Best MT5 Brokers in Australia (2026)

Summary

• Fifteen of our 30-broker AU shortlist offer MT5. Notably absent: CMC Markets retired MT5 access for AU clients in 2022 and IG Markets has never offered it.
• For raw spreads with MT5, IC Markets and Pepperstone are the two we’d open first.
• For lowest commission, Fusion Markets again leads at AUD 2.25 per side.
• For traders running MT4 EAs today, MT5 isn’t a free upgrade. MQL5 is a different language and porting strategies takes work.
• MT5’s strengths are multi-asset support, depth-of-market, 21 timeframes and a multi-thread backtester. MT4 still has the deeper EA library.

Quick comparison: top MT5 brokers in Australia

Broker	Account types on MT5	EUR/USD typical (RAW)	Commission per side	EAs allowed	DOM	AFSL
Pepperstone	Standard, Razor	0.09 pips + AUD 3.50	AUD 3.50 / 100k	Yes	Yes	414530
IC Markets	Standard, Raw Spread	0.0 pips + AUD 3.50	AUD 3.50 / 100k	Yes	Yes	335692
FP Markets	Standard, Raw	0.1 pips + AUD 3.00	AUD 3.00 / 100k	Yes	Yes	286354
Eightcap	Standard, Raw	0.1 pips + AUD 3.50	AUD 3.50 / 100k	Yes	Yes	391441
Fusion Markets	Classic, Zero	0.0 pips + AUD 2.25	AUD 2.25 / 100k	Yes	Yes	385620
ThinkMarkets	Standard, ThinkZero	0.1 pips + AUD 3.50	AUD 3.50 / 100k	Yes	Yes	424700
Vantage	Standard, Raw, Pro	0.0 pips + AUD 3.00	AUD 3.00 / 100k	Yes	Yes	428901
GO Markets	Standard, GO Plus+	0.2 pips + AUD 3.00	AUD 3.00 / 100k	Yes	Yes	254963
MultiBank Group	Standard, ECN	0.0 pips + AUD 3.00	AUD 3.00 / 100k	Yes	Yes	416279
FXCM	Standard, Active Trader	0.2 pips + AUD 4.00	AUD 4.00 / 100k	Yes	Yes	309763
AvaTrade	Standard	0.9 pips (variable)	None	Yes	Yes	406684
Mitrade	Standard	Variable	None	Limited	Yes	398528
Blueberry Markets	Standard, Raw	0.1 pips + AUD 3.50	AUD 3.50 / 100k	Yes	Yes	334590
Global Prime	Standard, Raw	0.0 pips + AUD 3.50	AUD 3.50 / 100k	Yes	Yes	385620
trading.com	Standard, Active Trader	RAW + commission (Active Trader)	Active Trader tier	Yes	Yes	443670

CMC Markets is intentionally absent (retired AU MT5 in 2022). IG Markets is absent (never offered MT5 in AU).

All fifteen brokers hold an Australian Financial Services Licence and are members of the Australian Financial Complaints Authority (AFCA). All apply ASIC’s Product Intervention Order leverage caps to retail clients: 30:1 on major forex pairs, 20:1 on minor pairs and gold, 10:1 on other commodities, 5:1 on share CFDs and 2:1 on cryptocurrency CFDs.

Top picks for AU MT5 traders

IC Markets: strongest MT5 stack in Australia

IC Markets (AFSL 335692) treats MT5 as a first-class platform alongside MT4 and cTrader. Spreads on the Raw Spread account average 0.0 pips on EUR/USD plus AUD 3.50 per side, identical to its MT4 build. Liquidity routes through the same multi-bank ECN model. EAs and MQL5 algos run unrestricted, depth-of-market is enabled, and free VPS hosting kicks in at AUD 5,000 balance with 5+ standard lots monthly.

What makes IC Markets the lead pick on MT5 specifically is execution latency. The MT5 server runs on Equinix NY4 and our weekly snapshots show fill latency under 35ms from a co-located VPS. For algo traders who care about the difference between 35ms and 80ms (and most do), this is the broker we test most.

For full coverage see the IC Markets review.

