FP Markets vs Fusion Markets: which Australian forex broker wins in 2026?
FP Markets is the better choice for traders who want platform breadth, ASX share access, and the longest AU operating history. AFSL 286354, Sydney-based since 2005 (one of the longest-tenured AU forex brokers), MT4/MT5/cTrader/IRESS platform suite, AUD 6 round-turn commission on the Razor account, direct ASX share trading via IRESS for non-CFD physical equity exposure. Fusion Markets wins for traders prioritising the absolute lowest commission. AFSL 385620, Melbourne-based since 2017, AUD 4.50 round-turn commission on the Zero account (roughly 25 percent below FP Markets Razor), MT4/MT5/cTrader, AUD 0 minimum deposit. Both are ASIC-regulated to 30:1 retail leverage on majors. The single biggest decision factor: do you need IRESS for ASX shares (FP Markets), or want the cheapest possible commission (Fusion Markets)?
Quick verdict: which should you choose?
Choose FP Markets if:
- You want direct ASX share trading via IRESS alongside CFDs
- You need share CFDs at meaningful volume (1,000+ listings)
- You weight the longest AU operating history (since 2005)
- You value broader platform support (adds IRESS to MT4/MT5/cTrader)
- You want a Sydney-headquartered broker with 20+ year tenure
Choose Fusion Markets if:
- You want the cheapest ASIC-regulated forex commission (AUD 4.50 round-turn)
- You are a high-volume forex trader where commission savings compound
- You want zero minimum deposit (AUD 0)
- You are a pure forex specialist not needing share CFDs or ASX access
- You value cleaner positioning around the lowest-cost-leader pitch
At-a-glance comparison
| Feature | FP Markets | Fusion Markets | Winner |
|---|---|---|---|
| ASIC AFSL | 286354 | 385620 | Tie |
| Operating since | 2005 | 2017 | FP Markets (longer) |
| Headquartered | Sydney | Melbourne | Tie |
| Commission per round-turn (std lot) | AUD 6.00 (Razor) | AUD 4.50 (Zero) | Fusion Markets |
| All-in EUR/USD round-turn | ~AUD 6-8 | ~AUD 4.50-6.50 | Fusion Markets |
| Platforms | MT4, MT5, cTrader, IRESS | MT4, MT5, cTrader | FP Markets (more) |
| Direct ASX shares (DMA) | Yes (via IRESS) | No | FP Markets |
| Share CFDs | ~1,000 (via IRESS) | None | FP Markets |
| Minimum deposit | AUD 100 | AUD 0 | Fusion Markets |
ASIC regulation and operating history
Both firms are ASIC-licensed and apply equivalent retail consumer protections. The key differentiation is operating history:
FP Markets holds AFSL 286354, issued in 2005. The company has operated continuously for 21 years through multiple market cycles, including the 2008 financial crisis, the 2015 Swiss franc crisis, and the 2020 COVID volatility spike. Sydney-based, privately held, family-founded. Long operating tenure is one of the strongest signals of institutional credibility for a regulated broker.
Fusion Markets holds AFSL 385620, issued in 2017 (Fusion Markets Pty Ltd was founded the same year by Phil Horner). 8 years of operating history is sufficient to establish a track record but materially shorter than FP Markets' 21 years. No major enforcement action against either entity on the ASIC register; both have clean compliance records.
For risk-averse traders who weight operating-history depth as a primary risk factor, FP Markets is the safer default. For traders comfortable with Fusion Markets' 8-year tenure (which is already longer than most ASIC-regulated forex brokers), the cost advantage may justify the tenure trade-off.
Commission and all-in cost
The cost structure is the most material differentiator between the two brokers:
| Cost component | FP Markets Razor | Fusion Markets Zero |
|---|---|---|
| Typical EUR/USD spread | 0.0-0.2 pips | 0.0-0.2 pips |
| Commission per round-turn | AUD 6.00 | AUD 4.50 |
| All-in cost on EUR/USD | ~AUD 6-8 | ~AUD 4.50-6.50 |
| Cost saving at Fusion | baseline | ~AUD 1.50 per round-turn (~25%) |
Spread data indicative for EUR/USD during London/New York session overlap. Commissions per standard lot (100,000 units). Volume-tier discounts may apply at higher monthly volumes at both firms.
For a trader running 50 standard lots per month, the commission saving at Fusion Markets is approximately AUD 75 per month, or AUD 900 per year. For a high-volume trader running 200+ lots, the saving compounds to approximately AUD 300 per month or AUD 3,600 per year. That cost difference is the entire reason Fusion Markets exists as a positioning option in the AU market.
For occasional traders or low-volume users, the absolute dollar saving is small enough that other factors (platform, ASX share access, brand recognition) often matter more.
Want platform breadth + ASX share access via IRESS?
Open FP Markets accountWant the cheapest ASIC-regulated forex commission?
Open Fusion Markets accountTrading platforms compared
Both firms support the three major retail forex platforms (MT4, MT5, cTrader). FP Markets adds IRESS, which is the meaningful differentiator.
Shared platforms (both firms):
- MetaTrader 4 (MT4) - dominant retail forex platform globally
- MetaTrader 5 (MT5) - adds equities, futures, improved order types
- cTrader - depth-of-market visibility, faster execution for ECN traders
FP Markets only:
- IRESS - institutional-grade Australian equity trading platform supporting both CFD products and direct ASX share trading from the same login
For traders who want pure forex trading on MT4/MT5/cTrader, the platforms are functionally equivalent across both brokers. For traders who want direct ASX share trading or share CFDs at scale, FP Markets via IRESS is the only option of the two. For traders who already use MT4 (most retail forex traders globally), either broker works for the platform-only criterion.
Native TradingView integration is not yet available at either broker. Pepperstone and Eightcap are the two ASIC-regulated brokers with TradingView native execution (though Eightcap's affiliate program is no longer accepting AU partners).
Product range and ASX share access
This is where FP Markets has a unique advantage among ASIC-regulated brokers.
| Asset class | FP Markets | Fusion Markets |
|---|---|---|
| Forex pairs | ~70 | ~90 |
| Index CFDs | ~20 | ~15 |
| Commodity CFDs | ~20 | ~10 |
| Share CFDs | ~1,000 (via IRESS) | None |
| Crypto CFDs | ~10 | ~25 |
| Direct ASX shares (DMA) | Yes | No |
For pure forex traders, both firms cover everything you need. Fusion Markets actually has slightly broader forex pair selection (~90 vs ~70). For multi-asset CFD users, FP Markets has the advantage on share CFDs and ASX access. For users who want crypto CFDs, Fusion Markets covers more pairs (~25 vs ~10).
The single most important product difference: only FP Markets offers direct ASX share trading via IRESS. For users who want to trade physical ASX shares (not CFDs) alongside forex from the same broker, FP Markets is the only option of the two.
Who wins on specific use cases
Active forex day trader running 5-15 trades per day on majors
Winner: Fusion Markets. Lower commission compounds across high frequency. AUD 4.50 round-turn vs AUD 6.00 saves approximately AUD 75 per month at 50 lots, AUD 300 per month at 200 lots. The platform differences are irrelevant for pure forex.
Multi-asset CFD trader wanting forex plus shares
Winner: FP Markets. IRESS access for share CFDs and direct ASX shares is the only option of the two. Single-account access to forex + ASX shares is meaningful for portfolio managers.
Trader who specifically wants direct physical ASX share trading
Winner: FP Markets. Only option of the two. Fusion Markets has no DMA share trading.
High-volume forex specialist running 200+ lots per month
Winner: Fusion Markets. Cost saving compounds to approximately AUD 3,600 per year vs FP Markets Razor.
First-time trader funding small initial deposit
Winner: Fusion Markets. AUD 0 minimum deposit removes the floor entirely. FP Markets requires AUD 100.
Risk-averse trader weighting longest operating history
Winner: FP Markets. 21 years of continuous operation since 2005 vs Fusion Markets' 8 years. Materially longer track record.
Algo trader running expert advisors
Tie. Both support MT4 and MT5 with full Expert Advisor capability. Both support cTrader with cAlgo. Either works for algo strategies.
Crypto CFD trader
Winner: Fusion Markets. ~25 crypto CFDs vs FP Markets' ~10. For users who specifically want crypto CFDs, Fusion is broader.
Trader wanting 4+ platforms from a single login
Winner: FP Markets. MT4, MT5, cTrader, IRESS all from one account. Fusion Markets covers MT4/MT5/cTrader but no IRESS.
Final recommendation
For traders who want direct ASX share trading, share CFDs at scale, or the longest AU operating history, FP Markets is the better choice. The IRESS platform is the unique differentiator - no other ASIC-regulated retail broker offers physical ASX share trading alongside CFDs on a single platform login. The 21-year operating tenure since 2005 is the longest in the AU forex broker category. The AUD 6.00 round-turn commission is competitive (cheaper than Pepperstone Razor at AUD 7.00, equivalent to IC Markets Raw).
