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Top 10 MetaTrader Brokers in Australia for 2024: A Comprehensive Roundup
By
Will Ellis
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Last Updated on September 5, 2024
Trading can be a complicated business, but using top-quality platforms makes the whole thing easier. One of those platforms is MetaTrader. Whether opting for MetaTrader 4 or 5, this platform has tools aplenty. It’s easy to analyse trades and find great opportunities to make some money.
But of course, to use these platforms you also need a broker. There are many people around. So to find the best MetaTrader broker in Australia, I’ve reviewed some of the most popular options. I’ll highlight their strengths, features, pros, cons, and more. In the end, it’ll be much easier to make a decision.
TL;DR
- Pepperstone: Best known for its low-latency execution and competitive pricing.
- IG Markets: Offers a huge range of markets and a strong regulatory standing.
- FP Markets: Known for tight spreads and low commissions.
- CMC Markets: Extensive range of markets and proprietary Next Generation platform.
- AvaTrade: User-friendly platforms and extensive educational resources.
- Fusion Markets: Ultra-low trading costs and no minimum deposit.
- IC Markets: True ECN trading and low latency execution.
- Tickmill: Low trading costs and focus on forex.
- FXTRADING.com: Competitive pricing and straightforward offering.
- GO Markets: Long-standing reputation in the Australian forex market.
Criteria Breakdown Summary
To help us choose the best MetaTrader broker, I put together a list of criteria to measure each one against. The main points to take into account are:
- Regulation: Ensuring the broker is regulated by ASIC provides important protections and oversight.
- Trading Costs: Comparing spreads, commissions, and other fees across brokers, as lower costs can significantly impact profitability over time.
- Execution Speed: Fast and reliable order execution is crucial, especially for high-frequency traders.
- Available Markets: The range of currency pairs, CFDs, and other instruments offered.
- Customer Support: Responsive support via multiple channels is important when issues arise.
- Education & Resources: Quality educational materials and market analysis provided by the broker.
- Deposit/Withdrawal Options: Convenient, low-fee funding methods.
- Platform Customization: Enhanced versions of MT4/MT5 with additional features.
- Minimum Deposit: Lower minimums allow you to start with less capital.
- Demo Account: The availability of a demo account to test the platform and broker’s services before committing real money.
Pepperstone
Best Known for Low-Latency Execution and Competitive Pricing
Pepperstone is one of the best-established and most popular MetaTrader brokers in Australia. It is widely known for fast execution speeds and competitive pricing; these are both aspects that we all need. The good news is that Pepperstone is fully regulated by ASIC, to give extra peace of mind.
Excellent customer service is another key point when it comes to Pepperstone, offered 24/7 via phone, email, and live chat. Overall, I believe Pepperstone is a great choice for both beginner and experienced traders. You can read more in our Pepperstone review.
Pepperstone is a highly regarded MetaTrader broker for all users.
Features
Pepperstone is full of helpful features, including social trading, and a VPS hosting. They also have competitive pricing to make trading far more cost-effective. By using MetaTrader, Pepperstone offers plenty of charting and trading tools. Speeds are also ultra-fast, with execution under 30ms. So, for high-frequency traders, Pepperstone is a great choice. They also offer cTrader for anyone who wants a change from MetaTrader.
Pros
Fast Execution
Tight Spreads
Excellent Customer Service
Cons
Limited Stock CFDs Compared to Some Competitors
Criteria Evaluation
Regulation: 5/5
Trading Costs: 4/5
Execution Speed: 5/5
Available Markets: 4/5
Customer Support: 5/5
Education & Resources: 4/5
Deposit/Withdrawal Options: 5/5
Platform Customization: 4/5
Minimum Deposit: 5/5
Demo Account: 5/5
Community Reviews and Expert Recommendations
Pepperstone user reviews are very positive and most rate its fast execution speeds most of all. Competitive pricing is a close second. In addition, there is a range of educational materials on offer, which most users appreciate.
