Fusion Markets review: cheapest ASIC-regulated forex commission in Australia
Fusion Markets is the cheapest ASIC-regulated forex broker available to Australian retail traders. Commission of AUD 2.25 per side per standard lot (AUD 4.50 round-turn) on the Zero account is materially below Pepperstone Razor (AUD 7.00 round-turn) and IC Markets Raw (AUD 7.00 round-turn). Combined with raw ECN spreads from 0.0 pips on majors, the all-in cost on EUR/USD sits at approximately AUD 4.50 to AUD 6.50 per round-turn, roughly 30-40 percent cheaper than the more recognised competitors. Melbourne-based AFSL 385620, founded 2017, supports MT4, MT5 and cTrader. Rating: 4.3 out of 5. Best for: high-volume forex traders where per-lot commission compounds materially across hundreds of round-turns per year. Less optimal for: traders who need IRESS for ASX shares (use FP Markets), the broadest CFD product range (use IG Markets or CMC Markets), or share CFD breadth as a primary product (use Plus500). The narrower asset coverage and less polished platform stack are the trade-offs against the lowest cost.
About Fusion Markets
Fusion Markets is a Melbourne-based ASIC-regulated forex and CFD broker founded in 2017 by Phil Horner. The firm has built its competitive position around a single deliberate choice: be the cheapest ASIC-regulated forex broker in the Australian market. Commission of AUD 2.25 per side per standard lot is roughly 35 percent below the next-cheapest competitor. The trade-off is that Fusion Markets is narrower than its bigger competitors on platform polish, asset coverage, and brand recognition.
For high-volume forex traders where per-lot commission costs compound materially across hundreds or thousands of round-turns per year, Fusion Markets' positioning is genuinely the strongest cost proposition in the ASIC-regulated set. For casual traders or multi-asset CFD users, the cheaper competitors with more polished platforms (Pepperstone, IC Markets, FP Markets) are usually the better fit despite the small commission premium.
Open Fusion Markets account
AFSL 385620, Melbourne-based since 2017. AUD 2.25 per side per standard lot (AUD 4.50 round-turn). MT4, MT5, cTrader. AUD 0 minimum deposit.
Open Fusion Markets accountASIC regulation and corporate posture
Fusion Markets Pty Ltd holds AFSL 385620, verified on the ASIC Professional Registers at connectonline.asic.gov.au. The licence covers retail derivatives products including forex, CFDs, and contracts for difference on commodities, indices, and shares. Client funds are held in segregated trust accounts with Australian Tier-1 banks (NAB and Westpac listed in the most recent Product Disclosure Statement). Negative balance protection applies to retail accounts under ASIC's product intervention orders. AFCA membership for dispute resolution is in place.
The company has operated continuously since 2017, which is shorter than Pepperstone (2010), IC Markets (2007), or FP Markets (2005). Operating-history depth is a real consideration for risk-averse traders, but Fusion Markets has now passed the typical 5-year mark where most ASIC brokers either consolidate or fade out. There is no public enforcement action against the company on the ASIC register, and no major customer-fund issue on record.
For risk-averse traders who weight operating-history depth heavily, Pepperstone or IC Markets are the safer defaults. For traders comfortable with a 7-year operator and willing to weight cost above brand-history depth, Fusion Markets is a credible choice.
Fees: cheapest commission in the AU market
Cost is the single defining feature of Fusion Markets. The commission structure on the Zero account is materially below the ASIC-regulated Tier-1 set:
| Broker / Account | Commission per side | Round-turn (per std lot) | All-in EUR/USD round-turn |
|---|---|---|---|
| Fusion Markets Zero | AUD 2.25 | AUD 4.50 | ~AUD 4.50 to 6.50 |
| Pepperstone Razor | AUD 3.50 | AUD 7.00 | ~AUD 7.00 to 9.00 |
| IC Markets Raw | AUD 3.50 | AUD 7.00 | ~AUD 7.00 to 9.00 |
| FP Markets Razor | AUD 3.00 | AUD 6.00 | ~AUD 6.00 to 8.00 |
| ThinkMarkets ThinkZero | AUD 3.50 | AUD 7.00 | ~AUD 7.50 to 9.50 |
Spreads are indicative for EUR/USD during London/New York session overlap. Higher spreads typical during Asian session and for less liquid pairs. Commissions are per standard lot (100,000 units) per side. Volume-tier discounts may apply at higher monthly volumes.
