Quick verdict: MT5 brokers in Australia
IC Markets has the strongest MT5 stack in Australia, with NY4-hosted execution filling under 35ms and Raw Spread pricing from 0.0 pips. Pepperstone runs it close with the broadest multi-asset MT5 catalogue. Of the 29 ASIC brokers we test, 18 offer MT5; CMC Markets retired it.
- IC Markets: strongest MT5 execution stack, sub-35ms fills.
- Pepperstone: broadest multi-asset MT5 catalogue.
- FP Markets: raw MT5 with London LD5 hosting.
- Fusion Markets: cheapest MT5, A$2.25 per side.
- Eightcap: MT5 tooling plus 250+ crypto CFDs.
- Vantage: MT5 with native TradingView on one login.
- TMGM: Edge ECN MT5 with Asia-Pacific shares.
- ThinkMarkets: 3,500+ share CFDs on MT5.
- Forex.com: MT5 with bond and treasury CFDs.
- Trading.com: MT5-only account from AUD 50.
MT5’s multi-asset engine is the reason most of these brokers lead with it. What each one adds on top is the ranking.
Quick comparison: top MT5 brokers in Australia
| Broker | Account types on MT5 | EUR/USD typical (RAW) | Commission per side | EAs allowed | DOM | AFSL |
|---|---|---|---|---|---|---|
 IC Markets | Standard, Raw Spread | 0.0 pips + AUD 4.50 | AUD 4.50 / 100k | Yes | Yes | 335692 |
 Pepperstone | Standard, Razor | 0.09 pips + AUD 3.50 | AUD 3.50 / 100k | Yes | Yes | 414530 |
 FP Markets | Standard, Raw | 0.1 pips + AUD 3.50 | AUD 3.50 / 100k | Yes | Yes | 286354 |
 Fusion Markets | Classic, Zero | 0.0 pips + AUD 2.25 | AUD 2.25 / 100k | Yes | Yes | 385620 |
 Eightcap | Standard, Raw | 0.1 pips + AUD 3.50 | AUD 3.50 / 100k | Yes | Yes | 391441 |
 Vantage | Standard, Raw, Pro | 0.0 pips + AUD 2.50 | AUD 2.50 / 100k | Yes | Yes | 428901 |
 TMGM | Classic, Edge | 0.1 pips + AUD 3.50 | AUD 3.50 / 100k | Yes | Yes | 436416 |
 ThinkMarkets | Standard, ThinkZero | 0.1 pips + AUD 3.50 | AUD 3.50 / 100k | Yes | Yes | 424700 |
 Forex.com | Standard, RAW Pricing | 0.39 pips (RAW 8-pair) + AUD 3.50 | AUD 3.50 / 100k | Yes | Yes | 345646 |
 Trading.com | Trading Account (spread-only) | 0.8 pips (spread-only) | None | Yes | Yes | 443670 |
 GO Markets | Standard, GO Plus+ | 0.2 pips + AUD 3.00 | AUD 3.00 / 100k | Yes | Yes | 254963 |
 AvaTrade | Standard | 0.9 pips (variable) | None | Yes | Yes | 406684 |
 Blueberry Markets | Standard, Raw | 0.1 pips + AUD 3.50 | AUD 3.50 / 100k | Yes | Yes | 535887 |
 Global Prime | Standard, Raw | 0.0 pips + AUD 3.50 | AUD 3.50 / 100k | Yes | Yes | 385620 |
CMC Markets is intentionally absent (retired AU MT5 in 2022). IG Markets is absent (never offered MT5 in AU). FXCM and MultiBank Group are also absent: both hold ASIC licences, but their Australian entities run MetaTrader 4 only, with no MT5. 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 MT5 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). Retail MT5 accounts trade under ASIC’s Product Intervention Order caps, 30:1 on major forex pairs; the full tier list is in our ASIC regulation guide.
1. IC Markets: strongest MT5 stack in Australia
IC Markets leads this list on the strength of its Raw Spread pricing on MT5: EUR/USD averaged 0.01 pips across our May and June 2026 captures with commission at A$4.50 per side. MT5 is also where its range lives, carrying roughly 2,000 share CFDs across ASX, NYSE, NASDAQ and LSE that its other platforms do not, suiting existing MT5 EA users who want equities, futures and indices alongside forex. The free VPS (AUD 5,000 balance, 15 lots a month) keeps automated MT5 strategies running. IC Markets has held ASIC AFSL 335692 since 2007.
