WestPac Review 2020

WestPac Rated 3/5
learn more Learn more about eToro. 75% of retail investor accounts lose money when trading CFDs with this provider.

WestPac Guide

WestPac are an online broker founded in 2008 offering Forex trading trading, CFD trading trading, Spread Betting trading, Social trading trading, and Share Dealing trading.

WestPac are a global broker and have a head office in Austrailia.

WestPac have a listed stock symbol. This means that WestPac have publically listed and you can officially buy shares in WestPac on one of the worlds global market exchanges.

When trading in the financial markets it can be very time consuming to find a broker that meets your needs.

Often you have to visit and read many broker websites all of which have different uses of language. The wording can be very confusing. In our review of WestPac we break down the pros and cons. What WestPac are able to offer, what countries WestPac are available in. Who WestPac are regulated by and more.

Having a reliable and capable broker is crucial to your success in online trading. Make sure that your broker is not fake or unreliable to avoid losing your investment. Ensure that your needs fit the profile of your broker as well, in order for you to have a good working profitable relationship.

Benefits of trading with WestPac

Open WestPac's Website

Your capital is at risk

At the bottom of this review you can also learn about some pretty good alternatives to WestPac

With this review we hope to help you see if WestPac is a good fit for you.

It is a common myth that online trading is confusing. It is only difficult for people who have not done the research. In this article, you will learn important information regarding WestPac that will help you get off to a good start in the world of online trading.

WestPac Review Table of Contents

WestPac what you should know

WestPac offer five ways to trade: Forex trading, CFD trading, Spread Betting, Social trading, Share Dealing.

With WestPac you will need a minimum deposit of $50 . You can sign up for a demo account to acquaint yourself with WestPac platform.

WestPac are able to accommodate various levels of traders whether you are experienced or a beginner.


Are WestPac safe?

When choosing a broker like WestPac the administrative body and regulatory status of the broker is very important. Brokers who conduct trades without supervision of a regulatory body do so at their own discretion. Any capital you invest is at risk.

Established in 2008, and in operation for 12 years WestPac have a head office in Austrailia.

WestPac is regulated. This means WestPac are supervised by and is checked for conduct by the Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA) regulatory bodies.

Regulated brokers will not manipulate market prices. When you send in a withdrawal request to WestPac, this will be honored. If WestPac violate any regulatory rules their regulated status could be stripped.

Any payments funded to WestPac accounts by traders are held in a segregated bank account.

For added security WestPac use tier-1 banks for this. Tier 1 is the official measure of a banks financial health and strength.

Try creating two accounts when you are working with WestPac. One is the real account, with your real money and the other is your demo account. The demo account is your experimental account.

Open a demo account Visit WestPac

Your capital is at risk

Full disclosure: We may receive a commission if you sign up with a broker using one of our links.

Broker westpac eToro XTB Trading212
Year Established 2008 2006 2002 2006
Head Office Austrailia Cyprus, UK Poland UK
Regulation Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA) Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC) Financial Conduct Authority (FCA), FCA number FRN 522157, Cyprus Securities and Exchange Commission (CySEC), CySEC Licence Number: 169/12, Comisión Nacional del Mercado de Valores, Komisja Nadzoru Finansowego Financial Conduct Authority (FCA), Financial Supervision Commission (FSC)
Used By 10,000+ 12,000,000+ 250,000+ 14,000,000+
Negative balance protection No Yes Yes
Guaranteed Stop Loss No No Yes
Learn More Visit WestPac Visit eToro Visit XTB Visit Trading 212
Risk Warning Your capital is at risk 75% of retail investor accounts lose money when trading CFDs with this provider. 80% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

WestPac Pros and Cons

What we like about WestPac

  • Used by over 10,000 traders
  • Established in 2008
  • Regulated by Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA)
  • Min. deposit from $50

What we don't like about WestPac

WestPac Financial Regulation and Supervision in more detail

We have checked and WestPac is regulated and supervised by reputable organisations. You are able to check every WestPac supervisory and regulatory body given below. Regulation gives you some recourse for those who have issues with WestPac. Regulatory authorities protect the traders with things like reimbursement schemes that regain the client's investment in the event the broker becomes insolvent.

