Australian ECN providers allow traders to directly access liquidity pools with no-dealing desks. Through forex trading platforms such as MT4, ECN/STP brokers achieve the lowest spreads and fastest speeds of any Australian broker.
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Best Australian ECN Brokers
Our best ECN broker Australia list is the following:
| Broker | Our Rating | Regulation | Standard EUR/USD Spread |
Standard GBP/USD Spread |
Standard AUD/USD Spread |
Raw EUR/USD Spread |
Raw GBP/USD Spread |
Raw AUD/USD Spread |
Commissions (USD Base) |
MetaTrader 4 | MetaTrader 5 | cTrader | Execution Speed | Minimum Deposit | Currency Pairs | Crypto CFDs | Retail Leverage | Prof. Leverage | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
9.33 |
ASIC, FCA CySEC, DFSA |
1.12 | 1.69 | 1.22 | 0.10 | 0.60 | 0.30 | $3.50 |
|
|
|
77ms | $0 | 62+ | 12+ | 30:1 | 500:1 |
|
|
9.00 |
ASIC, SCB FCA,CySEC |
1.0 | 1.0 | 1.2 | 0.06 | 0.73 | 0.27 | $3.50 |
|
|
|
143ms |
$250 (Raw) $500 (Standard) |
40+ | 250+ | 500:1 | 500:1 |
|
|
8.50 |
ASIC, FSA-S CySEC |
0.62 | 0.83 | 0.77 | 0.02 | 0.23 | 0.17 | $3.50 |
|
|
|
134ms | $0 | 61+ | 18+ | 30:1 | 500:1 |
|
|
8.17 |
ASIC,CySEC FSCA,FSA-S,FSC-M |
1.1 | 1.3 | 1.3 | 0.10 | 0.20 | 0.20 | $3.00 |
|
|
|
225ms | $100 | 63+ | 4+ | 30:1 | 500:1 |
|
|
8.50 |
ASIC, CYSEC FSC, FSA |
1.0 | 1.3 | 1 | 0.2 | 0.5 | 0.2 | $3.50 |
|
|
|
144ms | $0 | 49+ | 14+ | 30:1 | 500:1 |
|
|
4.83 |
ASIC,CySEC,FCA ,DFSA,FMA |
1.2 | 1.3 | 1.3 | 0.44 | 0.85 | 0.42 | $3.50 |
|
|
|
90ms | $0 | 72+ | 11+ | 30:1 | 400:1 |
|
|
6.67 |
ASIC, FCA, BaFin FINMA, NFA/CFTC, MAS CySEC, DFSA, FMA JFSA, BMA, FSCA |
1.13 | 1.66 | 1.01 | 0.16 | 0.59 | 0.29 | $6.00 |
|
|
|
174ms | $450 | 100+ | 12+ | 30:1 | 200:1 |
|
|
7.67 |
FCA, FSCA ASIC, FSA-S, CySEC |
1.1 | 1.3 | 1.1 | 0.1 | 0.3 | 0.2 | $3.50 |
|
|
|
161ms | $0 | 46+ | 21+ | 30:1 | 500:1 |
|
ECN providers offer the fastest execution speeds and tightest spreads due to their access to top-tier liquidity pools. This list contains our picks for the best Australian ECN forex brokers, based on a number of trading factors. Each broker also has one identifying feature that gives it an edge.
Pepperstone Was The Fastest Best Low Free Broker
When the team thought about what Australian ECN traders want, we put the highest weight on execution speed, spreads, and customer service. Pepperstone excelled in all these areas primarily on their MetaTrader 4 platform which we tested the broker with.
Five Reasons Why We Rated Pepperstone The Best
Pepperstone has some of the lowest ECN spreads of any Australian broker as you can compare using our spread calculator.
Our Review Of PepperstoneVisit Pepperstone
How We Proved Pepperstone Has The Fastest Execution Speeds
Ross Collins, our CompareForexBrokers Chief Technology Researcher tested the execution speed of 20 forex brokers. When Ross ran MetaTrader 4 EAs over two 24-hour periods, he found that Pepperstone had the fastest Limit Order Execution Speed at just 77ms[1]Execution Speed Testing In 2023 By Ross Collins Using MT4 EAs. You can view the full execution speed test results page with the summary shown below.
Execution speeds matter as they avoid slippage. ECN traders make a large number of trades usually when there is high market volatility. If the broker is too slow the price quoted won’t be what the trader actually received. Slippage can be significant during periods such as interest rate announcements etc. which is why you really want a fast broker.
Pepperstone Offers The Best Trading Platforms
While we tested Pepperstone on their MT4 trading platform, the broker offered the full software suite. This includes MT5, cTrader, and TradingView. Once more, these platforms have enhanced ECN features to improve charting, the use of Expert Advisors, and other algorithmic trading features. For an even superior trading experience consider integrating Capitalise.ai with MT4 for no code automation or Myfxbook for social trading.