IC Markets: Strongest MT5 Stack
Average Spread
EUR/USD = 0.0
GBP/USD = 0.2
AUD/USD = 0.1
Trading Platforms
MT4, MT5, cTrader
Minimum Deposit
$200
Pros & Cons
- ASIC AFSL 335692 since 2007; founded in Sydney
- Raw Spread account with EUR/USD spreads from 0.02 pips and AUD 7 round-turn per lot
- True ECN/cTrader connectivity with deep liquidity from 25+ Tier-1 banks and dark pools
- $200 minimum deposit (vs $0 at Pepperstone, CMC, IG, Fusion)
- No native TradingView integration on the AU entity
- Share CFD range narrower than CMC, IG, IBKR
Broker's Detail
IC Markets (AFSL 335692) prices MT5 identically to its MT4 build: EUR/USD from 0.02 pips on the Raw Spread account with AUD 9 round-turn commission, or a commission-free Standard account from 1.0 pips. The cTrader RAW account bills USD 3.00 per USD 100,000 traded per side, converted to your account currency, if you want to run both platforms on one login.
The MT5 build exposes depth-of-market on forex majors and metals, runs MQL5 EAs without restriction, and feeds the multi-thread strategy tester with the broker's own tick history. Over 2,250 instruments are tradeable through the one MT5 login, spanning forex, indices, commodities, bonds, shares and crypto CFDs.
The $200 minimum deposit sits above the $0 entry points elsewhere on this MT5 list. AUD funding via PayID, BPAY and card is fee-free. Retail MT5 accounts trade under ASIC's Product Intervention Order caps, and AFCA coverage plus negative balance protection apply.
IC Markets spread table (averaged over our most recent test cycle):
| Pair | Raw Spread avg (pips) | + commission equivalent | Total cost |
|---|---|---|---|
| EUR/USD | 0.01 | 0.58 | 0.59 |
| AUD/USD | 0.16 | 0.58 | 0.74 |
| GBP/USD | 0.30 | 0.58 | 0.88 |
| USD/JPY | 0.10 | 0.58 | 0.68 |
| AUD/JPY | 0.50 | 0.58 | 1.08 |
2. Pepperstone: equally strong, slightly broader product
Pepperstone puts MT5 inside the widest platform stack here, alongside MT4, cTrader, TradingView and its own web platform, all reachable from one account. Razor pricing applies at A$3.50 per side, modern MT5 expert advisors are supported with free Smart Trader Tools, and the MT5 mobile app is one of its strongest, with biometric login on iOS and Android. Free VPS hosting covers active traders meeting volume thresholds, and market orders averaged 28 milliseconds in controlled testing. Pepperstone has held ASIC AFSL 414530 since 2010.
Pepperstone: Slightly Broader Product
Average Spread
EUR/USD = 0.1
GBP/USD = 0.2
AUD/USD = 0.1
Trading Platforms
MT4, MT5, cTrader, TradingView, Pepperstone Trading App
Minimum Deposit
$0
Pros & Cons
- ASIC AFSL 414530 since 2010; founded in Melbourne with continuing Australian operations
- Razor RAW account with EUR/USD spreads from 0.06 pips and AUD 7 round-turn per lot
- Five trading platform options (MT4, MT5, cTrader, TradingView, Pepperstone Platform)
- Share CFD range narrower than CMC, IG, IBKR (around 1,200 vs 10,000+ at CMC)
- No native ASX share investing (CFD only)
- Standard account spreads less competitive than the Razor account; choose Razor if you trade actively
Broker's Detail
Pepperstone (AFSL 414530, Melbourne-founded in 2010) treats MT5 as one of five supported platforms rather than an afterthought. The Razor account carries the same pricing on MT5 as elsewhere: EUR/USD from 0.06 pips plus AUD 7 round-turn commission per standard lot, with a commission-free Standard account from roughly 1.1 pips.
The MT5 catalogue is the broadest part of the offer. Share CFDs across ASX, NYSE, NASDAQ and LSE sit next to forex, index, commodity and crypto CFDs, and all of them get MT5's 21 timeframes and built-in economic calendar. MQL5 EAs run unrestricted, and the Smart Trader Tools add-on works on the MT5 build.
Funding is fee-free via PayID, BPAY, card and PayPal, with AUD-denominated accounts available. ASIC's Product Intervention Order caps apply on MT5 exactly as they do on MT4, and negative balance protection plus AFCA dispute coverage are standard. Customer support runs 24/7 by live chat.
