ECN Brokers Australia 2021 Comparison

IC Markets Has The Lowest ECN Spreads

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:

• Lower spreads
• Faster execution
• Superior technology
• Better fills
• Unrivalled customer service
• Advanced trading tools
• Superior trading platforms
• Trust and transparency
• Regulation

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.

ECN Broker Spreads

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.

ECN Trading Servers

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.

IC Markets ECN Account – RAW Spread Account

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:

• Raw spread prices
• Spreads from zero pips in peak times
• Ultra-fast order execution
• 1:500 Leverage
• Deep interbank liquidity from partners
• MetaTrader 4 & 5 trading platforms

GO Markets Is The Best MetaTrader 5 ECN Forex Broker

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:

• Low spreads from 0.0 pips
• Australian ASIC regulation
• Fast trade executions
• Segregated client funds in NAB and Commbank
• No deposit fees

Specialist MetaTrader 5 (MT5) Broker

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 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.

MT5 Platform – More Than Just Charting

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.

GO Markets ECN Account – GO Plus+

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:

• Raw spreads from 0.0 pips
• Low commissions of $6.00 per round turn
• An initial deposit of only $500 to trade on ECN conditions
• Dedicated account manager

View Go Markets Review >>Visit GO Markets >>

AxiTrader Has The Lowest ECN Broker Minimum Deposit

Axi. (formally 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 Axi. might be the best choice for you.

Axi. best features:

• MetaTrader 4 specialists (PC, WebTrader, Mac, and iOS/Android)
• No minimum deposit on ECN accounts
• Over 80 forex currency pairs
• Ideal automated trading conditions (EAs)
• Free account add-ons

Known as a specialist MetaTrader broker because of their MT4 and MT5 trading platforms, Axi. offer clients a free suite of add-ons for all traders with a live trading account – MT4 NexGen.

No Minimum Deposit ECN Broker Funding Methods

Being one of our top-rated Australian ECN brokers for their low minimum deposit, you can choose one of several ways to fund your Axi. 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 Axi. themselves. Check with each provider before making a deposit or withdrawal from your Axi. account.

ECN Broker Account Add-Ons

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 Axi.’s free NexGen suite of add-ons that sets them apart.

Here is the full list of NexGen MT4 add-ons that Axi.’s clients have access to:

Sentiment indicator – Analyse market trends by getting a glimpse into the Axi.’s 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 Axi.

Axi.’s ECN Account – Pro Account

Axi.’s ECN account option is called the Pro Account.

Along with having no minimum deposit, here are some of the account’s key features:

• Raw spreads as low as zero
• Low commissions, from $3.50 per side
• No requotes and instant execution
• Multiple deposit methods (PayPal included)

Axi Review >>Visit Axi. >>

Global Prime Has The Best Customer Support

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:

• Tight spreads from 0.0 pips
• Fast execution with visible depth
• ASIC-regulated broker
• A low minimum deposit of $200
• 1:200 leverage
• Segregated funds at Westpac

Superior Customer Support From An ECN Broker

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 it’s an issue with a trade execution or just a friendly chat about a technical analysis setup, Global Prime is 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, unrivalled in Australia.

ECN Trade Execution And Transparency

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 ECN Account

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:

• Leverage 1:200 pending approval
• Commission of $7 per 100k round turn
• Minimum Deposit of AUD 200 (or equivalent)
• Margin call at 120%
• Margin stop at 100%
• Minimum trade of 0.01 lots
• ECN spreads

When you trade with Global Prime, you receive complete transparency. This means absolutely no B-book model or market-making.

One account means you’re trading on ECN market conditions only.

Markets.com Has The Best Trading Tools

Markets.com is another ECN regulated broker by the Australian Securities and Investments Commission (ASIC) with AFSL number 424008. If you’re looking to access powerful trading tools to assist you with your trading, Markets.com is the best choice.

