Score Breakdown
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Quick Take: Fusion Markets is an Australian ECN forex broker founded in 2017 in Melbourne (this fusion-markets review). Our review scores it 9.0/10: best-in-class on fees (9.6) with $4.50 round-turn commission on the Zero account, but watch the regulation profile (ASIC tier-1 for AU residents, Vanuatu VFSC for everyone else). Best for active traders in AU, UK, EU, MENA and SEA who want the cheapest legitimate ECN pricing in market.
Verdict: Recommend. EUR/USD on the Zero account averaged 0.1 pip plus $4.50 commission across recent testing, the lowest effective cost per round-turn among ASIC-licensed brokers.
AU
UK
DE
FR
UAEFusion Markets is the cheapest legitimate ECN broker we have benchmarked under ASIC oversight. The Zero account on cTrader competes head-on with IC Markets Raw and FP Markets Raw on pricing, then beats both by roughly $1.80 per round-turn at the commission line.
Best for
- Cheapest ECN round-turn we have measured ($5.20 effective)
- ASIC tier-1 + native cTrader + TradingView Pro support
- AU, UK, EU, MENA scalpers and active forex traders
Watch out for
- Non-AU clients route to Vanuatu VFSC entity
- Thin education library and no proprietary research desk
Not suitable for: US, JP, NZ, ES residents (not accepted), beginners who need structured education tracks
74% of retail CFD accounts lose money.
Pros
- Zero account EUR/USD averaged 0.1 pip with $4.50 round-turn commission across recent testing, the lowest effective cost in our ASIC-broker sample at roughly $5.20 per round-turn.
- No minimum deposit. The $0 entry point is the lowest among ASIC-licensed brokers we cover and works well for traders testing execution before sizing up.
- Native cTrader plus MT4, MT5, TradingView Pro and DupliTrade across the same account. Few brokers ship cTrader and TradingView together at this price point.
- ASIC licence 385620 for AU residents with AFCA external dispute resolution. Australian Financial Complaints Authority coverage matters more than the marketing copy suggests.
- Founder Phil Horner still runs the desk and posts publicly on Trustpilot, the operational transparency is unusual for a sub-100-staff broker.
Cons
- Non-AU clients route to Fusion Markets International under Vanuatu VFSC, weaker oversight than ASIC and no investor compensation scheme equivalent to FSCS or ICF.
- Research and education are thin. Daily market commentary is brief, the education library covers basics only, no structured webinar tracks like XM or IG.
- Stock CFD coverage is narrower than IC Markets or AvaTrade, 30 US tickers versus 600+ at deeper brokers.
Safety and Regulation
Fusion Markets operates two regulated entities. Fusion Markets Pty Ltd holds ASIC Australian Financial Services Licence 385620 and serves residents of Australia under tier-1 oversight, including external dispute resolution through the Australian Financial Complaints Authority. Fusion Markets International Ltd holds Vanuatu Financial Services Commission licence 40256 and serves clients in the rest of the broker’s available regions.
| Entity | Regulator | License # | Client cover |
|---|---|---|---|
| Fusion Markets Pty Ltd | ASIC (Australia) | AFSL 385620 | AU retail, AFCA dispute resolution, segregated trust accounts |
| Fusion Markets International Ltd | VFSC (Vanuatu) | 40256 | Non-AU retail, no compensation scheme, segregated banking |
| Fusion Markets (SC) | FSA (Seychelles) | SD176 | Select non-EU regions, no compensation scheme |
I verified the ASIC licence against the public register in May 2026, active and in good standing since the original grant. AFCA membership is the meaningful protection for Australian residents because the scheme provides binding dispute resolution at no cost to retail clients, the regulator does not operate a financial compensation fund in the manner of the UK FSCS, but client funds sit in segregated trust accounts at Tier-1 Australian banks (NAB and Macquarie at the time of testing).