The brokerage firms have to comply with a variety of rules and criteria determined by the recognized international authority with the intention to provide secure trading and stay licensed. The whole notion of regulation is to protect WestPac traders and provide a safe trading environment.

WestPac is governed and supervised by reputable financial regulatory bodies. Regulatory bodies monitor the behavior of the brokers and if things go wrong they will take necessary action. Before trading online with a broker such as WestPac you should be sure they're legitimate online agent.

WestPac General Fees

  • WestPac withdrawal fees varies on payment method
  • WestPac does charge inactivity fees
  • WestPac does charge deposit fees
Broker westpac eToro XTB Trading212
Min Deposit 50 200 0 1
Withdrawl Fees varies Yes varies No
Inactivity Fees Yes No No
Deposit Fees No No No
CFD Commission Fees No Yes No

WestPac Commissions

  • WestPac does charge commission on CFD instruments.

What can you trade with WestPac?

You can trade a wide variety of instruments with WestPac over 255 instruments infact.

If you are looking at trading currency pairs WestPac offer over currency pairs.

Compare WestPac with eToro and XTB below.

Your capital is at risk

Broker westpac eToro XTB Trading212
Instruments Available 255 100 1,500 3000
Platforms Desktop,Mac,iPhone,Android,WEB Web Trader, Tablet & Mobile apps MT4, Mirror Trader, Web Trader, Tablet & Mobile apps Web Trader, Tablet & Mobile apps
FX / Currencies Visit WestPac Visit eToro Visit XTB Visit Trading 212
Forex pairs offered 50 50 177
Major forex pairs No Yes Yes Yes
Minor forex pairs No Yes Yes Yes
Exotic forex pairs NO Yes Yes Yes
Cryptocurrencies NO Yes Yes Yes
Commodity CFDs Visit WestPac Visit eToro Visit XTB Visit Trading 212
Commodities Offered 0 0 21 14
Metals NO Yes Yes Yes
Energies NO Yes Yes Yes
Agricultural NO Yes Yes Yes
Indiced & Stock CFDs Visit WestPac Visit eToro Visit XTB Visit Trading 212
Stocks Offered 957 1696 1731
UK Shares NO Yes Yes Yes
US Shares NO Yes Yes Yes
German Shares No Yes Yes Yes
Japanese Shares NO Yes Yes Yes

Trading on WestPac web platforms and other applications

WestPac offer a user-friendly custom trading platform, available as a browser based web application. If you would rather see a comparison of MT4 brokers, you can so here.

An WestPac IOS or Android native App on your phone or tablet will Work quicker Than the Avatrade Website on the same device

WestPac also offer mobile apps for Android and iOS, making it easier to keep an eye on and execute your trades while you’re on the move.

See westpac's platforms

WestPac Trading benefits :

  • Low min deposit

WestPac Trading Accounts Offered :

  • Standard account
  • Islamic account

Can I try WestPac before I buy?

WestPac offer a demo account so you can try before putting down funding payments. Open a practice account & learn to trade

WestPac withdrawl and funding methods.

WestPac offer the below funding payment methods. learn more about WestPac

Broker westpac eToro XTB Trading212
Bank transfer No Yes Yes Yes
Credit Cards No Yes Yes Yes
Paypal No Yes Yes Yes
Skrill No Yes Yes Yes
Payoneer No Yes Yes No
Neteller No Yes Yes No

How can I start trading with WestPac?

When opening a trading account with WestPac, you will need to sign up here. Once you have received your login details by email, submitted your identification documents for account validation, and made a deposit; the next step is to download the trading platform of your choice. You can find detailed guidance on WestPac trading platforms here.

