5 Best Australian MetaTrader 4 (MT4) Brokers List

By Stefano Treviso, Updated on: Aug 21 2023.

Here’s our selection of the 5 Best Australian MetaTrader 4 (MT4) brokers for the year 2023:

Broker	Reason
FP Markets	Best in most assets offered
Pepperstone	Best overall choice
IC Markets	Best in competitive commissions
Blueberry Markets	Best for beginners
AvaTrade	Best for experienced currency options traders

All the above brokers are required to possess a financial license from ASIC (Australian Securities and Investments Commission). This grants Australian traders a great layer of protection in the event of any dispute as complaints can be dealt with locally.

Each one of these brokers was analysed using our proprietary methodology.

1. FP Markets - Best in most assets offered

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74.34% of retail CFD accounts lose money.

FP Markets is a leading Australian broker with a 10,000+ asset offering accompanied by a great variety of tech options such as deploying your own VPS and accessing ENC / DMA pricing.

Key data
EUR/USD Spread	Dynamic - From 0 to 1.2 Pips
Commissions	No commission on their Standard Account $3 per side (lot) commission on their RAW Account
Minimum Deposit	$100
Financial Regulators	ASIC, CySec, FSA.
MT4	Yes
MT5	Yes
cTrader	No
TradingView	No
Proprietary Platform	Yes

FP Markets holds 3 financial licenses from which 1 belongs to a high tier financial regulator (ASIC). Their specialty is providing more than 10,000+ different financial instruments along with MetaTrader 4 & 5 and IRESS platforms.

The Good	The Bad
Competitive spreads From 0 pips MT4 and MT5 offered Over 10,000 + shares	No ETFs are offered Stock trading commissions are expensive when compared to similar brokers Website is slow and confusing Fees for the majority of deposit and withdrawal methods

FP Markets is definitely a leader in the Australian market (which is where they are headquartered). Their commissions to trade ASX shares are quite competitive and their asset variety is one of the best. If you’re an Australian share trader, FP Markets is definitely one of the best choices for you.

2. Pepperstone - Best overall choice

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74-89% of retail CFD accounts lose money.

Pepperstone is an Australian broker founded in 2010 with the aim of providing a professional trading experience with low fees and tight spreads. Currently Pepperstone counts with 7 financial licenses and operates in almost every country around the world.

Key data
EUR/USD Spread	Dynamic - From 0 to 0.77 Pips
Commissions	For Standard account : All fees included in the spread For Razor account: From $7 per Lot round turn
Minimum Deposit	$200
Financial Regulators	BaFin, FCA, ASIC, DFSA, CySec, SCB, CMA.
MT4	Yes
MT5	Yes
cTrader	Yes
TradingView	Yes
Proprietary Platform	No

Pepperstone holds 7 financial licenses from which 4 belong to high tier financial regulators (being one of them ASIC). Their specialty is providing a true multi-platform environment with several account offers for each type of trader.

The Good	The Bad
Well regulated on several jurisdictions Low latency, fast execution under 30ms Competitive spreads and low commissions from 0.0 pips on their Razor account	Avaliable asset offering is not that comprehensive No ability to purchase real stocks or cryptocurrencies, only CFDs

Pepperstone is one of the industry leaders when it comes to competitive commissions. Their account offering allows traders to choose between having no commissions along with competitive spreads or a commission-driven approach along with RAW spreads starting from 0 pips. If you’re looking for an Australian MetaTrader 4 broker that allows you to trade a wide variety of assets with excellent conditions in your favourite trading platform, Pepperstone can be a great choice for you.

3. IC Markets - Best in competitive commissions

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76.27% of retail CFD accounts lose money.

IC Markets is an Australian broker with a global presence specialising in Forex trading. One of their greatest advantages is providing RAW spread accounts with interbank pricing.

