Wikilix
Contract reading

What Fusion Markets legally published, but does not want you to read

Every clause below is published by Fusion Markets itself, on its own website, today. The finding is not that the text exists. It is the distance between what a client is shown and what a client agreed to. Read from its own documents on .

Contracting entity: Gleneagle Securities Pty Limited

hidden feecomplaintsdocument conflictdocument qualitynegative balanceprofit voidingsole discretionwithdrawalsbalance freezebalance hold

Fusion Markets promises in Vietnamese, Indonesian and Chinese that your account can never go below zero, yet its policy excludes people living there.
Everywhere else, that protection is a discretion Fusion Markets can suspend in volatile markets and claw back for 90 days.
The Vanuatu terms let it use your deposit for its own hedging and treat scalping, which its FAQ welcomes, as misconduct.
Trading costs are low, but the documents add a 1% conversion cost, an inactivity fee and bank charges the site calls zero.

Back to Fusion Markets

Contract risk

Money at risk
6.5/10

Where this contract sitsHow far this contract goes, overall. Under 2 is nothing beyond the ordinary; 6 to 9 means several clauses put money you have already earned at risk; 9 and above reads as designed to make payout refusable.

0510
CriticalClauses that can cost you money you have already earned or deposited, or that remove your ability to challenge it.
6
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
21
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
17
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
14

How the 21 break downThe same flagged clauses, split by how much each one can cost you. Severity is our reading of the clause, not the broker's label.

Critical6
Warning13
Notice2

section 116 of 196is where the deepest clause sits, 59% of the way into the document it is in

The numbers in this contractFigures taken from this broker's own clauses, so the labels differ from broker to broker. The four in the panel above are the same on every report.

1 of these 4 figures comes from a clause we rate critical, which means it can take your money or your profit rather than only delay it.

Critical7In the contract. Jump to the clause this comes from.Negative balance protection promised to countries the policy excludes1%Fee you were not shown. Jump to the clause this comes from.Currency conversion can cost up to 1%$10Fee on an unused account. Jump to the clause this comes from.Idle Seychelles accounts can pay up to USD 10 a year10 working daysWithdrawal limit. Jump to the clause this comes from.Withdrawals can be reversed, held or kept back

What the documents say

21 clauses worth knowing about, worst first, each quoted from Fusion Markets's own files

01

Fusion Markets' Vietnamese, Indonesian and Chinese pages promise that your account can never go below zero. Its negative balance protection policy denies that protection to residents of seven jurisdictions, including Vietnam, Indonesia, mainland China, Hong Kong and Taiwan.

In plain words

Negative balance protection is a limit that stops you owing more than you put in. Without it, one fast market move can leave you owing the broker money on top of your deposit.

Why this matters

If you live in any of those places, any loss beyond your balance is a debt you owe Fusion Markets. The Why Fusion page in your language says the opposite, and only the FAQ names the exclusion.

Exhibit 1CriticalRarely seen7

Clients resident, incorporated, or otherwise established in the jurisdictions listed below are not eligible for NBP.
Clause Schedule 1 in Negative Balance Protection Policy, p.7
Read from the broker's site on Open the reference
02

Fusion Markets advertises negative balance protection, a promise that your losses stop at zero, as cover for extremely volatile markets. Its policy says the protection is not automatic, lets Fusion Markets suspend it in exactly those conditions, and keeps any reset reversible for 90 days.

In plain words

On a principal basis, as your counterparty, means the broker takes the other side of your trade itself. Your loss is then the firm’s gain, so it has an interest in how your trade ends.

Why this matters

The policy excludes losses from a missed margin call, a demand to top up your account, when you had a reasonable chance to act. Fusion Markets can reinstate a balance it has already reset and send it to debt collection.

Exhibit 2CriticalRarely seen90 days

NBP IS NOT GUARANTEED, IS NOT AUTOMATIC, AND IS NOT A FEATURE OF EVERY ACCOUNT.
Clause 4.1 in Negative Balance Protection Policy, p.2
Read from the broker's site on Open the reference
Set against a regulated standard: ASIC (Australia), FCA (UK), CySEC (Cyprus)

Firms licensed by ASIC, the FCA or CySEC must give every retail CFD client negative balance protection on each account, as a binding rule. Fusion Markets' policy calls its protection a discretion that it can suspend, withdraw or reverse.

Fusion Markets is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Reset appliedAny reset of your negative balance to zero is provisional, not final.6A.1
Day 0 to 90Fusion Markets can reverse the reset and reinstate the debt if it decides an exclusion applied.6A.2
Money already withdrawnFusion Markets can pursue the debt by set-off or refer it to debt recovery.6A.6
  • Worse together with Exhibit 12A negative balance on one account lets Fusion Markets hold withdrawals on your other accounts while it decides whether protection applies.
03

Fusion Markets' FAQ says it cannot use client money for hedging. Its Vanuatu terms let it use your deposit to meet margin calls from the firm it hedges with, even for other clients' trades.

