FP Markets vs Fusion Markets: which Australian forex broker wins in 2026?
Fusion Markets is the choice in this matchup. AFSL 385620, Melbourne-based since 2017, AUD 4.50 round-turn commission on the Zero account (the cheapest ASIC-regulated rate available), MT4/MT5/cTrader, AUD 0 minimum deposit. FP Markets is no longer an option on this site: it was removed from SatoshiMacro rankings in August 2026 after it ended Australian partner referrals and after our direct experience with its partner operations. For the ASX share access FP Markets was known for, pair Fusion Markets with a dedicated share broker. The product comparison below is retained for reference.
IRESS share access against the cheapest ASIC commission
Why FP Markets is not an option:
- Removed from SatoshiMacro rankings in August 2026
- Ended Australian partner referrals after an internal compliance decision and asked partners to remove referral links
- Our direct dealings with the company: undefined qualification terms, multi-week silences on substantive questions
- For the ASX share leg, pair Fusion Markets with a dedicated share broker
- Read the full reasoning in the FP Markets review
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 the cheapest ASIC-regulated forex commission?
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Open Account with Fusion MarketsTrading 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. For TradingView-native execution, Pepperstone is the right pick - AFSL 414530, AUD 0 minimum, full TradingView integration alongside MT4 / MT5 / cTrader.
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. That said, FP Markets is no longer recommended on this site, so for physical ASX shares the practical answer is a dedicated share broker alongside Fusion Markets.
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
On paper: FP Markets (no longer recommended).. 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
On paper: FP Markets (no longer recommended).. 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
On paper: FP Markets (no longer recommended).. 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
On paper: FP Markets (no longer recommended).. MT4, MT5, cTrader, IRESS all from one account. Fusion Markets covers MT4/MT5/cTrader but no IRESS.
FP Markets for ASX equities, Fusion Markets for raw cost
FP Markets' product case rested on IRESS share access, share CFDs at scale, and a 21-year operating tenure. Those facts are documented above for reference, but the broker is no longer recommended on this site.
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: Fusion Markets is the only one of the two we recommend. Both are ASIC-regulated and both accept Australian residents, but only one of them still wants Australian referrals.
Update, August 2026: FP Markets ended Australian partner referrals following an internal compliance decision and asked partners to remove referral links, and our own dealings with its partner operations were poor (undefined qualification terms, multi-week silences on substantive questions). FP Markets has been removed from SatoshiMacro rankings; the full reasoning is documented in the FP Markets review. For traders who specifically need IRESS-style ASX share access, a separate share broker alongside Fusion Markets for forex is now the cleaner setup.
For the broader broker landscape, see the Best Forex Brokers Australia 2026 pillar. 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 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. FP Markets is the only option of the two for physical shares, but it is no longer recommended on this site; pair Fusion Markets with a dedicated share broker instead.
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. Pepperstone also has no minimum; IC Markets remains at AUD 200. For first-time traders or those funding small initial accounts, Fusion Markets removes the deposit-floor friction entirely (Pepperstone matches on no-minimum but with higher commission).
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