By Chris Cammack Updated: May 27, 2020

MetaTrader 5 (MT5) is the most recent version of the industry-standard MetaTrader Forex trading platform, and the first make use of multi-asset functionality for stocks, futures and Forex trading.  Though still not as popular as the previous MT4 version, MT5 is supported by a growing number of brokers, giving traders a wider choice of trading platform.

These are best MT5 brokers available in Australia. Preference has been given to those who support beginners, have responsible trading conditions and regulation from top international agencies.

By Chris Cammack Updated: May 27, 2020
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  • Broker
    FP Markets

    FP Markets  - Best MT5 Broker

    REGULATED BY
    ASIC ASIC
    CySEC CySEC
    Trading Desk Type
    Minimum Deposit
    AUD 100
    Trading Conditions
    Trading Platforms
    • MT4
    • MT5
    • IRESS

    FP Markets is a leading ASIC-regulated STP broker, providing tight spreads on their RAW account, coupled with the choice of MT4, MT5 and IRESS trading platforms. A standard commission-free account is available for entry-level traders looking for a lower minimum deposit.

    Relative to other Forex brokers, FP Markets has made a serious investment in new traders with award-winning customer service and a lightweight education section, which includes daily email updates of the latest financial news impacting the currency markets.

    • Well regulated
    • Tight spreads
    • Good range of accounts
    • Great customer support
    • Expensive withdrawals
    AccountSpread FromCommissionExecutionMin. Deposit
    Standard IRESSN/A pips$10 AUD min, then 0.1%STPAUD 1,000 Account Details
    Platinum IRESSN/A pips$9 AUD min, then 0.09%STPAUD 25,000 Account Details
    Premier IRESSN/A pipsNo min, then 0.08%STPAUD 50,000 Account Details
    RAW0.0 pips$3.50STPAUD 100 Account Details
    Standard1.0 pipsNoneSTPAUD 100 Account Details
  • Broker
    IG Markets

    IG Markets  - Best Overall Broker

    REGULATED BY
    FCA FCA
    ASIC ASIC
    FSCA FSCA
    Trading Desk Type
    Minimum Deposit
    USD 250
    Trading Conditions
    Trading Platforms
    • MT4

    If you're a beginner Forex trader, you can't find a much better broker than IG Markets. Despite being a market-maker with a single account, IG is one of our highest rated brokers for good reason. Spreads are very tight considering the low minimum deposit and the educational support and market analysis are probably the best in the industry. A wide choice of platform (including MT4) is also available and customer service is world-class.

    All of this is coupled with regulation from the FCA and ASIC and a long history of satisfied clients. As the winner of the Broker of the Year 2018 (UK Forex Awards) and Best CFD Provider 2017 (Investment and Wealth Management Awards), IG Markets is an attractive choice for both beginner and experienced traders.

    • Well regulated
    • Tight spreads
    • Great platform choice
    • Excellent education
    • Excellent market analysis
    • High minimum deposit
    AccountSpread FromCommissionExecutionMin. Deposit
    Live Account0.6 pipsNoneInstantUSD 250 Account Details
    Spread Betting0.6 pipsNoneInstantUSD 250 Account Details
  • Broker
    Pepperstone

    Pepperstone  - Most Trusted Broker

    REGULATED BY
    FCA FCA
    ASIC ASIC
    Trading Desk Type
    Minimum Deposit
    AUD 100
    Trading Conditions
    Trading Platforms
    • MT4
    • MT5
    • cTrader

    Pepperstone is a renowned Australian Forex broker, fully-regulated by ASIC and popular worldwide for its fast ECN execution of trades, tight spreads and a wide choice of trading platforms. Award-winning 24-hour support anchors their customer support, where a personalised service for individual customers is available through numerous channels.

    Founded in 2010, Pepperstone won the fastest-growing company award (2014) in Australia, from BRW Magazine and emerged as the 2014 Winner of the Governor of Victoria Export Awards cementing their reputation as a strong newcomer with well-appreciated trading conditions.