Pepperstone spread table (averaged over our most recent 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 |
3. FP Markets: quietly strong on MT5 too
FP Markets runs MT5 on Raw pricing at A$3.50 per side on AUD accounts, with EUR/USD measured at 0.14 pips in May and June 2026, and casual traders can take the spread-only Standard account on the same platform. MT5 sits within a five-platform stack that also spans MT4, cTrader, TradingView and IRESS Trader for direct ASX share access, and the 30-day renewable demo covers MT5 for strategy testing. Live chat answered in under 90 seconds in our testing. First Prudential Markets has held ASIC AFSL 286354 since 2005.
FP Markets: Quietly Strong On MT5
Average Spread
EUR/USD = 0.1
GBP/USD = 0.2
AUD/USD = 0.1
Trading Platforms
MT4, MT5, cTrader, TradingView, IRESS
Minimum Deposit
$100
Pros & Cons
- ASIC AFSL 286354 since 2005; founded and headquartered in Sydney
- Raw account with EUR/USD spreads from 0.0 pips and AUD 6 round-turn per lot
- IRESS account offers DMA access to ASX equities and international shares (AU-unique among RAW brokers)
- Standard (no commission) spreads less competitive than the Raw account; choose Raw if you trade actively
- IRESS account requires a separate application and higher minimum balance
- Education library is solid but lighter than CMC's or IG's
Broker's Detail
FP Markets (AFSL 286354, Sydney, holding an AFSL since 2005) mirrors its MT4 pricing on MT5: EUR/USD from 0.0 pips on the Raw account with AUD 7 round-turn commission per standard lot, or a commission-free Standard account with wider spreads. The MT5 server sits on Equinix LD5 in London, which suits strategies that trade the European session.
Depth-of-market and MQL5 algos are enabled, and the multi-asset engine covers forex, indices, commodities, share CFDs and crypto CFDs on the one MT5 login. IRESS remains a separate paid account for ASX direct market access; it is not part of the MT5 build.
$100 minimum deposit on the Raw and Standard accounts. Funding is fee-free via PayID, BPAY, card and PayPal. Retail leverage follows ASIC's Product Intervention Order caps. Dispute resolution runs through AFCA, and negative balance protection is included.
FP Markets spread table (averaged over our most recent test cycle):
| Pair | Raw avg spread (pips) | + commission equivalent | Total cost |
|---|---|---|---|
| EUR/USD | 0.14 | 0.45 | 0.59 |
| 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 |
| EUR/JPY | 0.40 | 0.45 | 0.85 |
4. Fusion Markets: cheapest MT5 in our shortlist
Fusion Markets offers MT5 off the Zero account at A$2.25 per side (A$4.50 round turn), with modern MT5 expert advisors supported and MQL5 Signals available for signal following. Raw spreads measured 0.04 pips on EUR/USD and 0.36 pips across eight majors in our May and June 2026 captures. There is no minimum deposit, most Australian applications are approved within an hour, and cTrader and TradingView run from the same login for traders comparing platforms. Fusion has held ASIC AFSL 385620 since 2017.
Fusion Markets: Cheapest MT5
Average Spread
EUR/USD = 0.0
GBP/USD = 0.2
AUD/USD = 0.1
Trading Platforms
MT4, MT5, cTrader, TradingView
Minimum Deposit
$0
Pros & Cons
- ASIC AFSL 385620 since founding; Melbourne head office; founder Phil Horner is ex-Pepperstone
- Zero account commission of AUD 4.50 round-turn is the lowest of any ASIC broker in our 29-broker set
- EUR/USD spreads from 0.0 pips on the Zero account
- Smaller broker by trading volume and brand profile than IC Markets, Pepperstone, CMC and IG
- Research and education library thinner than the larger brokers
- Share CFD range narrower than CMC, IG or Interactive Brokers
Broker's Detail
Melbourne-founded in 2017 (AFSL 385620), Fusion Markets carries its Zero account pricing straight onto MT5: EUR/USD from 0.0 pips with AUD 4.50 round-turn commission per standard lot, the lowest of any ASIC broker in our 29-broker set. The Classic account is commission-free with wider spreads.
The MT5 build is forex-focused with selective indices and commodities, and it runs MQL5 EAs, depth-of-market and the multi-thread strategy tester without restriction. There is no free VPS programme, so algo traders running around the clock should budget for a third-party host. MT4, cTrader and TradingView sit on the same login.
There is no minimum deposit, and AU funding is fee-free via PayID, BPAY, card and bank transfer. Retail leverage follows ASIC's Product Intervention Order caps. Dispute resolution runs through AFCA, and negative balance protection is included. Customer support runs 24/5.
