5 Best Australian MetaTrader 5 (MT5) Brokers List

By Stefano Treviso, Updated on: Aug 21 2023.

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
FP Markets	Best in most asset variety
Pepperstone	Best overall choice
BlackBull Markets	Best in most stocks offered
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 Spread	Dynamic - From 0.8 Pips
Commissions	None
Minimum Deposit	0
Financial Regulators	CFTC, NFA, ASIC, FCA, MAS, IIROC, FFAJ, BVI.
MT4	Yes
MT5	Yes
cTrader	No
TradingView	Yes
Proprietary Platform	Yes

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 Good	The 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. 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 value regulator (ASIC). Their specialty was crafting an interesting asset offering via MetaTrader for Australian traders.

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 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.

3. 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 value financial regulators (including ASIC). Their specialty is providing a multi-platform environment with industry leading spreads.

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 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.

4. 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 Spread	From 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 Deposit	From $50 to $2,000
Financial Regulators	FMA, FSAS.
MT4	Yes
MT5	Yes
cTrader	No
TradingView	Yes
Proprietary Platform	Yes

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 Good	The 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.

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 Spread	Dynamic - 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 Regulators	ASIC, SCB.
MT4	Yes
MT5	Yes
cTrader	No
TradingView	Yes
Proprietary Platform	No

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

The Good	The 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.