    • Well regulated
    • Tight spreads
    • Great platform choice
    • Wide range of assets
    • High minimum deposit
    • Limited market analysis
    AccountSpread FromCommissionExecutionMin. Deposit
    Razor0.0 pipsAUD$ 7ECNUSD 200 Account Details
    Standard1.0 pipsNoneECNUSD 200 Account Details
    Swap-free1.0 pipsNoneECNUSD 200 Account Details
  • Broker
    XM

    XM  - Best Trading Conditions

    REGULATED BY
    CySEC CySEC
    ASIC ASIC
    IFSC IFSC
    Trading Desk Type
    Minimum Deposit
    AUD 5
    Trading Conditions
    Trading Platforms
    • MT4
    • MT5

    XM Group lets traders deposit as little as $5 to open an account; offers 500:1 leverage, and has a generous bonus scheme for new accounts.  Fully regulated by ASIC, CySEC and the FCA, XM Group offers accounts to suit most traders including those interested in tight spreads and automated trading.

    XM Group partners with investment-grade banks and uses segregated accounts to ensure security, your personal account manager ensures your satisfaction, and customer service is available 24/5, via live chat, email and in 30 languages.

    • Well regulated
    • Excellent education
    • Wide range of assets
    • Fast and free withdrawals
    • Dealing desk
    AccountSpread FromCommissionExecutionMin. Deposit
    Micro1.0 pipsNoneInstantUSD 5 Account Details
    Standard1.0 pipsNoneInstantUSD 5 Account Details
    XM Ultra Low0.6 pipsNoneInstantUSD 50 Account Details
    XM Zero0.6 pips$7.00InstantUSD 100 Account Details
  • Broker
    FxPro

    FxPro  - Most Assets Available

    REGULATED BY
    FCA FCA
    CySEC CySEC
    FSCA FSCA
    DFSA DFSA
    SCB SCB
    Trading Desk Type
    Minimum Deposit
    AUD 100
    Trading Conditions
    Trading Platforms
    • MT4
    • MT5
    • cTrader
    • FxProEdge

    With a low minimum deposit, no dealing desk execution across the three most popular platforms and tough regulation from CySEC and the FCA, FxPro has proved to be an industry leader for some time.  FxPro delivers trading in commodities, metals, and shares as well as Forex and offers a beginner-friendly education library and daily market analysis.

    Since its founding in 2006, FxPro has won more than 55 awards for best broker, best service, best tools, and best trading platform and has cemented its place the top tier of global Forex brokers.

    • Well regulated
    • Great platform choice
    • Tight spreads
    • Limited education
    AccountSpread FromCommissionExecutionMin. Deposit
    FxPro cTrader0.45 pips$4.50MarketUSD 100 Account Details
    FxPro MT41.2 pipsNoneMarketUSD 100 Account Details
    FxPro MT51.52 pipsNoneMarketUSD 100 Account Details
    Islamic1.2 pipsVariableMarketUSD 100 Account Details
  • Broker
    Admiral Markets

    Admiral Markets  - Best Education

    REGULATED BY
    ASIC ASIC
    CySEC CySEC
    FCA FCA
    Trading Desk Type
    Minimum Deposit
    AUD 100
    Trading Conditions
    Trading Platforms
    • MT4
    • MT5
    • MT Supreme

    Founded in 2001, Admiral Markets offers reliability, market leadership and simple modern trading. A global presence, a large Australian and international client base, flexible trading accounts, competitive trading conditions, and peerless educational material have attracted both beginner and experienced traders to the brand.

    • Well regulated
    • Excellent education
    • Wide range of assets
    • Expensive withdrawals
    AccountSpread FromCommissionExecutionMin. Deposit
    Trade.MT40.5 pipsNoneMarketUSD 100 Account Details
    Trade.MT50.5 pipsNoneMarketUSD 100 Account Details
    Zero.MT40.0 pips$1.8-$3.0MarketUSD 100 Account Details
    Zero.MT50.0 pips$1.8-$3.0MarketUSD 100 Account Details
  • Broker
    IC Markets

    IC Markets  - Most Trusted Broker

    REGULATED BY
    CySEC CySEC
    ASIC ASIC
    Trading Desk Type
    Minimum Deposit
    AUD 200
    Trading Conditions
    Trading Platforms
    • MT4
    • MT5
    • cTrader

    IC Markets presents itself as the best and largest true ECN broker. ASIC regulated and with support for MT4, MT5 and cTrader, IC Markets is highly recommended to both new and experienced traders looking for faster execution and tighter spreads.

    Beginner traders will find the IC Markets account structure uncomplicated and the company understands customer retention involves a combination of tighter spreads, cutting edge technology, fast trade execution and top quality customer service.

    Headquartered in downtown Sydney, IC Markets represents the best of highly-reputable and competitive Australian brokers.