5. Eightcap: Melbourne-headquartered with strong MT5 tooling
Eightcap builds its automation story on MT5, pairing the platform with the FlashTrader add-on and the Acuity analysis plugin, plus free VPS hosting. Raw account pricing measured 0.00 pips on EUR/USD and 0.15 pips across eight majors, with commission at A$3.50 per side (A$7.00 round turn), while the Standard account trades spread-only at around 1.0 pip on EUR/USD. MT4, native TradingView and TradeLocker round out the platform choice. Melbourne-founded Eightcap holds AFSL 391441, first issued in 2009 and charges no inactivity fee.
Eightcap: Melbourne-headquartered MT5
Average Spread
EUR/USD = 0.1
GBP/USD = 0.3
AUD/USD = 0.2
Trading Platforms
MT4, MT5, TradingView
Minimum Deposit
$100
Pros & Cons
- ASIC AFSL 391441 since 2009; Melbourne-founded with continuing Australian operations
- Native TradingView trading integration (one of a small AU group)
- 250+ crypto derivative markets, deepest crypto CFD range of any ASIC broker we cover
- Share CFD range narrower than CMC, IG and IBKR (around 600 versus 10,000+)
- Research and education stack lighter than Pepperstone Insights or CMC's analyst feed
- Customer support is 24/5 only (no weekend live phone or chat)
Broker's Detail
Melbourne-founded in 2009 (AFSL 391441), Eightcap puts its deepest product set on MT5, including 250+ crypto derivative markets (subject to ASIC's 2:1 retail leverage cap on crypto CFDs). The Raw account pairs EUR/USD spreads from 0.0 pips with AUD 7 round-turn commission; the Standard account is commission-free from 1.0 pips.
MT5-specific tooling is the drawcard here: the broker's sentiment indicator pulls aggregated client positioning into the chart, and its curated marketplace lists MT5 EAs vetted against Eightcap's server. Depth-of-market and the 21 timeframes are enabled. MT4 and native TradingView trading round out the platform stack.
A$100 opens the account, with fee-free PayID, BPAY and card funding. AUD-denominated accounts available. ASIC's standard retail tiers cap the leverage on offer, while AFCA coverage and negative balance protection come as standard. Customer support runs 24/5 by live chat and email.
Eightcap spread table (averaged over our most recent test cycle):
| Pair | Raw avg spread (pips) | + commission equivalent | Total cost |
|---|---|---|---|
| EUR/USD | 0.00 | 0.45 | 0.45 |
| AUD/USD | 0.15 | 0.45 | 0.60 |
| GBP/USD | 0.25 | 0.45 | 0.70 |
| USD/JPY | 0.15 | 0.45 | 0.60 |
| EUR/JPY | 0.40 | 0.45 | 0.85 |
6. Vantage: multi-asset MT5 with native TradingView
Vantage calls MT5 the broader of its MetaTrader pair, covering indices, stocks and futures alongside forex with a faster strategy tester, all on the same RAW pricing as MT4 at A$2.50 per side (A$5.00 round turn). Measured raw spreads averaged 0.18 pips on EUR/USD and 0.52 pips across eight pairs in May and June 2026. The Vantage App mirrors the account on mobile with biometric login, and funding via PayID, BPAY, PayPal, Apple Pay and Google Pay is fee-free. Vantage has operated under AFSL 428901 since 2009.
Vantage: Multi-Asset MT5 + TradingView
Average Spread
EUR/USD = 0.18 (RAW)
8-pair avg = 0.52
Trading Platforms
MT4, MT5, TradingView, Vantage App
Minimum Deposit
$50
Pros & Cons
- ASIC AFSL 428901 since 2009, plus FCA (UK), FSCA and CIMA oversight across the group
- MT5 runs alongside MT4, native TradingView and the Vantage App on one account
- RAW Classic from 0.0 pips on EUR/USD (0.52 pips eight-pair average, May to June 2026) with AUD 2.50 per side
- 800+ share CFDs, plus ETFs and selected government bond CFDs, tradeable through MT5
- Inactivity fee of USD 25 per month after just 90 days dormant, steep by AU standards
- Share CFD range narrower than CMC, IG and IBKR
- Copy trading is not available to Australian retail clients (offshore entities only)
- Native TradingView is limited to the Standard and Raw Classic accounts, not Raw Premium or Perpetual
Broker's Detail
Vantage Global Prime Pty Ltd (AFSL 428901) is Sydney-based and has held its ASIC licence since 2009, trading as Vantage FX until the 2021 rebrand. MT5 shares the MT4 RAW pricing engine: EUR/USD advertised from 0.0 pips, measured at 0.18 pips on EUR/USD (0.52 pips across eight majors, May to June 2026), with AUD 2.50 per side commission. The Standard STP account is spread-only with no commission, averaging around 1.4 pips on EUR/USD.
