Since 2012 we have reviewed and traded with over 180 Forex brokers in Australia. Though still not as popular as MT4, MT5 is supported by many brokers, giving traders a wider trading platform choice. The FX Scouts team of trading experts are frequently cited in international and local media. Find out more about us here.
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MetaTrader 5 (MT5) is the most recent version of the MetaTrader Forex trading platform and the first to have native multi-asset functionality for stocks, futures, and crypto. Traders will also be looking to use the expanded set of indicators and run improved MQL5 scripts to enable automated trading. The previous version of MetaTrader (MT4) is being gradually phased out, so it’s a good time to try out this new, more advanced trading platform.
Many traders are drawn to MT5 because of the wide range of CFDs to trade, but to find the best MT5 brokers, we also compared trading costs, execution speed, and the number of Forex pairs available. For many beginners, MT5 will be their first trading platform, so we also tested the quality of the brokers’ technical customer support and the quality of their education. Last but not least, we ensured that all brokers on this list were fully regulated to ensure trader safety.
According to our testing and our research, these are the best MT5 brokers in Australia for 2023.
Broker | Overall Rating | Official Site | Min. Deposit | Max. Leverage (Forex) | MetaTrader 5 (MT5) | Beginner Friendly | Cost of Trading | EUR/USD - Standard Spread | EUR/USD - Raw Spread | Regulated By | Total CFDs | Currency Pairs | Compare |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
 | 4.30 /5 Read Review | Visit Broker > 79% of retail CFD accounts lose money | AUD 100 | 30:1 | Yes | Excellent | USD 7 | 0.10 pips | 0.10 pips |    | 10162 | 70 | |
 | 4.61 /5 Read Review | Visit Broker > 75.8% of retail CFD accounts lose money | AUD 100 | 30:1 | Yes | Excellent | USD 6 | 0.60 pips | 0.17 pips |      | 1245 | 70 | |
 | 4.36 /5 Read Review | Visit Broker > 77% of retail CFD accounts lose money | AUD 200 | 30:1 | Yes | Excellent | USD 8 | 0.10 pips | 0.02 pips |  | 1744 | 64 | |
 | 4.35 /5 Read Review | Visit Broker > 77.37% of retail CFD accounts lose money | AUD 5 | 30:1 | Yes | Excellent | USD 7 | 0.70 pips | 1.00 pips |  | 1510 | 57 | |
 | 4.08 /5 Read Review | Visit Broker > N/A of retail CFD accounts lose money | AUD 50 | 30:1 | Yes | Standard | USD 10 | 1.00 pips | 0.30 pips |  | 2489 | 63 | |
 | 4.58 /5 Read Review | Visit Broker > 70.3% of retail CFD accounts lose money | AUD 100 | 30:1 | Yes | Excellent | USD 7 | 0.70 pips | 0.60 pips |  | 2206 | 67 | |
 | 4.18 /5 Read Review | Visit Broker > 76% of retail CFD accounts lose money | AUD 100 | 30:1 | Yes | Excellent | USD 8 | 0.80 pips | 0.80 pips |  | 3830 | 50 | |
 | 4.33 /5 Read Review | Visit Broker > 89% of retail CFD accounts lose money | USD 0 | 30:1 | Yes | Excellent | USD 4.50 | 0 pips | 0 pips | | 252 | 85 | |
 | 4.49 /5 Read Review | Visit Broker > 76% of retail CFD accounts lose money | AUD 100 | 30:1 | Yes | Excellent | USD 9 | 0.90 pips | 0.90 pips |    | 872 | 55 |
The newer of the two MetaQuotes platforms, MT5 has an updated user interface and additional functionality for clients who want to trade centralised markets and take advantage of updated features and programming languages.
Regulation: Regulation is needed to ensure your trading funds are safe and that the broker’s trading desk is not manipulating your trades. Although multiple regulators can regulate a broker, a trader should always know which regulator is overseeing your account, as only one regulator will be responsible for your trading account.
Assets available: One of the main attractions of MT5 is the expanded amount of tradable assets. Research each broker to see who has the most tradable assets and in what classes. Having a wide range of assets means a wide range of trading opportunities. If you plan on mainly trading FX, always check the number of FX pairs your broker has available.
Trading costs: Trading costs, which include spread and commission fees, will vary with each broker. The lower the total trading cost, the more profit a client can make from each trade. Each trading account can also have different trading conditions, so research trading costs on the MT5 accounts are part of your comparison.
