You have several accounts to choose from with Fusion Markets. These will depend on your trading needs, and here is what to expect from each account type:
Fusion Markets Demo
The Fusion Markets demo account, as with any forex trading demo account, is a great starting place if you are new to trading or to the broker. You can open a demo account for free and the account itself is completely risk-free with no obligation to make a real money deposit.
The Fusion Market free demo account is valid for 30-days though if you choose to make just a small real money deposit in your live account, you will have access to an unlimited demo account. Everything can be managed from your Fusion Markets Client Hub with ease and it is a great way to get to know the broker and what they can offer.
The Fusion Markets Classic Account is a good starting point for many traders. This is the simplest and most user-friendly account type choice you can make to get started with trading at this FX broker.
The account itself offers access to all of the assets you can trade as well as being completely commission-free. It is ideal for new traders starting out or for the more casual traders who just want to get started. The spread with this account type is also impressively low and starts from just 0.8pips.
The Zero Account is the most popular account type choice with Fusion Markets. Here you will again find all assets available to trade but a spread that starts lower from 0 pips on some major assets.
This can make it great value for money with more active or experienced traders. There is a commission of AUD 4.50 per round-turn trade charged but this is very competitive in the industry when considering trade commissions even from low-cost brokers.
The MAM/PAMM account is perfect for money managers looking after multiple accounts and is only available for the MetaFX trading platform. There are also some requirements if you would like to open this type of account.
You must make a minimum deposit of at least $5,000 per sub-account you will be operating with a limit of three funded sub-accounts available. You must also bring a track record of profitability with you of at least three months. This can be from another broker.
Added to that, the manager of this account themselves needs to trade profitably with Fusion Markets for at least one month and is required to be licensed and regulated in their country to manage and trade with this type of account.
Account Base Currency
When it comes to account base currencies, Fusion Markets accepts AUD, EUR, GBP, JPY, SGD, and USD all as both base currencies and deposit currencies.
Once you have selected the right account type for you it will be time to make your first Fusion Markets deposit. Here is a look at what to expect.
In fact, you will not encounter any minimum deposit whatsoever no matter which account type you choose to open besides the MAM/PAMM accounts as we have mentioned.
The average deposit from traders at the broker though is $1,500 or more. This however does not mean that you can deposit less. You are free to deposit as much or little as you wish. The only point to note is that you are advised to keep Visa and Mastercard deposits below 25,000 AUD to avoid rejections.
You will find all the usual methods available when making a Fusion Markets deposit. This means you can use your credit or debit card if it is Visa or Mastercard while you can also use several eWallet services like Skrill, Neteller, and more.
Bank wire transfers are also possible and if you are from Singapore, the Philippines, Thailand, Malaysia, Indonesia, or Vietnam, you can also use your local bank transfer method. This makes the process extremely convenient for traders around the world and the whole process typically takes a maximum of 5 days but can be faster.
Another great positive here is that there are no deposit fees at all. The only fees you will incur are those from your own bank if they charge a transfer fee, or if you transfer in from an international bank account to the Fusion Markets Australian trust account you will incur a fee of around $20-30.
As is standard with most brokers, a conversion fee will be charged if you deposit a currency that is not supported as an account base currency.
Similarly, here is what to expect when it comes time to make your Fusion Markets withdrawals:
When it comes to the method, this must be the same as you used to make your deposit, and all of the same withdrawal methods are facilitated. This means bank transfer, credit/debit cards, and eWallet withdrawals can all be made.
It can take up to 5 days for your withdrawal to be completed. This can often be faster but it does depend on the method you choose.
The only minimum withdrawal amount that applies here is if you are using bank wire. In that case, there is a minimum amount of $30 applied. On the other hand, Australian residents do not have to worry about this minimum withdrawable, since withdrawals are fee free.
Fusion Markets withdrawals are generally fee-free with just a couple of exceptions.
If there are any fees applied by your bank then they could charge fees that can add up to close to $30 in some cases. There will also be a conversion fee if you are withdrawing to a non-supported currency other than the base currencies on offer.
Spreads & Commissions
Considering the Fusion Markets spread and commissions charged, this will depend on the account type you choose to open. The lowest spread you will have access to is the Zero Account spread that starts from 0 pips. There is a commission of $4.50 AUD/USD per round turn trade with this account type as well.
The Classic Account spread starts from 0.8 pips and trading there is completely commission-free.
Here are just a couple of other fees that you may encounter during your time with Fusion Markets:
Overnight fees are applied as they are with every broker if you are holding your CFD positions overnight. You will pay these though you could also be the one receiving the payment if the trade is moving in your favor. In that case of course there is no fee.
You will be glad to find that Fusion Markets does not charge an inactivity fee. What they will do though is after more than 90 days of inactivity, they will archive your account. This will only happen if there are also no funds in the account.
Cost Pros and Cons
Finishing up with accounts and costs, here are some of the key points to think about: