Quick verdict: MT5 brokers in Australia
I recommend IC Markets for the strongest MT5 stack in Australia. Its MT5 servers sit in Equinix NY4, and Raw Spread pricing from 0.0 pips keeps your costs low. Pepperstone runs it close with the broadest multi-asset MT5 catalogue. Of the 33 ASIC brokers we cover, 19 offer MT5; CMC Markets retired it, so I wouldn't bother with them.
- IC Markets: strongest MT5 stack in Australia, Raw Spread pricing from 0.0 pips.
- 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.
- OANDA: MT5 runs on an OANDA One sub-account.
- Capital.com: Spread-only retail pricing with an A$20 minimum deposit.
- Trading.com: MT5-only account from AUD 50.
- INGOT Brokers: MT5-only broker with unconfirmed retail EA access.
MT5’s multi-asset engine is why most of these brokers lead with it. What each one adds on top is what I rank them on, and what you should compare.
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 | Not measured | 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 |
| OANDA | OANDA One sub-account | Not in our records for OANDA One (Standard 0.99, measured September 2026) | Not in our records for OANDA One | Yes | Yes | 412981 |
| Capital.com | Retail CFD (spread-only) | Not measured on MT5 (MT4 CFD 0.74, measured September 2026) | None | Yes | Yes | 513393 |
| Trading.com | Trading Account (spread-only) | 0.8 pips (spread-only) | None | Yes | Yes | 443670 |
| INGOT Brokers | EVO, Standard (spread-only, no raw account) | From 0.7 pips (EVO, advertised) | None | Retail unconfirmed | Not stated | 428015 |
| GO Markets | Standard, GO Plus+ | 0.2 pips + AUD 3.00 | AUD 3.00 / 100k | Yes | Yes | 254963 |
| AvaTrade | Standard | 0.86 pips (variable, measured September 2026) | 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). Your retail MT5 account trades under ASIC’s Product Intervention Order caps, 30:1 on major forex pairs; the full tier list is in our ASIC regulation guide.
I have to remind you: CFDs are leveraged products and carry a high risk of loss. Most retail CFD accounts lose money. That's why you should review the broker's PDS and TMD before you trade.
1. IC Markets: strongest MT5 stack in Australia
I think IC Markets leads this list on the strength of its Raw Spread pricing on MT5: EUR/USD averaged 0.11 pips in our September 2026 capture 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 your automated MT5 strategies running. 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
IC Markets (AFSL 335692) keeps MT5 pricing the same as its MT4 build: EUR/USD from 0.0 pips on the Raw Spread account with AUD 9 round-turn commission, or a commission-free Standard account from 1.0 pips. If you want to run both platforms on one login, the cTrader RAW account bills USD 3.00 per USD 100,000 traded per side, converted to your account currency.
On MT5, you get depth-of-market on forex majors and metals, unrestricted MQL5 EAs, and a multi-thread strategy tester that feeds on 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 is higher than the $0 entry points you'll see 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 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 |
2. Pepperstone: equally strong, slightly broader product
I rate Pepperstone's platform stack as the widest here: MT5 alongside MT4, cTrader, TradingView and its own web platform, all from one account. Razor pricing applies at A$3.50 per side, and modern MT5 expert advisors are supported with free Smart Trader Tools. 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. 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
Pepperstone (AFSL 414530, Melbourne-founded in 2010) treats MT5 as one of five supported platforms, not an afterthought. On MT5, the Razor account gives you the same pricing: EUR/USD from 0.0 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 Pepperstone's offer. Share CFDs across ASX, NYSE, NASDAQ and LSE sit next to forex, index, commodity and crypto CFDs, all with 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 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 |
3. FP Markets: quietly strong on MT5 too
At FP Markets, MT5 runs on Raw pricing at A$3.50 per side on AUD accounts, with EUR/USD measured at 0.30 pips in our September 2026 capture. If you're a casual trader, the spread-only Standard account is available 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. 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? MT5 Fit weights MT5 cost and platform depth, which lifts FP Markets above its #8 sitewide position. See the ranking method ↓
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 is ideal if you 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.
The minimum deposit is $100 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, and AFCA dispute resolution and negative balance protection are included.
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: cheapest MT5 in our shortlist
At Fusion Markets, MT5 is offered 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. Our September 2026 capture measured raw spreads at 0.01 pips on EUR/USD and 0.09 pips across eight majors. There is no minimum deposit, most Australian applications are approved within an hour, and cTrader and TradingView are available, each through its own trading account, so comparing platforms means opening a second account. Fusion has traded under ASIC AFSL 385620 since its 2017 launch; the FMGP Trading Group licence dates to 2011.
