By Jeffrey Cammack Author Information Updated: June 30, 2020

Metatrader 4 (MT4) is the most popular Forex trading software and is supported by most Forex brokers. While MT5 is gradually replacing it, MT4 is still widely recognised for its trade execution speeds and comprehensive brilliance.

The launch of MT4 in 2005 changed the retail Forex industry almost overnight, it offered Forex traders an institutional-grade tool and put anyone with an internet connection on equal footing with professional Forex traders. 15 years later, MT4 is still the industry standard for several reasons:

In terms of execution speed, MT4 is the lowest-latency platform available, it is also hugely customisable. MQL4, MT4’s freely available scripting language, allows users to build or buy expert advisors (EAs), indicators, and other algorithmic trading tools. MT4 also comes complete with a cutting-edge charting suite offering market charts across multiple timeframes overlaid with indicators from MT4’s library.

MT4’s algorithms and customisable charts allow retail traders to analyse market movements with precision and speed. Trades based on this analysis can then be made in an instant due to the platform’s execution speed. MT4 is available on mobile, tablet, in a web browser and as a downloadable application. This versatility only cements its position and the world’s leading trading platform.

As most brokers offer MT4, we encourage traders to compare Forex brokers by other metrics that relate to your needs as a trader.  This includes comparing trading conditions, regulation, education material, withdrawal terms and fees, and customer service. 

Using these metrics as a guide, our experts created a shortlist of the top MT4 brokers in Australia in 2020.

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  • Broker
    FP Markets

    FP Markets  - Best MT4 Broker

    REGULATED BY
    ASIC ASIC
    CySEC CySEC
    Trading Desk Type
    Trading Conditions
    11110.5
    Minimum Deposit
    AUD 100
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    FP Markets offers MT4 to all traders and has the educational material and customer support to help new traders set up with the software. Since MT4 is only the core trading platform, FP Markets offers additional technical indicators, advanced charts, news feeds and EAs to make the package more comprehensive.

    RAW accounts with Direct Market Access and competitive trading conditions, the support for MT4 and additional platforms, quality customer service and strong regulation make FP Markets one of the leading MT4 brokers.

    Pros

    • Well regulated
    • Tight spreads
    • Good range of accounts
    • Great customer support

    Cons

    • 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
    Trading Conditions
    11110.5
    Minimum Deposit
    USD 250
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    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.

    Pros

    • Well regulated
    • Tight spreads
    • Great platform choice
    • Excellent education
    • Excellent market analysis

    Cons

    • 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
    DFSA DFSA
    Trading Desk Type
    Trading Conditions
    11110.5
    Minimum Deposit
    AUD 100
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    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.

    Pros

    • Well regulated
    • Tight spreads
    • Great platform choice
    • Wide range of assets

    Cons

    • 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
    MarketsX

    MarketsX  - Most Assets Available

    REGULATED BY
    CySEC CySEC
    ASIC ASIC
    FSCA FSCA
    Trading Desk Type
    Trading Conditions
    11110.5
    Minimum Deposit
    AUD 250
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    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.

    Pros

    • Well regulated
    • Tight spreads
    • Wide range of assets
    • Fast and free withdrawals

    Cons

    • High minimum deposit
    AccountSpread FromCommissionExecutionMin. Deposit
    Live0.9 pipsNoneInstantUSD 100 Account Details
  • Broker
    AvaTrade

    AvaTrade  - Best Trading Conditions

    REGULATED BY
    ASIC ASIC
    FSCA FSCA
    B.V.I FSC B.V.I FSC
    FSA FSA
    Trading Desk Type
    Trading Conditions
    11111
    Minimum Deposit
    AUD 100
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    Hugely respected worldwide, AvaTrade is one of the largest and best value brokers in the Forex industry. AvaTrade has built its reputation on providing a secure and innovative trading environment for beginner traders; it continues to add to that reputation with the recent addition of AvaProtect - an automated loss-protection tool - to its product lineup.

    With support for the leading trading platforms and top-quality multilingual support, AvaTrade offers trading in Forex, commodities, cryptocurrencies, exchange-traded funds, options, bonds, and equities.