Fee structure: While most of the best-regulated brokers will have very few additional fees, additional fees will occasionally emerge. These fees are usually inactivity fees, withdrawal fees, or charges connected with special account types like Islamic accounts.
Trade execution: Trading venue and execution speed are important components of any MT5 trading experience. The trading venue will conclude if your broker is acting as counter-party to your trade or if your broker has found you a counter-party through its network. The trade execution speed will indicate how much slippage you should expect between when you open your position and when it is opened on the market.
Hedging: MT5 does not allow for hedging as standard, so check with your broker to see if they can enable it.
Customer service: A simple check, but check the opening hours for customer service. It is good to know when customer service is available to take your call and resolve issues promptly.
FP Markets is a leading ASIC-regulated broker, providing tight spreads on its two MT5 accounts and access to Forex, shares, commodities, indices, and crypto pairs. A standard commission-free account is available alongside the RAW Account, with spreads starting at 0 pips for a 3 USD commission per lot. Minimum deposit on both accounts is 100 AUD.
FP Markets MT5 support allows hedging, scalping and automated trading and the broker’s ECN pricing model allows for fast execution using its network of liquidity providers and Equinix NYC servers.
Relative to other Forex brokers, FP Markets invests in new traders with award-winning customer service, dedicated account managers and a rich education section, which includes daily email updates of the latest financial news impacting the currency markets.
Accepts Australian Clients. Average spread EUR/USD 0.10 pips with 6 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5, cTrader & IRESS platforms supported. FP Markets is regulated by CySEC and ASIC.Pepperstone is an Australian ECN broker with two simple accounts, ASIC regulation and full support for MT5, including hedging and share trading. Most orders are executed in less than 50 milliseconds, which is ideal for scalpers and clients who run MT5’s expert advisors.
Pepperstone offers two accounts, both with tight floating spreads and ECN execution. The Standard Account is commission-free and the average spread on the EUR/USD is 1.09 pips. The Razor Account charges a commission of 7 AUD round turn but the average spread on the EUR/USD is 0.09 pips – about as close as traders can get to true market prices as possible.
Pepperstone offers a package of Smart Trader Tools for MT5, a suite of 28 expert advisors and indicators to help improve trade execution and management. In addition, all MT5 users will get access to Autochartist – a powerful pattern recognition plugin that automatically identifies trading opportunities based on price trends.
Accepts Australian Clients. Average spread EUR/USD 0.60 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & cTrader platforms supported. Pepperstone is regulated by the FCA, ASIC, and the DFSA.IC Markets is rare amongst ECN brokers, as it provides a welcoming environment for beginner traders. IC Markets offers an archive of structured course material, detailed independent market analysis, and expert-led webinars. IC Markets also provides excellent 24/7 technical support for the MT5 platform and more general queries.
IC Markets offers two Raw Spread Accounts and a Standard Account, all with variable spreads, on the MT5 platform. The Raw Spread Accounts charge a small commission of 3.50 USD, but spreads are often down to 0 pips, averaging 0.1 pips on the EUR/USD pair. The Standard Account charges no commission but spreads start at 1 pip. IC Markets pricing relies on 25 different liquidity providers ensuring deep liquidity and some of the lowest spreads in the industry.
Accepts Australian Clients. Average spread EUR/USD 0.10 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & cTrader platforms supported. IC Markets is regulated by CySEC and ASIC.XM is a well-regulated market maker and with low minimum deposits, wide account choice, fast order execution and a good range of assets on both the MT4 and MT5 platforms. The XM Zero account offers spreads down to 0 pips and a commission of 3.50 AUD per lot. Hedging, scalping, and algorithmic trading are all permitted on MT5.
The MT5 demo account at XM is funded with a 100,000 USD virtual balance and is aimed at traders who want to trade more than just Forex. With over 1000 instruments available, traders will have access to stock CFDs, stock indices CFDs, CFDs on precious metals and CFDs on energies. The MT5 demo account also features a market depth indicator, hedging, and full EA functionality. XM’s demo account is not time-limited.
Leverage limitations apply to all the EU regulated entities of the group.Admirals has four accounts, two of which focus on the MT5 platform – Trade.MT5 and Zero.MT4. Both MT5 trading accounts have a 100 AUD minimum deposit, a variety of CFD products to trade, including 37 and 45 currency pairs, respectively and attractive trading conditions. The Trade.MT5 account has a minimum spread from 0.5 pips with no commission and the Zero.MT5 account has spreads from 0 pips with commission varying between 1.8 to 3.0 USD per lot. The cost of trading 1 lot of EUR/USD with the Zero.MT5 account is 5 USD round turn, which is at the lower end of what other brokers can offer.
