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Traders who are searching for the best ECN brokers in Australia can consult the list below. Australian ECN brokers are some of the best in the world, featuring low spreads, fast execution speeds and trading conditions with no conflict of interest. ECN brokers in Australia use liquidity providers to receive the best prices and pass them directly to traders with no spread mark up.
Compare the best ECN brokers through the table below.
By Justin Grossbard / Updated: Monday, February 17th, 2020
At Compare Forex Brokers, we have a team of industry experts that have evaluated the top choices to determine the best Australian ECN forex brokers.
IC Markets has been rated as one of the best ECN brokers in Australia. Known for having some of the tightest spreads in the industry, IC Markets come in at number one on our list.
With a self-proclaimed mission statement of providing traders with the lowest spreads possible during all market conditions, IC Markets are rated as our best low spread ECN broker in Australia.
Best features of IC Markets:
When it comes to ECN liquidity providers, IC Markets have of the most comprehensive partner lists of all Australian forex brokers. It’s these partnerships that ensure IC Markets’ low spreads on their RAW ECN account, are where they stand out from the pack.
When trading on ECN broker spreads, you receive the best prices available within the interbank forex market. This means that depending on the prices on offer, you could receive spreads as low as zero.
Average spreads – Spreads as low as zero and an average EUR/USD spread of 0.1 pips (AUD/USD at 0.3).
Small commissions – Commissions the same as Pepperstone at $3.50 per standard lot, per round turn.
Trading conditions – Deep liquidity pools and fast execution speeds means their RAW ECN account is built for day traders.
By aggregating prices from up to 25 of IC Markets’ partner liquidity providers, the tightest spreads possible are always ensured.
Trader tip
If you’re looking to keep your spreads as close to zero as possible, then trade during periods of high liquidity such as during the London open.
Thanks to a global network of strategically placed trading servers, all IC Markets clients benefit from stable, yet still lightning-fast trading conditions. Trading conditions go hand in hand with spreads and here are a few IC Markets technological pieces worth highlighting.
MT4 bridge – A next-generation price aggregator used to connect clients’ trading platforms, with dark liquidity pools of partner liquidity providers.
Server locations – Located in the Equinix NY4 data centre in New York, the servers are located close to the MT4 bridge. This ensures latency is minimised, making IC Markets a go-to for day traders.
The technological aspect of a broker is sometimes hard to understand, but this breakdown can help traders decide on the best ECN broker in Australia.
If you’re looking for a low spread, Australian ECN forex broker, then an IC Markets Raw Spread Account is worth your consideration.
Key features of the IC Markets Raw Spread Account:
Open a demo account >>Visit IC Markets >>
High on the list is our best ECN forex broker, Pepperstone. Being one of Australia’s most trusted brands in foreign exchange trading, their ECN accounts are rich with features.
Check out some of Pepperstone’s best features below:
As a specialist MT4 forex broker, Pepperstone’s key trading platform is MT4. Being an ECN FX broker, clients are able to seamlessly access their ECN Razor Account directly within MT4.
Let’s go over a few of the advantages that the MT4 trading platform affords traders.
Customisable charts – Fully customise how your charts and trading dashboard is displayed. Rearrange and make the display fit what works for you.
b>Indicators and EAs – Pepperstone’s MT4 trading platform is compatible with a plethora of standard and custom-designed indicators and automated trading strategies.
One click trading – With an option to turn one-click trading on or off, you’re able to have the speed of instant fills, or the comfort of knowing you won’t ever fat finger a trade.
Multiple market types – Trade forex, commodities, indices and cryptocurrencies (such as Bitcoin), all from your single MT4 trading platform.
With a high number of retail forex traders set in their ways and insisting on using MT4 as their trading platform of choice, Pepperstone is one of the best Australian ECN brokers to cater to the needs of such clients.
The Pepperstone MT4 trading platform is available across multiple devices and operating systems. This means that you’re able to access your Pepperstone ECN trading account in the time, place and way that suits you best.
Desktop computer access:
Mobile access:
Rated as the best MT4 ECN broker in Australia, we recommend trading forex on Pepperstone’s ECN Razor Account. But as long as you understand the difference between ECN and STP account types, the choice is entirely up to you.