The MT5 catalogue is the broadest part of the offer, adding 800+ share CFDs (ASX, NYSE, NASDAQ, LSE), ETF CFDs and selected government bond CFDs to the forex, index and commodity range, all inside 1,000+ instruments. Expert advisors run on both MT4 and MT5.
The minimum deposit is AUD 50, with fee-free funding via PayID, BPAY, PayPal, Apple Pay, Google Pay, card and bank transfer. Retail MT5 accounts trade under ASIC's Product Intervention Order caps, with AFCA membership and negative balance protection. Vantage sits 20th of the 29 ASIC brokers we rank, at 66/100.
7. TMGM: Edge ECN MT5 with Asia-Pacific shares
TMGM treats MT5 as its flagship, and it is the platform where share CFDs across ASX, US, Hong Kong and select Asian markets trade. The Edge account advertises spreads from 0.0 pips with commission at US$3.50 per side, and the Classic account offers spread-only pricing. Support runs 24/7 in English, Mandarin, Cantonese, Vietnamese and Thai, with live chat answering in under 90 seconds in our testing, and the 30-day demo renews. ASIC issued Sydney-founded Trademax Australia AFSL 436416 in 2013.
TMGM: Edge ECN MT5
Average Spread
EUR/USD = 0.1 (Edge)
All-in ~0.56
Trading Platforms
MT4, MT5, TMGM App
Minimum Deposit
$100
Pros & Cons
- ASIC AFSL 436416 since 2013, Sydney-founded with continuing Australian operations
- Edge ECN account with EUR/USD from 0.0 pips and AUD 7.00 round-turn (AUD 3.50 per side)
- MT5 adds share CFDs across ASX, US, Hong Kong and select Asian markets on one login
- 24/7 multilingual support including Mandarin, Cantonese and Vietnamese
- Brand recognition lower than Pepperstone, IC Markets or CMC in mainstream AU media
- Offshore VFSC (Vanuatu) and Mauritius entities for higher-leverage wholesale clients hold the Trust subscore to 5/10
- No native TradingView execution: the TMGM App embeds TradingView charting only
- Inactivity fee of USD 10 per month after 12 months dormant
Broker's Detail
Trademax Australia Limited, trading as TMGM (AFSL 436416), is Sydney-founded and ASIC-regulated since 2013. The Edge account is a RAW ECN build: EUR/USD from 0.0 pips (typical average around 0.1 pips), roughly 0.56 pips all-in with the AUD 7.00 round-turn commission. The Classic account is spread-only with no commission, averaging about 1.20 pips on EUR/USD in our 2026 testing.
MT5 carries the share-CFD range across ASX, US, Hong Kong and select Asian markets alongside forex, indices and commodities, with the TMGM App as the mobile option. MT4 handles legacy expert advisors and MT5 supports modern MQL5 EAs.
The minimum deposit is AUD 100, with AU funding via PayID, BPAY, POLi, card, Skrill and Neteller. Retail MT5 accounts trade under ASIC's Product Intervention Order caps, with AFCA membership, negative balance protection and client funds segregated at an Approved Australian Bank. TMGM sits mid-tier of our 29-broker set at 65/100.
8. ThinkMarkets: MT5 with shares and futures CFDs
ThinkMarkets offers MT5 on its Standard and ThinkZero accounts, with the multi-asset build covering forex, indices, share CFDs and futures CFDs. ThinkZero measured 0.11 pips on EUR/USD and 0.36 pips across eight majors in May and June 2026, with commission at A$3.50 per side on AUD accounts and a hard A$500 minimum deposit. The account split is worth noting: the ThinkTrader app and TradingView belong to a separate account type without MetaTrader. ASIC issued Melbourne-based ThinkMarkets AFSL 424700 in 2010.