Performing trades with WestPac

WestPac allow you to execute a minimum of trade of varies. This may vary depending on the account you open. WestPac allow you to execute a maxium trade of varies.

As a market maker, WestPac may have lower entry requirements compared to an ECN broker who benefits from a higher volume of trades and typically have larger capital and minimum trade requirements. Market makers typically have lower minimum deposit, smaller minimum trades requirements and no commission on trades.

As with most brokers, margin requirements do vary depending on the instruments.

WestPac Leverage and WestPac CFDs Explained

let's take a look at some of the basics of using WestPac leverage.

WestPac offer CFD are a leveraged product for this example we describe ten times leverage.

So you have a ten thousand dollar position but you only tie up a thousand dollars a tenth of the value on your account. You have a situation where a small sum of money is controlling a much bigger financial position. This is your leverage.

So what effect does leverage have on your profits and losses well put simply it magnifies them in both directions.

WestPac leverage magnifies both profits and losses when trading.

Let's say for example you buy ten thousand dollars worth of General Electric (GE) using contracts for difference ( CFDs ) using the WestPac trading platform.

let's say General Electric (GE) rises 10% because its results are positive your position which was worth ten thousand dollars is now worth $11,000.

It's grown by $1000 10% in value this represents a hundred percent increase on the funds initially committed on your leverage CFD trade.

Our initital investment of ten thousand dollars for the trade and has made a thousand dollars in profit because the price is up ten percent.

The WestPac leverage goes both ways. If General Electric (GE) Falls 10% on week results your position which was worth ten thousand dollars is now worth only nine thousand dollars. It has fallen by a thousand dollars.

WestPac CFDs are typically used for short to medium term trades. For example WestPac intraday trading.

Education resources at WestPac

To trade effectively with WestPac, it's important to get a have a good understanding of the WestPac trading tools and the markets.

WestPac offer a good selection of educational resources. Spend some time reading up on how the markets and trading works, making active trades, active trading times, and managing risk.

Having an analytical approach may be a good way to approach trading with WestPac.

Take time to look around the WestPac platforms and train yourself to think more systematically and logically about the markets. It's a new skill-set for many, but it is what the market requires of you.

Customer Support at WestPac

WestPac support a wide range of languages including English, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, Slovenian,Hindi, Hebrew, Arabic, Russian

WestPac have a B grade support rating because sometimes the reposonse was slow or our query wasnt answered. WestPac offer email support and supports a limited amount of Languages. Live chat support supports a limited amount of Languages. Phone support supports a limited amount of Languages.

Livechat Support at WestPac

We tested the WestPac live chat and it works well. We sent messages to WestPac livechat through their app and website and recieved a response within 20 minutes.

We tested communicating with WestPac support in multiple languages in multiple countries. WestPac where able to resolve our customer issues.

Email Support at WestPac

We sent several emails to WestPac and answer times overall were excellent. The fastest response from WestPac was less than 40 minutes and the slowest response was 2 days. Support response times may vary for you with WestPac, but this was our experience sending 10 emails at varying times.

The team resolved and answered our queries. Overall average email support from WestPac.

Phone Support at WestPac

We called WestPac and the call was answered very quickly. The call was answered in less than 5-10 minutes.

The WestPac phone support team were able to successfuly answer our questions and issues over the phone. We tested the multilingual WestPac team by calling in varying languages. WestPac made an effort to make sure our queries were answered.

Overall the phone support from WestPac was average.