Key features of the Pepperstone Razor ECN Account:
Marketing themselves as Australia’s original MetaTrader forex broker, GO Markets has taken a leading role in helping clients upgrade to the MetaTrader 5 trading platform.
While MT5 isn’t for current traders set in their ways, those wishing to start fresh with the latest version of MT5 should consider GO Markets.
Check out some of GO Markets’ best features below:
As a specialist MetaTrader 5 forex broker, GO Markets is trusted by both novice and professional traders alike.
GO Markets describe the MT5 platform as a multi-functional, modern and comfortable trading platform. One that helps clients to follow a path to successful trading. Quite the description, right!
Here are some of the advantages of trading on MT5 with GO Markets:
Choice of markets – Over 350 trading instruments, across forex, indices, commodities and crypto.
Full EA functionality – EAs work exactly the same as on MT4. You just can’t use MT4 EAs on MT5, they must be specially programmed.
Ease of trading – One-click trading, market depth and multiple new order types supported in MT5.
Technical analysis – MT5 is a chartist’s dream platform, pushing the standard technical analysis objects up to 80+.
Hedging allowed – Take multiple positions in opposite directions within MT5.
As you can see, there are certainly reasons to upgrade from MT4 to MT5 with GO Markets.
When it comes to choosing to trade on the MetaTrader 5 platform with GO Markets, the decision should come down to more than just charting.
Here are a few of the other areas that the GO Markets MT5 platform excels in:
Technical and fundamental analysis – MT5 offers impressive analytical tools for both fundamental and technical analysts alike. More timeframes, more indicators, and fundamentals sourced directly from within the platform.
Trading signals and copy trading – If you don’t have time to conduct your own technical or fundamental analysis, then MT5 also facilitates copy trading within the platform. Subscribe to trading signals of successful traders and have them replicated on your own GO Markets account.
Algorithmic trading – If you’re in the camp that relies on algorithms to make trading decisions to take away the human emotion, then MT5 has a suite of tools for you. Code, edit or simply install custom algorithms designed for a strategy that suits you.
As one of our best Australian ECN brokers, GO Markets has a specialist account called GO Plus+.
Some of the key features of a GO Plus+ ECN Account:
Axitrader is part of the best Australian ECN broker big 3. If your most important aspect of a forex broker is having a low minimum deposit and the ability to trade micro-lots, then Axitrader may be the best choice for you.
Axitrader best features:
Known as a specialist MetaTrader broker because of their MT4 and MT5 trading platforms, Axitrader offer clients a free suite of add-ons for all traders with a live trading account – MT4 NexGen.
Being one of our top-rated Australian ECN brokers for their low minimum deposit, you can choose one of several ways to fund your AxiTrader account.
Fund your account using:
Debit and credit cards (Visa, Mastercard, Maestro, JCB) – Instant, max 15 minutes.
Neteller – Instant, max 15 minutes.
Skrill/Moneybookers – 3-5 business days.
Global Collect (only for Australian clients) – Same or next day.
BPAY (only for Australian Clients) – 1-3 business days.
Bank Transfer – Same day for deposits coming from Australian bank accounts, next day for overseas accounts.
Broker to Broker Transfer – 3-5 business days.
Each funding type has its delays and charges, often coming from the payment provider rather than from AxiTrader themselves. Check with each provider before making a deposit or withdrawal from your AxiTrader account.
With many of the other best Australian ECN brokers in this list also offering clients a full suite of MT4 and MT5 trading platforms, it’s AxiTrader’s free NexGen suite of add-ons that sets them apart.
Here is the full list of NexGen MT4 add-ons that AxiTraders clients have access to:
Sentiment indicator – Analyse market trends by getting a glimpse into the AxiTrader long/short book.
Correlation trader – Take advantage of both positive and negative correlations with an easy to read matrix.
Alarm manager – Ensure you don’t miss a trade again, with price alarms to alert you of set scenarios.
Economic calendar – No longer switch between MT4 and Forex Factory with this economic calendar built into MT4.
New terminal window – An update to the dated MT4 terminal view where you can manage OCO orders, alerts, templates, and group functions.