In plain words

Liquidity providers are outside banks and brokers.

Why this matters

Once Fusion Markets uses your money this way, the terms say it is no longer yours and you are an unsecured creditor. If Fusion Markets fails, you queue with its other creditors instead of reclaiming money held in trust.

Exhibit 3CriticalHarder than usual

Obligations may include an obligation to make payments to a liquidity provider in connection with liabilities Fusion Markets incurs when the Client and other clients place Contracts with Fusion Markets. Liabilities in this sub-clause include but are not limited to minimum floating margin requirements imposed by a liquidity provider, or other hedging requirements;
Clause 23.3(a) in Financial Product Service Terms, p.15
Read from the broker's site on Open the reference
Set against a regulated standard: ASIC (Australia), FCA (UK)

Since 2018, firms licensed by ASIC may not use a retail client's money to meet their own margin or hedging obligations, including obligations from other clients' trades. FCA rules likewise keep client money out of the firm's own use. Fusion Markets' Vanuatu terms authorise that use.

Fusion Markets is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

  • Worse together with Exhibit 6Your deposit can go to cover Fusion Markets' hedges, and if that hedge counterparty fails, what Fusion Markets owes you shrinks to what it recovers.
04

Fusion Markets' FAQ welcomes scalping, trading in and out within minutes, with no limit on holding time. Its Vanuatu terms call scalping wilful misconduct at Fusion Markets' sole discretion, and let it set a minimum holding time.

Why this matters

If Fusion Markets decides you scalped, it can void the contracts in dispute and enforce the ones it prefers. It can also release itself from what it owes you on trades already made.

Exhibit 4CriticalRarely seen

Which in Fusion Market’s sole discretion, are deemed as being: a) negligence; b) mistake; c) wilful misconduct including: 1. commission churning; 2. sniping; 3. causing or contributing to or benefiting from a Material Error; 4. moving the price of an Underlying Instrument; 5. scalping;
Clause 1.1 (Default Event) in Financial Product Service Terms, p.1
Read from the broker's site on Open the reference
Our own capture of fusionmarkets.com, taken on Oct 23, 2026The claim, on English FAQ, answer to 'Do you allow scalping?'This capture shows the page the quotation was taken from. The words themselves are not marked in it, so please read the quotation above as the evidence.Visit this page on the broker's siteDownload the full size image file
05

Fusion Markets can end the Seychelles agreement without notice and reverse or cancel every previous transaction on your account. One trigger is trading that 'adversely affects in any manner' the reliability of its platform.

Why this matters

The reversal reaches back across your whole account history, not only the trades that caused a problem. If you run expert advisors, the automated trading its homepage markets, this clause decides whether your profits stand.

Exhibit 5CriticalHarder than usual

The Company may terminate this Agreement immediately without giving prior written notice, and the Company has the right to reverse and/or cancel all previous Transactions on a Client’s account, in the following cases:
Clause 22.3 in Client Services Agreement, pp.20-21
Read from the broker's site on Open the reference

Where it sits: section 116 of 196 in the Client Services Agreement, 59% of the way through.

When something goes wrong, Fusion Markets' documents narrow your options

Fusion Markets gives Vanuatu clients 45 days to reach The Financial Commission, and Seychelles clients can wait 90 business days for its answer. It limits what it owes you to what it recovers from its only hedge counterparty. The Seychelles agreement still shows blanks where its notice and complaint emails belong, and the refund policy bans card chargebacks.

Recourse limits5 clauses flagged

Fusion Markets limits what it owes you to whatever it recovers from its only hedge counterparty, the firm it passes its own risk to. Under its Vanuatu terms you also release it from claims caused by that counterparty's failure, unless Fusion Markets was grossly negligent or fraudulent.

Why this matters

If that counterparty fails, your profit and your balance shrink to a share of what Fusion Markets manages to recover. Fusion Markets alone decides how to pursue that recovery, though it says it will act honestly and fairly.

Exhibit 6CriticalRarely seen

Fusion Markets limits its liability to you (as a Client) under the terms of the Fusion Markets Products by the extent to which Fusion Markets actually recovers against its Hedge Counterparty, and allocates the proceeds to your Fusion Markets Products.
Clause 3.16 (Limited Recourse) in Product Disclosure Statement (PDS), p.22
Read from the broker's site on Open the reference

Fusion Markets' Seychelles agreement tells you to send every notice to '[Email to be added]' and lists the complaints email as '[TO BE CONFIRMERD]'. Its opening paragraph still gives the licence number as '[TO BE ADDED]'.

Why this matters

Ending the agreement takes written notice, and the contract does not say where that notice counts as received. Only the complaints annex at the back gives an email address.

