launched in Sydney in 2009 as Vantage FX, rebranding to Vantage in 2021. The group also carries FCA (UK), FSCA (South Africa) and CIMA regulation. The AU platform stack is MT4, MT5, native TradingView and the Vantage App, covering more than 1,000 instruments.
The Raw account is advertised from 0.0 pips on EUR/USD, and our May to June 2026 capture recorded 0.18 pips, though no record yet ties that capture to our account with Vantage Global Prime Pty Ltd. Commission is A$2.50 per side on Raw Classic per Vantage's Australian site, read 11 July 2026. The Standard STP account is spread-only, around 1.4 pips on EUR/USD. Minimum deposit is A$50, and a free VPS is available at a qualifying balance. The inactivity fee is USD 25 per month after 90 days, so you need to stay active. Retail leverage follows ASIC's Product Intervention Order caps, with AFCA dispute coverage and negative balance protection.
For the full write-up, see the Vantage review.
10. ACY Securities: multilingual MT4
ACY Securities makes MT4 the workhorse of a bilingual offering, with the build supporting legacy expert advisors and porting existing MT4 strategies, plus VPS hosting available for active traders. Pro Zero commission is A$1.50 per side (A$3.00 round turn) on forex and metals, the cheapest commission we rank, and EUR/USD averaged 0.16 pips on Pro Zero in our September 2026 capture. Sales and support run in English and Mandarin, plus Cantonese, Vietnamese and Korean, which I would treat as a genuine edge if you need multilingual help. ASIC issued Sydney-based ACY AFSL 403863 in 2011.
Average spread
EUR/USD 0.16, GBP/USD 0.38, AUD/USD 0.23 pips (Raw, MT5, measured September 2026)
8-pair avg 0.55 pips (Raw, MT5, measured September 2026)
Trading platforms
MT4, MT5, ACY Trading Platform
Minimum deposit
US$200 (Pro Zero)
Regulation
ASIC AFSL 403863
Why higher here? Platform Fit here is about MT4 specifically. ACY's multilingual MT4 build, with Mandarin platform support, serves an audience no one else on this page addresses as directly, which lifts it above its #14 sitewide position. See the ranking method ↓
Pros & Cons
Pros
- Pro Zero account spreads averaged 0.10 pips on EUR/USD in May to June 2026 testing (round-turn commission applies; see the PDS)
- Bilingual English and Mandarin platform experience, plus Cantonese, Vietnamese and Korean support
Cons
- Brand recognition behind tier-1 AU brokers (CMC, IG, Pepperstone, IC Markets)
- ACY Trading Platform proprietary app not yet at the depth of Next Generation or cTrader
Broker's Detail
ACY Securities has held AFSL 403863 and been ASIC-regulated from Sydney since 2011, with AFCA membership. That decade-plus track record matters to me. The platform stack is MetaTrader 4, MetaTrader 5 and the proprietary ACY Trading Platform, each also reachable through a WebTrader browser build, so you can trade from your browser without installing anything.
Noam's September 2026 capture put ACY's Pro Zero raw account at 0.16 pips on EUR/USD and 0.55 pips across the eight pairs, ninth of the 11 raw accounts we measured. Commission is AUD 1.50 per side (AUD 3.00 round turn) on forex and metals, confirmed through ACY's live chat on 18 July 2026. Pro Zero is the only account under the Australian licence (AFSL 403863), with a US$200 minimum deposit. I'd call the pricing fair for a raw account, because AUD 1.50 per side is the lowest per-side commission of any broker we cover, even though the eight-pair spread sits near the back of the raw accounts we measured. VPS hosting is available for active traders, and there is no inactivity fee, so you won't be penalised if you take a break. Retail leverage follows ASIC's Product Intervention Order caps, with AFCA dispute coverage and negative balance protection.
For the full write-up, see the ACY Securities review.
11. Blueberry Markets: boutique support
Blueberry Markets closes the list, and its Direct account's raw spreads came in at 0.13 pips on EUR/USD and 0.36 pips across eight majors in our September 2026 capture. You pay A$3.50 per side commission. The Blueberry Pulse add-on feeds sentiment, news and trade ideas into MT4 and MT5, which I'd consider a nice extra if you're already on the platform. Blueberry Australia holds ASIC AFSL 535887, current since 27 May 2024, and Blueberry Markets has operated in Australia since 2015.
Average spread
EUR/USD 0.13, GBP/USD 0.24, AUD/USD 0.15 pips (Raw, MT5, measured September 2026)
8-pair avg 0.36 pips (Raw, MT5, measured September 2026)
Trading platforms
MT4, MT5, Blueberry X app, TradingView
Minimum deposit
A$100
Regulation
ASIC AFSL 535887
Pros & Cons
Pros
- ASIC AFSL 535887, current since 27 May 2024, with Australian operations since 2015
- Direct account from 0.0 pips on EUR/USD with AUD 3.50 per side commission (AUD 7.00 round turn)
Cons
- Smaller brand than CMC, IG, Pepperstone or IC Markets, lower public recognition
- Share CFD and indices product range narrower than the multi-asset specialists
Broker's Detail
Blueberry Australia Pty Ltd (ABN 67 646 513 797) holds AFSL 535887, current since 27 May 2024, with AFCA membership and client funds segregated at an Approved Australian Bank. That's the standard safety net, and it's one I'd expect from any ASIC broker. The platform stack is MetaTrader 4, MetaTrader 5, cTrader, native TradingView and the proprietary Blueberry X app, with the Blueberry Pulse add-on for market context, which is a wider choice than most brokers this size offer.