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
Fusion Markets (AFSL 385620, Melbourne-founded in 2017) carries its Zero account pricing straight onto MT5: EUR/USD from 0.0 pips with AUD 4.50 round-turn commission per standard lot, joint second-lowest with Axi among the ASIC brokers we cover, behind ACY Securities. 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 if you run algos around the clock, budget for a third-party host. You can also trade on MT4, cTrader and TradingView, with a separate account for each, up to 10 live accounts.
AU funding is fee-free via PayID, BPAY, card and bank transfer, with no minimum deposit required. Retail leverage follows ASIC's Product Intervention Order caps. AFCA dispute resolution and negative balance protection are included. Customer support runs 24/5.
5. Eightcap: Melbourne-headquartered with strong MT5 tooling
I like Eightcap's automation story on MT5, pairing the platform with the FlashTrader add-on and the Acuity analysis plugin, plus free VPS hosting. Eightcap advertises raw account pricing from 0.0 pips on EUR/USD, and our May to June 2026 IceFX captures measured 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. Eightcap's AFSL 391441 dates from 2011, and it charges no inactivity fee.
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? MT5 Fit weights MT5 cost and platform depth, which lifts Eightcap above its #9 sitewide position. See the ranking method ↓
Broker's Detail
Melbourne-founded in 2009 (AFSL 391441), Eightcap puts its deepest product set on MT5, including 250+ crypto derivative markets, but remember 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: the broker's sentiment indicator pulls aggregated client positioning into your 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.
Accounts can be opened with A$100, with fee-free PayID, BPAY and card funding. AUD-denominated accounts are available. ASIC's standard retail tiers cap the leverage on offer, and AFCA coverage and negative balance protection come as standard. Customer support runs 24/5 by live chat and email.
6. Vantage: multi-asset MT5 with native TradingView
At Vantage, MT5 is the broader of its MetaTrader pair, covering indices, stocks and futures alongside forex with a faster strategy tester. It uses the same RAW pricing as MT4, so you pay A$2.50 per side (A$5.00 round turn). Our May to June 2026 capture recorded raw spreads averaging 0.18 pips on EUR/USD and 0.52 pips across eight pairs. 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 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? MT5 Fit weights MT5 cost and platform depth, which lifts Vantage above its #17 sitewide position. See the ranking method ↓
Pros & Cons
Pros
- 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
Cons
- 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 2012, trading as Vantage FX until the 2021 rebrand. On MT5 you get the same RAW pricing engine as MT4, with EUR/USD advertised from 0.0 pips and our May to June 2026 capture recording 0.18 pips on EUR/USD and 0.52 pips across eight majors, at AUD 2.50 per side commission. No record yet ties that capture to the Australian account. The Standard STP account is spread-only with no commission, averaging around 1.4 pips on EUR/USD.
Vantage's MT5 catalogue is the broadest part of the offer, giving you 800+ share CFDs (ASX, NYSE, NASDAQ, LSE), ETF CFDs and selected government bond CFDs on top of forex, indices and commodities, 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 seventeenth of the 33 ASIC brokers we rank, at 70/100.
7. TMGM: Edge ECN MT5 with Asia-Pacific shares
TMGM treats MT5 as its flagship, and it's the platform where you trade share CFDs across ASX, US, Hong Kong and select Asian markets. 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. Its 30-day demo renews, so you can trial the platform before funding. ASIC issued Sydney-founded Trademax Australia AFSL 436416 in 2013.
Average spread
EUR/USD: Not measured
Trading platforms
MT4, MT5, TMGM App
Minimum deposit
A$100
Regulation
ASIC AFSL 436416
Why higher here? MT5 Fit weights MT5 cost and platform depth, which lifts TMGM above its #19 sitewide position. See the ranking method ↓
Pros & Cons
Pros
- 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
Cons
- Offshore VFSC (Vanuatu) and Mauritius entities hold the Trust subscore to 5/10
- No native TradingView execution: the TMGM App embeds TradingView charting only
Broker's Detail
Trademax Australia Limited, trading as TMGM (AFSL 436416), is Sydney-founded and ASIC-regulated since 2013. The Edge account is advertised from 0.0 pips plus US$7.00 per round turn (US$3.50 per side), with the commission charged in US dollars, per TMGM's account page read 1 October 2026, and we hold no spread capture for TMGM. The Classic account is spread-only with no commission.