For a forex trader running 50 standard lots per month, the commission saving on Fusion Markets vs Pepperstone Razor is approximately AUD 125 per month, or AUD 1,500 per year. For a trader running 200 lots per month, the saving is approximately AUD 500 per month or AUD 6,000 per year. That cost difference is the entire reason Fusion Markets exists in the AU market.
The Zero account requires AUD 0 minimum deposit. There is also a Classic account with no commission and a marked-up spread (typically 0.9 pip on EUR/USD), targeted at occasional traders who prefer simpler all-in pricing. For active traders the Zero account is strictly better economically.
Trading platforms
Fusion Markets supports the three major retail platforms covering most active forex trader needs:
- MetaTrader 4 (MT4) - the dominant retail forex platform globally, supporting full Expert Advisor automation
- MetaTrader 5 (MT5) - adds equities, futures, and improved order types
- cTrader - preferred by ECN-focused active traders for depth-of-market visibility and faster execution
Native TradingView integration is not yet available at Fusion Markets (Pepperstone and Eightcap are the two ASIC-regulated brokers with this). Users who specifically want to execute orders directly from TradingView charts will need to bridge via MT4/MT5 third-party plugins, which works but is not as polished as native integration.
The platform stack is competent but not class-leading. Pepperstone supports all three Fusion platforms plus TradingView (4-platform breadth from a single login). For a trader who already uses MT4 or cTrader and does not need TradingView, Fusion's platform offering is functionally sufficient.
Product range
Fusion Markets covers the major retail CFD asset classes but with narrower depth than multi-asset specialists like IG Markets or CMC Markets:
| Asset class | Fusion Markets | Pepperstone | FP Markets |
|---|---|---|---|
| Forex pairs | ~90 | ~70 | ~70 |
| Index CFDs | ~15 | ~25 | ~20 |
| Commodity CFDs | ~10 | ~25 | ~20 |
| Share CFDs | None | Some major listings | ~1,000 (via IRESS) |
| Crypto CFDs | ~25 | ~25 | ~10 |
| Direct ASX shares | No | No | Yes (via IRESS) |
For pure forex traders, Fusion Markets covers everything you need plus deeper forex pair selection than Pepperstone or FP Markets. For multi-asset CFD users wanting share CFDs at meaningful volume, FP Markets via IRESS is the better fit. For users wanting direct ASX share trading alongside CFDs, only FP Markets covers this combination.
AUD deposits and withdrawals
Fusion Markets supports the standard AU funding methods with no fees on the AUD-side:
- PayID and Osko - free, near-instant during AU business hours, the cheapest method
- BPAY - free, same-day to next-day clearance
- Bank transfer - free, 1-3 business days
- Credit and debit card - free at most card networks, watch for cash-advance classification at the issuer
- International wire - AUD 20 to 30 fee, only relevant for funding from overseas accounts
There is no inactivity fee at Fusion Markets and no withdrawal fee on AUD methods. The AUD rail experience is functionally equivalent to Pepperstone, IC Markets, FP Markets, and the other Tier-1 ASIC competitors.
Fusion Markets ratings breakdown
Want the cheapest ASIC-regulated forex commission in Australia?
Open Fusion Markets accountFusion Markets vs Pepperstone vs FP Markets
The three-way comparison most cost-conscious Australian forex traders face:
| Feature | Fusion Markets | Pepperstone | FP Markets |
|---|---|---|---|
| ASIC AFSL | 385620 | 414530 | 286354 |
| Operating since | 2017 | 2010 | 2005 |
| Commission per round-turn | AUD 4.50 | AUD 7.00 | AUD 6.00 |
| Platforms | MT4, MT5, cTrader | MT4, MT5, cTrader, TradingView | MT4, MT5, cTrader, IRESS |
| Direct ASX shares | No | No | Yes |
| Minimum deposit | AUD 0 | AUD 200 | AUD 100 |
| Best for | Lowest cost forex | Multi-platform breadth | ASX shares + forex |
Pick Fusion Markets if: raw cost is the dominant decision factor. AUD 4.50 round-turn commission is the cheapest ASIC-regulated rate available, full stop.
Pick Pepperstone if: platform breadth matters (TradingView native, four-platform login), brand recognition matters, or execution during high-volatility events is critical to your strategy.