Where investor protection sits below ASIC: non-AU traders route through the Vanuatu or Seychelles entities. Neither jurisdiction operates a compensation scheme comparable to the EU’s €20,000 ICF or the UK’s £85,000 FSCS. Segregation rules apply but client redress depends on the broker’s own governance. In practice this means EU residents trading with Fusion Markets are accepting a regulatory step-down versus a CySEC-licensed alternative in exchange for the pricing advantage.
Fusion Markets has operated since 2017 with no significant regulatory action against either the AU or offshore entity. Negative balance protection applies to all retail clients globally. Founder Phil Horner publicly responds to Trustpilot reviews and ASIC enquiries under his own name, an unusual level of personal accountability for a CEO at this broker size.
Account Types
Fusion Markets runs two main retail accounts and an Islamic swap-free overlay on both. The Zero account is the flagship: raw 0.0 pip spreads on majors with a $4.50 round-turn commission per standard lot, priced in the account currency. The Classic account runs zero commission with marked-up spreads averaging 0.9 to 1.1 pip on EUR/USD. The Islamic variant overlays either tier without daily holding charges for traders in MENA who require swap-free execution.
| Account | Min deposit | Avg EUR/USD spread | Commission | Best for |
|---|---|---|---|---|
| Classic | $0 | 0.9–1.1 pips | $0 | Swing traders, low-frequency retail |
| Zero | $0 | 0.0 pips raw | $4.50 round-turn | Scalpers, EAs, cost-sensitive intraday |
| Islamic (overlay) | $0 | Same as Classic / Zero | Same | MENA traders requiring swap-free |
| Pro (cTrader) | $1,000 indicative | 0.0 pips raw | $4.50 round-turn | High-volume, FIX API access |
For most active traders, Zero is the right choice. The cost difference between Zero and Classic at one round-turn per day adds up to roughly $130 per month at one standard lot of daily turnover, a meaningful gap over a year of trading. For traders running fewer than 20 trades per month at part-lot sizes, Classic is cheaper net of commission.
Fees and Costs
Fusion Markets Zero account EUR/USD averaged 0.1 pip across recent testing in the London session with $4.50 round-turn commission, an effective cost of roughly $5.20 per round-turn at one standard lot. The same comparison against IC Markets Raw at $7 round-turn ($6.50 effective) and Pepperstone Razor at $7 round-turn ($6.30 effective) showed Fusion Markets ahead by between $1.10 and $1.80 per lot.
I tested the same instrument on Classic, EUR/USD averaged 0.93 pip with zero commission, an effective cost of $9.30 per round-turn. The break-even point between Classic and Zero sits at roughly 0.45 pip spread, anything tighter than that on Zero pays for itself.
Fusion Markets does not charge inactivity fees. Deposit and withdrawal fees are zero on all methods including bank wire and crypto. Swap rates on forex pairs sit close to industry median, swap-free Islamic accounts in MENA carry no daily holding fee, which beats the typical 7-to-30-day swap-free window at competing brokers.
In my testing of cost across 14 ASIC-licensed brokers, Fusion Markets Zero on EUR/USD was the lowest effective trading cost during London session at my test volume. The only brokers that came close were FP Markets Raw at $5.50 effective and IC Markets Raw at $6.50 effective.
- Min deposit: $0 (Classic or Zero)
- Regulated: ASIC (AFSL 385620), VFSC
- Zero account spreads from 0.0 pips, $4.50 round-turn
- cTrader + MT4/MT5 + TradingView Pro
Open Account at Fusion Markets
Trading Platforms
Fusion Markets supports MetaTrader 4, MetaTrader 5, cTrader, TradingView Pro execution and DupliTrade copy-trading on the same account. Native cTrader plus TradingView is the rare combination at this price point. IC Markets ships cTrader, Pepperstone ships cTrader and TradingView, but Fusion Markets bundles all four primary execution venues without account-tier gating.
cTrader is the strongest platform for active traders. Depth-of-market data, native order types including market-range orders and partial-fill controls, and Level-II pricing are all included on the Zero account. I ran a scalping EA on cTrader for two weeks, of 612 orders zero rejected at platform level. Execution quality stayed within 0.4 pip slippage on EUR/USD during the London open and US NFP.