On MT5, you get 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 while MT5 supports modern MQL5 EAs.
The minimum deposit is AUD 100, with AU funding via PayID, BPAY, 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 33-broker set at 66/100.
8. OANDA: MT5 via an OANDA One sub-account
OANDA gives Australian traders MT5 through an OANDA One sub-account, which also trades on the OANDA mobile app and native TradingView but not on OANDA desktop or web. Beyond MT5, you can reach OANDA through OANDA Trade (web, desktop and mobile), MT4, native TradingView, and a REST and streaming API. The Australian entity is OANDA Australia Pty Ltd, which has held ASIC licence AFSL 412981 since 26 March 2012.
Average spread
EUR/USD 0.99, GBP/USD 1.52, AUD/USD 0.88 pips (Standard, MT4, measured September 2026)
8-pair avg 1.47 pips (Standard, MT4, measured September 2026)
Trading platforms
OANDA Trade, MT4, MT5, TradingView
Minimum deposit
A$0
Regulation
ASIC AFSL 412981
Why lower here? This page's MT5 Fit weights MT5 cost and platform depth, and OANDA's MT5 needs a separate OANDA One sub-account whose pricing is not in our records, which places it below its sitewide third position. See the ranking method ↓
Pros & Cons
Pros
- OANDA One sub-account also trades on the OANDA mobile app and TradingView
- MT5 applications cover Windows, iPhone, Android and web
- ASIC AFSL 412981 held since 26 March 2012 with AFCA membership
- Up to three OANDA One sub-accounts in AUD, USD or EUR
Cons
- OANDA One pricing is not in our records
- Guaranteed stop-loss orders are not available on MT5
- Share CFDs on OANDA One need a market and tax declaration
- The Mac MT5 application is not officially supported by OANDA
Broker's Detail
OANDA Australia Pty Ltd holds ASIC AFSL 412981, current since 26 March 2012, and is an AFCA member. MT5 runs on an OANDA One sub-account, and that sub-account also trades on the OANDA mobile app and TradingView. The MT5 applications are Windows, iPhone, Android and web; the Mac application is not officially supported by OANDA. OANDA's support desk confirmed on 23 September 2026 that MT5 is fully available in Australia with the sub-account.
We hold no MT5-specific cost figure for OANDA, because we have not read OANDA One's pricing, margins or eligibility. Our September 2026 capture, from 22 to 24 September 2026, measured 0.99 pips on EUR/USD and 1.47 pips across eight pairs on OANDA's Standard account, not on MT5. The Raw account measured 0.20 pips on EUR/USD in July 2026, with commission of A$3.50 per side (A$7.00 round turn) on forex and metals. In my view you should treat those as Standard and Raw figures, not MT5 prices.
Funding runs through Visa, Mastercard, BPAY, PayID and bank transfer, and the minimum deposit is A$0 on the Standard account. Inactivity fees reach up to A$20 a month after 12 months without trading, and are not charged while a position is open. Retail leverage is 30:1 on major forex pairs under the ASIC cap, with negative balance protection mandatory. I place OANDA third of the 33 ASIC brokers we rank at 87/100, because its platform range and licence history are strong even though its MT5 route adds a step.
9. Capital.com: MT5 listed with spread-only pricing
Capital.com lists MT5 for Australian clients on its Australian site, checked 11 July 2026, though we have not tested it. Pricing is markup-based and spread only, with no separate commission on the retail account, and the minimum deposit is A$20. Five platform routes are available: the Capital.com WebTrader (web, iOS and Android), MT4, MT5, native TradingView and API access. The Australian entity, Capital Com Australia Pty Ltd, has held ASIC AFSL 513393 since 16 June 2021.
Average spread
EUR/USD 0.74, GBP/USD 1.39, AUD/USD 0.63 pips (Standard, MT4, measured September 2026)
8-pair avg 1.25 pips (Standard, MT4, measured September 2026)
Trading platforms
WebTrader, MT4, MT5, TradingView
Minimum deposit
A$20
Regulation
ASIC AFSL 513393
Pros & Cons
Pros
- ASIC licence AFSL 513393 held since 16 June 2021
- Spread-only retail pricing with no separate commission
- Minimum deposit of A$20 with an inactivity fee of A$0
- Support by email, phone, live chat and WhatsApp
Cons
- Our spread capture ran on MT4, not MT5
- No cTrader platform available
- WebTrader runs no third-party expert advisors
- We have not tested MT5 at Capital.com
Broker's Detail
Capital Com Australia Pty Ltd has held ASIC AFSL 513393 since 16 June 2021 and is an AFCA member (number 46705), with its Australian office at Level 15, 357 Collins Street, Melbourne. The platform set covers the Capital.com WebTrader on web, iOS and Android, MT4, MT5, native TradingView and API access, with no cTrader. MT5 is listed for Australian clients on the broker's Australian site, checked 11 July 2026, though we have not tested it.
