Is Fusion Markets cheaper than Pepperstone in Australia?
Verdict
- On published forex commission, Fusion Markets is cheaper than Pepperstone, but Pepperstone remains our overall pick in Australia for its broader, fully priced product range and multi-country regulation.
- Fusion Markets' Zero account charges $2.25 per side ($4.50 round turn); Pepperstone Razor charges $3.50 per side on MT5 and TradingView and $3.00 on cTrader.
- Fusion Markets claims 'average spreads of 0.0 on forex majors' but publishes no EUR/USD-specific average; Pepperstone publishes 0.1 pips on EUR/USD.
- Both are ASIC-licensed: Fusion's FMGP Trading Group Pty Ltd (AFSL 385620) and Pepperstone Group Limited (AFSL 414530).
For a pure forex trader counting commission, Fusion Markets has the lower published price. The case for Pepperstone rests on what you get beyond the commission line, and we set both out below so you can decide which matters more to you.
Why we still rank Pepperstone first
Fusion Markets wins the commission comparison on forex, and we say so plainly. Pepperstone earns our first place on breadth and transparency: its Australian account tables list 93 FX pairs, 26 index CFDs, 1,162 share CFDs, 95 ETF CFDs, 40 commodities and 31 crypto CFDs, and it publishes spreads or commission for indices, shares, crypto and perpetual CFDs. The group is also regulated beyond Australia, by the FCA, CySEC, BaFin, the DFSA and the Securities Commission of The Bahamas, whereas Fusion Markets lists ASIC for Australian clients and offshore licences in Seychelles and Vanuatu for everyone else.
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Pepperstone vs Fusion Markets on commission
Here is the commission on one standard lot of forex, opened and closed, as each broker publishes it for its raw-pricing account:
| Fusion Markets Zero | Pepperstone Razor | |
|---|---|---|
| Per side | $2.25 | $3.50 (MT5, TradingView); $3.00 (cTrader) |
| Round turn | $4.50 | $7.00; $6.00 on cTrader |
| MT4 | Offered | AUD 7 per lot, charged when the position opens (AUD account) |
| Published EUR/USD spread | No pair figure; claims 0.0 average on majors | 0.1 pips average |
| Minimum deposit | No minimum account size | $10 |
What the gap adds up to
Take a trader doing 40 round-turn lots of EUR/USD a month. Using Fusion's 0.0 majors claim, commission alone is $180. At Pepperstone on cTrader the same volume costs $240 in commission plus about $40 of spread at the 0.1-pip average, or $280. On MT5 it is $320. For that trader Fusion Markets is roughly $100 to $140 a month cheaper on paper. If you trade a few lots a month, the difference is a few dollars, and range, funding and platform choice matter more.
Where the comparison stops being even
- Fusion Markets publishes no Classic-account spread that we could verify, so the commission-free accounts cannot be compared.
- Pepperstone lists perpetual CFDs, 24-hour trading on 100+ US share CFDs and a free Bloomberg.com digital subscription; none of these appear in our Fusion Markets data.
- Fusion Markets offers its own copy-trading service (Fusion+) and DupliTrade; Pepperstone's CopyTrading app is listed on its international site, not its Australian one.
- Neither publishes a guaranteed stop-loss in our data (Pepperstone does not offer one; Fusion's position is unverified).
Sources
Is Fusion Markets regulated by ASIC?
Yes, through FMGP Trading Group Pty Ltd, AFSL 385620, which it labels 'Australian Clients Only'. Non-Australian clients go to its Seychelles or Vanuatu companies.
Which is cheaper on gold?
We cannot say. Pepperstone publishes a Razor gold average of 0.12, but our data holds no gold spread for Fusion Markets.
Do both support cTrader and TradingView?
Yes. Both list MT4, MT5, cTrader and TradingView; at Pepperstone, MT4 and TradingView require the Razor account.
Trading CFDs and margin FX involves leverage and a high risk of fast losses. Costs on this page are broker-published figures and change often; this is general information, not investment advice.