Industry experts agree with all this feedback, while stressing its strong regulation.
Price
Competitive pricing starts at 0.0 pips for spreads and commission of $3.50 per lot. Prices vary according to the account chosen, so it’s important to do research beforehand. For instance, the Standard account features commission-free trading.
IG Markets
Best Known for Wide Range of Markets and Strong Regulatory Standing
Another great choice is IG Markets. This is a big name in the Australian forex market in particular and has a large range of trading instruments. These include forex, shares, and CFDs. We all look for strong regulation and it’s certainly evident here, with full regulation by ASIC and other global entities.
Overall, IG Markets is a great choice for traders of all levels and it offers competitive trading conditions. Spreads start at 0.6 pips with a minimum deposit of $300 AUD. In general, this broker gives a great balance between quality and cost-effectiveness.
IG Markets offers a great balance between cost-effectiveness and quality trading conditions.
Features
Thanks to MetaTrader’s complex range of tools, IG Markets offers charting features and algorithmic trading. The MetaTrader 4 platform allows for additional indicators, giving us a more effective and analytical trading experience. Speeds are very fast, and there are many markets available too.
Overall, IG Markets is a great choice for all levels of traders.
Pros
Huge Product Range
Strong Reputation
Quality Research
Cons
Higher Minimum Deposit Than Some Competitors
Criteria Evaluation
Regulation: 5/5
Trading Costs: 4/5
Execution Speed: 4/5
Available Markets: 5/5
Customer Support: 4/5
Education & Resources: 5/5
Deposit/Withdrawal Options: 4/5
Platform Customization: 4/5
Minimum Deposit: 4/5
Demo Account: 5/5
Community Reviews and Expert Recommendations
Most users recommend IG Markets and enjoy its large range of products. Strong regulation is another plus point for most people, but the range of educational resources is also a positive. Experts highly recommend IG Markets, especially because of its advanced trading tools and its competitive pricing.
Price
We can take advantage of IG Markets’ competitive spreads starting at 0.6 pips on major forex pairs. Overall, this broker’s pricing structure offers great value for all types of traders.
FP Markets
Best Known for Tight Spreads and Low Commissions
FP Markets is another big-name in the forex broker world and in Australia in particular. It is known for tight spreads and low commissions. Strong regulation applies here too, as this broker is fully regulated by ASIC and offers forex, CFDs, and cryptocurrencies.
We can learn a lot about trading from FP Markets, thanks to its many educational materials that cover a range of abilities. In addition, low deposits ($100 AUD minimum) make trading easy, with several options for deposits and withdrawals.
FP Markets is a regulated MetaTrader broker with a range of features for easy trading.
Features
While FP Markets is a great MetaTrader broker, it also offers the Iress platform too. On top of this, VPS hosting is another key feature, along with copy trading. We can also talk about the Traders Toolbox add-on which gives access to even more analytics and tools.
Execution speeds are fast and I believe FP Markets is a great choice for both beginner and professional traders alike.
Pros
Very Competitive Pricing
Fast Execution
Low Minimum Deposit
Cons
Not as Well-Known as Some Larger Brokers
Criteria Evaluation
Regulation: 5/5
Trading Costs: 5/5
Execution Speed: 4/5
Available Markets: 4/5
Customer Support: 4/5
Education & Resources: 4/5
Deposit/Withdrawal Options: 4/5
Platform Customization: 5/5
Minimum Deposit: 5/5
Demo Account: 5/5
Community Reviews and Expert Recommendations
We all know that community reviews are vital and as with the other brokers mentioned, FP Markets also enjoys positive feedback. Users appreciate the low minimum deposits and the huge range of trading tools. All this makes trading easier, especially for beginners. Experts also agree with this feedback, mentioning FP Markets’ strong regulatory standing as a plus point.
Price
This broker offers spreads from 0.0 pips and charges $3 AUD commission per lot. Again, account choice has a lot to do with pricing, so careful research is vital.
