Fusion Markets vs Plus500: which Australian CFD broker wins in 2026?
Fusion Markets is the better choice for active forex and CFD traders prioritising raw cost. AFSL 385620, AUD 4.50 round-turn commission on the Zero account (cheapest ASIC-regulated rate), MT4/MT5/cTrader supported, AUD 0 minimum deposit, ~90 forex pairs and 25+ crypto CFDs. Plus500 wins for casual share CFD and ETF traders. AFSL 417727, LSE-listed parent (LON: PLUS), single proprietary WebTrader/mobile app with no platform-choice friction, fixed spreads with no commission, ~2,500 share CFDs (the broadest AU coverage), and structurally simpler UX. Both ASIC-regulated to 30:1 retail leverage on majors. The single biggest decision factor: do you trade forex actively (Fusion Markets) or share CFDs casually (Plus500)?
Quick verdict: which should you choose?
Choose Fusion Markets if:
- You trade forex actively (cheapest ASIC commission at AUD 4.50 round-turn)
- You need MT4, MT5, or cTrader platform support
- You run algorithmic strategies or expert advisors
- You want raw ECN spreads from 0.0 pips on majors
- You want zero minimum deposit (AUD 0)
Choose Plus500 if:
- You trade share CFDs as a primary product (2,500+ available)
- You want a single proprietary platform without platform-choice friction
- You prefer fixed spreads with no commission tracking
- You value LSE-listed corporate transparency
- You are a casual trader rather than active or algorithmic
At-a-glance comparison
| Feature | Fusion Markets | Plus500 | Winner |
|---|---|---|---|
| ASIC AFSL | 385620 | 417727 | Tie |
| Operating since | 2017 (Australian-built) | 2014 (LSE-listed parent) | Different positioning |
| EUR/USD all-in cost (round-turn) | ~AUD 4.50-6.50 | ~AUD 8-12 | Fusion Markets |
| Commission per round-turn | AUD 4.50 (Zero account) | None (spread-only) | Different models |
| Platforms | MT4, MT5, cTrader | WebTrader, mobile (proprietary) | Fusion Markets |
| Share CFDs | None | ~2,500 | Plus500 |
| Algorithmic trading (EAs) | Yes (full MT4/MT5/cAlgo) | No | Fusion Markets |
| Minimum deposit | AUD 0 | AUD 200 | Fusion Markets |
| Inactivity fee | None | USD 10/month after 3 months | Fusion Markets |
Fee structures: commission vs spread
The two brokers run fundamentally different fee models:
Fusion Markets Zero account: raw ECN spread (0.0-0.2 pips on EUR/USD majors during peak liquidity) plus AUD 2.25 commission per side (AUD 4.50 round-turn per standard lot). All-in cost on EUR/USD is approximately AUD 4.50-6.50 per round-turn. This is the cheapest ASIC-regulated commission rate available.
Plus500: fixed spreads with no commission. Typical EUR/USD spread is 0.6-0.8 pips, no commission charge, total cost approximately AUD 8-12 per round-turn. The structure is simpler (one number to track, no commission complexity) but materially more expensive for active forex traders.
| Annual round-turns | Fusion Markets Zero | Plus500 | Saving at Fusion |
|---|---|---|---|
| 50 | ~AUD 275 | ~AUD 500 | ~AUD 225 |
| 200 | ~AUD 1,100 | ~AUD 2,000 | ~AUD 900 |
| 500 | ~AUD 2,750 | ~AUD 5,000 | ~AUD 2,250 |
| 1,000 | ~AUD 5,500 | ~AUD 10,000 | ~AUD 4,500 |
For active forex traders, Fusion Markets' cost advantage compounds materially. For casual traders making fewer than 50 round-turns per year, the absolute saving is modest (~AUD 225) and other factors like share CFD access or platform simplicity may matter more.
For non-forex products (share CFDs at Plus500, indices/commodities at either), the comparison shifts: Plus500's no-commission model can be cost-competitive on share CFD trading where Fusion Markets does not offer the product at all.
Want cheapest ASIC forex commission + MT4/MT5/cTrader?
Open Fusion Markets accountWant share CFDs + simple proprietary platform?
Open Plus500 accountPlatforms: MT4/MT5/cTrader vs proprietary
Platform choice is the most material structural difference between the two brokers.