Exhibit 14WarningRarely seen

Any notice, instruction, request or other communication to be given to the Company by the Client under the Agreement shall be in writing and shall be sent to the Company’s email address at [Email to be added].
Clause 21.1 in Client Services Agreement, p.20
Read from the broker's site on Open the reference

Where it sits: section 113 of 196 in the Client Services Agreement, 58% of the way through.

  • Worse together with Exhibit 16The agreement gives no confirmed complaints email in its main text, and an answer can then take up to 90 business days.

Fusion Markets' Vanuatu complaints policy gives you 45 days from when the dispute arises to file with The Financial Commission, an outside complaints body. Fusion Markets gives itself 30 days from the same start to answer you.

Why this matters

If Fusion Markets uses all 30 days, you have 15 left, and its terms let it take longer by telling you it needs more time.

Exhibit 15WarningHarder than usual45 days

If your compliant is filed with The Financial Commission, it must be done so within 45 days of the dispute arising with us.
Clause 3, Step 2 in Complaint Handling Policy, p.1
Read from the broker's site on Open the reference

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Day 30Fusion Markets' written response is due, counted from when the dispute arose.3, Step 1
Day 45Last day to file the complaint with The Financial Commission.3, Step 2

Fusion Markets' Seychelles complaint policy allows up to 90 business days for a final answer to your complaint. The complaints annex inside its own Seychelles agreement says 60, so the two documents disagree.

Why this matters

Ninety business days is more than four months. The policy sends you to the Seychelles regulator only after that final answer arrives.

Exhibit 16WarningHarder than usual90 working days

A final response should be provided to the Client within 90business days the latest from the date he submitted his complaint;
Clause Procedure, item 3 in Complaint Handling Policy, p.1
Read from the broker's site on Open the reference
Set against a regulated standard: ASIC (Australia), FCA (UK)

Firms licensed by ASIC must give a final response to most complaints within 30 calendar days, and FCA-licensed firms within eight weeks. Fusion Markets' Seychelles policy allows up to 90 business days.

Fusion Markets is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Fusion Markets' refund policy makes you agree never to ask your bank to reverse a card deposit, during or after your time as a client. If a chargeback goes through anyway, Fusion Markets can block your access and freeze your balance.

Why this matters

Your card issuer gives you the right to dispute a payment; this policy treats using that right as a breach of contract. Any refund then comes back only 'after payment of all services and fees'.

Exhibit 17WarningHarder than usual

When replenishing a trade account with any card (e.g.: credit card, debit card, prepaid card), the Client agrees not to lodge a request to the bank to charge back the payment which has already been credited to the trade account or to the provider of a credit/debit bank card, both during and after the use of the Company’s services.
Quoted in Refund and Return Policy, p.1
Read from the broker's site on Open the reference

Zero fees on the website, pass-through charges in the documents

Fusion Markets advertises zero deposit and withdrawal fees, yet its product disclosure statement passes on the bank charges it pays. The same document allows up to 1% for currency conversion and a financing mark-up of up to 25% a year. Copy trading adds spread mark-ups and hourly charges for handling complaints.

Cost disclosure4 clauses flagged

Fusion Markets says it charges zero fees on deposits and withdrawals. Its product disclosure statement passes the bank fees it pays on to your account, and its withdrawal page reserves merchant fees too.

Why this matters

Deposit and withdraw without 'significant trading activity', and Fusion Markets can charge you the payment provider's merchant fee. No document defines how much trading counts as significant.

Exhibit 7WarningHarder than usual

Bank charges and fees imposed on Fusion Markets to clear your funds or in respect of your payments will also be charged to your Account.
Clause 5.6 in Product Disclosure Statement (PDS), p.28
Read from the broker's site on Open the reference
  • Worse together with Exhibit 12A withdrawal Fusion Markets reverses over paperwork still leaves you paying your bank's charges.

Each time a trade's currency differs from your account currency, Fusion Markets' product disclosure statement lets it charge up to 1% for the conversion. It measures that 1% on what it calls the transaction's full face value.

Why this matters

We found no mention of this cost on the website's fee pages, and the Seychelles agreement names the cost without giving any rate.

Exhibit 8WarningStandard wording1%

The conversion cost charged is up to a maximum of 100 basis points (1.00%) of the Transaction’s full face value being converted and is adjusted in the realised profit or loss.
Clause 5.5 in Product Disclosure Statement (PDS), p.28
Read from the broker's site on Open the reference

Fusion Markets can add a mark-up of up to 25% a year to overnight financing on long index, crypto and share positions. Its Vanuatu terms let it set those rates at its absolute discretion, possibly without telling you first.

Why this matters

The homepage sells these products as commission-free; the cost sits in the overnight charge instead, and it grows every night you hold.