ThinkMarkets: Shares and Futures CFDs
Average Spread
EUR/USD = 0.11 (ThinkZero)
8-pair avg = 0.36
Trading Platforms
MT4, MT5, ThinkTrader, TradingView
Minimum Deposit
$0
Pros & Cons
- ASIC AFSL 424700 (TF Global Markets (Aust) Pty Ltd), Melbourne-founded and headquartered
- MT4 and MT5 on the Standard and ThinkZero accounts, with full expert advisor support
- ThinkZero from 0.0 pips on EUR/USD (0.11 average; 0.36 pips eight-pair) with AUD 7.00 round-turn (AUD 3.50 per side)
- 3,500+ share CFDs plus index and commodity futures CFDs among 4,000+ instruments
- ThinkZero carries a hard AUD 500 minimum, above the $0 Standard entry
- Standard account (advertised from 0.4 pips; 1.1 pips measured average) is beaten by some rivals on cost
- No MT4/MT5 expert advisors on the ThinkTrader account, as platforms are tied to account type
- No fixed-income or treasury CFDs
Broker's Detail
TF Global Markets (Aust) Pty Ltd, trading as ThinkMarkets (AFSL 424700), was founded in Melbourne and has been ASIC-regulated since 2010. MT5 (and MT4) run on the Standard and ThinkZero accounts. ThinkZero is the RAW build: EUR/USD from 0.0 pips (0.11 pips average, 0.36 pips across eight majors) with AUD 7.00 round-turn commission. The Standard account is spread-only, advertised from 0.4 pips and measured at 1.1 pips on EUR/USD.
The MT5 product menu is the drawcard: 3,500+ share CFDs across ASX, NYSE, NASDAQ, LSE and EU markets, plus index and commodity futures CFDs, ETFs and crypto CFDs, though the ThinkZero account itself trades only forex, metals, indices and energies. Expert advisors run on MT4 and MT5, and ZuluTrade handles copy trading.
The minimum deposit is $0 on the Standard and ThinkTrader accounts, while ThinkZero requires a hard AUD 500. AU funding runs via PayID, BPAY and POLi. Retail MT5 accounts trade under ASIC's Product Intervention Order caps, with AFCA membership and negative balance protection. ThinkMarkets sits mid-pack of our 29-broker set at 80/100.
9. Forex.com: MT5 with treasuries and bonds
Forex.com carries MT5 within a four-platform stack alongside MT4, native TradingView and its own web platform, the last carrying guaranteed stop-loss orders that the MetaTrader builds do not. RAW Pricing averaged 0.39 pips across eight measured pairs in May and June 2026 with commission of A$3.50 per side, while the Standard account trades spread-only from a AUD 100 minimum. The Australian entity is StoneX Financial Pty Ltd, part of the NASDAQ-listed StoneX group, holding ASIC AFSL 345646 with AFCA membership.
Forex.com: MT5 Fixed Income
Average Spread
EUR/USD = 0.2 (Standard)
RAW 8-pair avg = 0.39
Trading Platforms
MT4, MT5, TradingView, Web Platform
Minimum Deposit
$100
Pros & Cons
- ASIC AFSL 345646 (StoneX Financial Pty Ltd), part of a group with eight regulators, six of them Tier-1
- MT5 alongside MT4, native TradingView and the proprietary Web Platform
- Fixed-income CFDs (US T-Notes, German Bund, UK Gilts) among 4,500+ instruments, rare on AU MT5
- RAW Pricing tier for active traders, plus a DMA account for ECN-style execution
- Lower brand recognition in Australia than CMC, IG or Pepperstone
- AUD 100 minimum deposit, above the $0 at Pepperstone, CMC and IC Markets
- Standard-account spreads are not the tightest in the AU RAW comparison set
- Inactivity fee of USD 15 per month after 12 months
Broker's Detail
Forex.com's Australian entity is StoneX Financial Pty Ltd (AFSL 345646, formerly GAIN Capital), part of NASDAQ-listed StoneX Group. MT5 runs alongside MT4, native TradingView and the Web Platform. The Standard account is spread-only, EUR/USD from 0.2 pips typical. RAW Pricing adds AUD 3.50 per side (AUD 7.00 round turn) on AUD MT4 and MT5 accounts, or AUD 3.00 per side on the Web Trader tier, for a 0.39-pip eight-pair average before commission, and the DMA account offers institutional routing.
The MT5 catalogue spans 4,500+ instruments, including 80+ forex pairs, indices, commodities, share CFDs, crypto CFDs and the fixed-income CFDs (US T-Notes, German Bund, UK Gilts) that are rare among AU MT5 brokers. MQL5 expert advisors run on MT4 and MT5.
The minimum deposit is AUD 100. Retail MT5 accounts trade under ASIC's Product Intervention Order caps, with AFCA membership and negative balance protection. Forex.com reads as a sensible second-tier choice of our 29-broker set at 73/100, even though it tops no single category.
