Fusion Markets

• Met

  Client-facing entities appear on the regulator’s register 12345

  We matched Gleneagle Securities Pty Limited on the VFSC’s list of financial dealers, Fusion Markets International Ltd on the Seychelles FSA’s list, FMGP Trading Group Pty Ltd in ASIC’s licensee data and Fusion Markets EU Ltd on CySEC’s register.

• Met

  Authorisations are current and unrestricted 2345

  All four licences are current, with no suspension or restriction shown.

• Partly met

  Permissions cover the services offered 23456

  ASIC authorises the Australian company to issue and make a market in derivatives and foreign exchange contracts, the VFSC lists the Vanuatu company as a financial dealer in classes A to C, and the FSA lists the Seychelles company as a securities dealer. CySEC authorises the Cyprus company to receive, transmit and execute orders in CFDs but not to deal on own account, while its execution policy says it enters into all transactions with clients as principal.

• Met

  Regulatory claims on the website are accurate 123457

  The VFSC, FSA, ASIC and CySEC licences Fusion Markets states match the registers.

• Partly met

  Clients can tell which regulated entity serves them 178

  The international footer names the Vanuatu, Seychelles and Australian companies and the EU site names the Cyprus company, but the Seychelles client agreement leaves the company’s licence number as “[TO BE ADDED]”.

Criteria and their weighting are explained in the methodology.

• Met

  Legal entity details are published 1457

  The companies’ names and numbers are published; the Cyprus details match CySEC’s register and the Australian ABN matches ASIC’s data.

• Not determined

  Ultimate ownership can be identified 19

  Phil Horner is named as founder and CEO and sits on the Cyprus company’s board, but we found no official filing or published statement that names who owns the Fusion Markets companies.

• Partly met

  Group structure is explained 19

  The sites name each company and which clients it serves, and the Cyprus disclosures say the company belongs to a group, but we found no description of how the companies are owned or related.

• Met

  Directors or senior managers are identified 19

  The Cyprus company’s 2025 disclosures name its five directors, and the website names Phil Horner as founder and CEO.

• Partly met

  Financial statements are available 9

  The Cyprus company publishes Pillar III disclosures for 2025 showing own funds of €161,000 against a requirement of €160,000, a capital ratio of 100.68%. We found no financial statements for the Vanuatu, Seychelles or Australian companies.

Criteria and their weighting are explained in the methodology.

• Partly met

  Client money segregation is disclosed 181011

  The Cyprus company keeps client money in segregated accounts and does not use it in its business. The Seychelles agreement lets client money be passed to liquidity providers as margin, and the Vanuatu PDS says money withdrawn from the trust account to pay Fusion Markets loses its protection. We could not read the Australian company’s terms.

• Partly met

  Retail clients have negative balance protection 101112

  Retail clients of the Cyprus company have negative balance protection. For clients of the Vanuatu and Seychelles companies it is offered only at Fusion Markets’ sole discretion and gives no contractual right, and the Vanuatu PDS says losses may be unlimited.

• Partly met

  An investor compensation scheme applies 1314

  Eligible EU clients are covered by the Investor Compensation Fund. Clients of the Vanuatu company can rely only on the Financial Commission’s fund, which pays up to €20,000 per complaint if a member refuses to pay an award; no scheme is named for the Seychelles and Australian companies’ clients.

• Partly met

  Banking and custody arrangements are disclosed 1

  Fusion Markets says client money is held in trust accounts at National Australia Bank, but does not say which banks the Cyprus and Seychelles companies use.

• Met

  Withdrawal terms are disclosed 15

  The withdrawal page lists each method with its processing time, minimum amount and fees, which are zero.

Criteria and their weighting are explained in the methodology.

Starts at 100 and loses points for each substantiated adverse finding by severity and age. Allegations, complaints and clone warnings never count. Total deducted: 5 points.

• Met

  Warning lists and enforcement records have been searched 16171819

  We searched ASIC, CySEC, FCA, CVM and KNF records and the Indian and Malaysian alert lists, and ran web searches. We found entries on the Indian and Malaysian alert lists and no enforcement action. The Japan FSA’s list of warned unregistered firms (September 2026) includes Gleneagle Securities Pty Limited (2025).