Exhibit 9WarningHarder than usual25%

In the absence of any valid nomination, when you hold a long Equity CFD, Cryptocurrency Contract and Index position overnight, the Finance Rate for a Finance Charge Adjustment debited to your Account (or Trading Accounts) is the prevailing suitable inter-bank overnight reference offer rate plus a mark–up, up to a maximum of 25%.
Clause 7 (Finance Rate) in Product Disclosure Statement (PDS), p.30
Read from the broker's site on Open the reference

Fusion Markets presents its Fusion+ copy trading as free of charge. Its copy trading terms let it charge you spread mark-ups, keep part of performance fees, and bill hourly for 'excessive or unusual' complaints.

Why this matters

Complaining about copied trades can cost you an hourly fee, and the terms make every payment final and non-refundable unless stated otherwise.

Exhibit 10WarningRarely seen

The Customer agrees to pay Fusion, without limitation, for the Services they use. This may include an agreed minimum monthly trading volume fee, a flat monthly fee, or any applicable performance fees or spread markups, as determined by the Lead Copier’s setting or any other agreed arrangement.
Clause 8(a) in Fusion Copy Trading Terms & Conditions, p.7
Read from the broker's site on Open the reference

Fusion Markets can reverse, hold or keep back your withdrawals

Fusion Markets can hold withdrawals for 10 business days after a negative balance, and longer once it opens an investigation. Its Seychelles agreement lets it reverse a withdrawal when it doubts your documents, at your bank's cost. After an account closes, it can keep money back for contingent liabilities with no time limit.

Exit conditions1 clause flagged

Fusion Markets can reverse a Seychelles withdrawal if it is not satisfied with your documents, and you pay the bank charges. It can also hold withdrawals for 10 business days or longer after a negative balance, and keep funds back for contingent liabilities after you leave.

Why this matters

The homepage advertises withdrawals in under an hour, but under these clauses your money can wait as long as an investigation stays open.

Exhibit 12WarningHarder than usual10 working days

Where applicable, if the Company is not satisfied with any documentation provided by the Client or if the company has reasonable grounds for suspecting that a Client violates Applicable regulations, then the Company will reverse the withdrawal transaction and deposit the amount back to the Client’s Account and the Client will suffer the relevant Client’s bank account provider’s charges.
Clause 8.6 in Client Services Agreement, p.10
Read from the broker's site on Open the reference

Where it sits: section 45 of 196 in the Client Services Agreement, near the start.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Negative balance or exclusion reviewFusion Markets can hold withdrawals on that account and on accounts it links to the same activity.5.2
10 business daysThe hold must end unless Fusion Markets has opened a formal investigation and told you in writing.5.2
Formal investigation openThe hold can run for as long as the investigation is active, with a compliance review at least every 30 days.5.2

Seychelles positions can close long before the advertised stop-out

Fusion Markets' FAQ puts the stop-out, the point where the platform closes your positions, at 20% margin. Its Seychelles agreement lets it start closing below 100% and close positions automatically at 50%. The agreement still points to '[URL to be added]' for the levels.

Margin rules1 clause flagged

Fusion Markets' FAQ says the platform tries to close your positions, a stop-out, when margin falls to 20%. Under the Seychelles agreement, Fusion Markets may start closing positions below 100% of required margin, and closes them automatically at 50%.

Why this matters

Your positions can close at a far higher margin level than the one you planned around.

Exhibit 13WarningStandard wording50%

The Company shall have the right, but not the obligation, to start closing Client’s open positions starting from the most unprofitable, when the Margin is less than 100% of the Margin requirement.
Clause 10.1 in Client Services Agreement, p.12
Read from the broker's site on Open the reference

Where it sits: section 60 of 196 in the Client Services Agreement, 31% of the way through.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Margin below 100%Fusion Markets may start closing your positions, worst first.10.1
Margin at 50% or lessYour positions close automatically, worst first, at the market price.10.1

Fusion Markets' privacy policies address a website, not a broker

Both of Fusion Markets' October 2025 privacy policies reserve the right to publish any request you send. They address website visitors and blog commenters, and say nothing specific about the identity documents clients hand over. The Seychelles version still names the Vanuatu company in one sentence.

Data handling1 clause flagged

Both October 2025 privacy policies say Fusion Markets may publish any request you send it by email or feedback form. They address website visitors and blog commenters, not a firm holding your identity documents.

Why this matters

A complaint or support email can carry your account details and money troubles, and nothing in these policies promises to remove them before publishing.

Exhibit 18WarningRarely seen

If you send us a request (for example via email or via one of our feedback mechanisms), we reserve the right to publish it in order to help us clarify or respond to your request or to help us support other users.
Clause Protection of certain personally identifying information in Privacy Policy, p.1
Read from the broker's site on Open the reference

Fusion Markets can charge an idle Seychelles account every year

Fusion Markets' Seychelles agreement lets it charge up to USD 10 after 12 months without a transaction, and again every year after that. We found no mention of it on the website's fee pages. The Vanuatu terms instead let Fusion Markets send an idle account's money back to your bank.