10. Trading.com: MT5-only, low minimum account
Trading.com is the purest MT5 broker on this list: MetaTrader 5 plus its own WebTrader with TradingView charts embedded, and no MT4 at all. The single Trading Account is spread-only with zero commission, advertising EUR/USD at 0.8 pips (an advertised figure, not one we have benchmarked), and the minimum deposit is AUD 50, among the lowest on our ASIC-regulated shortlist. Support runs 24/7 including weekends. Trading.com Markets Pty Ltd holds ASIC AFSL 443670 and is part of the Trading Point Group.
Trading.com: MT5-Only Account
Average Spread
EUR/USD from 0.8 (spread-only)
Trading Platforms
MT5, Trading.com WebTrader
Minimum Deposit
$50
Pros & Cons
- ASIC AFSL 443670 (Trading.com Markets Pty Ltd), with negative balance protection mandatory under ASIC rules
- Purpose-built around MT5, with the WebTrader (TradingView charts embedded) as the second platform
- Single, simple spread-only Trading Account with zero commission
- Low AUD 50 minimum deposit, with PayID and BPAY funding
- MT5-only, with no MT4 for legacy MQL4 strategies
- Spread-only pricing from 0.8 pips trails the lowest-cost RAW brokers, with no raw or commission tier
- No crypto CFDs for Australian clients, and no treasury or bond coverage
- Product range narrower than multi-asset specialists like CMC and IG
Broker's Detail
Trading.com Markets Pty Ltd (AFSL 443670) is part of the Trading Point group (the same group as XM), and is not connected to StoneX or Forex.com. MT5 is the core platform across desktop, web and mobile, joined by the proprietary WebTrader with TradingView charts embedded. MT4 is not offered. The single Trading Account is spread-only with zero commission, EUR/USD advertised from 0.8 pips, and there is no raw or commission tier.
MT5 natively supports expert advisors and the upgraded strategy tester. The product set covers forex, indices and commodities including gold (XAU/USD), with no crypto CFDs for Australian clients and no treasuries or bonds.
The minimum deposit is AUD 50, with AU funding through PayID and BPAY. Retail MT5 accounts trade under ASIC's Product Intervention Order caps, with AFCA membership and negative balance protection. Trading.com reads as a competent mid-tier account of our 29-broker set at 70/100.
What MT5 actually does better than MT4
MT5 isn’t just MT4 plus one. It’s a different platform. Seven differences matter for AU traders.
Multi-asset by design. MT4 was forex-first with CFDs bolted on. MT5 was built to handle forex, futures, share CFDs, indices, commodities and bonds in one engine. If you trade ASX 200 alongside EUR/USD, MT5 handles it more cleanly.
Depth-of-market (DOM). MT5 shows level-2 quotes (bid/ask depth at multiple price points) on instruments where the broker has access to that data. MT4 doesn’t. For order-flow traders, this matters.
Twenty-one timeframes. MT5 ships with 21 timeframes (M1 through MN1, including M2, M3, M4, M6, M10, M12, M20, H2, H3, H6, H8, H12). MT4 has nine. If you trade unusual timeframes, MT5 is the platform.
Multi-thread strategy tester. MT5’s backtester runs across multiple CPU cores and supports multi-pair, multi-timeframe testing. MT4’s tester is single-thread, single-pair. The speed difference is order-of-magnitude.
Netting and hedging account modes. An MT5 server runs in netting mode (positions in one instrument combine into a single net position) or hedging mode (each position stays separate, the way MT4 works). Most AU brokers configure hedging mode, but check before you fund, because a netting server breaks strategies that hold long and short at once.
More built-in indicators. MT5 ships with 38 built-in indicators against MT4’s 30, before you add anything custom or third-party.
Built-in economic calendar. Native, with filtering by impact and country. MT4 needs an external indicator or a separate browser tab.
There’s also MQL5, the programming language. MQL5 is more powerful than MQL4 (true object orientation, easier to write complex algos, better library support) but it’s not backwards compatible. MQL4 EAs don’t run on MT5 without rewriting.
Where MT4 still beats MT5
Honest about the trade-offs going the other way too.
EA library. Tens of thousands of legacy EAs were written for MT4 between 2005 and 2018. The MT5 EA library exists but is smaller. If you’ve bought MT4 EAs commercially, they probably don’t run on MT5.
Custom indicator catalogue. Same story. The TradingView ecosystem has overtaken both, but for traders who built custom MT4 indicators over a decade, those don’t port across.