Available for both demo and live accounts, MetaTrader Supreme, which is newly available for MT5, has advancements in technical analysis, improved trading widgets, the trader terminal, charts, and indicators that update the old standard versions of the software with both functionality and usability.
Accepts Australian Clients. Average spread EUR/USD 0.80 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & MT4 Supreme Edition platforms supported. Admiral Markets is regulated by ASIC, CySEC, and the FCA.Founded in 2017 in Melbourne, Fusion Markets is an ASIC-regulated broker with exceptionally low trading costs, MT5 support, and no minimum deposit requirements. Alongside an excellent range of market analysis materials, Fusion Markets also offers no less than three different copy-trading solutions.
Its own Fusion+ copy trading platform is only available in a proprietary trading platform, but it also offers Duplitrade and Myfxbook Autotrade – one of the largest Forex social trading communities in the world.
In terms of traditional trading, Fusion Markets is one of the lowest-cost brokers in the world. EUR/USD spreads start at 0 pips on its Zero Account with a very low commission of 4.5 AUD. The only drawbacks are a relatively limited number of CFDs (though 85 Forex pairs, many more than most brokers) and no education to speak of, so beginners will have to educate themselves elsewhere.
Accepts Australian Clients. Average spread EUR/USD 0 pips with 0 AUD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. Fusion Markets is regulated by ASIC, FSA (Seychelles), & VFSC.Released in 2010, MetaTrader 5 (MT5) is the latest version of the market-leading MetaTrader trading software.
Much like MT4, MT5 allows traders to access the Forex market via a broker, but it also provides additional access to CFDs, stocks and futures. This also means that it is a more valuable asset for brokers as it allows them to reach a broader base of clientele – this has resulted in a noticeable uptick in the number of brokers supporting MT5, sometimes replacing their support for MT4 altogether.
MT5 comes with a new script-writing language, MQL5, which is much more efficient than MQL4, if harder to learn for beginners.
Though the interface is similar to MT4, MT5 has more advanced charting tools, including 12 more timeframes and more built-in technical indicators.
MT5 also allows for an unlimited amount of charts to be used, shows Depth of Market and has a built-in Economic Calendar. It also has a larger number of pending order types than MT4 and features an embedded chat system.
Pros:
Cons:
MT5 has grown in popularity recently in response to higher demand for multi-asset trading and is now supported by a number of the better brokers.
The answer to this question depends on what you want from your platform and your previous trading experience.
If you want to trade other CFDs as well as Forex but want to have a standalone client then MT5 is a good choice. If you only want to trade Forex on a simpler platform, then it’s a good idea to start with MT4.
If you already have some experience with MT4 and are thinking of switching, it really depends on your reasons why. The only significant reason I can think of for switching to MT5 is if you want to trade other markets. The significant reason for not switching is that programmes written for MT4 will not run in MT5, so you will lose all your EAs, indicators and automated scripts in the transition.
The big question is how much longer MT4 is going to be supported by the big brokers. It is unquestionably the industry standard at present and recent upgrades to the MQL4 language have made it almost as easy and efficient as MQL5 to create automated trading scripts.
That said, more brokers are offering MT5 all the time and some have chosen to only support MT5 from now on – if you are just starting out trading there is something to be said for getting used to MT5 before it starts overtaking its older sibling, which has already started happening.
Here is our list of all ASIC regulated broker which support MT5 that we have reviewed. They are ordered by overall score, with the highest scoring first in the list.