In plain words

Dormancy means an account left unused.

Dormancy1 clause flagged

After 12 months without a transaction, Fusion Markets' Seychelles agreement lets it take an inactivity fee of up to USD 10 from your account. It can charge the fee again every year you stay inactive.

Why this matters

We found no mention of this fee on Fusion Markets' fee pages, which advertise low costs throughout.

Exhibit 11WarningStandard wording$10

if there are no transactions by the Client for a period of 12 months, the Company has the right to claim the applicable inactivity fee as notified to the Client from time to time and the Company may deduct such fee from the Client’s Account.
Clause 5.2 (Trading inactivity) in Client Services Agreement, p.8
Read from the broker's site on Open the reference

Where it sits: section 26 of 196 in the Client Services Agreement, near the start.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
12 months without a transactionFusion Markets can deduct an inactivity fee of up to USD 10 from your account.5.2
Each further year without a transactionFusion Markets can charge the same fee again.5.2

Two documents called Terms and Conditions name different companies

Fusion Markets' site footer links 2020 Terms and Conditions naming 'Fusion Markets Pty Limited (Company Number 40256)'. Its legal page links a 2022 version naming Gleneagle Securities Pty Ltd instead. Only the older one gives you 48 hours to dispute a trade confirmation.

Document set1 clause flagged

The Terms and Conditions linked in Fusion Markets' site footer are a 2020 document naming 'Fusion Markets Pty Limited (Company Number 40256)'. The legal page links a 2022 version naming Gleneagle Securities Pty Ltd, which the PDS says you agree to.

In plain words

A manifest error means an obvious mistake by the broker.

Why this matters

If a dispute turns on which terms apply, the documents do not settle it. Only the older set gives you 48 hours to challenge a trade confirmation before it becomes conclusive.

Exhibit 21WarningRarely seen

We, us, our or Fusion Markets means Fusion Markets Pty Limited (Company Number 40256) and any of its successors or assignees.
Clause 2.2 in Financial Product Terms, p.4
Read from the broker's site on Open the reference

Three Fusion Markets agreements send you to three different courts

Fusion Markets' Vanuatu terms point to Vanuatu courts and its Seychelles agreement to Seychelles courts. Its copy trading terms, issued by the same Vanuatu company, send every dispute to New South Wales, Australia. A client using both services could face two different forums.

Where disputes go1 clause flagged

Disputes under Fusion Markets' Vanuatu terms go to Vanuatu courts, and under the Seychelles agreement to Seychelles courts. The copy trading terms, issued by the same Vanuatu company, send your disputes exclusively to New South Wales, Australia.

Why this matters

A dispute about copied trades and the account they ran on could belong to two court systems in two countries, far from most clients.

Exhibit 20NoticeStandard wording

These Terms are governed by and construed in accordance with the laws in force in Republic of Vanuatu and the parties submit to the nonexclusive jurisdiction of the courts of the Republic of Vanuatu.
Clause 36.3 in Financial Product Service Terms, p.22
Read from the broker's site on Open the reference

Fusion Markets takes the other side of your trades and sets the price

Fusion Markets' Seychelles agreement makes the company your counterparty on every trade and lets it set quotes at its absolute discretion. The Vanuatu product disclosure statement calls this an automatic conflict of interest. The Seychelles conflicts policy does not mention it.

Who is on the other side1 clause flagged

In the Seychelles agreement Fusion Markets is the counterparty to your trades, and you accept quotes it sets at its absolute discretion. The Vanuatu product disclosure statement says this creates an automatic conflict of interest.

Why this matters

When you win and Fusion Markets has not hedged your trade, it loses, and it also sets the price you trade at. The Seychelles conflicts policy never mentions this.

Exhibit 19NoticeStandard wording

The Company will be the contractual counterparty to the Client.
Clause 9.1 in Client Services Agreement, p.10
Read from the broker's site on Open the reference

Where it sits: section 47 of 196 in the Client Services Agreement, near the start.

Where the marketing and the contract disagree

A promise made in public, set against the clause that governs it

01

The Vietnamese page promises your account can never go below zero; the policy's excluded list includes Vietnam.

Said in public, in Vietnamese

Khi thị trường biến động cực mạnh, chúng tôi luôn bảo vệ bạn. Chính sách Bảo vệ Số dư Âm giới hạn khoản lỗ của bạn ở mức số dư tài khoản, nhờ đó tài khoản của bạn không bao giờ có thể xuống dưới mức 0.

Word for word in English: When the market is extremely volatile, we always protect you. The Negative Balance Protection policy limits your loss to your account balance, so your account can never go below 0.