Fusion Markets: MT4, MT5, and cTrader. The platform stack covers most retail forex trader needs. Full Expert Advisor support on MT4 and MT5, cAlgo automation on cTrader. Third-party tooling (Myfxbook, ZuluTrade, FX Blue) all work via standard MetaTrader integration. No proprietary lock-in.
Plus500: proprietary WebTrader plus iOS/Android mobile apps. No MT4. No MT5. No cTrader. No API. No third-party charting integration. The platform is intentionally simple for casual traders but eliminates compatibility with the entire third-party tooling ecosystem.
For traders who already use MT4 (the dominant retail forex platform globally) or cTrader, Fusion Markets is the obvious default. For traders who prefer a clean single-app proprietary experience and do not need third-party tooling, Plus500's UX simplicity has genuine appeal.
Product range: forex specialist vs share CFD breadth
The product coverage differs structurally:
| Asset class | Fusion Markets | Plus500 |
|---|---|---|
| Forex pairs | ~90 | ~70 |
| Share CFDs | None | ~2,500 |
| ETF CFDs | Limited | ~150 |
| Index CFDs | ~15 | ~30 |
| Commodity CFDs | ~10 | ~25 |
| Crypto CFDs | ~25 | ~25 |
For pure forex specialists, Fusion Markets has more forex pairs (~90 vs ~70) but neither broker is forex-pair-coverage-limited at this scale. For multi-asset CFD users, Plus500's ~2,500 share CFD coverage is the dominant differentiator - no Australian CFD broker matches it for share-CFD breadth on a single-account basis.
For users who want both forex and share CFDs, Plus500 is the multi-asset choice but with the platform trade-off (no MT4/MT5). For users who want both forex and direct ASX physical share trading (not CFDs), neither broker covers this combination - FP Markets via IRESS is the better fit.
ECN vs market-maker execution
The two brokers run different execution models.
Fusion Markets runs an ECN/STP model on the Zero account, routing orders to external liquidity providers (banks, ECNs, prime brokers). Revenue comes from commission and spread markup. Trader profit and loss is flow-through from the LP. The structural advantage: no incentive to widen spreads or apply slippage on profitable client trades.
Plus500 is a market-maker. The broker takes the other side of client trades on most CFD products, hedging exposure across the book in aggregate. Produces deterministic fills with no requoting on retail-sized orders, but the broker's revenue model includes some component of client losses where positions are not fully hedged. All ASIC-regulated market-maker brokers operate this way.
For sophisticated traders who weight execution-model integrity, Fusion Markets ECN is the cleaner positioning. For casual retail traders who value UX simplicity over execution-model purity, Plus500 is acceptable. ASIC's market-maker regulation produces sufficient consumer protection that the practical difference at retail scale is smaller than the structural difference suggests.
Who wins on specific use cases
Active forex day trader running 5-15 trades per day on majors
Winner: Fusion Markets. Lowest commission compounds at high frequency. AUD 4.50 round-turn vs Plus500's effective AUD 8-12 saves AUD 175-375 per month at 50 round-turns.
Casual CFD trader executing 5-20 trades per month on shares and indices
Winner: Plus500. Share CFD coverage (2,500+) is structural. Fusion Markets has no share CFDs.
Algo trader running expert advisors
Winner: Fusion Markets. Plus500 has no MT4/MT5 and no API. Algo trading is impossible at Plus500.
First-time trader funding a small initial deposit
Winner: Fusion Markets. AUD 0 minimum vs Plus500's AUD 200.
Trader wanting LSE-listed corporate transparency
Winner: Plus500. Plus500 Ltd is LSE-listed (LON: PLUS) with quarterly financial disclosure. Fusion Markets is privately held.
Trader weighting execution-model integrity (no B-Book)
Winner: Fusion Markets. ECN/STP routing to liquidity providers. Plus500 is a market-maker.
Multi-asset trader wanting forex + share CFDs in one account
Winner: Plus500. Only option of the two for share CFDs.
High-volume forex specialist running 200+ lots per month
Winner: Fusion Markets. Cost saving compounds to thousands of dollars per year on active forex.