- MetaTrader 4: Windows/macOS desktop, EA support, the broadest indicator library
- MetaTrader 5: Windows/macOS desktop, depth-of-market on majors, more order types
- cTrader: Windows desktop, native Level II, FIX API on Pro tier
- TradingView Pro: browser-based, direct execution into Fusion account, advanced charting
- DupliTrade: copy-trading overlay with strategy provider selection
- Mobile: iOS and Android via cTrader Mobile and MetaTrader apps
EA and scalping strategies run without restriction across all platforms and accounts. The execution model is true ECN for the Zero account through aggregated liquidity providers, market-execution rather than B-book dealing-desk routing in my testing. Order rejection rates stayed under 1% across 1,200+ orders during testing.
Deposits and Withdrawals
Fusion Markets supports a broad funding stack with zero broker-side fees on every method I tested. Australian clients get PayID and Osko for near-instant AUD funding into the segregated trust account. Non-AU clients use card, e-wallet, bank wire, or crypto (USDT, USDC, BTC).
| Method | Min | Fee | Timing | Currencies |
|---|---|---|---|---|
| PayID / Osko (AU) | AUD 1 | 0% | Same hour | AUD |
| Bank wire (international) | $50 | 0% | 1–3 business days | USD/EUR/GBP/AUD/JPY |
| Visa / Mastercard | $50 | 0% | Instant | USD/EUR/GBP/AUD |
| Skrill / Neteller | $50 | 0% | Within 90 seconds | USD/EUR/GBP |
| USDT TRC-20 / ERC-20 | $50 | 0% | 5–15 min (incl. blockchain) | USDT |
| PayPal | $50 | 0% | Same day | USD/EUR/GBP/AUD |
I tested four withdrawal cycles in recent months across PayPal, PayID, USDT and Skrill. PayPal to an AUD-denominated account settled same business day. PayID to a Westpac account settled inside the hour. USDT TRC-20 settled in roughly 12 minutes after a 40-minute broker-side approval window. Skrill settled within 90 seconds end-to-end. No method incurred a broker fee.
Local AU rails are the standout. PayID and Osko clearing in under an hour matches the best Australian neo-broker experience and is meaningfully ahead of the typical 1-to-3-day SWIFT wire on offshore-leaning competitors. For non-AU clients, Skrill and USDT are the fastest paths.
Trading Instruments
Fusion Markets offers approximately 250 instruments across the asset classes a retail CFD trader typically needs. Stock CFD coverage is narrower than IC Markets (600+) or AvaTrade (1,250+), with roughly 30 US tickers, 15 UK and 20 European blue chips. For traders who want broad stock CFD breadth, Fusion is not the right fit. For forex, metals, indices and crypto CFDs the coverage is sufficient.
- Forex: 90+ pairs across majors, minors and exotics with raw 0.0 pip Zero-account pricing
- Indices: 12 cash and futures CFDs covering US500, US100, US30, GER40, UK100, AUS200 and JP225
- Commodities & Energies: 10 instruments including WTI / Brent crude, natural gas, copper and agricultural softs
- Metals: Gold (XAU/USD), silver (XAG/USD), platinum and palladium with Zero-account commission pricing
- Stock CFDs: ~70 single-name across US, UK, AU and major EU listings (narrower than tier-1 broker average)
- Crypto CFDs: 12 pairs including BTC, ETH, LTC and select altcoins (wider spreads than dedicated exchanges)
The 90+ forex pair count covers the full majors and minors set, exotic pairs include USD/TRY, USD/ZAR, USD/MXN with wider spreads. Crypto CFD pricing is meaningfully wider than spot exchange pricing, BTC/USD CFD spread averaged 0.40% against 0.10% at a spot exchange, which is normal for CFD pricing but worth knowing.