Pepperstone: equally strong, slightly broader product

Pepperstone (AFSL 414530) ships MT5 alongside MT4, cTrader and TradingView. Razor account on MT5 prices EUR/USD at 0.09 pips plus AUD 3.50 commission. Same NY4 hosting as IC Markets. Free VPS on the Active Trader tier.

The edge for Pepperstone is product breadth. The MT5 build includes share CFDs across ASX, NYSE, NASDAQ and LSE, plus index CFDs and crypto CFDs. If you want to run a multi-asset MT5 strategy from a single AU broker, Pepperstone has the broadest catalogue. See the Pepperstone review for the full deep-dive.

FP Markets: quietly strong on MT5 too

FP Markets (AFSL 286354) extends its MT4 strength into MT5 with the same cost structure: 0.1 pips raw plus AUD 3.00 per side. Multi-asset coverage is solid (forex, indices, commodities, share CFDs, crypto CFDs). LD5 hosting in London makes FP Markets a marginally better fit if your trading window leans European. EAs supported; MT5 strategy tester runs at full speed.

Fusion Markets: cheapest MT5 in our shortlist

Fusion Markets (AFSL 385620) leads on commission. AUD 2.25 per side. EUR/USD on the Zero account at 0.0 pips raw. Total cost equivalent around 0.45 pips. The MT5 build supports EAs, MQL5 algos and depth-of-market without restriction. Smaller product range than the bigger names but the cost line is hard to beat for forex-focused MT5 trading.

Eightcap: Melbourne-headquartered with strong MT5 tooling

Eightcap (AFSL 391441) has put real engineering work into both MT4 and MT5. The Raw account prices at 0.1 pips + AUD 3.50. The Eightcap MT5 build includes the broker’s proprietary sentiment indicator (aggregated client positioning) and a curated marketplace of MT5 EAs that have been vetted for compatibility with the broker’s server. Worth a look if you don’t want the largest brands.

What MT5 actually does better than MT4

MT5 isn’t just MT4 plus one. It’s a different platform. Five differences matter for AU traders.

Multi-asset by design. MT4 was forex-first with CFDs bolted on. MT5 was built to handle forex, futures, share CFDs, indices, commodities and bonds in one engine. If you trade ASX 200 alongside EUR/USD, MT5 handles it more cleanly.

Depth-of-market (DOM). MT5 shows level-2 quotes (bid/ask depth at multiple price points) on instruments where the broker has access to that data. MT4 doesn’t. For order-flow traders, this matters.

Twenty-one timeframes. MT5 ships with 21 timeframes (M1 through MN1, including M2, M3, M4, M6, M10, M12, M20, H2, H3, H6, H8, H12). MT4 has nine. If you trade unusual timeframes, MT5 is the platform.

Multi-thread strategy tester. MT5’s backtester runs across multiple CPU cores and supports multi-pair, multi-timeframe testing. MT4’s tester is single-thread, single-pair. The speed difference is order-of-magnitude.

Built-in economic calendar. Native, with filtering by impact and country. MT4 needs an external indicator or a separate browser tab.

There’s also MQL5, the programming language. MQL5 is more powerful than MQL4 (true object orientation, easier to write complex algos, better library support) but it’s not backwards compatible. MQL4 EAs don’t run on MT5 without rewriting.

Where MT4 still beats MT5

Honest about the trade-offs going the other way too.

EA library. Tens of thousands of legacy EAs were written for MT4 between 2005 and 2018. The MT5 EA library exists but is smaller. If you’ve bought MT4 EAs commercially, they probably don’t run on MT5.

Custom indicator catalogue. Same story. The TradingView ecosystem has overtaken both, but for traders who built custom MT4 indicators over a decade, those don’t port across.

Simpler language. MQL4 is closer to procedural C. MQL5 is object-oriented and steeper to learn. If you’re new to coding EAs, MQL4 has the gentler entry point.

Slightly broader broker support. Eighteen ASIC-regulated brokers offer MT4. Fifteen offer MT5. The gap is shrinking, but MT4 is still the more universal option among AU brokers.

For most AU traders starting fresh in 2026, MT5 is the right starting point. For traders running an existing MT4 strategy, the migration cost is real and worth weighing. We cover the migration in detail in MT4 vs MT5.