Broker | Overall Rating | Trading Platforms | ASIC Regulated | ASIC License | Regulators | Min. Deposit | Cost of Trading | Max Leverage (Forex) | No. of FX Pairs | Trading Commission | Compare |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 4.61 /5 Read Review | MT4, MT5, cTrader | Yes | 414530 | | AUD 100 | USD 6 | 30:1 | 70 | From 7 USD / lot - Razor Account | |
| 4.58 /5 Read Review | MT4, MT5 | Yes | 424008 | | AUD 100 | USD 7 | 30:1 | 67 | Fees Included in Spread | |
| 4.49 /5 Read Review | MT4, MT5, Avatrade Social, AvaOptions | Yes | 406684 | | AUD 100 | USD 9 | 30:1 | 55 | Fees Included in Spread | |
| 4.36 /5 Read Review | MT4, MT5, cTrader | Yes | 335692 | | AUD 200 | USD 8 | 30:1 | 64 | 7 USD / lot - Raw Spread Account | |
 | 4.35 /5 Read Review | MT4, MT5, ProTrader | Yes | 428901 |  | AUD 50 | USD 6 | 30:1 | 46 | 6 USD / lot - ECN Account | |
| 4.35 /5 Read Review | MT4, MT5 | Yes | 443670 | | AUD 5 | USD 7 | 30:1 | 57 | 7 USD / lot - XM Zero Account | |
| 4.33 /5 Read Review | MT4, MT5 | Yes | 226199 | | USD 0 | USD 4.50 | 30:1 | 85 | 4.5 AUD / lot (EUR/USD) | |
| 4.30 /5 Read Review | MT4, MT5, cTrader, IRESS | Yes | 286354 | | AUD 100 | USD 7 | 30:1 | 70 | 6 USD / lot - RAW Accounts | |
 | 4.25 /5 Read Review | MT4, MT5 | Yes | 412981 |  | USD 0 | USD 10 | 30:1 | 45 | 4 USD / lot | |
 | 4.23 /5 Read Review | MT4, MT5 | Yes | 426359 | | AUD 50 | USD 7 | 30:1 | 37 | 6 USD / lot - ECN Account | |
| 4.18 /5 Read Review | MT4, MT5, MT Supreme | Yes | 410681 | | AUD 100 | USD 8 | 30:1 | 50 | 1.8 - 3 USD per lot | |
 | 4.18 /5 Read Review | MT4, MT5, ThinkTrader | Yes | 424700 | | AUD 0 | USD 12 | 30:1 | 46 | 7 USD / lot - ThinkZero Account | |
 | 4.13 /5 Read Review | MT4, MT5 | Yes | 391441 |  | AUD 100 | USD 7 | 30:1 | 45 | 7 USD / lot | |
 | 4.09 /5 Read Review | MT4, MT5, TraderEvolution | Yes | 385620 | | AUD 200 | USD 8 | 30:1 | 49 | 7 USD / lot | |
| 4.08 /5 Read Review | MT4, MT5 | Yes | 403863 | | AUD 50 | USD 10 | 30:1 | 63 | Fees Included in Spread | |
 | 3.92 /5 Read Review | MT4, MT5 | Yes | 246566 | | AUD 200 | USD 18 | 30:1 | 63 | Fees Included in Spread | |
 | 3.87 /5 Read Review | MT4, MT5, cTrader | Yes | 416279 | | AUD 50 | USD 14 | 30:1 | 50 | 3 USD / lot | |
 | 3.70 /5 Read Review | MT5, Sirix | Yes | 439907 |  | AUD 500 | USD 40 | 30:1 | 48 | Fees Included in Spread | |
 | 3.63 /5 Read Review | MT4, MT5 | Yes |  | USD 100 | USD 12 | 500:1 | 130 | Fees Included in Spread |
MT5 will eventually overtake MT4 as the industry standard (unless one of the MetaQuotes competitors get there first) it’s just a matter of when.
The fact that MT5 is more feature-complete, supports trading across all financial markets, and allows for advanced script testing makes it very appealing to both brokers and traders. Allowing hedging for non-US users was a removal of a major obstacle to widespread support for MT5.
The only remaining problem is the lack of backwards compatibility with MT4 robots and EAs – and this is a problem that is never going to go away.
If you use MT4 and you love it, stick with it as it’s going to remain the gold standard for some time yet – unless you want to trade other financial markets. If you are new to trading it’s worth considering going straight to MT5.
Trading Forex and CFDs is not suitable for all investors as it carries a high degree of risk to your capital: 75-90% of retail investors lose money trading these products.
Forex and CFD transactions involve high risk due to the following factors: Over-leveraging, unpredictable market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection for clients.
Traders should not deposit any money that is not disposable. Regardless of how much research you have done, or how confident you are in your trade, there is always a substantial risk of loss. (Learn more from the FCA or from ASIC)
Our State of the Market Report and Broker Directory are the result of extensive research on over 180 Forex brokers. The explicit goal of these resources is to help traders find the best Forex brokers – and steer them away from the worst ones – with the benefit of accurate and up-to-date information.
With over 200 data points on each broker and over 3000 hours of research and review writing, we believe we have succeeded in our goal.
In a world where trading conditions and customer support can vary based on where you live, our broker reviews focus on the local trader and give you information about these brokers from your perspective.
All research has been conducted by our in-house team of researchers and writers, gathering information from various company representatives, websites and by sifting through the fine print. Learn more about how we rank brokers.
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