Pepperstone’s key trading platform is MT4. MT4 is one of our favourite platforms and Pepperstone allows you to seamlessly access your ECN Razor Account directly within MT4. The advantages of MT4 include:
As MT4 is one of the most popular forex platforms, we see Pepperstone as the best proponent of the platform.
Pepperstone Account Opening Is Very Straight-Forward
When signing up with a broker, you want to be able to do this quickly and with minimum fuss. Justin Grossbard, Strategic Head Of Research at CompareForexBrokers, opened 20 accounts to see which brokers have the best account opening experience. Justin found it took less than 10 minutes to open an account and this was immediate. As part of the opening process, he did not need to provide a credit card or funding details, only an address, a salary number, and a photocopy of his passport. An account manager gave Justin a phone call the very next day to check if he needed any assistance.
View Pepperstone ReviewVisit Pepperstone
IC Markets Finished First In Our Spreads Testing
Based on our extensive analysis, we have rated IC Markets as our best low-spread ECN broker, with some of the tightest spreads in Australia. We scored IC Markets 85/100 for trading experience with a total score of 831/1000 overall.
As one of the best ECN brokers in Australia, IC Markets also provides traders with the following benefits:
When it comes to ECN liquidity providers, IC Markets has the most comprehensive partner lists of all forex brokers. We see these partnerships as a shining reason for IC Markets’ low spreads on its RAW ECN account.
Our tests confirmed IC Markets has the tightest spreads
Based on his standard account spread testing findings, our Chief Technology Researcher, Ross Collins, found that IC Markets had the lowest forex market spreads compared to the average spreads published by each broker.
You can obtain spreads as low as zero with an average EUR/USD spread of 0.1 pips (AUD/USD at 0.3). Our review also concluded that IC Markets offers deep liquidity pools and fast execution speeds, suited for day traders.
By aggregating prices from up to 25 of IC Markets’ partner liquidity providers, the tightest spreads possible are always ensured.
| Broker | Average Spread | Average Spread Cost (USD) |
|---|---|---|
| IC Markets | 1.03 | $9.63 |
| CMC Markets | 1.11 | $10.10 |
| Fusion Markets | 1.19 | $11.07 |
| TMGM | 1.21 | $11.18 |
| Admiral Markets | 1.31 | $11.96 |
| FXCM | 1.47 | $13.49 |
| Pepperstone | 1.46 | $13.52 |
| FP Markets | 1.47 | $13.60 |
| Go Markets | 1.49 | $13.87 |
| EightCap | 1.51 | $13.97 |
| OANDA | 1.54 | $14.23 |
| Axi | 1.71 | $15.99 |
| City Index | 1.79 | $16.52 |
| Blackbull Markets | 1.82 | $16.95 |
| FXPro | 2.22 | $20.83 |
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.
Stable And Fast ECN Trading Servers
Thanks to a global network of strategically placed trading servers, all IC Markets clients benefit from stable, yet lightning-fast ECN trading conditions. Trading conditions go hand in hand with low spreads and we have highlighted why IC Markets can deliver both.
MT4 bridge – A next-generation price aggregator used to connect clients’ trading platforms with deep 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, reducing slippage and ensuring accurate fills.
IC Markets’ RAW Spread Account is a Low-Spread ECN Account
Based on our analysis, IC Markets Raw Spread Account is its ECN account where you will obtain the lowest spreads.
Key features of the IC Markets Raw Spread Account include:
Eightcap Has MetaTrader 4, 5 and TradingView
Eightcap is our top broker for its diverse offering of powerful ECN platforms. This is due to Eightcap’s wide range of platforms as well as the tight ECN ‘like’ spreads you can obtain using them. We scored Eightcap’s platform offering a solid 75/100, with key strengths being their trading platforms and range of funding methods.
Major highlights of Eightcap include:
We loved Eightcap’s Raw account spreads
Eightcap offers a Standard (commission-free) or RAW (commission-based trading) account. For the tightest spreads, the RAW account is the way to go, based on our analysis. You will pay commissions of AUD $7 per round turn with the RAW account but we found the standard account has marked-up spreads leading to overall higher fees.
We compiled a list of average spreads from major brokers and Eightcap comes out on top for ECN spreads. As you can see, Eightcap has some of the tightest spreads across most of the major currency pairs. These spreads are compiled and updated on a monthly basis.
