Best MT4 Brokers in Australia (2026)

Quick verdict: MT4 brokers in Australia

Pepperstone is the best MT4 broker in Australia, the all-rounder with Razor pricing around 0.09 pips on EUR/USD plus AUD 3.50 per side. IC Markets is the closest thing to true ECN MT4, and Fusion Markets is cheapest at A$2.25 per side. 22 of the 29 ASIC brokers we test still offer MT4.

1. Pepperstone: the MT4 all-rounder on Razor pricing.
2. IC Markets: closest to true ECN MT4.
3. FP Markets: raw MT4 over Equinix hosting.
4. Axi: MT4-only specialist with PsyQuation.
5. Fusion Markets: lowest-cost MT4, A$2.25 per side.
6. Global Prime: public trade receipts on every fill.
7. GO Markets: MT4 under an AFSL since 2006.
8. Vantage: MT4 beside MT5 and TradingView.
9. ACY Securities: multilingual MT4 desk.
10. Blueberry Markets: fastest support in our testing.

Every broker below allows EAs; the separators are cost, hosting and what else runs on the same login.

Quick comparison: top MT4 brokers in Australia

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.

Every broker in the table above holds an Australian Financial Services Licence and is a member of the Australian Financial Complaints Authority (AFCA). 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 regulation guide.

1. Pepperstone: the all-rounder

Pepperstone is the best MT4 broker in Australia as the all-rounder: 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 a trader can keep an old EA running while testing MT5, cTrader or TradingView on the same account. Market orders averaged 28 milliseconds in controlled testing. Pepperstone has held ASIC AFSL 414530 since 2010.

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 that averaged 0.01 pips on EUR/USD in our May and June 2026 captures, 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 EA traders who 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 2007.

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 0.14 pips in May and June 2026. The 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, which helps with 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.

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. Raw spreads measured 0.04 pips on EUR/USD and 0.36 pips across eight majors in our May and June 2026 testing, and the same login runs MT5, cTrader and TradingView. Melbourne-founded in 2017 by an ex-Pepperstone executive, Fusion has held ASIC AFSL 385620 since then, charges no inactivity fee, and approves most Australian applications within an hour.

5. Eightcap: under-rated MT4 build

Eightcap (AFSL 391441) is a Melbourne-headquartered broker that runs an unusually well-tuned MT4 environment. 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. No free VPS, but a respectable starting point for AU traders who want MT4 without the largest brands.

6. Axi: MT4-only EA specialist

Axi is the MT4 purist's entry: the Australian entity is built around MetaTrader 4 and offers no MT5 or cTrader, which concentrates its attention on doing one platform well. That shows in the detail: full EA support, one-click trading, 28 built-in technical studies, free VPS for volume-qualifying clients and the PsyQuation analytics tool free for funded clients. Pro account pricing measured 0.00 pips on EUR/USD and 0.16 pips across eight majors, with A$3.50 per side commission. Axi has operated under AFSL 318232 since 2007.

7. Global Prime: execution transparency

Global Prime runs MT4 and MT5 only on the Australian entity, and MT4 carries its calling card: expert advisors, scalping and hedging are all explicitly allowed, with anonymised execution receipts published to show the venue, timestamp and price of each fill. Raw account pricing measured 0.10 pips on EUR/USD and 0.30 pips across eight majors, 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.

8. GO Markets: full platform menu

GO Markets pairs MT4 with one of the longest continuous AFSLs in the Australian CFD market, held since 2006, and backs the platform with full EA support, free VPS hosting for active traders and the MetaTrader Genesis add-on. GO Plus+ pricing measured 0.10 pips on EUR/USD and 0.24 pips across eight majors with A$3.00 per side commission (A$6.00 round turn). MT4 runs on desktop, web and mobile, and the platform choice extends to MT5, cTrader and TradingView on the same account. GO Markets holds AFSL 254963.

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 the eight-pair raw average measured 0.52 pips in May and June 2026 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 2009.

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 0.10 pips on Pro Zero in May and June 2026 testing. Sales and support run in English and Mandarin, plus Cantonese, Vietnamese and Korean. ASIC issued Sydney-based ACY AFSL 403863 in 2011.

11. Blueberry Markets: boutique support

Blueberry Markets closes the list with MT4 on its Direct account at US$3.50 per side commission, raw spreads that measured 0.04 pips on EUR/USD and 0.19 pips across eight majors, and the Blueberry Pulse market-context add-on feeding sentiment, news and trade ideas into MT4 and MT5. Support is the differentiator: 24/7 multilingual live chat that answered in under 60 seconds in our testing, with an account manager call within four hours of opening. Blueberry Australia holds ASIC AFSL 535887 and has been ASIC-regulated since 2015.

What MT4 still does well

MT4 launched in 2005. 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.

MQL4 expert advisors. Tens of thousands of EAs were written for MT4 between 2005 and 2018. Many are still in active use. Porting them to MT5 isn’t a click-of-a-button job. For traders running legacy automation, MT4 is the home platform.

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.

Simplicity for new EA builders. MQL4 is closer to C than MQL5 is. For traders who’ve never coded, the language is more approachable. Beginner EA tutorials lean heavily on MQL4 examples.

Broad broker support. Of the 29 ASIC-regulated brokers we test, 22 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.

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 there, free, and good enough for a first pass on a new strategy.

Where MT4 falls short

Honest about the trade-offs. MT4 is a 2005 platform shipped with 2010 finishing touches. It shows.

One asset class. MT4 was designed around forex. Indices, commodities and shares are bolted on through CFD overlays. If you trade multi-asset, MT5’s design is closer to fit-for-purpose.

No depth-of-market. MT4 doesn’t show level-2 quotes. If you want DOM, you need MT5 or cTrader.

Single-thread backtester. Backtesting on MT4 is slow and limited to one pair at a time. Walk-forward analysis is awkward. Most serious quants have moved to MT5, Python or external frameworks.

Limited timeframes. MT4 ships with nine timeframes (M1, M5, M15, M30, H1, H4, D1, W1, MN). MT5 has 21. If you trade two-hour or three-hour charts, you need workarounds in MT4.

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.

For most active traders this stack of limitations doesn’t matter. For traders 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. The same MT4 build offered by an offshore broker with no AFSL carries none of them, which is why a 500:1 or deposit-bonus pitch to Australian retail clients is a reliable sign the broker is unlicensed here.

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.

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.

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.

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, those are worth shortlisting.

5. Where’s the broker hosted? Most AU MT4 servers run out of Equinix NY4. If you’re trading mainly during the AU/Asia session, an LD5-hosted broker (FP Markets) gives a marginally faster fill.

Once you’ve shortlisted on platform fit, weigh the brokers on overall value too. Our best forex brokers in Australia guide ranks all 29 across cost, execution and support.

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.

1. Open the account. Online application, AUSTRAC ID verification (driver’s licence or passport plus proof of address), typically approved within 24 hours.
2. Fund the account. PayID and bank transfer are usually fee-free. Card deposits sometimes carry a fee depending on the broker. AUD base account avoids conversion fees.
3. Download MT4. Direct from the broker’s website. Don’t use third-party MT4 downloads, the broker server addresses are pre-baked into the broker’s installer.
4. Log in. Credentials are emailed once the account is funded. Server name will be broker-specific (e.g. ICMarketsSC-Live01).
5. Set the chart timeframe and load any indicators or EAs. Drag and drop into the Navigator panel.
6. 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 (some brokers run wider spreads on demo).

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.

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.