Pepperstone vs Fusion Markets (2026)

Pepperstone vs Fusion Markets: the verdict

Fusion Markets is best if you want the lowest flat commission: its Zero account charges A$4.50 round-turn per standard lot in our May to June 2026 testing, the cheapest of any ASIC broker we cover. Pepperstone is better if you want platform breadth, deeper analysis and the tier-1 trust stack behind an ASIC licence held since 2010, and its Razor account justifies the higher A$7.00 round-turn for traders who value execution and choice over the last dollar of commission.

Both brokers are Melbourne-founded and ASIC-regulated, and both let you open an account with A$0 down, so the real decision comes down to how you weigh cost against breadth. Read on for the measured numbers, the ownership question behind Fusion, and the honest trust gap between the two. For the underlying detail, our full Pepperstone review and Fusion Markets review go deeper on each.

Cost: the crossover

On pure commission, Fusion Markets starts ahead and mostly stays there. The Zero account charges a flat A$4.50 round-turn (A$2.25 per side) that does not move with volume, while Pepperstone’s Razor opens at A$7.00 round-turn (A$3.50 per side) and can fall through its Active Trader rebate programme as monthly volume climbs. Raw spreads point the same way: our May to June 2026 capture measured EUR/USD at 0.04 pips on the Zero account against 0.10 pips on Razor, and 0.36 against 0.46 pips across the eight-pair basket.

Here is how the two compare as volume rises, using those measured spreads and the published commissions:

• Around 50 lots a month. You sit below the Active Trader thresholds, so Pepperstone stays near A$7.00 round-turn and Fusion holds A$4.50. That flat A$2.50 per lot difference is worth roughly A$125 a month on commission alone, before the tighter Fusion spread.
• Around 200 lots a month. Pepperstone’s rebates begin to bite and trim its effective round-turn, yet Fusion’s A$4.50 flat rate still leads on commission. The gap narrows rather than closes.
• Around 500 lots a month. Deeper rebate tiers move Pepperstone’s effective round-turn toward roughly A$5.00 for qualifying traders, closing most of the gap, though Fusion’s A$4.50 stays marginally cheaper per lot.
• Beyond 500 lots a month. At the top Active Trader tier Pepperstone’s round-turn can approach roughly A$5.00, while Fusion remains flat at A$4.50. Fusion generally keeps a small commission edge, but the practical saving shrinks, and Pepperstone’s tiered spread discounts, execution and platform range may outweigh it for genuine high-volume traders.

Active Trader eligibility and benefits vary by entity, so treat those rebate figures as indicative rather than a quote. The short version: Fusion Markets is cheaper for low-to-mid volume, which covers most retail traders, and it holds a narrow commission lead even at high volume, while Pepperstone closes the cost gap and then competes on everything else. For the wider field on price, see our lowest commission forex brokers guide.

Who owns Fusion Markets

Fusion Markets is a trading name of FMGP Trading Group Pty Ltd (ABN 74 146 086 017), the entity that holds ASIC AFSL 385620. Phil Horner founded the broker in 2017 after years at Pepperstone, and the pitch has always been, in effect, Pepperstone-style raw pricing at a lower commission. That same legal entity is also the licensee behind Global Prime, so the two brands share a single AFSL while operating as separate businesses with their own platforms and pricing. We disclose that shared licence on both review pages, because it explains why a “different” broker can trace back to the same Australian company.

Regulation and trust

Both brokers clear the ASIC bar: each holds an Australian Financial Services Licence, belongs to AFCA, and segregates retail client money at an Approved Australian Bank. The trust gap sits in what stands behind that licence. Pepperstone scores 9 out of 10 on our trust measure, on the back of ASIC AFSL 414530 held since 2010 plus tier-1 oversight from the FCA in the UK, CySEC in Cyprus, BaFin in Germany and the DFSA in Dubai. Fusion Markets scores 6 out of 10: its ASIC AFSL 385620 dates to 2017, a shorter record, and its only other licence is a Vanuatu (VFSC) registration used for wholesale and international clients, not Australian retail accounts.

Neither figure is a safety verdict, and both firms are legitimate ASIC licensees. You can confirm either licence yourself on ASIC’s professional register by searching the legal entity name. The longer tenure and the tier-1 stack are why Pepperstone rates higher on trust, not any question mark over Fusion’s Australian licence.

Platforms and range

Platform choice is where Pepperstone pulls clearly ahead. It runs MT4, MT5, cTrader, native TradingView and its own proprietary platform on a single login, the broadest line-up in our coverage, and pairs that with a deeper research and education stack and around 1,200 share CFDs. Fusion Markets keeps a leaner set: MT4, MT5, cTrader and TradingView, with no proprietary platform and a lighter research library, which fits its role as the low-cost specialist rather than the all-rounder.

Product range follows the same pattern. Pepperstone carries the wider crypto CFD selection and more indices, ETFs and share CFDs, while Fusion covers the core markets with a smaller major-coin crypto selection (BTC, ETH, XRP and other majors). If you want one account to hold forex alongside a broad multi-asset range, Pepperstone is the stronger fit; if you mainly trade forex and want the cheapest execution, Fusion’s narrower menu is rarely the thing you miss.

Which should you choose

Choose Fusion Markets if commission is your first filter. The flat A$4.50 round-turn, backed by a 0.04 pip EUR/USD raw spread in our May to June 2026 testing, makes it the cheaper account for the low-to-mid volume trading that most retail clients actually do, and there is no minimum deposit to clear. Choose Pepperstone if you want the wider platform choice, the stronger research and the tier-1 trust stack, and you are comfortable that its A$7.00 round-turn can fall toward roughly A$5.00 once your volume qualifies for Active Trader rebates.

For most Australian forex traders the decision is that simple: Fusion for the lowest running cost, Pepperstone for breadth and trust. Compare the full detail in our Pepperstone review and Fusion Markets review, or see where each sits against the field in our best forex brokers in Australia guide. For Pepperstone’s other close match-up, see Pepperstone vs IC Markets.

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