One of the most liquid markets today is forex. While there are hundreds of online brokers on the market facilitating deals for traders, one broker that is like a game-changer is Fusion Markets.
Fusion Markets is a leader per excellence when it comes to coordinating trade activities for forex traders. If you have not heard about them before now, you can read our Fusion Markets review to get an in-depth knowledge of this broker’s operation. The review covers essential details like Fusion Markets trading platform, payment methods, customer support, supported financial products, and much more.
In today’s reading, we will be figuring out the Fusion Markets account types. At the end of it, you will learn the different trading account types that Fusion Markets operates, account verification, deposit/withdrawal options, and much more.
Fusion Markets Account Types
Fusion Markets has three live trading accounts with a demo account. Each of these accounts come with its peculiar features.
Let’s go into the details of each account type, starting with the demo account.
Fusion Markets Demo Account
The demo account, by default, is set up to enable forex traders to practice and test their trading skills before upgrading to a live account. The demo account uses virtual money and doesn’t come with any risks. With a demo account, you will learn in real-time how the forex market works and what it feels like if you were trading in a live environment.
Fusion Markets doesn’t make it mandatory for users of its trading platform to open a demo account before usage. However, the demo account has a lifespan of 30 days once you begin to use it. If you feel 30 days is too short to master the forex market, you can find your live account with at least $10 to enjoy an unlimited demo account.
For more information about the demo account, you can read our Fusion Markets demo account review to get a heads-up on how the account operates, or you can simply go to the Fusion Markets’ website in order to open one for free.
The next Account we will be looking at is the Classic Account. This Account is suited for you if you are starting. Once you are confident of your trading skills after using a demo account, you can open a live account to start using real money. The Fusion Markets Classic account starts from 0.8 pips with zero commissions, which are included in the spreads.
With the Classic account, you can start trading any currency pair of your choice with no minimum deposit. In fact, the total cost to trade with this account is around 0.9 pips.
When you start to climb the success ladder in your forex trade, you can upgrade to the Fusion Markets Zero account. This account type is exclusively for experienced and active traders. The Zero account starts from 0 pips with AUD 4.50 commissions, which are included in the spreads.
Like the Classic account, using the Zero account too doesn’t require any minimum deposit. The total cost to trade with this account is around 0.5 pips, just like many zero spread forex brokers.
The MAM account is another account type designed for experienced and active traders. Holders of the MAM account enjoy an unlimited number of trading accounts, plus they can trade with any size – Micro (0.01), Mini (0.1), as well as Full (standard lots). However, using this account incurs a 0.1 pip execution cost that is usually added to all products.
Unlike the Classic and Zero accounts, there are special requirements to be met before you can open a forex MAM account. The first precondition is to have a minimum and non-negotiable deposit of $5,000 per slave account. You should also have 3 funded slave accounts.
The second requirement is to have at least 3 months of track record that shows the system is profitable. This record can be from other online brokers.
Lastly, you must have traded with Fusion Markets for at least a month. Plus, you need a license that regulates the trading activities from your country.
Fusion Markets Account Opening
Live Account Opening
Opening a live account on the Fusion Markets trading platform is fast, simple, and straightforward. Just visit the official website of Fusion Markets, fill the account creation form, and submit the application for the team to review.
You need to verify the account before it can be active. For a detailed overview of the live account, you can read our Fusion Markets review to understand the live account features and other offers fully.
Verifying your trading account will make your account more credible. After you submit your application, the next thing is to verify your account. To verify your account, you need a government-issued ID and a recent proof of address, in this case, your bank statement or utility bill. Once you upload these documents, the account team approves your account, and the account would become active.
You need to fund your account before trading with a live account. To fund your trading account, log in to your Fusion Hub, and navigate to the payment tab. From the payment tab, click on the deposit button, and you will see the different payment deposit methods. Select the option that is more comfortable for you, and you are good to go.
Fusion Markets is one of the online brokers that do not peg a minimum deposit before traders can access the FX market. But for their demo account, it comes with a timeline of 30 days. If you deposit at least $10 in your live account, the demo account timeline would be extended to unlimited. With that, you can practice as often as you want.
Fusion Markets supports 6 base currencies – AUD, EUR, GBP, JPY, SGD, and USD. One advantage of funding your trading account with any of these base currencies is that you won’t get to pay conversion fees to convert from your local currency to the supported currencies.
Fusion Markets Account Deposit & Withdrawal
Depositing or withdrawing your earnings on Fusion Markets is a breeze. Fusion Markets doesn’t charge for deposit except you are transferring the money from an international bank account to the Australian Trust account. The fee in this instance is between $20 USD and $30 USD.
Funding your trading account takes at most 5 working days, depending on your location. While bank wire transfers take between 2-3 business days, funding your account via your credit/debit card (Visa or MasterCard) is instant.
To withdraw your earnings, you can submit a withdrawal request to the team. Bank transfer withdrawals are free for Australians and the minimum amount to withdraw is $30. Credit/debit card withdrawals are also free through the matched refund process. Similarly, withdrawals through Skrill and Neteller are also free.
Furthermore, while withdrawals via bank wires take between 2-5 business days to process, it typically takes between 1-5 working days for credit/debit card withdrawals to clear.
Fusion Markets Account Management
In this section, you will learn how to manage both your demo and live accounts.
Fusion Markets Account Inactivity
The Fusion Markets demo account comes with a deadline of 30 days. After 30 days, you will no longer be able to access your demo account. But if you deposit at least $10 in your live account, the demo account would become unlimited.
If there is no trading activity in your live account for a maximum of 90 days, the account would automatically become dormant provided there are no funds in the account.
Fusion Markets Account reactivation
If you abandon your trading account for too long, it may deactivate. To reactivate such an account, first you need to reset your password, then you can reach out to the customer support team to help you reactivate your account.
How to close your Fusion Markets account
If you no longer want to use your Fusion Markets account, you can submit a request to close your account. But first, withdraw all your funds before submitting the account closure request. Contact the broker support team to submit the account closure request.
Fusion Markets is a leader in the forex brokerage business. The broker doesn’t charge a deposit fee and they support different deposit/withdrawal methods. What’s more? Fusion Markets offer four trading account types – Demo Account, Classic account, Zero account, and MAM account.
Still in doubt whether to trade forex with Fusion Markets? You can read our Fusion Markets review for a comprehensive guide on what this broker offers.