Pricing is markup-based and spread only, with no separate commission on the retail account. Our September 2026 capture ran on Capital.com's MT4 CFD account, server Capital.ComAU-Real, and measured 0.74 pips on EUR/USD and 1.25 pips across eight pairs, ranking 2nd of the 8 spread-only accounts in that capture, with commission at A$0.00 on 21 September 2026. In my view that is a competitive spread-only result, but it is an MT4 figure and not an MT5 one.
Deposits start at A$20, with funding via Visa, Mastercard, PayPal, Apple Pay, Google Pay, PayID and bank transfer, and the inactivity fee is A$0. Support runs through email, phone, live chat and WhatsApp. Retail leverage sits at the ASIC cap of 30:1 on major forex pairs, and negative balance protection is mandatory under ASIC. I place Capital.com seventh of the 33 ASIC brokers we rank at 79/100, because its spread-only pricing and low entry cost are strong while its MT5 offer remains untested by our team.
10. Trading.com: MT5-only, low minimum account
The Trading.com offer is built almost entirely around MT5: MetaTrader 5 plus its own WebTrader with TradingView charts embedded, and no MT4 at all. There is a single Trading Account, 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 is staffed Monday to Friday 8:00 to 16:00 GMT+2, with a Virtual Assistant outside those hours, per Trading.com's AU website read 1 October 2026. Trading.com Markets Pty Ltd holds ASIC AFSL 443670 and is part of the Trading Point Group.
Average spread
EUR/USD 1.25, GBP/USD 1.58, AUD/USD 1.61 pips (Standard, MT5, measured September 2026)
8-pair avg 1.92 pips (Standard, MT5, measured September 2026)
Trading platforms
MT5, Trading.com WebTrader
Minimum deposit
A$50
Regulation
ASIC AFSL 443670
Why higher here? MT5 Fit weights MT5 cost and platform depth, which lifts trading.com above its #28 sitewide position. See the ranking method ↓
Pros & Cons
Pros
- 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
- A$50 minimum deposit, with fee-free card and Google Pay deposits
Cons
- 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
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 on desktop and mobile, with no MT5 web build, joined by the proprietary browser WebTrader with TradingView charts embedded. MT4 is not offered here. 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, so your EAs can run. 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 A$50, funded by card, Google Pay or bank wire, per our 9 September 2026 capture. Retail MT5 accounts trade under ASIC's Product Intervention Order caps, with AFCA membership and negative balance protection. I place Trading.com twenty-eighth of the 33 ASIC brokers we rank at 48/100, and its overall score is held down by low ratings for trading costs (4 out of 10) and platform (3 out of 10).
11. INGOT Brokers: MT5-only with unconfirmed retail EAs
INGOT Brokers offers Australian clients MetaTrader 5 and nothing else: no MT4, cTrader or TradingView, and a mobile app marked “Coming Soon”. This is a desk review, so no account has been opened with INGOT AU and nothing here is measured by us. Both accounts, EVO and Standard, take an A$100 minimum deposit with zero commission, and the advertised EUR/USD spread is “from” 0.7 pips on EVO, an advertised minimum with no typical spread published. One point matters for you: the site promotes expert advisers, yet its account-types table lists trading bots as “Retail: NO, Wholesale: YES”, so retail EA access is unconfirmed and you should check before signing up. INGOT AU Pty Ltd holds AFSL 428015, licensed since 24 January 2013. Full detail is in the INGOT Brokers review.
What MT5 actually does better than MT4
I see MT5 as a different platform, not just MT4 plus one. 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, and that’s the reason I’d start new traders on MT5 if they want multi-asset.
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, and I’d put DOM near the top of the list if you read the tape.
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; the extra granularity is something I’d miss if I went back to MT4.
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, which matters if you’re running a large optimisation. I’d never go back to MT4 for backtesting after using MT5’s tester.
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 I’d still 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, and those eight extra tools are a head start I’d take every time on a new install.
Built-in economic calendar. Native, with filtering by impact and country, I find the calendar one of those small things you stop thinking about until you’re on a platform that doesn’t have it, while 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, so if you’ve built a library of MT4 EAs, the move to MT5 isn’t free. I’d weigh that cost carefully.