Automated trade journal – Automatically have your trades journaled within MT4.
Session map – An interactive map showing every forex trading session over 24 hours.
Mini manager – Use an alternate one-click trading method across multiple order types.
Forex news – Stream an economic news feed directly into your MT4 platform so once again, you don’t have to flick between your charts and a third party website.
Can you see the edge that this full suite of tools can give you? All you need is a funded (no minimum deposit), live account with AxiTrader.
AxiTrader’s ECN account option is called the Pro Account.
Along with having no minimum deposit, here are some of the account’s key features:
If customer service is your most important aspect of choosing an Australian ECN broker, then Global Prime is worth your consideration.
Here are some features of trading with Global Prime:
When choosing to trade forex with Global Prime, experiencing their customer service advantage is more than just if you have an issue.
The Global Prime customer support advantage comes from all facets of communication between broker and client.
Trader/broker relationship – Whether its an issue with a trade execution or just a friendly chat about a technical analysis setup, Global Prime are renowned for going the extra mile.
Institutional trading experience – Global Prime offers the same liquidity and execution to their prime of prime clients, that they offer their retail clients. There is total transparency on all executions.
Trade execution – Global Prime is the only Australian ECN forex broker to offer trade receipts on every single order executed by their liquidity providers. This is service, unrivaled in Australia.
Sourced liquidity – All ECN prices are sourced from a variety of tier 1 and regional banks to ensure the best prices. ECN liquidity providers such as Fastmatch, LMAX, Currenex, Gain GTX, and Hotspot offer institutional grade liquidity to retail clients.
Direct ECN market access – Global Prime offers ECN liquidity to both retail and institutional clients, differentiating themselves from the other Australian ECN brokers. No longer do institutional clients need a Prime broker to access ECN prices.
One final advantage of Global Prime ECN trade execution and transparency is the ability for clients to access deep liquidity pools and create resting and limit orders directly in the market themselves.
Global Prime differentiate themselves from other Australian forex brokers, by offering only the one account. That means that every client trading with Global Prime is trading on an ECN account.
Account features:
When you trade with Global Prime, you receive complete transparency. This means absolutely no b-book or market-making.
One account means you’re trading on ECN market conditions only.
As we discussed on our how do forex brokers make money page, ECN brokers use Electronic Communication Networks to source the most competitive prices from several liquidity providers. Traders are then able to trade these prices directly with no spread mark-up from your forex broker.
For access to spreads sometimes as low as zero, the ECN broker charges a small commission on each side of the trade.
Pepperstone’s ECN Razor Account (per standard lot):
That’s a highly competitive, $7.00 round turn commission on one standard lot trades.
If however, you’re trading larger or smaller volumes, your ECN commissions will be pro-rated accordingly.
Yes, Pepperstone is an Australian ECN broker who is regulated by ASIC (AFSL 414530). Pepperstone’s Razor ECN account allows clients to trade on spreads as low as zero, with cheap $7.00 round turn commissions.
Check out our Pepperstone review for more details on why Pepperstone is an ECN broker.
No, FxPro is not a true ECN broker. They are however an FCA regulated forex broker that offers a no dealing desk solution, that is similar to ECN.
Check out our FxPro review to view the different account types offered.
Yes, FOREX.com is an ECN broker that accepts US traders. A subsidiary of GAIN Capital, FOREX.com is one of the largest ECN brokers in the world.
Check out our FOREX.com review featuring the broker’s strengths and weaknesses.
After having compared the best Australian ECN brokers above, you can see that each have aspects that make them stand out from the rest. Depending on your trading experience, the global foreign exchange landscape can be tough to navigate, so we’re here to help.
As an Australian, it’s recommended you avoid trading with a CySEC regulated market maker. Instead, choose an ECN broker regulated by the Australian Securities and Investments Commission (ASIC). Don’t take an unnecessarily high-risk, by going offshore. When you make a final decision on the best forex or CFD broker for you, start trading by opening a demo account and going over each characteristic yourself, to see how it fits with your style.
Broker reviews help find the best brokers, but only you can make the final decision. You can also view our best ECN international brokers which considered providers regulated with other authorities including the FCA, MAS and the FSCA in South Africa.
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