Final recommendation
For active forex and CFD traders prioritising raw cost, Fusion Markets is the better choice. AUD 4.50 round-turn commission is the cheapest ASIC-regulated rate available, materially cheaper than Plus500's effective AUD 8-12 all-in. MT4, MT5 and cTrader cover any forex strategy. AUD 0 minimum deposit removes funding friction.
For casual share CFD and ETF traders wanting a clean single-platform experience, Plus500 is the better choice. The 2,500 share CFD coverage is the broadest in the AU market, the proprietary platform is well-designed for first-time CFD users, and LSE-listed corporate transparency adds governance signal that Fusion Markets does not match.
The honest framing: Fusion Markets is the active-forex cost-leader. Plus500 is the casual-share-CFD specialist. Both are ASIC-regulated, both legitimate. The decision is a function of asset focus and trading style, not which firm is broadly better.
For the broader broker landscape, see the Best Forex Brokers Australia 2026 pillar and Best CFD Brokers Australia 2026 pillar. For Plus500 vs Pepperstone, see Plus500 vs Pepperstone. For Fusion Markets vs FP Markets, see FP Markets vs Fusion Markets.
Open Fusion Markets account
AFSL 385620. AUD 4.50 round-turn (cheapest ASIC). MT4, MT5, cTrader. AUD 0 minimum. Raw ECN spreads.
Open Fusion Markets accountOpen Plus500 account
AFSL 417727. LSE-listed parent. ~2,500 share CFDs. Single proprietary WebTrader. No commission, fixed spreads.
Open Plus500 accountFrequently asked questions
It depends on what you trade. Fusion Markets is better for active forex traders (cheapest ASIC commission at AUD 4.50 round-turn, raw ECN spreads, MT4/MT5/cTrader). Plus500 is better for casual share CFD and ETF traders (~2,500 share CFDs, single proprietary platform, no commission). Both are ASIC-regulated. Both apply 30:1 retail leverage caps on majors. The decision turns on your asset focus, not which firm is broadly better.
Fusion Markets is cheaper for active forex trading. The Zero account charges AUD 2.25 per side (AUD 4.50 round-turn) plus raw 0.0-0.2 pip spread, totalling roughly AUD 4.50-6.50 per round-turn on EUR/USD. Plus500 has fixed spreads with no commission, but the spread is approximately 0.6-0.8 pips on EUR/USD, totalling roughly AUD 8-12 per round-turn. For frequent forex trading, Fusion Markets is materially cheaper. For occasional trading, Plus500's no-commission model can be acceptable.
Plus500 has substantially more share CFDs - approximately 2,500 across Australian, US, UK and European markets. Fusion Markets does not offer share CFDs at all; the product range is forex, indices, commodities and crypto CFDs only. For traders who want share CFDs as part of their strategy, Plus500 is the only option of the two. For pure forex specialists, Fusion Markets covers everything you need without the platform clutter of share-CFD breadth.
No. Plus500 is exclusively on its proprietary WebTrader and mobile platform. There is no MT4 or MT5 support, no cTrader, and no third-party charting integration. This is a deliberate product choice that simplifies UX for casual traders but eliminates compatibility with MetaTrader expert advisors, copy-trading services, and algorithmic trading. Fusion Markets supports MT4, MT5 and cTrader, making it the only option of the two for traders using third-party MetaTrader tooling or algorithmic strategies.
Yes. Fusion Markets Pty Ltd holds AFSL 385620 (operating since 2017, Melbourne). Plus500AU Pty Ltd holds AFSL 417727 (operating since 2014, with LSE-listed parent Plus500 Ltd). Both apply ASIC retail leverage caps, provide negative balance protection, segregate client funds at Australian Tier-1 banks, and offer access to AFCA dispute resolution. ASIC posture is equivalent.
Fusion Markets has no minimum deposit (AUD 0). Plus500 has an AUD 200 minimum deposit. For first-time traders or those funding small initial accounts, Fusion Markets removes the deposit-floor friction entirely. Both support free PayID and Osko deposits with near-instant clearing during AU business hours.
Only Fusion Markets supports algorithmic trading. Fusion Markets provides MT4 and MT5 with full Expert Advisor support, plus cTrader with cAlgo. Plus500 has no API, no MetaTrader access, and no copy-trading service integration. For any strategy involving automated execution, expert advisors, or copy-trading platforms like Myfxbook or ZuluTrade, Fusion Markets is the only option of the two.
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