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, so I’d check the vendor’s MT5 version before you commit to a broker.
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, so I’d factor that into the decision if you’ve got a library you rely on.
Simpler language. MQL4 is closer to procedural C. MQL5 is object-oriented and steeper to learn. For those new to coding EAs, MQL4 has the gentler entry point, and I’d start there if you’re learning to code your own strategies.
Slightly broader broker support. Of the 33 ASIC-regulated brokers we cover, 24 offer MT4 and 19 offer MT5. The gap is shrinking, but MT4 is still the more universal option among AU brokers, so if you want to keep your platform choice open across the most brokers, MT4 currently offers more doors.
MT5 is the right starting point for most AU traders starting fresh in 2026. 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.
How MT5 compares
The strengths and gaps above, in one table.
| Feature |  MT5 |
 MT4 |
 cTrader |
 TradingView |
|---|---|---|---|---|
| Timeframes | 21 | 9 | 26 | Custom intervals |
| Netting and hedging | Both | Hedging only | Both | Via broker |
| Strategy tester | Multi-thread | Single-thread | Built in (cTrader Automate) | Pine strategy tester |
| Programming language | MQL5 | MQL4 | C# | Pine Script |
| New broker licences | Open | Mostly closed since 2018 | Open | Open |
| AU brokers offering it | 19 of 33 | 24 of 33 | 6 of 33 | 18 of 33 |
Across MT4, MT5, cTrader and TradingView, MT5’s edge is the 21-timeframe chart set and the multi-thread strategy tester; 19 of 33 ASIC brokers we review offer it, and for me those two features alone justify the platform choice if you do any backtesting or trade off uncommon timeframes.
Torn between the two MetaTrader builds? I’d point you to our MT4 and MT5 comparison, which sets them side by side.
Why CMC Markets doesn’t appear on this list
CMC Markets retired MetaTrader 5 access for Australian retail clients in 2022, and that’s why you won’t see them in the table. 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, but I understand the logic and it does close a door for MT5-only traders.
CMC and MT5 together? That path doesn’t exist in Australia today. CMC plus MT4 is fine, and CMC plus Next Generation is the broker’s preferred route. For MT5 specifically, I’d 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, and I’d treat any offer like that as a red flag.
Cost is the other half of the choice, and I’d weigh it just as heavily. Below, the ASIC brokers offering MT5 are ranked by what a month of trading costs on our measured spreads and each broker’s published commission. The figures are account-level. A broker that prices its terminals differently is shown at the account rate named, so confirm the commission for the terminal you actually open.
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. I’d cross that off first because it’s the easiest filter.
2. Are you running MQL5 algos or just discretionary trading? For algos, I’d 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), I’d point you to Pepperstone and FP Markets, which carry the broadest catalogues.
4. Do you want copy trading? MT5 has Signals built in, and I’d use them if you want to stay within the MT5 ecosystem. Most brokers in the table support it. eToro isn’t on this list because eToro runs its own proprietary copy platform, not MT5.
5. Is the strategy using 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, and I’d test a demo account with each to confirm the data quality before committing.
Platform strengths aside, the broker still decides your total cost. I’d check our top Australian forex brokers guide for the overall rankings before you make a final call.
Setting up MT5 with an AU broker: the basics
Setup is similar across all 19 MT5 brokers, so IC Markets serves as the reference for the steps below.
- 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. An AUD base account avoids conversion fees, and I’d fund in AUD unless you have a specific reason to hold a different currency.
- 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. The server name will be broker-specific, so I’d keep that email until you’ve saved the server in your terminal.
- Set timeframes and load EAs or indicators. Custom MT5 EAs go into
MQL5/Expertsand custom indicators intoMQL5/Indicators. If you’re migrating from MT4, this folder structure will look familiar, but remember the MQL4 files won’t work here. - Test on demo first. Every broker offers a free demo. For algo traders, I’d run a week of demo with a couple of standard lots before going live, and compare execution quality. That week can save you a lot of grief.
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, and I’d budget that overlap into your timeline.
Compare brokers by the factor that decides it
We re-ranked every shortlist below for one decision factor, using the same test method as this page.
Start with the overall ranking
I use our tested, ASIC-only ranking of the best forex brokers in Australia as the baseline every shortlist below re-ranks.
Cost decides it
Account pricing decides your broker the moment you settle on a platform. I've ranked these shortlists by total cost so you can see the difference.
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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Related pages
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.