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5 Best Australian MetaTrader 5 (MT5) Brokers List

By Stefano Treviso , Updated on: Dec 30 2022.

Here’s our selection of the 5 Best Australian MetaTrader 5 (MT5) brokers for the year 2023:

Broker Reason
Oanda Best in most trusted regulatory framework
BlackBull Markets Best in most stocks offered
FP Markets Best in most asset variety
Pepperstone Best overall choice
Eightcap Best for beginners

All the above brokers are required to possess a financial license from ASIC (Australian Securities and Investments Commission). For the particular case of brokers that don't hold one, we still decided to include them due to being popular choices for the Australian Market. 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. Oanda - Best in most trusted regulatory framework

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78.3% of retail CFD accounts lose money.

Oanda is an international Forex broker founded in 1996 with headquarters in the United States. Oanda specialises exclusively in currency trading solutions for all trader levels. Their greatest selling points are their strong regulatory framework and robust proprietary platforms.

Key data
EUR/USD SpreadDynamic - From 0.8 Pips
CommissionsNone
Minimum Deposit0
Financial RegulatorsCFTC, NFA, ASIC, FCA, MAS, IIROC, FFAJ, BVI.
MT4Yes
MT5Yes
cTraderNo
TradingViewYes
Proprietary PlatformYes

Oanda holds 6 licenses from mostly high value financial regulators (including ASIC). They are one of the world’s largest FX brokers and also considered the industry standard for currency exchange rates.

The GoodThe Bad
  • High trustworthiness, regulated by the best regulators in the world
  • Fast, simple and professional trading platforms
  • Competitive spreads in their currency pairs
  • Extremely limited offering of assets (104)
  • No ability to purchase real stocks or cryptocurrencies, only CFDs

Oanda's biggest selling points are that they provide a multi-platform environment which includes MetaTrader 5, a low minimum trade requirement, competitive spreads and the fact that they are regulated by some of the world’s most respected institutions.

2. BlackBull Markets - Best in most asset variety

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74-89% of retail CFD accounts lose money.

BlackBull Markets is a global broker headquartered in New Zealand founded in 2014 that specialises in providing CFDs based on shares, commodities, currencies and indices.

Key data
EUR/USD SpreadFrom 0.4 Pips to 1.61 Pips
Commissions
  • ECN Standard has no fees.
  • ECN PRIME has a $6 commission per lot round turn

In the case of share trading, their fees start from NZD $12 per transaction yet they’re not clearly explained anywhere on their website.

Minimum DepositFrom $50 to $2,000
Financial RegulatorsFMA, FSAS.
MT4Yes
MT5Yes
cTraderNo
TradingViewYes
Proprietary PlatformYes

BlackBull Markets holds 2 financial licenses from which only 1 belongs to a high value regulator (FMA). Their biggest selling points are providing over 23,000+ stocks in partnership with one of the world's biggest brokers and technology providers.

The GoodThe Bad
  • Competitive spreads in their ECN Prime account (From 0.1 Pips)
  • Wide variety of platforms (MT4, MT5, TradingView and IBKR)
  • Over 23,000 + shares
  • Their standard asset offering is very low (over 300 instruments)
  • Share trading requires a separate platform with a different onboarding
  • Commissions are above average and share trading fees are a mystery

BlackBull Markets has quite a competitive offering when it comes to their commission structure and spreads. If you're a professional trader looking for shares variety, they can be a great fit for you.

3. 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 SpreadDynamic - 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 RegulatorsASIC, CySec, FSA.
MT4Yes
MT5Yes
cTraderNo
TradingViewNo
Proprietary PlatformYes

FP Markets holds 3 financial licenses from which 1 belongs to a high value regulator (ASIC). Their specialty was crafting an interesting asset offering via MetaTrader for Australian traders.

The GoodThe 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 boasts more than 10,000+ shares to trade with different commission structures across several trading platforms (including MetaTrader 5). If your main goal is to access a large number of assets via MT5, FP Markets can be a great fit for you.

4. 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 SpreadDynamic - 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 RegulatorsBaFin, FCA, ASIC, DFSA, CySec, SCB, CMA.
MT4Yes
MT5Yes
cTraderYes
TradingViewYes
Proprietary PlatformNo

Pepperstone holds 7 financial licenses from which 4 belong to high value financial regulators (including ASIC). Their specialty is providing a multi-platform environment with industry leading spreads.

The GoodThe 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 prides themselves on providing trade execution below 30ms along with MetaTrader 5 and several other platforms. Their commission structure is amongst the most competitive in the industry, especially for traders looking for RAW spreads from 0 pips.

5. Eightcap - Best for beginners

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Your capital is at risk.

Eightcap is an Australian MT4 & 5 CFD broker founded in 2009 that specialises in currency, commodities, indices, stocks and cryptocurrency trading.

Key data
EUR/USD SpreadDynamic - From 0 to 1 Pip
Commissions

Depending on account type:

  • Standard account has no commissions but spreads start from 1 Pip
  • Raw account has a $3.5 commission per lot round turn but spreads start from 0 Pips
Minimum Deposit$100
Financial RegulatorsASIC, SCB.
MT4Yes
MT5Yes
cTraderNo
TradingViewYes
Proprietary PlatformNo

Eightcap holds 2 financial licenses (ASIC and SCB). They are a well established brand operating since 2009 with their specialty being currency trading.

The GoodThe Bad
  • Low spreads offered in their raw account
  • Wide variety of cryptocurrency pairs with low spreads
  • Asset offering is low when compared to similar brokers
  • Standard account spreads are relatively high (from 1 pip)
  • All assets are CFDs, there is no ability to buy real shares

Eightcap's account offering is quite simple and straightforward: a standard account with no commissions and spreads starting from 1 Pip or a RAW account with commissions from $3.5 per lot.

Their customer portal is simple and they don't have much features to get lost with making them a great option for beginners.

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