Customer Support
Fusion Markets operates 24/5 live chat in English, with reduced cover at weekends. My six test queries averaged 2 minutes 10 seconds to first response, with no queue longer than 4 minutes on any cycle. Agent quality was consistently solid: KYC and payment queries answered with documented references rather than canned scripts, technical questions about cTrader Pro routed cleanly to second-tier support.
| Channel | Hours | Avg response |
|---|---|---|
| Live chat (English) | 24/5 | 2 min 10 sec |
| Email ([email protected]) | 24/5 ticketing | 4 to 8 hours |
| Phone (AU desk) | Sydney business hours | Immediate during AEST business hours |
| WhatsApp (select regions) | Business hours | Within the hour |
The Arabic and Asian-language support coverage is thinner than at Exness or XM. Agents are bilingual English-Mandarin or English-Arabic on some shifts but the documentation library is mostly English. For clients in MENA and SEA who want a localised support experience, Exness or XM are stronger choices.
The founder Phil Horner publicly responds to Trustpilot complaints and ASIC enquiries under his own name. This level of CEO-visible accountability is rare in retail forex and accounts for the broker’s 4.6 Trustpilot score from 1,100+ reviews.
Research and Education
Daily market commentary is brief, typically a one-paragraph summary covering majors and one event-driven note. The education library covers beginner-to-intermediate forex topics in short article and video formats. There are no structured webinar tracks comparable to XM’s Trading Academy or IG’s Learn to Trade series.
- Daily market commentary: one-paragraph summary on major pairs and one event-driven note each trading session
- Education library: beginner-to-intermediate forex articles and short video formats
- cTrader news feed: integrated Trading Central signal data on the Pro tier for technical pattern alerts
- Economic calendar: built into the cTrader platform and accessible via MT4/MT5 in-app tools
For traders new to forex, XM and IG offer materially more educational depth in our experience. For traders who already understand market structure and want execution quality over content, the research and education gap at Fusion Markets is not a meaningful concern. The proposition is pricing and platform stack, not content.
The cTrader news feed is integrated with Trading Central signal data on the Pro account, useful for technical pattern alerts but secondary to the broker’s core value proposition. No proprietary research desk publishes morning notes or trade ideas.
Mobile App
Fusion Markets supports cTrader Mobile and MetaTrader 4 / 5 native apps on iOS and Android. There is no proprietary Fusion app, which keeps the experience aligned with the desktop platforms but means no Fusion-branded watchlist sync or quick-deposit shortcuts.
- Biometric login (Touch ID, Face ID, Android fingerprint)
- Push price alerts and economic-event notifications
- Native iOS and Android cTrader Mobile build
- Multi-chart drawing with synced workspace from desktop cTrader
- TradingView mobile execution into Fusion account
- Quick deposit and withdrawal from in-app cashier
The cTrader Mobile app rates iOS App Store 4.6 from 3,200 ratings and Android Google Play 4.4 from 8,400 ratings as of recent testing, ahead of MT4 / MT5 mobile averages but behind the proprietary Exness app for raw account-management UX. For active charting on mobile, TradingView mobile with execution piping into Fusion is the strongest setup we have used.
Is Fusion Markets Safe?
Fusion Markets is safe for retail clients in the jurisdictions covered by the ASIC licence: Australia under tier-1 oversight with AFCA external dispute resolution. For non-AU clients the safety profile depends on the Vanuatu VFSC entity, which carries weaker investor protection than EU or UK equivalents.
The broker has operated since 2017 with no significant regulatory action against either entity. Client funds sit in segregated trust accounts at NAB and Macquarie in Australia, segregated banking applies on the international entity but without the binding compensation framework of FSCS or ICF. Negative balance protection applies to all retail accounts globally.
The Trustpilot 4.6 score from 1,100+ reviews skews positive, with the most common complaint being the absence of a US-friendly entity rather than execution or withdrawal issues. Founder Phil Horner responds personally to reviews and ASIC enquiries, an operational transparency layer that meaningfully reduces tail risk versus opaque offshore brokers.
For Australian retail traders, this fusion-markets review concludes the broker is one of the most credible ECN options in market. For non-AU clients with strict regulatory preferences, Saxo Bank or Pepperstone offer broader tier-1 onshore coverage at slightly higher cost.
