Compare Brokers

Vs.

Brokers

5 Best Australian MetaTrader 5 (MT5) Brokers List

By Stefano Treviso , Updated on: Sep 12 2022.

Here’s our selection of the 5 Best Australian MetaTrader 5 (MT5) brokers for the year 2022:

Broker Reason
Pepperstone Best overall choice
IC Markets Best in competitive commissions
FP Markets Best in most assets offered
Blueberry Markets
Best for beginners
Oanda Best in most trusted regulatory framework

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. Pepperstone - Best overall choice

Visit

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
Total Asset Offering1650
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 Regulators
  • BaFin (Germany)
  • FCA (UK)
  • ASIC (Australia)
  • DFSA (United Arab Emirates)
  • CySec (Cyprus)
  • SCB (Bahamas)
  • CMA (Kenya)
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.

2. IC Markets - Best in competitive commissions

Visit

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
Total Asset Offering1800
EUR/USD SpreadDynamic - 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 (Australia)
  • CySec (Cyprus)
  • FSA (Seychelles)
MT4Yes
MT5Yes
cTraderYes
TradingViewNo
Proprietary PlatformNo

IC Markets holds 3 financial licenses from which only 1 belongs to a high value regulator (ASIC). Their biggest selling points are providing a multi-platform environment along with competitive spreads and commissions.

The GoodThe 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 has a similar offering to Pepperstone. The main difference between both is that IC Markets has a larger number of stocks and doesn’t provide ETFs whereas Pepperstone does provide ETFs and has a better Regulatory framework.

Ultimately the choice boils down to what is more important for you. If regulation is your priority you may be served better with a different choice. If having a larger number of stocks with a low commission Metatrader 5 broker is more important, IC Markets can be a great fit.

3. FP Markets - Best in most assets offered

Visit

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
Total Asset Offering10500
EUR/USD SpreadDynamic - From 0 to 1.2 Pips
Commissions

Commissions vary as follows:

  • Standard account has none
  • Raw account has a $3 per lot commission
  • For IRESS accounts there are various commission structures ranging from 0.1% to 0.08% with a minimum $10 charge.
Minimum Deposit$100
Financial Regulators
  • ASIC (Australia)
  • CySec (Cyprus)
  • FSA (St. Vincent and the Grenadines)
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
  • Customisable or removable leverage
  • Broad asset offering (10,000 +)
  • Competitive forex commissions
  • 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. Blueberry Markets - Best for beginners

Visit

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
Total Asset Offering300
EUR/USD SpreadDynamic - From 0.1 Pips to 1 Pip
Commissions

Yes, 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 (Australia)
  • SCB (Bahamas)
MT4Yes
MT5Yes
cTraderNo
TradingViewNo
Proprietary PlatformNo

Blueberry Markets holds 2 financial licenses (ASIC and SCB). They are a relatively new brand (operating since 2015) and they specialise in currency trading.

The GoodThe 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

Their offer is quite simple and easy to understand. Either don’t pay commissions and access a competitive spread in currency pairs or pay a low commission to trade with spreads from 0 pips.

One of the biggest advantages of Blueberry Markets is that they specialise in providing great customer care and friendly educational resources so if you’re getting started on MetaTrader 5 and you’re looking for a great option to test and learn, they can be a great fit for you.

5. Oanda - Best in most trusted regulatory framework

Visit

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
Total Asset Offering100
EUR/USD SpreadDynamic - From 0.8 Pips
Commissions

No, but they do charge currency conversion fees. If your account base currency is GBP and you trade the EUR/USD pair, you'll be paying a conversion fee.

Minimum Deposit$, €, £, - 0.
Financial Regulators
  • CFTC (U.S)
  • NFA (U.S)
  • ASIC (Australia)
  • FCA (UK)
  • MAS (Singapore)
  • IIROC (Canada)
  • FFAJ (Japan)
  • BVI (British Virgin Islands)
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.

Related Content