    Pros

    • Good for beginners
    • Well regulated
    • Low minimum deposit

    Cons

    • Dealing desk
    • Limited education
    AccountSpread FromCommissionExecutionMin. Deposit
    Islamic1.2 pipsNoneInstantUSD 100 Account Details
    Professional0.9 pipsNoneInstantUSD 100 Account Details
    Retail0.9 pipsNoneInstantUSD 100 Account Details
  • Broker
    XM

    XM  - Best Education

    REGULATED BY
    CySEC CySEC
    ASIC ASIC
    IFSC IFSC
    Trading Desk Type
    Trading Conditions
    11110.5
    Minimum Deposit
    AUD 5
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    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.

    Pros

    • Well regulated
    • Excellent education
    • Wide range of assets
    • Fast and free withdrawals

    Cons

    • 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
    ThinkMarkets

    ThinkMarkets  - Best Education

    REGULATED BY
    FSCA FSCA
    FCA FCA
    ASIC ASIC
    Trading Desk Type
    Trading Conditions
    11100
    Minimum Deposit
    USD 5
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    ThinkMarkets is a very well-regulated ASIC-regulated broker and headquartered in Melbourne and London since 2010. It offers support for MT4, MT5 and its own ThinkTrader platform on two account types: One with a very low minimum deposit and the other a commission-based ECN account for more experienced traders.

    Education is well-structured and useful for beginners, though market analysis is mainly left to in-platform third parties. Customer support is excellent and provided locally and execution times are world-class, perfect for automated trading.

    Pros

    • Low minimum deposit
    • Well regulated
    • Great platform choice

    Cons

    • Limited market analysis
    • Non-transparent spreads
    AccountSpread FromCommissionExecutionMin. Deposit
    Standard0.4 pipsNoneMarketUSD 5 Account Details
    ThinkZero0.0 pips7 USDMarketUSD 500 Account Details
  • Broker
    CityIndex

    CityIndex  - Best Education

    REGULATED BY
    FCA FCA
    ASIC ASIC
    MAS MAS
    Trading Desk Type
    Trading Conditions
    11111
    Minimum Deposit
    AUD 50
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    City Index is a long-established and well-regulated market maker owned and operated by NYSE listed GAIN Capital.

    Offering tight spreads for a market maker, City Index also has a varied and excellent platform choice, including the powerful ATPro platform for more experienced traders. The education section is good for beginners and research and analysis is updated frequently across all asset classes available to trade. Overall, City Index is a good market maker broker and competitive with other traditional brokers in its class.

    Pros

    • Well regulated
    • Wide range of assets
    • Excellent market analysis

    Cons

    • Slow withdrawals
    • Limited demo account
    • Limited education
    AccountSpread FromCommissionExecutionMin. Deposit
    Standard0.5 pipsNoneInstantUSD 200 Account Details
    Premium0.5 pipsNoneInstantUSD 10000 Account Details
    Professional0.5 pipsNoneInstantUSD 500000+ Account Details
  • Broker
    Admiral Markets

    Admiral Markets  - Best Education

    REGULATED BY
    ASIC ASIC
    CySEC CySEC
    FCA FCA
    Trading Desk Type
    Trading Conditions
    11110
    Minimum Deposit
    AUD 100
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    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.

    Pros

    • Well regulated
    • Excellent education
    • Wide range of assets

    Cons

    • 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
  • REGULATED BY
    CySEC CySEC
    FCA FCA
    FSA-Seychelles FSA-Seychelles
    Trading Desk Type
    Trading Conditions
    11111
    Minimum Deposit
    USD 100
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    Built by traders, for traders, Tickmill offers low spreads and commission on both ECN and traditional accounts. All accounts feature ultra-fast STP execution (0.15s on average and no requotes) and support for the MT4 platform with all strategies allowed.

    Regulated by the FCA in the UK, CySEC in Europe, and the Seychelles FSA internationally - and a regular winner of trade execution and trading conditions awards - Tickmill also offers 80+ instruments to trade alongside dedicated multi-lingual support and negative balance protection.