CMC Markets
Best Known for Extensive Range of Markets and Proprietary Next Generation Platform
CMC Markets is a quite recognisable name in the broker world and it’s well-established too, founded in 1989. It offers a proprietary Next Generation platform and MetaTrader and has strong regulation with ASIC and other global authorities.
We should certainly mention the fact that this broker offers a very secure trading environment, ideal for all trader levels. As far as tools go, CMC Markets offer advanced charting tools, along with pattern recognition. There is no minimum deposit here, and spreads are competitive.
CMC Markets is a well-established MetaTrader broker offering a range of trading tools.
Features
CMC Markets’ advanced tools are what really make it stand out. These make it a lot easier to learn trading on the go, especially for beginners. However, that doesn’t mean that advanced traders won’t find them useful too. The Next Generation platform is available longside MetaTrader, giving the freedom to choose. Plus, there are countless tradable instruments.
Overall, CMC Markets is a strong choice of MetaTrader broker and with many educational resources, an ideal place to learn.
Pros
No Minimum Deposit
Extensive Product Range
Quality Education
Cons
MT4 Offering is More Limited Compared to Proprietary Platform
Criteria Evaluation
Regulation: 5/5
Trading Costs: 4/5
Execution Speed: 4/5
Available Markets: 5/5
Customer Support: 4/5
Education & Resources: 5/5
Deposit/Withdrawal Options: 4/5
Platform Customization: 3/5
Minimum Deposit: 5/5
Demo Account: 5/5
Community Reviews and Expert Recommendations
As expected, CMC Markets has some great reviews from previous users and experts. Having been around a long time it’s hardly surprising. Most users rate its large product range and the advanced trading tools on offer. Experts emphasise educational tools and how easy the platform is to use.
Price
With spreads from 0.7 pips on major forex pairs, CMC Markets is an affordable choice. Again, prices depend on the type of account you choose, but all trading tools are available regardless.
AvaTrade
Best Known for User-Friendly Platforms and Extensive Educational Resources
A popular broker for Australian traders is AvaTrade. Established over 17 years ago, this broker has strong regulation with ASIC and other global entities. It is known for its countless educational resources, ideal for beginners, along with its user-friendly approach.
Trading on the go is made easy thanks to the AvaTrade GO app, and, of course, MetaTrader 4 & 5 are offered too. With low minimum deposits and competitive spreads, AvaTrader is a good choice for all trader levels. Want to learn more? Check out our AvaTrade review.
AvaTrade is a popular MetaTrader broker amongst Australian traders.
Features
As with many of the other brokers we’ve talked about, AvaTrader offers many tools to help boost your trading endeavours. The AvaProtect risk management tool and social trading integration are two big positives to add here. The site itself is very easy to use and navigate.
AvaTrader also offers many educational materials and resources, along with market analysis tools.
Pros
Strong Educational Offerings
Multiple Platform Options
Global Regulation
Cons
Slightly Higher Spreads Than Some Competitors
Criteria Evaluation
Regulation: 5/5
Trading Costs: 4/5
Execution Speed: 4/5
Available Markets: 4/5
Customer Support: 4/5
Education & Resources: 5/5
Deposit/Withdrawal Options: 4/5
Platform Customization: 4/5
Minimum Deposit: 4/5
Demo Account: 5/5
Community Reviews and Expert Recommendations
Most users rate AvaTrade highly and mention that it offers easy to use platforms and plenty of resources for learning. The range of market analysis tools are also regularly mentioned, along with strong customer support.
Experts agree and also talk about competitive pricing and strong regulation.
Price
AvaTrade is a cost-effective option, with spreads from 0.9 pips on major forex pairs. The pricing structure varies according to the trading instrument and type of account chosen. However, it offers value for money.
Fusion Markets
Best Known for Ultra-Low Trading Costs and No Minimum Deposit
Another quality MetaTrader broker is Fusion Markets. Based in Australia, this broker is famous for its very low trading costs and no need for a minimum deposit. For beginners in particular, this is a great way to learn on the go without risking cash. However, advanced traders will also appreciate low costs!