For traders who want the absolute lowest commission and are pure forex specialists not needing share access, Fusion Markets is the better choice. The AUD 4.50 round-turn commission is the cheapest ASIC-regulated rate available, materially cheaper than FP Markets Razor (~25 percent saving). For a high-volume forex trader, the cost saving compounds into thousands of dollars per year.
The honest framing: FP Markets is the multi-asset, IRESS-enabled, longest-history default. Fusion Markets is the cost-leader specialist for pure forex traders. Both are ASIC-regulated, both are legitimate, both accept Australian residents. The decision is a function of trading style and product needs, not which firm is broadly "better".
For the broader broker landscape, see the Best Forex Brokers Australia 2026 pillar where FP Markets is ranked #2 and Fusion Markets #3. For the FP Markets vs Pepperstone head-to-head, see Pepperstone vs FP Markets. For Fusion Markets' positioning vs Pepperstone, see the Fusion Markets review.
Open FP Markets account
AFSL 286354. Sydney-based since 2005 (21 years). MT4, MT5, cTrader, IRESS. Direct ASX share trading via IRESS. ~1,000 share CFDs.
Open FP Markets accountOpen Fusion Markets account
AFSL 385620. Melbourne since 2017. AUD 4.50 round-turn (cheapest ASIC). MT4, MT5, cTrader. AUD 0 minimum deposit. ~90 forex pairs.
Open Fusion Markets accountFrequently asked questions
Fusion Markets is cheaper on commission. The Zero account charges AUD 2.25 per side per standard lot (AUD 4.50 round-turn), while FP Markets Razor charges AUD 3.00 per side (AUD 6.00 round-turn). On a typical EUR/USD round-turn at peak liquidity, all-in cost (raw spread plus commission) is approximately AUD 4.50 to 6.50 at Fusion Markets vs AUD 6.00 to 8.00 at FP Markets - roughly 25 to 30 percent cheaper at Fusion. For a trader running 50 standard lots per month, that is approximately AUD 75 per month in commission savings.
FP Markets has broader platform coverage. Both support MT4, MT5, and cTrader, but FP Markets adds IRESS - the institutional-grade Australian equity trading platform that supports both CFD products and direct ASX share trading from the same platform login. For traders who want share CFDs at meaningful volume or direct ASX share access, FP Markets via IRESS is the only option of the two. For pure forex traders using MT4 or MT5, the platforms are functionally equivalent.
Yes. Both hold Australian Financial Services Licences from ASIC. FP Markets Pty Ltd holds AFSL 286354 (operating since 2005, one of the longest-tenured AU forex brokers). Fusion Markets Pty Ltd holds AFSL 385620 (operating since 2017). Both apply the ASIC retail leverage caps (30:1 majors, 20:1 minors and gold, etc.), provide negative balance protection, and offer access to the AFCA dispute resolution scheme. ASIC posture is equivalent.
FP Markets has the longer operating history. FP Markets has operated since 2005, making it one of the longest-tenured ASIC-regulated forex brokers in Australia. Fusion Markets has operated since 2017. The 12-year difference is meaningful for risk-averse traders weighting institutional-credibility-via-tenure heavily. For most retail traders, both firms have sufficient operating history to be treated as established.
Only FP Markets offers direct ASX share trading. Through the IRESS platform, FP Markets provides DMA (direct market access) for physical ASX share trading alongside CFD products on the same platform login. Fusion Markets does not offer direct ASX share access; the product range is forex, indices, commodities, and crypto CFDs only. For traders who want both forex and ASX physical shares at one broker, FP Markets is the only option of the two.
Fusion Markets is structurally cheaper at any volume tier on pure forex commission. For a high-volume trader running 200+ standard lots per month, the AUD 4.50 round-turn commission saves approximately AUD 300 per month vs FP Markets Razor's AUD 6.00 round-turn. The platform differences (IRESS, broader product range) become irrelevant for pure forex specialists. For a forex-only high-volume trader, Fusion Markets is the better cost choice.
Fusion Markets has no minimum deposit (AUD 0). FP Markets has an AUD 100 minimum on the Razor account. Both are below the AUD 200 minimum at Pepperstone or IC Markets. For first-time traders or those funding small initial accounts, Fusion Markets removes the deposit-floor friction entirely.
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