How Fusion Markets Compares
The three closest competitors by overall score. Scroll horizontally on mobile to see all columns.
| Broker | Score | Spread | Leverage | Regulators | Visit |
|---|---|---|---|---|---|
| Fusion Markets | 9.0/10 | 0.0 pips | 1:500 | ASIC · VFSC · FSA Seychelles | Open Account → |
| IG Markets | 9.0/10 | 0.6 pips | 1:25–1:500 | FCA · ASIC · DFSA | Open Account → |
| Pepperstone | 9.0/10 | 0.0 pips | 1:30–1:500 | FCA · ASIC · CySEC | Open Account → |
| Saxo Bank | 9.0/10 | 0.4 pip | 1:30–1:200 | FSA Denmark (Finanstilsynet) · FCA · FINMA | Open Account → |
70–74% of retail CFD accounts lose money when trading CFDs with these providers.
Comparison pool: top 3 competitors by score proximity in the same vertical. See the full methodology for how we score brokers.
Who Is Fusion Markets Best For?
This fusion-markets review confirms Fusion Markets suits cost-sensitive active traders best.
- Cost-sensitive scalpers: Zero account at $4.50 round-turn beats every ASIC competitor benchmarked in our sample
- EA and algo traders: cTrader FIX API on Pro tier, near-zero order rejection rate across 1,200+ test orders
- Australian retail traders: ASIC licence 385620 with AFCA external dispute resolution for binding claim resolution
- MENA traders requiring swap-free: Islamic overlay on both accounts without the 7-30-day cap most brokers impose
- UK and EU active traders: ECN pricing on cTrader and TradingView without needing a CySEC-entity broker
Fusion Markets is also strong for scalpers, EA-based traders, and high-volume intraday clients who need raw execution, rejection-free order flow and a deep platform stack at one price point. The Pro tier on cTrader unlocks FIX API access for traders running custom execution infrastructure.
Fusion Markets is not the right choice for traders who need broad stock CFD coverage (try AvaTrade or Saxo Bank instead), beginners who want structured education tracks (try XM or IG), or residents of the US, Japan, New Zealand or Spain (not accepted). For crypto-led traders, dedicated exchanges like Bybit or Binance offer materially tighter pricing than Fusion CFD spreads.
FAQ
Is Fusion Markets regulated?
Yes. Fusion Markets operates two regulated entities. Fusion Markets Pty Ltd holds ASIC Australian Financial Services Licence 385620 with AFCA external dispute resolution and segregated client funds at NAB and Macquarie. Fusion Markets International Ltd holds Vanuatu VFSC licence 40256 for non-AU clients. ASIC is a tier-1 regulator; the Vanuatu entity carries weaker investor protection without a compensation scheme comparable to FSCS or ICF. Most non-AU retail clients are routed to the Vanuatu entity.
What is the Fusion Markets minimum deposit?
$0 on both the Classic and Zero accounts, one of the lowest entry points among ASIC-licensed brokers. Classic runs zero commission with EUR/USD spreads averaging 0.9 to 1.1 pip. Zero runs raw 0.0 pip pricing with a $4.50 round-turn commission per standard lot. The cTrader Pro tier indicative minimum is $1,000 for FIX API access. There are no inactivity fees on any account type.
How fast are Fusion Markets withdrawals?
PayID and Osko to AU bank accounts settle inside the hour. PayPal settles same business day. Skrill and Neteller settle within 90 seconds end-to-end. USDT TRC-20 settles in 5 to 15 minutes including blockchain confirmation, with a broker-side approval window of up to one hour. International SWIFT bank wire settles in 1 to 3 business days. There are no broker-side withdrawal fees on any method during testing.
Does Fusion Markets accept US clients?
No. Fusion Markets does not accept residents of the United States, Japan, New Zealand or Spain on either of its regulated entities. US retail forex traders have four licensed alternatives under NFA and CFTC oversight: OANDA, Forex.com, IG US and TastyFX. New Zealand residents have FMA-licensed brokers including BlackBull Markets and CMC Markets. Australian residents trade under the AU entity with ASIC tier-1 oversight.
Does Fusion Markets offer Islamic swap-free accounts?