• Regulator warning

  Named on the Reserve Bank of India’s alert list of unauthorised forex platforms 16

  19 Nov 2025. Reduced the enforcement dimension by 2 points (low severity, 0.9 years before the review).

• Regulator warning

  Listed on the Securities Commission Malaysia Investor Alert List 17

  1 Jan 2023. Reduced the enforcement dimension by 1 points (low severity, 3.8 years before the review, counted at half weight).

• Regulator warning

  Warned by Japan’s Financial Services Agency for soliciting derivatives business without registration 19

  25 Apr 2025. Reduced the enforcement dimension by 2 points (low severity, 1.4 years before the review).

Criteria and their weighting are explained in the methodology.

• Met

  A complaints procedure is published 202122

  Each company publishes a complaints procedure with response times, for example a final response within two months in Cyprus and 21 business days in the Seychelles.

• Partly met

  Independent dispute resolution is available 10142122

  EU clients can go to the Financial Ombudsman of Cyprus and clients of the Vanuatu company to the Financial Commission, which lists Fusion Markets as an active member. Seychelles clients can only complain to the regulator, which is not an independent dispute body.

• Not determined

  Independent complaint outcomes show no adverse pattern 18

  Fusion Markets has no UK company, so there are no Financial Ombudsman Service decisions, and we did not find published decisions of other dispute bodies.

• Not determined

  Complaint data is disclosed 1

  We found no complaint statistics published by Fusion Markets or by a regulator or ombudsman for its companies. AFCA publishes complaint figures for the financial firms that are its members, but its data site refused our requests, so we could not check the Australian company.

Criteria and their weighting are explained in the methodology.

• Met

  Costs are disclosed before account opening 11523

  Spreads, commissions, swaps and conversion charges are published, and deposits and withdrawals carry no fees.

• Met

  An order execution policy is published 62425

  The EU execution policy explains the execution factors, says the company deals with clients as principal and prices from its liquidity providers, the Vanuatu terms say that company hedges its exposure with hedge counterparties, and a conflicts of interest policy is published.

• Partly met

  The client agreement is available before sign-up 81025

  The EU, Seychelles and Vanuatu agreements can be read without an account, but the Seychelles agreement is unfinished, with the licence number, website, margin page and contact emails left as placeholders.

• Partly met

  Leverage and margin terms are disclosed 81011

  The EU agreement limits retail leverage to 1:30 on major currencies and the Vanuatu PDS sets standard FX leverage at 1:100, but the Seychelles agreement leaves the page for margin and stop-out levels as “[URL to be added]”.

• Partly met

  Risk warnings are clear and current 17

  The EU site says “the vast majority of retail client accounts lose money” instead of giving the share of its own retail accounts that lose money, as EU rules require. The international site shows a general risk warning.

Criteria and their weighting are explained in the methodology.

• Partly met

  Marketing claims are accurate and attributable 1811

  Cost and execution comparisons are attributed to named studies, but the regulation page says all client money is deposited in segregated trust accounts at National Australia Bank, while the Seychelles agreement lets client money be passed to liquidity providers and the Vanuatu PDS describes withdrawals from the trust account.

• Partly met

  An address and working contact channels are published 3578

  The EU site’s office address matches CySEC’s register and the Seychelles postal address matches the FSA’s, but the Seychelles agreement gives no email for complaints or notices, only placeholders.

• Met

  Material changes are communicated 81012

  Documents are dated, and the EU and Seychelles agreements provide for written notice of changes, including on the website.

Criteria and their weighting are explained in the methodology.

We have not checked this firm’s office in person, so this dimension scores zero. We check offices through our on-site verification programme.

• Not met

  Real office at the stated address, not a ghost address

• Not met

  Office of the assessed entity

• Not met

  Staffed and operating

Criteria and their weighting are explained in the methodology.

We have not completed an on-site assessment of this firm, so this dimension does not count and its weight is shared among the others.

• Not determined

  Company identity

• Not determined

  Regulatory claims

• Not determined

  Office visit

• Not determined

  Account opening

• Not determined

  Platform usability

• Not determined

  Costs and disclosures

• Not determined

  Customer support

• Not determined

  Deposits and withdrawals

• Not determined

  Trading functions

• Not determined

  Complaints process

Criteria and their weighting are explained in the methodology.