Markets.com best features include:

• 14 Proprietary trading tools (Technical, Fundamental and Sentiment tools)
• Proprietary multi-asset trading platform MarketsX
• Negative balance protection
• 79% of orders have zero or positive slippage (based on 2020 data)
• +2,200 financial markets and 67 currency pairs
• Average EUR/USD spread of 0.6 pips

Proprietary Trading Tools

With the help of the 14 proprietary trading tools, Markets.com platform is more powerful. Markets.com makes available to all of their clients 3 categories of technical indicators, technical, fundamental and sentimental tools.

Technical tools – provide customizable charting functions and a premium tool that helps you view the real-time correlation between multiple assets. The advanced charting integrates multiple indicators (H-L Volatility, SMMA, STARC Bands, Schaff Trend Cycle, etc.), oscillators and 9 different chart types.

Fundamental tools – integrates market commentaries news by Thomson Reuters. This tool also provides alerts based on news events or technical events.

Sentiment tools – includes 6 unique tools that measure the smart money buying and selling activities as well as Markets.com long/short book.

Transparent Execution

When you choose to trade with a true ECN broker, your buy and sell orders are matched with other market participants’ orders. Markets.com facilitates trades without interfering with your orders. This can be particularly attractive because it ensures lower spreads, faster order speeds, and minimised slippages.

Based on the statistics provided by Markets.com, approximately 86% of clients’ orders had zero or positive slippage in 2019 compared to 79% (2020).

Only 13.79%of Markets.com orders incurred negative slippage.

Markets.com ECN Account – Professional Account

At Markets.com, clients can access the ECN trading conditions via the professional account.

Key features of the Markets.com professional account:

• Lower spreads
• Dedicated personal account manager
• XRay dedicated news channel
• 3 powerful trading platforms (MT4, MT5 and MarketsX)
• A big pool of prime brokers and LPs

Markets.com Review >>Visit Markets.com >>

IG Is The Largest ECN Foreign Exchange STP Broker

With over 239,000 retail clients worldwide and 47 years of experience in the FX space, IG Markets is the largest ECN brokers in Australia. Currently, IG is processing on average USD 6.8 billion of daily transactions and 7 million orders per month, with 93 different currency pairs.

Best features of IG Markets include:

• Access to over 17,000 financial instruments
• Direct Market Access (DMA) – forex direct
• Proprietary trading platform – L2 Dealer
• Good selection of trading platforms and tools
• Free Virtual Private Servers (VPS) subject to a minimum account balance of USD 5,000
• Guaranteed stop-loss order (GSLO) for 0 slippage execution
• Award-winning service
• Segregated account at tier-one banks

IG’s Pricing Execution

IG uses a DMA model to execute client’s transactions, which means orders are submitted directly on the Interbank market without the middleman. However, IG makes it clear that clients “are trading based on underlying market prices and depth,” but when you open a position you’re actually trading a CFD contract.

IG’s liquidity provider (LPs) network is comprised of 12 tier-one banks and tier-two banks along with leading market makers and Multilateral Trading Facilities (‘MTFs’). As a strong advocate of transparency, IG’s execution venues are openly published within the Order Execution Policy. In order to give clients the best available prices and execution, IG routes clients’ orders directly to one of their LPs without any interference.

IG prices are aggregated from the following financial institutions: Bank of America, Barclays, Citadel, Citibank, EBS, Goldman Sachs, Hotspot, HSBC, JP Morgan, Morgan Stanley, UBS and XTX.

IG DMA Trading Account

There are a variety of advantages of IG’s Forex direct account, which mimics the ECN/STP execution models. Some of the key features of trading through IG’s DMA service include:

• Fast order execution of 0.014 seconds
• Average EUR/USD spread of 0.16
• Volume-based commission starting from USD 60 per million traded
• 38% of limit orders received positive slippage
• Low order rejection rate below 2%
• Professional order control and integrated market alerts
• Historical price data on all currency pairs

IG Markets Review >>Visit IG Markets >>

FP Markets Is The Best ECN Broker for Scalping

FP Markets is an Australian-based ECN broker headquartered in Sydney, which offers the best trading services for scalping. FP Markets is a true ECN broker, with no dealing desk (NDD) execution model

Check out some of FP Markets’ best features below:

• Access to a wide range of financial markets – +10,000 CFDs
• IRESS proprietary web-based platform
• True Electronic Communication Network (ECN) technology
• Third-party platforms (MT4 + MT5)
• Allows Expert Advisors (EAs) with enhanced speed of execution
• ASIC regulated broker
• 10 Flexible deposit methods in 10 different account base currencies

FP Markets MT4 Traders Toolbox

FP Markets empowers the standard MT4 platform with a set of 12 unique trading tools. Along with the default MT4 indicators, FP Markets’ clients can access tick charts and a Mini Terminal that facilitates scalping. The Stealth Order features allow for automatically buy and sell orders, which is crucial to a scalper.

Other advanced functionalities of the MT4 Trader Toolbox includes the ability to set up alerts, a robust trading tool like the Sentiment Trader and Session Map and last but not least quality market research via the Trader Toolbox Connect tool.

ECN Order Execution

To give scalpers and day traders an all-around trading experience, FP Markets complements its trading tools with fast execution, no-requotes and low latency. Additionally, FP Markets’s spreads are consistently kept on the lower side. On the spread side, FP Markets competes with big names like Pepperstone and IC Markets which have the lowest spreads in the FX industry.

The average EUR/USD spread is 0.1 pips respectively 0.2 pips for AUD/USD. More, FP Markets is able to keep the EUR/USD at 0.0 pips “on average 35.89% of the time.” This is based on price data compiled from 1 Dec 2020 to 31 Dec 2020 according to info found on FP Markets website. We couldn’t verify this statistic.

FP Markets’ servers are collocated inside the Equinix NY4 data server, which ensures fast execution, ultra-low latency and minimal slippage.

FP Markets ECN Account – Raw Account MT4 – MT5

FP Markets’ ECN account was specifically designed for active traders, the RAW account provides scalpers with all the features that are conducive to profitable scalping.

Key features of the FP Markets RAW Account:

• Interbank spreads starting from 0 pips
• Forex quotes streamed from multiple tier-one LPs
• Average EUR/USD spread of 0.0 pips 35.89% of the time
• A low minimum deposit of AUD $100
• Maximum leverage of 500:1
• Low commission of USD 3 per side for 100,000 units traded

FP Markets Review >>Visit FP Markets >>

ThinkMarkets – Best ECN Broker for Beginners

If you’re a beginner trader, one of the best forex brokers to start trading is ThinkMarkets. ThinkMarkets is worth your inspection as it provides an outstanding selection of quality educational resources and market research.

Check out some of ThinkMarkets’ best features below:

• Free USD 25,000 demo account
• Client service available 24/5
• MetaQuotes package (MT4 and next-gen MT5)
• Negative Balance Protection
• A low minimum deposit of USD 500
• Market research with regular insights
• Access to over 2,300 ASX-listed shares
• Swap-free account (Islamic account)
• Award-winning trading App

Market Research and Trading Academy

Not all forex brokers are adapted to welcome beginner traders who require special trading features. However, ThinkMarkets offers beginner traders a wide range of educational materials and market research content to accommodate the needs of even the most demanding FX traders.

ThinkMarkets provides industry-leading education through its “Learn to Trade” section. ThinkMarkets’ online trading course is available for beginner, intermediate and advanced traders. Additional educational resources include a well-organized trading glossary library with a search function; trading guides on most popular technical indicators and chart patterns and downloadable Free eBooks.

ThinkMarkets also helps new traders with solid research and related resources. In-house analysts at ThinkMarkets cover all the latest market risk events both in writing and via interactive live webinars.

ThinkMarkets ECN Account – ThinkZero Account

The ThinkZero account is the ECN-like account type best suited for beginners. Along with having rich educational resources, here are some additional key features of the ThinkMarkets ThinkZero Account:

• Spreads starting from 0.0 pips
• Market-leading technologies (MT4, MT5, and API)
• A low commission rate of USD 3.5 per side
• Leverage up to 500:1
• ThinkMarkets News service
• Helpful trading tools (Autochartist and Trading Central)

ThinkMarkets Review >>Visit ThinkMarkets >>