MetaTrader 5 in Australia: brokers, features and how to use MT5 in 2026
Written by an ex-institutional trader. What MetaTrader 5 is, the multi-asset features that set it apart from MT4, which ASIC-regulated brokers offer it in Australia, how to download and use it, and whether it is the right platform for you.
Direct answer
MetaTrader 5 (MT5) is the newer, more capable MetaTrader platform, and four ASIC-regulated brokers offer it in Australia: Pepperstone, FP Markets, Fusion Markets and AvaTrade. Released in 2010, MT5 is multi-asset rather than forex-only, and adds more timeframes, more order types, depth of market, a built-in economic calendar, and a much faster multi-threaded strategy tester compared with MT4. It is free to download from your broker and runs on Windows, web, iOS and Android.
For a new trader with no legacy MetaTrader 4 tools, MT5 is the better default and the more future-proof choice, especially as the industry moves toward it. The one reason to choose MT4 instead is dependence on a specific MT4 expert advisor, which will not run on MT5. Plus500, the other major ASIC broker, does not offer MetaTrader at all. For the ranked broker view, see the best MT5 brokers Australia page.
What is MetaTrader 5?
MetaTrader 5 is the newer trading platform from MetaQuotes, released in 2010 as the successor to MetaTrader 4. Despite the name, it is not simply MT4 with an upgraded version number; MetaQuotes rebuilt it as a multi-asset platform, so it handles markets beyond forex and runs on a different programming language. Like MT4, you get MT5 from your broker rather than from MetaQuotes, and you trade through the broker on the platform.
The case for MT5 is that it is more capable in almost every measurable way: more markets, more timeframes, more order types, depth of market, a built-in economic calendar, and a faster strategy tester. The case against it, for some traders, is that the huge library of expert advisors and indicators built for MT4 over the years does not carry across. This guide covers what MT5 adds, which Australian brokers offer it, and how to get set up.
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What MT5 adds over MT4
The differences that matter in practice are about scope and depth.
- Multi-asset. MT5 was designed for forex, shares, futures and more, where MT4 was built for forex. Brokers can list a wider range of markets through MT5.
- More timeframes and order types. MT5 offers 21 chart timeframes against MT4's 9, and 6 order types against MT4's 4, giving finer control over entries.
- Depth of market. MT5 shows the order book for an instrument, useful for execution-focused traders, which MT4 does not.
- Integrated economic calendar. MT5 has a built-in calendar of scheduled data releases, so you can see market-moving events without leaving the platform.
- Faster strategy tester. MT5's backtester is multi-threaded, so it tests automated strategies far faster than MT4's single-threaded tester, which matters if you optimise expert advisors.
None of these are required to place a simple trade, and for pure manual forex trading the everyday experience is similar to MT4. The advantages compound for traders who use multiple markets, backtest heavily, or want the extra order and analysis tools.
ASIC brokers offering MT5 in Australia
Four ASIC-regulated brokers covered on this site offer MetaTrader 5, the same four that offer MT4. The platform is identical across them, so the decision comes down to cost, execution and what each adds.
| Broker | Open |
|---|---|
| Pepperstone AFSL 414530 |
|
| Fusion Markets AFSL 385620 |
|
| FP Markets AFSL 286354 |
|
| AvaTrade AFSL 406684 |
Plus500 does not offer MetaTrader 5. CFD Service. Your capital is at risk.
For the ranked breakdown of which MT5 broker suits which trader, the best MT5 brokers Australia page goes deeper, and the best forex brokers in Australia ranking covers the full field. As with MT4, an active trader's decision usually comes down to Fusion Markets on cost or Pepperstone on execution and platform breadth.
How to download and set up MT5
The process mirrors MT4:
- Open an account with an ASIC-regulated broker that offers MT5 (one of the four above) and verify your identity.
- Download MT5 from the broker's platform page or your account dashboard, for Windows, web, iOS or Android. Mac users generally use the web version.
- Log in with the MT5 account number, password and server name the broker provides. Note that MT4 and MT5 accounts are separate, so an MT4 login will not work on MT5.
- Add charts and trade. Open a chart, set your volume, and place the order, practising on a demo account first.
There is no platform fee; your costs are the broker's spread, commission and overnight swap.
Is MT5 right for you?
For most Australian traders choosing a platform today, MT5 is the right default. It is the more capable and more future-proof platform, it handles more markets, and starting on it avoids building a workflow around software the industry is slowly retiring. A beginner loses nothing by starting on MT5, and a multi-market or backtesting-heavy trader gains a lot.
The clear exception remains expert advisors. Because MT5 uses MQL5 and MT4 uses MQL4, an expert advisor or indicator written for MT4 will not run on MT5 without being rewritten. If a specific MT4 tool is central to your trading, that ties you to MT4 regardless of MT5's advantages. If you are weighing the two, the MT4 vs MT5 comparison lays out the decision in full, and the MetaTrader 4 Australia guide covers the older platform.
Sources and references
- MetaQuotes, developer of MetaTrader 5, for the platform feature set and the MQL5 framework.
- ASIC Connect register, used to verify each broker's Australian Financial Services Licence.
Broker platform availability and pricing reflect live-account testing across the brokers reviewed on this site. Last reviewed: 2026-06-01.
Frequently asked questions
Which Australian brokers offer MetaTrader 5?
Among the ASIC-regulated brokers covered on this site, Pepperstone, FP Markets, Fusion Markets and AvaTrade all offer MetaTrader 5. Plus500 does not, because it runs a proprietary platform. For a ranked view of which MT5 broker suits which trader, see the best MT5 brokers Australia page; the choice between the four comes down to cost, execution and what each adds alongside MT5.
Is MetaTrader 5 better than MetaTrader 4?
For most new traders, yes. MT5 is multi-asset, faster, and adds more timeframes, more order types, depth of market, a built-in economic calendar and a far better strategy tester. The one reason to stay on MT4 is dependence on a specific MT4 expert advisor or indicator, which will not run on MT5 because the two use different programming languages. With no legacy tools, MT5 is the stronger default.
Is MetaTrader 5 free in Australia?
Yes. MetaTrader 5 is free to download and use; you get it from your broker rather than paying MetaQuotes. There is no platform fee on top of normal trading costs, which are the broker's spread, commission and any overnight swap. Third-party expert advisors or indicators may cost money if you buy them, but the platform itself is free.
Can MetaTrader 5 trade shares and not just forex?
Yes, that is one of its main advantages over MT4. MT5 was built as a multi-asset platform, so brokers can offer share CFDs, indices, commodities and other markets through it alongside forex, with the depth-of-market and additional order types those markets benefit from. The exact range depends on what your broker lists, but the platform itself is designed for more than forex, unlike MT4.
How do I download MetaTrader 5 in Australia?
Open an account with an ASIC-regulated broker that offers MT5 (Pepperstone, FP Markets, Fusion Markets or AvaTrade), then download MT5 from the broker's platform page or your account dashboard. Log in with the MT5 account number, password and server name the broker provides. It runs on Windows, web browser, iOS and Android, with Mac users typically using the web version.
Should a beginner use MetaTrader 5?
Yes, for most beginners MT5 is a sensible default. The basic workflow of placing trades and reading charts is no harder than MT4, and starting on the newer platform avoids building habits around software the industry is gradually moving on from. The extra features can be ignored until needed. The exception is a beginner who specifically wants to use a popular MT4 expert advisor, in which case MT4 is the better fit.