The Direct account is raw, starting at 0.0 pips on EUR/USD and measuring 0.13 pips in our September 2026 capture, with an AUD 7.00 round-turn commission (AUD 3.50 per side). The Standard account is spread-only, around 1.0 to 1.4 pips, which is fine if you're not running EAs. Minimum deposit is AUD 100 on both accounts, so you can open either without much capital. EAs including hedging, partial closes and trailing stops run on MT4 and MT5, so your automation won't be held back. Retail leverage follows ASIC's Product Intervention Order caps, with AFCA dispute coverage and negative balance protection, and there is no inactivity fee, so you can step away without penalty.
For the full write-up, see the Blueberry Markets review.
What MT4 still does well
MT4 launched in 2005, and it’s been the default retail forex platform for the better part of two decades. The reason it’s still in use isn’t sentiment. I’d argue it’s the massive EA library and the familiarity traders have built up, not nostalgia.
MQL4 expert advisors. Tens of thousands of EAs were written for MT4 between 2005 and 2018, and many are still in active use. Porting them to MT5 isn’t a click-of-a-button job. If you’re running legacy automation, MT4 is the home platform, and I don’t see that changing soon.
Custom indicators. The MT4 indicator catalogue is enormous: pivot points, supply and demand zones, harmonic pattern recognition, divergence flags. If you’ve spent years tuning your chart setup with custom indicators, MT4 is where they live. I know traders who wouldn’t move even if you gave them a faster platform, simply because their entire workflow is anchored there.
Simplicity for new EA builders. MQL4 is closer to C than MQL5 is, and for traders who’ve never coded, the language is more approachable. Beginner EA tutorials lean heavily on MQL4 examples. If you’re learning to code your first EA, I’d start with MT4 for that reason.
Broad broker support. Of the 33 ASIC-regulated brokers we cover, 24 offer MT4, including CMC Markets and IG Markets alongside their proprietary platforms. That breadth means you can shop spreads and execution without learning a new platform, and it’s one of the strongest reasons to stick with MT4 in my view.
Built-in strategy tester. Backtesting in MT4’s strategy tester is rough by modern standards (single-thread, single-pair, tick data quality varies), but it’s free and I’d call it good enough for a first pass on a new strategy.
Where MT4 falls short
I’m honest about the trade-offs. MT4 is a 2005 platform shipped with 2010 finishing touches, and it shows. You’ll notice the dated interface, but that’s not the biggest issue.
One asset class. MT4 was designed around forex, and indices, commodities and shares are bolted on through CFD overlays. If you trade multi-asset, MT5’s design is closer to fit-for-purpose. I’d only recommend MT4 if forex is your primary market.
No depth-of-market. MT4 doesn’t show level-2 quotes. If you want DOM, you need MT5 or cTrader. That’s a dealbreaker for some traders, and I get it.
Single-thread backtester. Backtesting on MT4 is slow and limited to one pair at a time. Walk-forward analysis is awkward, and most serious quants have moved to MT5, Python or external frameworks. If you’re running heavy optimisation, I’d skip MT4’s tester entirely.
Limited timeframes. MT4 ships with nine timeframes (M1, M5, M15, M30, H1, H4, D1, W1, MN), while MT5 has 21. If you trade two-hour or three-hour charts, you need workarounds in MT4. That’s a nuisance I’d rather avoid.
No native economic calendar. MT5 has one built in. MT4 doesn’t.
MetaQuotes ended new MT4 licences in 2018. New brokers can’t issue fresh MT4 server licences (with limited exceptions). The platform is in maintenance mode, which means you won’t see major new features. I’d factor that into your long-term plans.
For most active traders, this stack of limitations doesn’t matter in my view. But if you’re running multi-asset systems or modern backtesting workflows, MT5 is increasingly the better starting point. We’ll dig into that in MT4 vs MT5.
ASIC, AFSL and MT4 regulation
Regulation covers the broker, not the software. Australians tend to say “MT4” when they mean “my MT4 broker,” and every retail protection you rely on flows from that licensed entity behind the login. An MT4 account with Pepperstone makes you a client of Pepperstone Group Limited (AFSL 414530), so ASIC’s retail CFD protections attach to that relationship: the asset-class leverage caps, mandatory negative balance protection, the 50% margin close-out and segregated client money. I’d stress that the same MT4 build offered by an offshore broker with no AFSL carries none of these protections. A 500:1 or deposit-bonus pitch to Australian retail clients is a reliable sign the broker is unlicensed here, and you should walk away.