With ASIC regulation, this broker has a range of tradable instruments, including forex, commodities, and CFDs. It is an easy to use option, and doesn’t charge for deposit or withdrawals either. Overall, I’d recommend this to anyone looking to keep trading costs as low as possible.
Fusion Markets is an ultra-low cost MetaTrader broker, offering a range of tradable instruments for all ability levels.
Features
We’ve talked about low costs before, but Fusion Markets has a lot more to offer than that. Namely raw spreads, multiple copy trading options, and VPS hosting. Of course, it has MetaTrader 4 & 5, along with their own range of trading tools and analytics.
On top of this, Fusion Markets has fast execution speeds, making it a great choice for both beginner and advanced traders.
Pros
Extremely Competitive Pricing
No Minimum Deposit
Free Deposits/Withdrawals
Cons
Limited Educational Resources
Newer Broker with Less Established Reputation
Criteria Evaluation
Regulation: 5/5
Trading Costs: 5/5
Execution Speed: 4/5
Available Markets: 4/5
Customer Support: 4/5
Education & Resources: 3/5
Deposit/Withdrawal Options: 5/5
Platform Customization: 3/5
Minimum Deposit: 5/5
Demo Account: 5/5
Community Reviews and Expert Recommendations
We know that most users are going to mention the competitive pricing structure, and that should come as no surprise. However, users also talk about the ease of use and fast execution speeds that this broker offers. Experts agree with a lot of this, praising Fusion Markets for its strong regulation and low costs.
Price
Fusion Markets offers spreads from 0.0 pips and $4.50 AUD commission per lot. The pricing structure is ideal for those on a budget and for anyone looking to keep trading costs low.
IC Markets
Best Known for True ECN Trading and Low Latency Execution
Another leading Australian broker is IC Markets. This broker is known for its ECN trading and low latency execution. It’s also fully regulated by ASIC, for extra peace of mind. As far as tradable instruments go, this broker has plenty, including forex, CFDs, and cryptocurrencies. Algorithmic trading is also possible here, making trading much easier.
Minimum deposits are $200 which is a little higher than some other brokers, but this does depend on account type. Overall, IC Markets is a strong and reliable choice for all traders.
IC Markets is a reliable trader with a range of features and tradable instruments.
Features
Along with the MetaTrader 4 & 5 platforms, IC Markets also provides access to cTrader. For added security, VPS hosting is available and PAMM/MAM accounts too. With MetaTrader accounts come many features and tools, including analytics.
As far as speed goes, IC Markets has fast execution and pricing is competitive. However, there are also lower cost brokers.
Pros
Extremely Fast Execution
Tight Spreads
Suitable for Algorithmic Trading
Cons
Limited Educational Resources Compared to Some Competitors
Criteria Evaluation
Regulation: 5/5
Trading Costs: 5/5
Execution Speed: 5/5
Available Markets: 4/5
Customer Support: 4/5
Education & Resources: 3/5
Deposit/Withdrawal Options: 4/5
Platform Customization: 4/5
Minimum Deposit: 4/5
Demo Account: 5/5
Community Reviews and Expert Recommendations
IC Markets receives high praise from users, particularly for its fast execution and tight spreads. Many users appreciate the advanced trading tools and the choice of platforms available. As for industry experts, they praise the regulatory standing and competitive pricing in particular.
Price
With spreads from 0.0 pips and a $3.50 USD commission per lot on the Raw Account, IC Markets offers fair pricing. Minimum deposits depend on the account type, but average $200.
Tickmill
Best Known for Low Trading Costs and Focus on Forex
Another reliable forex and MetaTrader broker is Tickmill. Regulated by ASIC via a UK entity, this broker is known for low cost trading. It offers several tradable instruments but focuses mostly on forex.
I find this broker particularly good for beginner traders, thanks to its many educational resources to choose from. There is also the option to choose a demo account, for no-risk trading while learning. Moreover, there are many analytical tools to help choose the best trades.