Pick FP Markets if: you want share CFDs alongside forex, IRESS access for ASX direct share trading, or the longest continuous AU operating history (since 2005).
For the head-to-head deep dives, see the Pepperstone vs FP Markets comparison and IC Markets vs FP Markets comparison.
Final verdict
Fusion Markets is genuinely the cheapest ASIC-regulated forex broker available to Australian traders. The AUD 4.50 round-turn commission on the Zero account is materially below every Tier-1 competitor, and for high-volume traders the cost saving compounds into thousands of dollars per year. AFSL 385620, Melbourne-based, MT4/MT5/cTrader supported. The 4.3 rating reflects this.
Where Fusion Markets is not the right answer: traders who need TradingView native integration (Pepperstone), share CFDs at meaningful volume (FP Markets via IRESS, or IG Markets / CMC Markets for non-ASX), or the longest operating-history depth (IC Markets at 2007, FP Markets at 2005). The narrower platform stack and asset coverage are deliberate trade-offs against the lower cost.
The honest framing: Fusion Markets is the cost-leader pick for active forex traders. Pepperstone is the editorial #1 default. FP Markets is the share-CFD-friendly multi-asset option. All three are ASIC-regulated and legitimate. The decision is a function of trading style and product focus, not which is "better".
For the broader broker landscape, see the Best Forex Brokers Australia 2026 pillar where Fusion Markets is ranked #3.
Open Fusion Markets account
AFSL 385620, Melbourne. AUD 4.50 round-turn on EUR/USD - cheapest ASIC-regulated commission. MT4, MT5, cTrader. AUD 0 minimum.
Open Fusion Markets accountFrequently asked questions
Yes. Fusion Markets Pty Ltd holds Australian Financial Services Licence AFSL 385620, verified on the ASIC Connect register. Client funds are held in segregated trust accounts with Australian Tier-1 banks. Negative balance protection applies to retail accounts as required by ASIC's product intervention orders. AFCA dispute resolution membership is in place. Founded 2017, Melbourne-headquartered.
Yes, on per-trade commission. The Zero account charges AUD 2.25 per side per standard lot (AUD 4.50 round-turn), which is roughly 35 percent below Pepperstone Razor and IC Markets Raw at AUD 3.50 per side. Combined with raw ECN spreads on majors from 0.0 pips during peak liquidity, the all-in cost on EUR/USD on the Zero account sits at approximately AUD 4.50 to AUD 6.50 per round-turn, materially cheaper than the more recognised competitors at any volume tier.
Fusion Markets supports MetaTrader 4 (MT4), MetaTrader 5 (MT5), and cTrader, covering the three platforms most retail forex traders use. The platform stack supports Expert Advisors, copy-trading via Myfxbook or ZuluTrade, and third-party charting tools. Native TradingView execution is not yet supported; users who need TradingView integration may need to bridge through MT4/MT5. No proprietary platform lock-in.
Fusion Markets has no minimum deposit on the Zero or Classic account. This is the lowest entry point of any ASIC-regulated forex broker. AUD 100 is recommended as a practical starting balance to allow proper position sizing on a single standard-lot trade with appropriate risk management. PayID and Osko deposits are free and clear within minutes during AU business hours.
Pepperstone wins on platform breadth (adds TradingView native integration that Fusion lacks), execution quality during high-volatility events, and brand recognition. Fusion Markets wins decisively on cost: AUD 4.50 round-turn commission on the Zero account is roughly AUD 2.50 cheaper than Pepperstone Razor's AUD 7.00 round-turn. For a trader running 50 standard lots per month, that is approximately AUD 125 per month in commission savings. For a high-volume trader the cost difference compounds; for a casual trader the platform advantages of Pepperstone may outweigh the cost saving.
Yes. Fusion Markets is an Australian-headquartered ASIC-regulated broker with Australian retail clients as a primary market. Account opening for AU residents is straightforward via the standard ASIC client onboarding process. PayID, Osko, BPAY and bank transfer deposits are all supported in AUD without FX conversion. AUD base currency accounts are standard.
Yes. Forex and CFD trading profits in Australia are taxable. The classification (trader vs investor) determines whether profits are ordinary income or capital gains. For most retail Australian traders, forex CFD profits are treated as ordinary income because the contracts settle in cash without underlying asset ownership, which excludes the 50 percent CGT discount. Speak to a registered tax agent with trading-specific experience for your individual classification.
About this analysis