Key data
EUR/USD Spread	Dynamic - From 0 to 0.6 Pips
Commissions	No commissions in standard accounts but rather a 1 Pip spread markup on interbank prices received. For Raw spreads accounts, $7 per lot round turn.
Minimum Deposit	$200
Financial Regulators	ASIC, CySec, FSA.
MT4	Yes
MT5	Yes
cTrader	Yes
TradingView	No
Proprietary Platform	No

IC Markets holds 3 financial licenses from which 1 belongs to a high tier financial regulator (ASIC). Their specialty is providing a competitive low spreads environment with the option to pay commissions in exchange for spreads from 0 pips or not paying any commissions in exchange for very competitive spreads.

The Good	The Bad
Customisable leverage per asset before opening trades Interbank rates and low commissions Great platform variety	Avaliable assets are limited (Also No ETFs) No ability to purchase real stocks or cryptocurrencies, only CFDs

IC Markets is also one of the most competitive brokers in the multi-platform arena. Their offer is quite similar to Pepperstone’s yet the main difference between both is that Pepperstone has the edge by providing TradingView as one of their platform choices and also having ETFs as an asset class. On the other hand, IC Markets has a larger number of stocks as well.

If you’re looking for great trading conditions on MetaTrader 4 and a moderately large number of stocks, IC Markets can be a great choice for you.

4. Blueberry Markets - Best for beginners

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74-89% of retail CFD accounts lose money.

Blueberry Markets is a young Australian broker founded in 2015 offering CFDs on all the basic asset classes with competitive low spreads.

Key data
EUR/USD Spread	Dynamic - From 0.1 Pips to 1 Pip
Commissions	Depending on account type: Standard account has no commissions Direct Account has a commission of $3.5 per lot
Minimum Deposit	$100
Financial Regulators	ASIC, SCB.
MT4	Yes
MT5	Yes
cTrader	No
TradingView	No
Proprietary Platform	No

Blueberry Markets holds 2 financial licenses from which 1 belongs to a high value financial regulator (ASIC). Their specialty was crafting an extremely simple offer that appeals to beginners in the currency trading arena.

The Good	The Bad
Allows deposits using cryptocurrency USDT (Tether) Leverage of up to 1:500 (for experienced traders) Extremely competitive spreads	All instruments are CFDs, you can't buy underlying assets (real stocks or cryptocurrencies) Their available asset offering is very low with less than 350 tradable assets

Blueberry Markets has several educational materials, excellent customer support and a simple account offering with low commissions and spreads from 0 pips and no commissions and competitive spreads. If you’re a beginner that wants to exclusively get started on MetaTrader 4, they are an interesting choice to consider, yet, it’s very important to note that their asset offering is extremely limited and you may find yourself outgrowing them quite quickly.

5. AvaTrade - Best for experienced currency options traders

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71% of retail CFD accounts lose money.

AvaTrade is a top-tier multinational broker with more than 7 financial regulators specialising in FX and options trading with their own proprietary platforms.

Key data
EUR/USD Spread	Dynamic - From 0.9 Pips
Commissions	None
Minimum Deposit	$100
Financial Regulators	ASIC, FFAJ, CBI, IIROC, CySec, FSCA, ADGM, ISA.
MT4	Yes
MT5	Yes
cTrader	No
TradingView	No
Proprietary Platform	Yes

AvaTrade holds 8 financial licenses from which 6 belong to high reputation financial regulators. Their specialty was creating their own proprietary currency trading platform.

The Good	The Bad
AvaProtect feature for negative trades payback Great variety of platforms (proprietary ones, MT4 & MT5) Smooth platform experiences and easy account management Custom Options trading platform	Lack of variety in stocks, ETFs and bonds Expensive inactivity fees No multi-chart tools High trade minimums in all assets except forex

AvaTrade’s biggest selling point is providing currency options, which is a not so common financial instrument in the majority of mainstream brokers. Professional traders know the value of using options as a high risk/reward speculative trading strategy or as a hedge for different currency portfolios. If you’re experienced and you know what you’re doing, then AvaTrade can be an interesting choice for you.