Tickmill is the ideal MetaTrader broker for beginners, with demo accounts and educational resources.
Features
Although Tickmill is a good choice for beginners, it still offers many advanced tools. These are mostly thanks to the MetaTrader platform, with its analytics in particular. However, Tickmill also offers VPS hosting and Autochartist integration, an advanced scanning tool.
Execution speeds are fast and prices are competitive. Overall, I believe Tickmill is a great choice for beginner and intermediate traders. However, it serves forex traders better than those who want to focus on other tradable instruments.
Pros
Very Competitive Pricing
Low Minimum Deposit
Solid Educational Resources
Cons
Limited Range of Markets Compared to Some Competitors
Criteria Evaluation
Regulation: 5/5
Trading Costs: 5/5
Execution Speed: 4/5
Available Markets: 3/5
Customer Support: 4/5
Education & Resources: 4/5
Deposit/Withdrawal Options: 4/5
Platform Customization: 3/5
Minimum Deposit: 5/5
Demo Account: 5/5
Community Reviews and Expert Recommendations
Many users appreciate Tickmill’s competitive pricing and low deposits. The educational resources also get plenty of mentions, along with fast execution speeds. Experts agree with all of the above, but particularly mention regulation and forex focus.
Price
Tickmill offers competitive prices, with spreads from 0.0 pips and a $2 USD commission per lot on the Pro Account. It’s worth exploring different accounts carefully, as commissions vary according to this.
FXTRADING.com
Best Known for Competitive Pricing and Straightforward Offering
Beginner traders and those who want a no fuss broker will appreciate FXTRADING. This is a relatively new forex broker on the market, known for its ease of use and competitive pricing. This broker offers several tradable instruments, including cryptocurrencies, forex, and CFDs in particular. ASIC regulates it and has a low minimum deposit at just $100.
Overall, FXTRADING is an option for all traders, although it lacks a comprehensive range of educational resources.
FXTRADING is a relatively new MetaTrader broker, but offers low cost trading.
Features
Along with industry-leading MetaTrader platforms and all the tools that go along with them, FXTRADING offers many other features. These include VPS hosting, social trading, and analytical tools for better trading. Execution speeds are fast and prices are also competitive compared to similar brokers.
As I mentioned earlier, it lacks a large range of educational resources, but it is an easy to use platform regardless.
Pros
Low Minimum Deposit
Competitive Spreads
Simple Account Structure
Cons
Limited Educational Resources
Less Established Than Some Competitors
Criteria Evaluation
Regulation: 5/5
Trading Costs: 4/5
Execution Speed: 4/5
Available Markets: 4/5
Customer Support: 4/5
Education & Resources: 3/5
Deposit/Withdrawal Options: 4/5
Platform Customization: 3/5
Minimum Deposit: 5/5
Demo Account: 5/5
Community Reviews and Expert Recommendations
Many users rate FXTRADING for its competitive pricing and low minimum deposit. Most also mention how easy the site is to use and that it’s generally quite straightforward. Execution speeds are also mentioned, along with its simple account structure. Experts agree with all the above and reiterate that it’s an easy to use option.
Price
We’ve talked about FXTRADING having competitive pricing, so let’s dive into the details. This broker offers spreads from 0.0 pips and $3.50 USD commission per lot on its Raw Account. As with many other brokers, commission amounts vary according to account, so always research carefully to find the best fit.
GO Markets
Best Known for Long-Standing Reputation in Australian Forex Market
Our final choice is GO Markets, a mainstay of the Australian forex market. This broker gives plenty of peace of mind thanks to its reputation, and it’s also regulated by ASIC. Offering a range of tradable instruments, including forex as its main offering, there is plenty to choose from.
This broker offers the GO Plus MT4 platform, along with enhanced trading features and analytical tools. There are many educational resources for learning and development, along with competitive pricing. Overall, GO Markets is a great option for all traders.