Vietnamese Why Fusion page, Negative Balance Protection panel

In the contract · clause Schedule 1

Clients resident, incorporated, or otherwise established in the jurisdictions listed below are not eligible for NBP.

02

The Indonesian page promises your account will never fall below zero; the policy's excluded list includes Indonesia.

Said in public, in Indonesian

Saat pasar mengalami volatilitas ekstrem, kami selalu melindungi Anda. Perlindungan Saldo Negatif kami membatasi kerugian Anda sebatas saldo akun, sehingga akun Anda tidak akan pernah turun di bawah nol.

Word for word in English: When the market experiences extreme volatility, we always protect you. Our Negative Balance Protection limits your losses to your account balance, so your account will never fall below zero.

Indonesian Why Fusion page, Negative Balance Protection panel

In the contract · clause Schedule 1

Clients resident, incorporated, or otherwise established in the jurisdictions listed below are not eligible for NBP.

03

The Chinese page promises your balance will never fall below zero; the policy excludes mainland China, Hong Kong and Taiwan.

Said in public, in Chinese

当市场出现剧烈波动时，我们始终为您提供保障。我们的负余额保护机制将您的亏损上限设定为账户余额，确保您的账户余额永远不会低于零。

Word for word in English: When the market is highly volatile, we always protect you. Our negative balance protection mechanism caps your losses at your account balance, ensuring your account balance will never fall below zero.

Simplified Chinese Why Fusion page, Negative Balance Protection panel

In the contract · clause Schedule 1

Clients resident, incorporated, or otherwise established in the jurisdictions listed below are not eligible for NBP.

04

The page promises cover in extreme volatility; the policy lets Fusion Markets suspend that cover in exactly those conditions.

Said in public, in English

When markets go under extreme volatility, we've got you covered. Our Negative Balance Protection caps your losses at your balance, so your account can never go below zero.

English Why Fusion Markets page, Negative Balance Protection panel

In the contract · clause 8.2

The Company may, in particular but without limitation, suspend or withdraw NBP during Abnormal Market Conditions, periods of heightened credit or counterparty risk, regulatory intervention, or where the Company reasonably considers that continuing to offer NBP would expose it to disproportionate or unhedgeable risk.

05

The FAQ says protection is applied automatically; the policy says in capitals that it is not automatic.

Said in public, in English

Yes! Eligible clients of our VFSC and FSA Seychelles entities have negative balance protection (NBP) applied automatically on their trading accounts.

English FAQ, answer to 'Do you offer negative balance protection?'

In the contract · clause 4.1

NBP IS NOT GUARANTEED, IS NOT AUTOMATIC, AND IS NOT A FEATURE OF EVERY ACCOUNT.

06

The FAQ says client money cannot be used for hedging; the terms authorise its use for a liquidity provider's hedging requirements.

Said in public, in English

For example, we are not entitled to use client money for hedging trades, nor items such as business expenses.

English FAQ, answer to 'Are my funds guaranteed when I deposit with you?'

In the contract · clause 23.3(a)

Obligations may include an obligation to make payments to a liquidity provider in connection with liabilities Fusion Markets incurs when the Client and other clients place Contracts with Fusion Markets. Liabilities in this sub-clause include but are not limited to minimum floating margin requirements imposed by a liquidity provider, or other hedging requirements;

07

The legal page says client money sits in segregated trust accounts; the terms say money Fusion Markets uses stops belonging to you.

Said in public, in English

Fusion Markets deposits all its client monies into segregated Client Trust Accounts.

Licensing and Regulations page, Client Money section

In the contract · clause 23.4

You agree that when Fusion Markets uses the Monies for a lawful purpose as set out in this clause 23, the Monies do not belong to you and do not constitute a loan or constructive trust in your favour.

08

In Vietnamese the FAQ points to Australian client money rules, but the terms you sign apply Vanuatu law and allow the hedging use it denies.

Said in public, in Vietnamese

Mặc dù về mặt kỹ thuật, các khoản tiền không được đảm bảo theo Luật của Úc, nhưng cơ quan quản lý đã đưa ra các quy tắc hướng dẫn xử lý tiền của khách hàng mà chúng tôi tuân thủ. Ví dụ, chúng tôi không được quyền sử dụng tiền của khách hàng cho các giao dịch bảo toàn rủi ro, cùng các khoản như chi phí kinh doanh.

Word for word in English: Although technically the funds are not guaranteed under Australian law, the regulator has set rules on handling client money, which we comply with. For example, we are not allowed to use client money for hedging transactions, or for items such as business expenses.

Vietnamese FAQ, answer on whether deposited funds are guaranteed

In the contract · clause 1.1 (Applicable Laws)

Applicable Laws means the statutes, regulations and general law of Republic of Vanuatu as varied from time to time.

09

The FAQ welcomes scalping; the terms list scalping as wilful misconduct that Fusion Markets alone decides.

