This review finds Fusion Markets, an Australian brokerage firm, to be highly reliable and trustworthy in light of the following facets:
- Opening an Account
- Deposit and Withdrawal
- Trading Platform
- Customer Service
- Research and Education
What this review aims to illustrate is how Fusion Markets had become a viable broker through a look into these aspects to justify why a trader should give the firm a try.
Clients of Fusion Markets see its commissions and spreads as competitive as it has the lowest being advertised ones, compared to other brokerage firms. The terms for the assets that the firm trades illustrate this point:
- EUR/USD and GBP/USD – $2.25 commission /lot per trade. A small spread cost is also charged (ECN Account)
- S&P 500 CFD – The fees are already in the spread. The average spread cost is pegged at 0.41
- Inactivity – not charged
To substantiate the figures, this review had used a $20,000 position for Forex with a leverage of 30:1 and $2,000 for stock Index and CFDs with a leverage of 20:1.
This had rendered the following benchmark fees:
- AUD/USD – $7.4
- EUR/CHF – $2.0
- EUR/GBP – $7.0
- EUR/USD – $12.8
- GBP/USD – $9.4
CFD fees are also on a low with S&P 500 Index CFD fee priced at $1.7 and Europe 50 Index CFD at $2.2.
Opening an Account
Opening an account at Fusion Markets is speedy and done digitally. And the best part? There is no minimum deposit required.
The firm offers two types of account that are set apart by pricing:
- Classic Account – Here fees come with the spreads. Commissions are not charged.
- ECN Account – Through this account, tight spreads are offered. A commission is charged.
Apart from these, Fusion Markets also has corporate accounts.
As already mentioned, opening an account with Fusion Markets is fast and entirely done digitally. It is so fast in fact that it can be done in 10-15 minutes with the account being approved within the day of application. All it takes for one to open an account are 5 steps:
- Submit your email address and create a password
- Once the access codes are created, log-in to the client portal. Through its interface, find, “Profile”.
- Input the necessary personal details
- Select what type of account you would be availing, leverage level, and the security question
- For verification, submit the pertinent primary identification proof such as your passport or driver’s license. You may also submit a proof of billing or utility bill.
Fusion Markets’ clients can choose from any of the 6 base currencies that it offers:
In addition to these, the firm also offers the following Exotic Pairs:
- Danish Krone
- Hong Kong Dollar
- Hungarian Forint
- Mexican Peso
- Norwegian Krone
- Indian Rupee
- Polish Zloty
- Russian Ruble
- Singapore Dollar
- South African Rand
- Swedish Krona
- Turkish Lira
Deposit and Withdrawal
Deposits and withdrawals with Fusion Markets are not charged at all. Bank transfers, credit and debit cards, and ewallets are allowed for money transfer. The only thing that doesn’t seem pleasant for the firm’s clients is the slow withdrawal process that takes at least 3 days. Payments made through credit or debit card are instant, with users only being allowed to deposit money from accounts that are under their name.
However, it must be noted that international bank transfer withdrawals costs AUD 20, which is of course relatively expensive.
One can withdraw from Fusion Markets through 5 steps:
- Login to the client portal
- Find “Payments”
- Choose “Withdrawal”
- Type in amount to be withdrawn. Choose which withdrawal method is relevant to your transaction
- Make the withdrawal.
For clients residing in Southeast Asian countries such Thailand, Malaysia, Indonesia, and Vietnam, they can also make local bank transfers.
Fusion Markets had made MetaTrader 4 available to its clients. Through the firm, the trading platform is available through a number of languages such as:
On the other hand, Fusion Markets’ own web trading platform can be customized in accordance to each trader’s individual needs. The size and position of the tabs may easily be changed.
The only con observed by many is that Fusion Markets’ platform is not highly-intuitive, making certain features challenging to find.
Much like its web-based trading platform, Fusion Markets clients are availed of the MT4 mobile app. It is available for both iOS and Android. After download, the client would be given access to the FusionMarkets-Live server.
As with the web platform, a client is given language options. This is something that the user can customize (in Android devices) through the phone’s language settings.
Client opinion across the net agree that Fusion Markets has a reliable customer service. Much like other brokerage firms, the Fusion Markets website has an available chat function wherein a client can easily chat with a responsive representative from the company. For those who are more comfortable with an actual conversation, they may opt to call +61 3 8376 2706. One can also send an email through the address [email protected]
The firm is open Mondays to Fridays and session durations rely largely on its products’ operation hours.
Research and Education
Despite having an effective Customer Support system, Fusion Markets lacks in educational and training materials that could potentially guide beginning traders into making good trading decisions.
In conclusion, Fusion Markets is seen by many in the trading industry as a pleasing broker. This claim is satiated by the fact that it offers competitive fees, with deposits and withdrawals not being charged at all. There is even no need to make an initial deposit to open an account. In any book, this is seen as leniency and altogether inviting for novice traders.
On top of this, Fusion Markets offers a wide coverage of assets that are sought after by the global market.
The only critique that it gets is its lack of substantial educational materials that could help beginners in navigating well through the industry. However, this isn’t made basis by many for giving the firm negative feedback.
For the more discriminating client, it is recommendable that he or she research further on Fusion Markets for a more balanced look and other potential and probably more fitting broker for the trader’s needs.