    Pros

    • Tight spreads
    • Well regulated
    • Fast and free withdrawals
    • Wide range of assets

    Cons

    • MT4 only
    AccountSpread FromCommissionExecutionMin. Deposit
    Classic1.6 pipsNoneMarketUSD 100 Account Details
    Pro0.0 pipsVariableMarketUSD 100 Account Details
    VIP0.0 pipsVariableMarketUSD 50000 Account Details
  • Broker
    REGULATED BY
    FCA FCA
    CySEC CySEC
    FSCA FSCA
    DFSA DFSA
    SCB SCB
    Trading Desk Type
    Trading Conditions
    11110.5
    Minimum Deposit
    AUD 100
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    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.

    Pros

    • Well regulated
    • Great platform choice
    • Tight spreads

    Cons

    • 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
  • REGULATED BY
    CySEC CySEC
    ASIC ASIC
    Trading Desk Type
    Trading Conditions
    11110.5
    Minimum Deposit
    AUD 200
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    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.

    Pros

    • Well regulated
    • Tight spreads
    • Wide range of assets
    • Great platform choice

    Cons

    • 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

All Forex Brokers in Australia

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Open

Advantages of Choosing an MT4 Broker

MetaTrader 4 (MT4)  is the most widely used trading platform among retail traders and has been for over 15 years. Available on mobile, tablet, in a web browser and as a downloadable application, MT4’s versatility only cements its position as the world’s premier trading platform.

Before you decide on whether to use an MT4 broker we need to look at the advantages and disadvantages of the MT4 platform.

It’s Free!

Yes, a fairly obvious one here – but a critical point. The platform is completely free of charge. If it wasn’t, we probably would never have seen the growth in retail Forex trading in the 2000s and the industry would be a very different, and more restricted, space.

User-friendly Interface

While the user interface appears dated, the one-click trading, customisable layout, and advanced charting abilities all come together to provide a stable and personalised trading experience, allowing traders can focus on the trading and less on the application.

Advanced Charting Capabilities

MT4 charting capabilities allow traders to combine technical analysis and trade management from within the chart view. The advanced charting helps:

  • Reflect trader priorities and only display the information useful to formulating a trading decision.
  • Make decisions from multiple data sources or charts quickly.
  • Managing multiple accounts trading accounts simultaneously.

MT4 charts do have shortcomings, which have been upgraded on the MT5 platform. MT4 doesn’t allow traders to overlay data on charts, or do studies on top of studies which would help come to more advanced conclusions.

One-Click Trading

One-click trading is available in MT4, so that in fast-moving markets, traders can execute trading decisions quickly. By being able to buy and sell currency pairs with just one click, traders can potentially save time that they would otherwise have lost should they have been using a slower trade execution platform.

Stable Trading Platform

MT4 is the lowest-latency platform available but hosting locations can lead to different trade execution speeds depending on the Internet connection speed. MT4 can either be downloaded to a personal computer or the cloud on a VPS service, but a continuous and stable internet connection is required to ensure proper operation.

If you are going to host the MT4 software on your local machine, you will need to ensure fast connections to the MT4 server via a reliable ISP. Should the connection fail, a trader would not be able to manage open trades, and should the connection be slow the trade execution will be delayed and result in slippage.

As a platform, MT4 it is highly customisable. MT4 has built-in scripting tools allowing for users to build or buy expert advisors (EAs), indicators and other algorithmic trading tools. It is primarily due to the core of the MT4 platform being so well-built that these extensions are made possible, giving the trader full control of the experience, and thus maintaining the legacy of MT4 being the prime choice in trading software.

Portable

We don’t mean it’s available on your phone/tablet, though it certainly is that too. What we mean by portable in this case, is that once you download the platform to your computer, it is yours. If you switch broker, it goes with you. It can also support multiple brokers and multiple accounts from the same broker. As your trading goals and needs change, you can move freely between brokers without worrying about losing any customised changes you made to your version of the platform. And speaking of customisation, that brings us on neatly to…

Expert Advisers

Probably the most popular feature of this platform is its ability to support user-defined Expert Advisors (EAs). Algorithms written in the MQL4 script, EAs are user-defined trading tools that allow traders to automate their trades within set parameters.

Nearly 2000 EAs have been developed by third parties using MQL4 (the language created by MetaQuotes). They are available for rental or purchase through a marketplace section of the MT4 software or from the MQL5 website.

Indicators

Much like EAs, indicators are algorithms made in MQL4. Unlike EAs, indicators will not automate your trades but rather feed you real-time technical analysis – leaving you to make the trading decision manually. There are over 2000 free indicators available in the MetaTrader Code Hube, and hundreds more have been created by the community and can be purchased in the MetaTrader Market.

Trading Signals

Another automation feature of the MT4 platform is its social trading integration which is available with a free subscription. Trading signals let you to automatically copy the trades of other individuals, rather than using an automated trading EA, which uses market data to make trading decisions.

Select trading accounts will also include free signals which can be shown into MT4, or traders have access to a large selection of commercial signal providers via the signal tab of the trading platform. It is common for traders to subscribe to a large assortment of signal providers, and only act on the signals that suit their strategy.

Security

MT is also famous for its security – all information between client and server is 128-bit encrypted, and it also supports RSA Digital Signatures.

Widespread Use

It is almost fifteen years old and is still the industry standard. Most brokers will offer it, and it is incredibly well supported – if you have a question, someone will have answered it – if you have a problem, someone will have solved it. There are many thousands of people who know the platform inside and out, and many of them have made videos or tutorials for pretty much every aspect of it. For beginners and experienced traders alike, this is a great advantage.

Not Resource/Bandwidth Intensive

Because of its age, it runs smoothly on all modern computers and will be happy on even ageing systems. Many proprietary platforms run in a browser, and system resource issues can occur, slowing down or crashing the platform – this is not ideal as seconds really can count in Forex trading. None of these issues exists with MetaTrader 4, even on your old laptop.

Disadvantages of Using an MT4 Broker

MT4 is Old!

Yes, it looks like a program from 2005. If you are looking for something aesthetically pleasing this is not your platform – but if you are that concerned with how your platform appears then maybe you should re-examine your trading priorities.

MT4 Doesn’t Really Like Macs

It can run on Macs but not without some effort. You need to install a Windows emulator called Wine (a tool for Unix-based systems to run an application developed for Windows) along with fonts and the graphical interface. Wine is a great tool, but not necessarily the most stable and your experience can suffer as a result.

No News-Feed Integration

It lacks the integration of news and economic data.  On more modern platforms such as MT5, traders can keep updated with the latest news affecting exchange rates without having to leave the platform.

What is the difference between MT4 and MT5?

MetaQuotes released the latest version of Metatrader (Metatrader 5 or MT5) in 2010. There are several essential differences between the two, but the significant functional change is that MT5 has native support for shares, futures, and commodity trading, whereas MT4 does not. MT5 also boasts a cleaner interface and comes with an integrated news feed and more charting capabilities.

MT5 also has a new scripting language, MQL5, which allows for more rigorous backtesting of algorithms and more advanced trading robots. Additionally, MT5 is finally seeing serious support from the industry, with some ditching MT4 entirely in favour of the newer version.

It is important to note that trading algorithms built for MT4 will not run in MT5 (and vice versa) due to the incompatibility of their scripting languages.

Which MT4 broker is best?

FP Markets is the best MT4 broker. With excellent MT4 technical support for beginners, ASIC regulation and competitive trading conditions, they have the product offering to come top of a long list of MT4 brokers.

Conclusion

MetaTrader 4 is central for so many traders in their development towards becoming professional traders. It will be here for many years to come and will continue to help new traders launch a trading career. If you’re trying to get the most out of your charts and focus without the distraction of fancy tools, then it remains a candidate to satisfy 90% of all your trading needs.

Forex Risk Disclaimer

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 Methodology

Our State of the Market Report and Broker Directory are the result of extensive research on over 100 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 150 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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Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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