Said in public, in English

Yes, you can enter trades and exit them as quickly as you would like with no restrictions on-hold time or where you set your stop loss or take profit.

English FAQ, answer to 'Do you allow scalping?'

In the contract · clause 1.1 (Default Event)

Which in Fusion Market’s sole discretion, are deemed as being: a) negligence; b) mistake; c) wilful misconduct including: 1. commission churning; 2. sniping; 3. causing or contributing to or benefiting from a Material Error; 4. moving the price of an Underlying Instrument; 5. scalping;

10

The FAQ promises no hold-time restrictions; the terms let Fusion Markets impose a minimum holding period.

Said in public, in English

Yes, you can enter trades and exit them as quickly as you would like with no restrictions on-hold time or where you set your stop loss or take profit.

English FAQ, answer to 'Do you allow scalping?'

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of fusionmarkets.com

In the contract · clause 4.5(i)

an Open Position must remain open for the minimum period of time as determined by Fusion Markets and cannot be Closed Out by you during this period.

11

The homepage promises zero fees on deposits and withdrawals; the PDS charges your account the bank fees Fusion Markets pays.

Said in public, in English

We also charge zero fees on deposits and withdrawals.

English homepage, Radically Low Costs panel

In the contract · clause 5.6

Bank charges and fees imposed on Fusion Markets to clear your funds or in respect of your payments will also be charged to your Account.

12

The deposit page promises $0 for every method; the withdrawal page reserves merchant fees on deposits withdrawn without significant trading.

Said in public, in English

Fusion Markets charges $0 for all deposit methods allowing you to put the savings back into your trading bankroll.

Deposit Options page, introduction

In the contract · clause Important information, item 3

In cases where clients deposit funds through available funding methods and subsequently request a withdrawal without engaging in significant trading activity, we reserve the right to apply applicable merchant fees to the client's account during the withdrawal process.

13

The Fusion+ page calls copy trading free of charge; the terms let Fusion Markets charge spread mark-ups and other fees without limit.

Said in public, in English

With Fusion’s Copy Trading platform, Fusion+ , become an approved Fusion+ Money Manager and you’ll have your trades automatically copied to your friends or client’s accounts, all free* of charge.

Fusion+ Copy Trading page, introduction

In the contract · clause 8(a)

The Customer agrees to pay Fusion, without limitation, for the Services they use. This may include an agreed minimum monthly trading volume fee, a flat monthly fee, or any applicable performance fees or spread markups, as determined by the Lead Copier’s setting or any other agreed arrangement.

14

The FAQ puts the stop-out at 20%; the Seychelles agreement closes positions automatically at 50%.

Said in public, in English

If your margin level reaches 90%, you will officially be in a margin call, and at 20% of free margin, the MT4 platform will attempt to automatically stop out your position/s to try to avoid any negative balances.

English FAQ, answer to 'What is a margin call?'

In the contract · clause 10.1

In the case where the Margin is equal to or less than 50% of the Margin requirement, then Client’s positions shall be automatically closed, starting from the most unprofitable, at the prevailing market price.

What changed quietly

No changes to report: this is the first review of Fusion Markets' documents.

  • REWRITTENClause Protection of certain personally identifying information · 1 April 2021 to 31 October 2025

    The October 2025 version adds SMS and WhatsApp to the ways Fusion Markets may contact you, and keeps its right to publish your requests.

    If you are a registered user of an Gleneagle website and have supplied us with your contact details, such as email, mobile number, postal address, Gleneagle may occasionally communicate with you via, but not limited to, email, SMS, WhatsApp to tell you about new features, solicit your feedback, or just keep you up to date with what's going on with Gleneagle and our products.

The documents this reading is based on

17 files, all published by Fusion Markets. Each shows when we read it and a fingerprint of its wording.

WIKILIX keeps the copy of each file it read, and does not republish it: what is published is the fingerprint of its wording. Download the file yourself and hash its text, lowercased with runs of whitespace collapsed, and a matching fingerprint means the wording quoted above is still the wording Fusion Markets publishes.

How this reading was done

Every clause above was read out of a document Fusion Markets publishes itself

This reading was published on .

Documents
16 of 17downloaded from the broker's site, and 16 read in full
Pages opened
92pages walked to find those documents, footer links included
Older copies
6earlier versions downloaded, 3 identical to the copy we hold by fingerprint
Marketing pages
11public pages set against what the contract says
Languages
EN vs ID vs VI vs ZHthe language it advertises in, against the language it contracts in
Position measured
6clauses whose position was counted: which numbered section of the document holds them, out of how many

Who the contract is with

Gleneagle Securities Pty Limited

Outside Australia you contract with one of two offshore companies: Gleneagle Securities Pty Limited (Vanuatu company 40256, regulated by the VFSC) under the Financial Product Service Terms, or Fusion Markets International Ltd (Seychelles company 8429725-1, FSA securities dealer licence SD096) under the Client Services Agreement. The documents do not say which company a given client gets. Neither is the ASIC-licensed company: the site footer names FMGP Trading Group Pty Ltd for Australian clients only, and the negative balance protection policy says it does not apply to any ASIC-regulated entity. The refund policy listed under the Vanuatu company is issued by the Seychelles company, and the copy trading terms name Gleneagle Securities Pty Ltd T/A Fusion Markets EN.