Simpler language. MQL4 is closer to procedural C. MQL5 is object-oriented and steeper to learn. If you’re new to coding EAs, MQL4 has the gentler entry point.
Slightly broader broker support. Of the 29 ASIC-regulated brokers we test, 22 offer MT4 and 18 offer MT5. The gap is shrinking, but MT4 is still the more universal option among AU brokers.
For most AU traders starting fresh in 2026, MT5 is the right starting point. For traders running an existing MT4 strategy, the migration cost is real and worth weighing. We cover the migration in detail in MT4 vs MT5.
Why CMC Markets doesn’t appear on this list
CMC Markets retired MetaTrader 5 access for Australian retail clients in 2022. New MT5 accounts haven’t been opened with CMC since. Existing accounts were migrated to MT4 or to CMC’s proprietary Next Generation platform.
CMC’s reasoning was platform consolidation. Next Generation is the broker’s flagship and it carries the strongest research, indicators and stockbroking integration of any AU CFD platform. Maintaining MT5 alongside MT4 plus Next Generation didn’t fit the strategy. MT4 stayed because it has the deeper installed base.
If you want CMC and MT5, that’s not a path that exists in Australia today. CMC plus MT4 is fine. CMC plus Next Generation is the broker’s preferred route. For MT5 specifically, look at the brokers in the table above.
ASIC, AFSL and MT5 regulation
Regulation attaches to the broker’s AFSL, never to the MT5 build you download. That distinction earns its keep on MT5 in particular, because the platform’s wider instrument set, indices, commodities and shares among them, meets ASIC’s asset-class leverage caps far more often than a pure-forex MT4 setup does. Trading MT5 through Pepperstone Group Limited (AFSL 414530) puts each of those caps, alongside negative balance protection and the 50% close-out, under the ASIC Product Intervention Order. An offshore MT5 server advertising 500:1 to Australian retail clients is operating outside that licence, whatever the interface looks like.
How to choose between AU MT5 brokers
Five questions narrow the field.
1. Do you need MT4 too? If yes, every broker on this list also offers MT4. No tension.
2. Are you running MQL5 algos or just discretionary trading? For algos, prioritise raw spread accounts and NY4 hosting (IC Markets, Pepperstone, FP Markets, Vantage). For discretionary, the cost differences matter less and you can shop on platform tooling and product range.
3. What asset classes? If forex-only, Fusion Markets is the cheapest. If multi-asset (indices, commodities, share CFDs), Pepperstone and FP Markets carry the broadest catalogues.
4. Do you want copy trading? MT5 has Signals built in. Most brokers in the table support it. eToro isn’t on this list because eToro runs its own proprietary copy platform, not MT5.
5. Does your strategy use the multi-thread backtester? If yes, the broker matters less. The strategy tester runs on your local machine. What matters is that the broker supplies clean tick data and historical spreads. IC Markets, Pepperstone and FP Markets all publish solid historical spread data for backtest accuracy.
Platform strengths aside, the broker still decides your total cost. See our best forex brokers in Australia guide for the overall rankings.
Setting up MT5 with an AU broker: the basics
The flow is similar across all 18 MT5 brokers. Steps using IC Markets as the reference.
- Open the account. Online application, AUSTRAC ID verification, typically approved within 24 hours.
- Fund the account. PayID, BPAY and bank transfer are usually fee-free. AUD base account avoids conversion fees.
- Download MT5. Direct from the broker’s website. Don’t use third-party MT5 downloads.
- Log in. Credentials are emailed once the account is funded. Server name will be broker-specific.
- Set timeframes and load EAs or indicators. Custom MT5 EAs go into
MQL5/Experts. Custom indicators intoMQL5/Indicators. - Test on demo first. Every broker offers a free demo. For algo traders, run a week of demo with a couple of standard lots before going live, and compare execution quality.
If you’re moving from MT4 to MT5, your existing MQL4 EAs won’t drop in. Either you rewrite them in MQL5 (typically 20 to 60% of the original effort) or you run both platforms side-by-side, MT4 for legacy strategies and MT5 for new ones. Most active traders we know run both for 6 to 12 months during the migration.
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
Which AU broker has the best MT5?
Is MT5 better than MT4 for Australian traders?
Does CMC Markets offer MT5 in Australia?
Does IG Markets offer MT5 in Australia?
Can I run automated strategies on MT5 with an Australian broker?
Will my MT4 EAs work on MT5?
Is MT5 free?
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.