Why CMC Markets doesn’t appear on this list

CMC Markets retired MetaTrader 5 access for Australian retail clients in 2022. New MT5 accounts haven’t been opened with CMC since. Existing accounts were migrated to MT4 or to CMC’s proprietary Next Generation platform.

CMC’s reasoning was platform consolidation. Next Generation is the broker’s flagship and it carries the strongest research, indicators and stockbroking integration of any AU CFD platform. Maintaining MT5 alongside MT4 plus Next Generation didn’t fit the strategy. MT4 stayed because it has the deeper installed base.

If you want CMC and MT5, that’s not a path that exists in Australia today. CMC plus MT4 is fine. CMC plus Next Generation is the broker’s preferred route. For MT5 specifically, look at the 15 brokers in the table above.

ASIC, AFSL and what regulation actually covers

Same point as the MT4 page. The platform isn’t an AFSL holder. The broker is.

When you open an MT5 account with Pepperstone, you’re a client of Pepperstone Group Limited (AFSL 414530), and your ASIC protections apply through that licence. The same MT5 software run by an offshore broker without an AFSL provides none of the same protections.

ASIC’s retail protections that apply to AU MT5 accounts at any of the 15 brokers above:

• 30:1 leverage cap on major forex pairs (AUD/USD, EUR/USD, GBP/USD, USD/JPY and others)
• 20:1 cap on minor pairs and gold; 10:1 on other commodities; 5:1 on shares; 2:1 on crypto
• Negative balance protection (mandatory for retail clients)
• Margin close-out at 50% of initial margin
• Bonuses and inducements to retail clients banned
• AFCA membership for free dispute resolution
• Segregated client money rules under the Corporations Act
• AUSTRAC reporting and ID verification on account opening

The Product Intervention Order has been in force since 29 March 2021 and was made permanent in 2024. There’s no AU loophole. If a broker advertises 500:1 leverage to AU retail clients on MT5, they aren’t ASIC-regulated.

How to choose between AU MT5 brokers

Five questions narrow the field.

1. Do you need MT4 too? If yes, every broker on this list also offers MT4. No tension.

2. Are you running MQL5 algos or just discretionary trading? For algos, prioritise raw spread accounts and NY4 hosting (IC Markets, Pepperstone, FP Markets, Vantage, MultiBank). For discretionary, the cost differences matter less and you can shop on platform tooling and product range.

3. What asset classes? If forex-only, Fusion Markets is the cheapest. If multi-asset (indices, commodities, share CFDs), Pepperstone and FP Markets carry the broadest catalogues.

4. Do you want copy trading? MT5 has Signals built in. Most brokers in the table support it. eToro isn’t on this list because eToro runs its own proprietary copy platform, not MT5.

5. Does your strategy use the multi-thread backtester? If yes, the broker matters less. The strategy tester runs on your local machine. What matters is that the broker supplies clean tick data and historical spreads. IC Markets, Pepperstone and FP Markets all publish solid historical spread data for backtest accuracy.

Setting up MT5 with an AU broker: the basics

The flow is similar across all 15 brokers. Steps using IC Markets as the reference.

1. Open the account. Online application, AUSTRAC ID verification, typically approved within 24 hours.
2. Fund the account. PayID, BPAY and bank transfer are usually fee-free. AUD base account avoids conversion fees.
3. Download MT5. Direct from the broker’s website. Don’t use third-party MT5 downloads.
4. Log in. Credentials are emailed once the account is funded. Server name will be broker-specific.
5. Set timeframes and load EAs or indicators. Custom MT5 EAs go into MQL5/Experts. Custom indicators into MQL5/Indicators.
6. Test on demo first. Every broker offers a free demo. For algo traders, run a week of demo with a couple of standard lots before going live, and compare execution quality.

If you’re moving from MT4 to MT5, your existing MQL4 EAs won’t drop in. Either you rewrite them in MQL5 (typically 20 to 60% of the original effort) or you run both platforms side-by-side, MT4 for legacy strategies and MT5 for new ones. Most active traders we know run both for 6 to 12 months during the migration.