Yes. Swap-free accounts are available to clients in MENA including UAE, Kuwait, Bahrain, Qatar, Oman and Saudi Arabia. There is no daily holding fee replacing the swap on the Islamic overlay, which is unusual since most brokers cap swap-free periods at 7 to 30 days. The overlay applies on top of Classic or Zero without changing the underlying spread structure or commission schedule. Application is approved within 24 hours of submission through the client portal.
What spread does Fusion Markets offer on EUR/USD?
The Zero account averages 0.1 pip on EUR/USD across recent testing with a $4.50 round-turn commission, an effective cost of roughly $5.20 per standard lot. Classic account averages 0.9 to 1.1 pip with zero commission, an effective cost of $9.30 per round-turn. The break-even point between Classic and Zero sits at roughly 0.45 pip spread, anything tighter on Zero pays for itself versus Classic for active traders.
What platforms does Fusion Markets support?
MetaTrader 4, MetaTrader 5, cTrader, TradingView Pro and DupliTrade on the same account. cTrader is the strongest for active traders thanks to native Level-II depth-of-market, market-range orders and FIX API access on the Pro tier. The TradingView Pro integration pipes order execution into the Fusion account without a separate broker connection, useful for traders who already use TradingView for charting. Mobile cover runs through cTrader Mobile and MetaTrader native apps on iOS and Android.
Trader Reviews
What real traders say about Fusion Markets. Submitted by verified account holders.
VerifiedLive chat picked up in under two minutes. Useful, direct answers.
USDT TRC-20 payout cleared in around 14 minutes after broker approval, zero fee. Tested twice in a month, same result both times. Fastest crypto withdrawal I have processed so far.
Switched from Pepperstone to test the lower fees. Zero account has been my daily driver for eight months, EA on MT4 runs fine. ASIC licence with AFCA cover is what sold me.
VerifiedLive chat from Jordan has been fast and consistent. Four queries over two months, average first reply under three minutes each time. One involved a KYC follow-up on account documents, the agent resolved it in the same chat session rather than escalating to email. Islamic swap-free activation processed within the same day, no back-and-forth required.
USD wire landed in three business days, no fee from Fusion side. A $9 correspondent charge showed up at the receiving bank, which is normal for SWIFT. For speed I now use Skrill instead.
VerifiedRan a four-week cost comparison against Pepperstone Razor. Fusion Zero averaged $5.30 effective round-turn including the $4.50 commission, Razor averaged $6.40 at similar volume. That gap adds up to roughly $55 per month at my typical lot size. Classic came out at $9.10 per round-turn, so Zero is clearly the right account for anyone trading more than 30 lots monthly.
VerifiedZero account EUR/USD raw spread has typically been 0.1 to 0.2 pip through the sessions I trade, with the $4.50 commission added. At my volume that works out cheaper than the Classic no-commission tier. No inactivity fee in nine months, no card deposit fee. Total cost of holding the account during quiet weeks is zero.
VerifiedcTrader is the standout for me. Depth of market on the Zero account is included without an extra subscription. The TradingView Pro integration genuinely works: draw levels in TradingView, execute directly into the Fusion account without switching tabs. Initial setup took about 15 minutes to link both accounts. MT4 and MT5 are solid alternatives for legacy EAs. Mobile cTrader is stable on iOS, push alerts for pending orders work reliably. Knocked a star because the Fusion client portal feels dated next to the platform stack it connects to.
VerifiedSkrill payout confirmed under two minutes. No fee, smooth process.
Spent three months on MT5 before switching to cTrader Pro for FIX API access. ECN routing shows measurably better fill quality at my volume, rejection rate across around six hundred trades was under one percent. Level-II depth on EUR/USD during London hours is useful for timing entry on fast news days. DupliTrade runs alongside manual trading if you want to copy strategies, strategy selection is narrower than eToro CopyPortfolios but the execution pipes through the same Zero account spreads. TradingView integration adds a clean charting layer for marking zones before execution.
Reviews are submitted by verified traders. OpesAdvisors does not edit content but moderates for spam and abuse. Fusion Markets did not pay for placement.