GO Markets is a popular Australian broker, focusing mostly on forex trading.
Features
Alongside the MetaTrader 4 platform, GO Markets offers VPS hosting for extra security. Additionally, it offers Autochartist integration for extra insights into profitable trades. Of course, MetaTrader itself offers many analytical tools.
GO Markets’ main selling point is its reputation, which gives peace of mind from the start. It also has competitive pricing, making it a good choice for beginners and advanced traders.
Pros
Established Broker
Good Educational Resources
Enhanced MT4 Platform
Cons
Higher Minimum Deposit Than Some Competitors
Criteria Evaluation
Regulation: 5/5
Trading Costs: 4/5
Execution Speed: 4/5
Available Markets: 4/5
Customer Support: 4/5
Education & Resources: 4/5
Deposit/Withdrawal Options: 4/5
Platform Customization: 4/5
Minimum Deposit: 4/5
Demo Account: 5/5
Community Reviews and Expert Recommendations
Most users are very happy with what GO Markes has to offer, and feel reassured by its positive reputation. Most mention its competitive pricing and trading tools as the biggest plus points. Experts point to its strong regulatory standing and range of tools for beginner and advanced traders.
Price
GO Markets offers competitive and fair pricing. Spreads start at 0.0 pips and there is a $3 USD commission per lot depending on the chosen account. Overall, this broker keeps trading costs low.
Notable Mentions
Saxo Bank
Saxo Bank is a Danish financial institution with over one million clients. It is well regulated and offers a range of tradable instruments, including forex. The plus point is low trading costs, with some as low as just $1 USD on stock commissions. Saxo Bank also has great customer service and a very comprehensive help centre.
City Index
With over 40 years of history, City Index is a reputable choice. Based in the UK, this company deals mainly with forex, indices, and shares. In fact, it won the Best CFD Provider award at the ADVFN International Financial Awards 2024.
FAQs
What is the best forex broker in Australia?
Choosing the best forex broker in Australia is a personal choice and depends on individual needs and preferences. We all have different requirements for the best online trading platform, so it’s important to research carefully. Some top contenders include Pepperstone, IG Markets, and FP Markets.
How do I choose the best MetaTrader broker in Australia?
When looking for the best MetaTrader broker in Australia, look for things like regulation, trading costs, execution speed, and markets. Other important aspects include customer support, educational resources, deposit/withdrawal options, and cost-effectiveness. The best forex trading platforms will excel in all these areas.
What are the benefits of using a demo account?
A demo account is best for beginners because it gives the opportunity to practise trading with virtual funds. That way, there is no risk involved. By using demo accounts, we can develop and refine strategies, creating a better chance of success later down the line.
Why is regulation important when choosing a MetaTrader broker?
Regulation is very important because it gives peace of mind. It means that the broker operates under strict guidelines and ensures a secure trading environment. Moreover, it means the funds are protected. For example, if a broker is regulated by ASIC, it has to stick to high financial integrity standards. It must also be completely transparent.
How can I protect my trading activities online?
The best way to protect trading activities is to use a VPN. Other options include two-factor authentication and to use strong passwords. Of course, never share passwords! Privacy Australia offers many reviews of VPN services, giving key information on the best options out there.
Final Thoughts
Choosing the best MetaTrader broker in Australia is a very personal choice. What works for one may not work for another. That’s why I have put together this guide, giving the low-down on some popular choices. After all, an informed decision is a good decision.
Remember to consider factors like regulation, trading costs, execution, speed, and available markets. Customer service is another area to look into, just in case any problems arise at any time. It might seem time-consuming, but taking the time to look into brokers carefully means a much smoother trading journey.
Another thing to remember is online safety and security. Online trading means we place our information and our money into the digital realm, and keeping that safe is vitally important.
At Privacy Australia, we understand that one way we can do that is via a VPN. For more information, don’t hesitate to check out our library of resources on password protectors, VPN reviews, and more. That way, it’s much easier to make a strong, personal decision.