How MT4 compares
The trade-offs above, in one table.
| Feature |  MT4 |
 MT5 |
 cTrader |
 TradingView |
|---|---|---|---|---|
| Timeframes | 9 | 21 | 26 | Custom intervals |
| Depth of market | No | Yes | Yes | Broker-dependent |
| Strategy tester | Single-thread | Multi-thread | Built in (cTrader Automate) | Pine strategy tester |
| Economic calendar | No | Yes | Yes | Yes |
| EA and algo library | Largest EA library | Growing | cBots (C#) | Community scripts |
| New broker licences | Mostly closed since 2018 | Open | Open | Open |
| AU brokers offering it | 24 of 33 | 19 of 33 | 6 of 33 | 18 of 33 |
Across MT4, MT5, cTrader and TradingView, I’d argue that MT4’s edge, and the main reason to choose it today, is the largest expert advisor library, not its nine timeframes; 24 of 33 ASIC brokers we review still offer it.
Torn between the two MetaTrader builds? See the full MT4 versus MT5 breakdown.
Platform choice and cost are separate decisions, and this is the second one. Below, the ASIC brokers offering MT4 are ranked by what a month of trading costs on our measured spreads and each broker’s published commission. The figures are account-level, so you need to confirm the commission for the terminal you actually open, because a broker that prices its terminals differently is shown at the account rate named. That’s important: I’d hate for you to open a different account and get a surprise.
How to choose between the AU MT4 brokers
Five questions narrow the field quickly.
1. Are you running EAs? If yes, prioritise raw spreads (IC Markets Raw, Pepperstone Razor, Fusion Zero, FP Markets Raw) and an NY4-hosted VPS. The cost difference between a 0.5 pip spread and a 1.0 pip spread compounds fast on a high-frequency EA; I’ve seen the impact on backtests and it’s not subtle. At Trade Nation, expert advisors need its separate MT4 account, which carries no share CFDs, because TN Trader takes no EAs.
2. What’s your typical trade size? Below 0.5 standard lots, the spread matters more than the commission. Above 1 lot, the commission starts to matter. Fusion’s AUD 2.25 commission is genuinely lower than the AUD 3.50 from most competitors. At 200 lots a month, that’s an AUD 250 difference in your pocket. I’d pay attention to that if you’re trading volume.
3. Do you need a VPS? If you run EAs, latency to the broker server matters. IC Markets, Pepperstone, FP Markets, ThinkMarkets, Vantage and Axi all offer free VPS at qualifying balance tiers. If you don’t qualify, expect AUD 30 to 80 per month on a third-party MT4 VPS, a cost you can plan for but worth checking if you qualify for free.
4. Multi-platform or MT4-only? Pepperstone, IC Markets, FP Markets, Eightcap, Fusion Markets and Vantage all also offer MT5, and four of those (Pepperstone, IC Markets, FP Markets, Fusion Markets) add cTrader. If you might want to migrate later, I’d shortlist those. easyMarkets shows how the platform can change the pricing, fixing its spreads on its own Web and App platform and on TradingView, while MT4 and MT5 both run floating spreads.
5. Where’s the broker hosted? Most AU MT4 servers run out of Equinix NY4.
Once you’ve shortlisted on platform fit, weigh the brokers on overall value too. I’d cross-reference our top Australian forex brokers guide, which ranks all 33 across cost, execution and support, before you open an account.
Setting up MT4 with an AU broker: quick walkthrough
The flow is similar across all the brokers above. We’ll use IC Markets as the reference, but the steps map cleanly to any ASIC broker. I’ll keep it simple.
- Open the account. Online application with AUSTRAC ID verification (driver’s licence or passport plus proof of address) typically approved within 24 hours; you’ll need your documents handy, but it’s a once-off.
- Fund the account. PayID and bank transfer are usually fee-free. Card deposits sometimes carry a fee depending on the broker. An AUD base account avoids conversion fees, so you keep more of your deposit.
- Download MT4. Direct from the broker’s website. Don’t use third-party MT4 downloads, because the broker server addresses are pre-baked into the broker’s installer. Using the wrong one can cause connection issues.
- Log in. Credentials are emailed once the account is funded. The server name will be broker-specific (e.g. ICMarketsSC-Live01). You’ll find it in the email.
- Set the chart timeframe and load any indicators or EAs. Drag and drop into the Navigator panel. It’s intuitive if you’ve used MT4 before.
- Test on demo first. Every broker offers a free demo. Run any EA there for at least a week before going live, and confirm spreads on demo match live, because some brokers run wider spreads on demo. That’s a step I’d never skip.
If you’re moving from one MT4 broker to another, your custom indicators and EAs port directly. They’re stored in MQL4/Indicators and MQL4/Experts in the broker’s MT4 data folder. Copy across and you’re up, no reconfiguration needed.
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.
Start with the overall ranking
Our tested, ASIC-only ranking of the best forex brokers in Australia is the baseline every shortlist below re-ranks.
Cost decides it
Once the platform is set, account pricing decides the broker. These shortlists rank by total cost.
You're starting out
Simpler platforms, stronger education, and demo accounts with no time pressure.
What you trade decides it
CFD shortlists re-ranked for the asset class you trade most.
FAQs
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About the author
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.