    • Well regulated
    • Tight spreads
    • Wide range of assets
    • Great platform choice
    • High minimum deposit
    • Limited market analysis
    AccountSpread FromCommissionExecutionMin. Deposit
    RAW - cTrader0.0 pips$3.00MarketUSD 200 Account Details
    RAW - MetaTrader0.0 pips$3.50MarketUSD 200 Account Details
    Standard - MetaTrader1.0 pipsNoneMarketUSD 200 Account Details
  • REGULATED BY
    CySEC CySEC
    ASIC ASIC
    FSCA FSCA
    Trading Desk Type
    Minimum Deposit
    AUD 250
    Trading Conditions
    Trading Platforms
    • MT4
    • MT5

    Markets.com is a global playing the Forex market and has strong brand recognition. With strong International regulation and feedback from the industry, they have built a client base of over 5 million accounts since 2010.  The trading conditions are reasonable for Markets.com being a market maker, and it was a positive step to see this broker adopt the MetaTrader suite of tools.  We recommend Markets.com as traders enjoy trading with them. They are a broker to set up a serious trading account on trusted software and regulation.

    • Well regulated
    • Tight spreads
    • Wide range of assets
    • Fast and free withdrawals
    • High minimum deposit
    AccountSpread FromCommissionExecutionMin. Deposit
    Live0.9 pipsNoneInstantUSD 100 Account Details
  • Broker
    REGULATED BY
    CySEC CySEC
    Trading Desk Type
    Minimum Deposit
    USD 50
    Trading Conditions
    Trading Platforms
    • MT4
    • MT5
    • cTrader

    OctaFX is an STP broker founded in 2011 that will appeal to all Forex traders, both beginners and professionals.  They have an excellent analytical section and offer a range of useful trading tools such as AutoChartist, copy trading, and an account monitoring service so you can learn anonymously from other successful traders.

    Trader education for beginners is well-presented and platform support is almost unbeatable, with MT4, MT5 and cTrader all offered - but platforms are linked to account type and trading conditions.

    • Great platform choice
    • Fast and free withdrawals
    • Copy trading accounts
    • Limited education
    • Restrictive account types
    AccountSpread FromCommissionExecutionMin. Deposit
    cTrader ECN pips$3.00MarketUSD 100 Account Details
    MT4 Micro0.4 pipsNoneMarketUSD 100 Account Details
    MT5 Pro0.2 pipsNoneMarketUSD 500 Account Details
  • Broker
    BDSwiss

    BDSwiss  - Best Trading Conditions

    REGULATED BY
    CySEC CySEC
    FSC FSC
    Trading Desk Type
    Minimum Deposit
    USD 100
    Trading Conditions
    Trading Platforms
    • MT4
    • MT5

    BDSwiss is a respected broker with a strong focus on educating traders - as such its education and analysis material is excellent, including webinars, video courses and insightful market news. Also known as an innovator in the industry, BDSwiss recently launched a subscription-based Raw Spread Account, offering very tight spreads and no commission for a small monthly payment.

    MT4 and MT5 are both supported and more experienced traders will also find a lot to like with the Black Account, including free AutoChartist and one-on-one support.

    • Tight spreads
    • Good for beginners
    • Wide range of assets
    • Expensive withdrawals
    • Limited market analysis
    AccountSpread FromCommissionExecutionMin. Deposit
    Basic1.5 pipsNoneInstantUSD 100 Account Details
    RAW Spread0.0 pipsNoneInstantUSD 200 Account Details
    Black1.1 pipsNoneInstantUSD 10000 Account Details

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What is MT5

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.

MT5 Pros and Cons

Pros:

  • Unlike MT4, MT5 allows users to trade centralised markets – such as indices, stocks and commodities.
  • MT5 is more feature complete and comes with an Economic Calendar, Depth of Market indicator, embedded chat function, unlimited chart windows, 80 built-in indicators and 12 more time-frames than MT4.
  • MT5’s new scripting language (MQL5) is a more efficient language and features a powerful built-in script tester.

Cons:

  • MT5 does not allow for hedging as standard, you will need to request it to be enabled from your broker.
  • MT5 scripts are not backwards compatible with MT4 – so anyone making the transition will lose all their EAs, etc.
  • MT5 is a more complex platform than MT4.

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.

Should I use MT5?

The answer to this question depends on what you want from your platform and your previous trading experience. 

If you are going to be trading more than Forex but want to have a standalone client then MT5 is a good platform. If you are only looking to trade Forex and want a simpler, more user-friendly platform, then it may be 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.

Conclusion

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.

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