RECOMMENDED FOREX BROKERS
Fusion Markets is an Aussie broker that is simple in delivery, but nevertheless stable. Read on to find out more about the firm, and decide for yourself if it’s worth a shot.
Fusion Markets is the trading name of Gleneagle Asset Management (GAML) which is registered in Australia and as such is regulated by ASIC.
ASIC is considered one of top non-EU/US regulatory body, and as such drives good investor/trader outcomes via administering the law when called for. One big drawback is the absence of a compensation fund for traders who trade with brokers under the oversight of ASIC.
Once we registered, we were given the option to choose a leverage ranging from 1:100 to 1:500. The latter can be dangerous, but at the same time very lucrative, that is why we reccomend its usage to traders with more expertise.
Once a demo account was created for us we dug and got a cost of trade flickering between 0.9-1.1 pips for the EUR/USD pair. There are two account types, Classic and ECN, with the second one having a commission attached to it. More on that below.
Fusion Markets is a relatively young broker, and for this reason they are still working on acquiring commodities on their list of tradable instruments. The good news is that even without this asset, the list is sufficient enough to satisfy: Forex Pairs, Energy, Precious Metals, Equity Indices and Cryptocurrencies.
The site comes exclusively in English.
FUSION MARKETS LOGIN
The good old MT4 has made its way, yet again.
This ubiquitous terminal is abundant in trading option specifically designed to give traders an edge. Expert Advisors are a staple by now, while one click trading, multiple pending orders, superior chart management and customizable trading indicators (and many more) open so many possibilities for traders. MT4’s VPS allow for seamless automated trading at all times, uninterrupted by computer failures, sudden power cuts or connectivity issues. Fusion Markets allows for PAMM (Percentage Allocation Money Management) accounts to be utilized. The essence of this is that inexperienced traders, or those without the time, can allocate a sum of their money to a qualified trader they chose before hand. From there on, these adept traders will trade with their and your money with the sole purpose of generating as much profit as possible.
Since the broker is based outside of the EU/UK, the leverage is not limited to 1:30. In fact, at Fusion Markets it reaches the exciting value of 1:500.
The demo account gave us a EUR/USD spread that averages between 0.9-1.1 pips.
Commissions applying to the ECN are $4.5 round turn, an unburdening fee. Here is a fraction of our conversation with the support representative.
This fee shifts any spread (to which the commissions are related to) by 0,45 pips. So, for example, if the USD/CHF spread using the ECN account is indicated as being 1.1 pips, with the commission (of 0.45 pips) it shifts to an actual cost of spread of 1.55 pips.
We accessed our demo account on a separate desktop MT4 trader, while also given the opportunity to take it mobile, or go directly via a browser trader.
FUSION MARKETS MINIMUM DEPOSIT
Note that Fusion Markets is still in its early stages, and for this reason their information on deposits is very limited. For this reason many of our usual points to cover are left, well, uncovered. Many of the info below was taken straight from a live chat session with a representative of the firm.
There is no minimum deposit amount for Credit/Debit cards, but we recommend at least $250 if you want to get something out of it. The minimum requirement for Wire Transfer deposits is $25.
Traders can fund their accounts using Debit/Credit cards, and Bank Transfers are also acceptable.
The accepted base currencies are as follows: AUD, EUR, GBP, JPY, SGD, USD.
The processing time for funding an account with a Credit/Debit card should be completed within minutes. If using a Wire Transfer, depending on which country you’re depositing from, the process can typically take anywhere from 1-5 business days.
There are no fees charged by Fusion Markets when making a deposit.
FUSION MARKETS WITHDRAWAL TIME AND FEES
Most of the information on withdrawals is kept for after a full registration (ID confirmation) is done, and so we are left to trust one of the support agents.
Withdrawal methods are the same as the depositing ones: Wire Transfer and Credit/Debit Cards.
If withdrawing via Bank Transfer locally, in Australia, funds are usually credited to your account within one business day. Withdrawals via Credit/Debit card in Australia are usually credited back to your account within three business days. International withdrawals either by Credit/Debit Cards or Bank Transfer take up to seven business days as it often depends on a user’s bank or credit card issuer.
For international withdrawals using Debit/Credit Cards, the support agent claimed that they are free. International Bank Transfers are taxed with $25. All local payments are free of any charge.
The minimum withdrawal amount when using Wire Transfer is $35.
Fusion Markets is charming, we must say, and it kept us invested with its simplicity and promise of more to come. The ASIC regulation gives it authenticity, while the support rep was friendly and extremely helpful. Give it a try, you won’t be disappointed.