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ECN Broker Spreads
|
|||||
|---|---|---|---|---|---|
|
0.06 | 0.23 | 0.20 | 0.42 | 0.27 |
|
0.10 | 0.20 | 0.30 | 0.30 | 0.20 |
|
0.12 | 0.47 | 0.50 | 0.40 | 0.22 |
|
0.30 | 0.50 | 0.60 | 0.50 | 0.50 |
|
0.30 | 0.30 | N/A | 0.50 | 0.40 |
|
0.44 | 0.20 | 0.83 | 0.40 | 0.42 |
|
0.17 | 0.24 | N/A | 0.54 | 0.30 |
|
0.20 | 0.30 | 0.70 | 0.50 | 0.40 |
|
n/a | n/a | 0.30 | 0.60 | 0.50 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 01/09/2023
Eightcap’s Diverse Range of ECN Platforms
Not only does Eightcap have tight spreads, the broker also has a diverse and powerful range of ECN trading platforms which are:
MT4 and MT5 are two of the most popular forex and CFD trading platforms, while TradingView and Capitalise.ai are emerging as strong alternatives. TradingView also offers great charting features while Capitalise.ai specialises in algorithmic trading.
FX Blue Labs, CryptoCrusher, and The Amazing Trader are all specialist platforms. Of all these platforms, CryptoCrusher is the most unique platform to trade with and analyse Eightcap’s immense cryptocurrency range.
Go Markets Go Plus+ Account Commission Costs are the Best in the Market
As Australia’s original MetaTrader forex broker, GO Markets has taken a leading role in helping clients upgrade to the MetaTrader 5 trading platform. MT5 is a powerful upgrade of the popular MT4, which is one of our favourite platforms. For platform experience, GO Markets scored a mighty 90/100. In addition, some of GO Markets’ best features include:
Low spreads from 0.0 pips
GO Markets is a Specialist MetaTrader 5 (MT5) Broker
As a specialist MetaTrader 5 forex broker, GO Markets is trusted by both beginners and professional traders so caters to a wide range of trading styles.
Based on trading experience, the MT5 platform is a multi-functional, modern, and user-friendly trading platform with the following advantages:
GO Markets ECN Account is GO Plus+
As one of our best Australian ECN brokers, GO Markets has a specialist ECN account called GO Plus+.
Some of the key features of the GO Plus+ ECN Account are:
You can view our analysis of raw spread forex brokers and see how the commission rates and spreads compare leading to our GO Markets recommendation.
Axi Requires No Minimum Deposit When You Use Their Demo Account
Axi (formally AxiTrader) is part of our 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 is the best choice for you.
Axi’s best features are:
Known as a specialist MetaTrader broker because of its MT4 and MT5 trading platforms, Axi offers clients a free suite of add-ons for all traders with a live trading account – MT4 NexGen.
Many ECN Account Funding Methods
Being one of our top-rated Australian ECN brokers for its low minimum deposit, you can choose one of several ways to fund your Axi account:
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 the 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, so we advise you to check with each provider before making a deposit or withdrawal from your Axi account.
We Love Axi’s NexGen Add-ons
As well as offering both MT4 and MT5 trading platforms, it’s Axi’s free NexGen suite of add-ons that sets it apart with our extensive research. Key features of NexGen that we love include:
Axi’s ECN Account is the Pro Account
Axi’s ECN account is called the Pro Account, where you can obtain the lowest spreads.
Along with having no minimum deposit, we found the account had the following key features:
FP Market’s MT4-MT5 Raw Account Spreads are Tight
Australia-based FP Markets is a true ECN broker, with no dealing desk (NDD) execution model that offers the best trading services for scalping. Upon further analysis, we found FP Markets’ best features to be:
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 automatic buying and selling of orders, which is crucial to a scalper.
Other advanced functionalities of the MT4 Trader Toolbox we liked include the ability to set up alerts. We also like the Sentiment Trader feature and the Trader Toolbox Connect tool for quality market research.
FP Markets ECN Account – Raw Account
FP Markets’ ECN account was specifically designed for active traders with high volume discounts, the RAW account provides scalpers with all the features that are conducive to profitable scalping.
Key features of the FP Markets RAW Account:
Fast ECN Order Execution and Low Spreads
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’ spreads are consistently low. While not at the top of our list, FP Markets competes with big names like Pepperstone and IC Markets which have the lowest spreads in the FX industry.
When trading, the average EUR/USD spread is 0.1 pips and 0.2 pips for AUD/USD as published on the FP Markets website. Moreover, we discovered FP Markets can obtain spreads as low as 0 pips for each of the major currency pairs.
In addition, FP Markets’ servers are located inside the Equinix NY4 data server, which ensures fast execution, ultra-low latency, and minimal slippage from our trading experience.
IG Markets Offers DMA Trading with its L2 Dealer Platform
With over 239,000 retail clients worldwide and 47 years of experience in the FX space, IG Markets is the largest ECN broker 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.
Our team found the following top features for IG Markets:
IG DMA Trading Account
We found a variety of advantages of IG’s Forex direct account, which mimics the ECN/STP execution models, highlighted below:
IG’s Top Pricing Execution and Liquidity Providers
IG uses a DMA (Direct Market Access) model to execute a client’s transactions, which means orders are submitted directly to the Interbank market. We like this model as it gives clients the best available prices and execution without any interference.
IG’s liquidity provider (LP) network is impressive, comprising 12 tier-1 banks and tier-2 banks along with leading market makers and Multilateral Trading Facilities (‘MTFs’). We also found IG transparent about its info, with its execution venues openly published within the Order Execution Policy.
IG prices are aggregated from the following top-tier financial institutions: Bank of America, Barclays, Citadel, Citibank, EBS, Goldman Sachs, Hotspot, HSBC, JP Morgan, Morgan Stanley, UBS, and XTX.
ThinkMarkets is a Great Choice for Beginner Traders
If you’re a beginner trader, one of the best forex brokers to start trading with is ThinkMarkets. ThinkMarkets provides an outstanding selection of quality educational resources and market research. We found ThinkMarkets’ best features to be:
Top Market Research and Trading Academy
Not all forex brokers welcome beginner traders who require special trading features. However, ThinkMarkets accommodates the needs of even the most demanding FX traders.
ThinkMarkets provides industry-leading education through its “Learn to Trade” section, which is available for beginner, intermediate, and advanced traders. Additional educational resources include a well-organised trading glossary library with a search function, trading guides on the most popular technical indicators and chart patterns, and free, downloadable 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, we discovered additional key features of the ThinkZero Account:
There are many great, legitimate ECN brokers out there and just as many scams or fake ECN brokers. There are a number of ways to check if a broker is fake, including:
Differences between ECN and STP?
When it comes to trading, ECN (Electronic Communication Network) and STP (Straight-Through-Processing) are very similar but the main real difference is routing.
ECN brokers execute by matching client orders and STP brokers execute by passing client orders directly to an external liquidity provider. i.e. the STP broker can choose to deal with different liquidity providers out of their liquidity pool. On the other hand, the ECN broker acts as a kind of hub, represented by banks, hedge funds, and all the major market participants. Which is better will depend upon the quality of service and liquidity of the markets traded.
For this forex broker comparison, we have only picked brokers that offer ECN or ECN ‘like’ pricing. In an ECN account, trades are executed electronically and sent directly to an external liquidity provider, such as a bank or another trader. This means that there is no dealing desk involved in the trade execution process. Because of this, ECN accounts offer traders faster execution speeds and tighter spreads than standard accounts. ECN accounts also provide traders with access to a larger pool of liquidity, which can result in better pricing and faster trade execution.
The team at Compareforexbrokers adopts a uniform approach when reviewing the best brokers. Each page has a specific theme, such as best ECN brokers, around which we tailor our analysis. From here, our methodology to evaluate the best ECN brokers includes a multitude of factors, highlighted below:
There are a few factors to consider when choosing a suitable ECN forex broker for your particular needs. For a start, a broker should offer a true ECN or ECN ‘like’ account, which will give you the lowest spreads. This is different from market maker brokers, who only offer a standard account with wider spreads on average. From here it’s all about trading preference, whether you favour powerful trading platforms, an extensive product range, or advanced trading tools to give a few examples.
While most ECN brokers need to be regulated to be able to offer trading services to clients, not all of them are. As an Australian, we strongly advise you to choose a trusted ECN broker that is regulated by ASIC (the Australian Securities and Investments Commission). As Australia’s top regulator, ASIC is responsible for regulating Australian brokers and enforcing laws to protect Australian consumers, investors, and creditors.
After comparing the best Australian ECN brokers above, each broker has aspects that 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 an offshore-regulated broker that is not regulated in Australia. Instead, we encourage you to choose an ECN broker regulated by the Australian Securities and Investments Commission (ASIC). It’s considered a higher risk to go offshore simply to seek a broker with the highest leverage. Our highest leverage forex broker Australia page shows the best leverage within the ASIC regulation guidelines. Before you make a final decision on the best forex or CFD broker for you, you can start by opening a demo account and going over each characteristic yourself to see if it suits your style. You may also want to consider choosing a broker with negative balance protection for additional risk management.
Broker reviews help find the best brokers, but only you can make the final decision. You can also view our best global brokers with ECN accounts which consider providers regulated by other authorities, including the FCA, MAS, and the FSCA in South Africa.
Disclaimer risk warning: Brokerages that provide financial services, especially in CFD trading and derivatives incur a high level of risk for you as a trader. Make sure to always choose a broker that is regulated by your local authority for the best protection.
Ask an Expert
are all of these brokers safely regulated in Australia?
Yes, all the brokers on this list are regulated by ASIC.