Quotations are copied verbatim from the documents named above, with the clause number and the page each one came from. Where a clause is quoted in another language, the original is shown first and the English is a translation.

The plain-language parts, what a clause means for a client, how ordinary it is, and how it reads against a regulated standard, are WIKILIX's analysis and are labelled as such on every card. This is a reading of public documents, not legal advice and not an allegation of wrongdoing.

In fairness, and what we could not check

A reader who knows the edges of the work can trust the middle of it

Fusion Markets publishes a dated document set for both offshore companies. It includes a sales staff pay policy that names bonuses tied to cancelled withdrawal requests as bad practice. Vanuatu clients can take a complaint to The Financial Commission free of charge, with a compensation fund if Fusion Markets refuses to comply. The refund policy commits to processing withdrawals received by 11 am AEDT on the same day, and the Seychelles agreement gives a 14-day cancellation right before your first trade.

This review covers all 14 documents on Fusion Markets' legal page, the copy trading terms linked from its Fusion+ page, and the fee notes on its withdrawal page. Four of the downloaded PDFs had no readable text: the negative balance protection policy, both October 2025 privacy policies and the Vanuatu complaints policy. Every quotation from those four comes from the files on Fusion Markets' own site. Parts of the Seychelles Client Services Agreement and one page of the Vanuatu terms (clauses 24.2 to 26.2) came through garbled or blank in the downloaded copies, so those passages come from the PDFs themselves. The review compares marketing pages in English, Vietnamese, Indonesian and Simplified Chinese, but not the Thai or Spanish versions. The review does not cover the documents of the Australian company that serves Australian residents or the sign-up process, so it cannot say which company a given country is assigned to. Three earlier archived copies (the Seychelles agreement of 7 March 2026 and two privacy policies) are identical to today's files. The earlier copy of the October 2025 Vanuatu privacy policy is not available. The negative balance protection policy has no earlier version: it is version 1.0, effective 23 July 2026.

How to check any of this yourself

Every quote above links to the Fusion Markets file it came from. This is what to do with it.

Open the three stepsFind the words in the source, work out the fingerprint, and read what a difference does and does not prove.

Open the source and search for the words

Every quote has a link under it. Open the file, or the web page, and search it for the words we quote. The clause number next to the quote tells you where to look.

If the words are not there any more, the source may have changed after we read it. That is worth knowing too. We keep the date we read it, and a code worked out from its wording, so the quote stays checkable.

What a fingerprint is

A fingerprint is a code worked out from what a source says. Change one word and the code changes completely. We keep two codes for every file we read, and the panel on each source shows both.

The first is the code of the exact file we downloaded. The second is the code of its wording alone, with capital letters lowered and runs of spaces collapsed. When the same words are saved as a new file, the first code changes and the second one stays the same.

Only the first code can be worked out on your own computer. Save the file, then run one of these, putting the name of the file you saved where the example is. The panel on each source prints the command with that source's real file name already in it.

macOS or Linux:
  shasum -a 256 the-file-you-saved.pdf

Windows:
  certutil -hashfile the-file-you-saved.pdf SHA256

The two codes are different from each other, and they are not meant to match. Comparing one against the other proves nothing.

What a difference means, and what it does not

A different file code on its own proves nothing. A PDF saved again with a new date inside it is a new file saying exactly the same thing.

A different wording code means the words themselves changed. That is the one that matters, and it is why we keep it.

Even then, a change is not proof of bad faith. Companies update their documents. What this report says is what the document said on the day we read it, and every quote carries that date.

A source that is a web page and not a file has no file to save, so only the code of its wording is shown.

How this report is made

Every clause quoted above comes from a document Fusion Markets publishes on its own website, downloaded and hashed on the date shown, with the clause number and page recorded so any reader can check it. We do not allege anything the documents do not say, and we do not judge Fusion Markets on anything other than its own published terms and its own public marketing. Where a clause has a qualifier that softens it, the report says so. Last read Oct 23, 2026.

If you represent Fusion Markets and a clause has changed, been withdrawn, or is being read out of context, tell us and we will re-read the documents and update this page. Corrections from the broker are welcome and are published with the reading they change. Contact us.

This is a reading of a contract, not legal advice and not a ruling on Fusion Markets. Whether its licence is real and current is a separate check on the broker profile.

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