See how WestPac Support Compares Against Other Brokers

Broker westpac eToro XTB Trading212
Support
  • Live chat
  • Phone support
  • Email support
  • Live chat
  • Phone support
  • Email support
  • Live chat
  • Phone support
  • Email support
  • Live chat
  • Phone support
  • Email support
Languages English, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, Slovenian,Hindi, Hebrew, Arabic, Russian English, German, Spanish, French, and Italian English, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, Slovenian, and Turkish English, Deutsch, Nederlands, Espanol, Francais, Italiano, Polski, Srpski, Norsk, Svenska, Cesky, РУССКИЙ, Romana, Turkce, العربية, 中文
Learn More Visit WestPac Visit eToro Visit XTB Visit Trading 212
Risk Warning Your capital is at risk 75% of retail investor accounts lose money when trading CFDs with this provider. 80% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

What you will need to open an account with WestPac

As WestPac is regulated by Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA), every new client must pass a few basic compliance checks to ensure that you understand the risks of trading and are allowed to trade. When you open an account, you'll likely be asked for the following, so it's good to have these handy:

  • A scanned colour copy of your passport, driving license or national ID
  • A utility bill or bank statement from the past three months showing your address

You'll also need to answer a few basic compliance questions to confirm how much trading experience you have, so it's best to put aside at least 3 minutes or so to complete the account opening process.

While you might be able to explore WestPac's platform straight away, it's important to note that you won't be able to make any trades until you pass compliance, which can take up to several days, depending on your situation.

To start the process of opening an account with WestPac you can visit their website here.

CFDs are leveraged products and can result in the loss of your capital. All trading involves risk. Only risk capital you're prepared to lose. Past performance does not guarantee future results.
This post is for educational purposes and should not be considered as investment advice. All information collected from https://www.westpac.com.au/ on 12th August 2018.

Is WestPac A Good Broker?

We spent over 3 months examining WestPac in depth. Although we found some very useful aspects of the WestPac platform that would be useful to some traders. Overall our feeling is that you would be better served with an alternative WestPac broker.

  • WestPac have a good track record of offering Forex trading, CFD trading, Spread Betting, Social trading, Share Dealing.
  • WestPac has a history of over 12 years.
  • WestPac has a reasonable sized customer support of at least 10.
  • WestPac are regulated by Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA). This means WestPac fall under regulation from a jurisdiction that can hold a broker responsible for its misgivings; or at best play an arbitration role in case of bigger disputes.
  • WestPac have regulation from a Tier 1 reputable country.
  • WestPac has the ability to get deposits and withdrawals processed within 2 to 3 days. This is important when withdrawing funds.
  • WestPac have an international presence in multiple countries. This includes local WestPac seminars and training.
  • WestPac are able to hire people from various locations in the world who can better communicate in your local language.

WestPac Risk Disclaimer

Your capital is at risk

WestPac not quite right?

Check out these WestPac Alternatives

We have spent years researching the best alternatives to WestPac. Click the links below to learn more.

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Related WestPac Comparisons

If you would like to see how WestPac stands up against other brokers you can read some of our WestPac comparisons below. We compare side by side some of our top rated WestPac versus comparisons. Read some indepth WestPac VS pages below.

WESTPAC Frequently Asked Questions

Can I try WestPac before I buy?

WestPac do not offer a demo account so it looks like you will have to sign up for at least a trial period. Learn more here

What funding methods do WestPac accept?

WestPac offer the following funding payment methods among other payment methods.
Learn more here

Your capital is at risk

Is WestPac safe?

WestPac are considered safe as they are regulated by and checked for conduct by the Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA). Any payments funded to WestPac accounts by traders are held in a segregated bank account. For added security WestPac use tier-1 banks for this. Tier 1 is the official measure of a banks financial health and strength.

Is WestPac trading good?

WestPac is considered good and reputable to trade with. WestPacWestPac is used by over WestPac active traders. WestPac offers Forex trading trading, CFD trading trading, Spread Betting trading, Social trading trading, and Share Dealing trading. Minimum deposit with WestPac is mindeposit.

Is WestPac trading Legit?

WestPac was founded in Austrailia in 2008. WestPac has been facilitating trade on the financial markets for over 12 years. WestPac offers clients Forex trading trading, CFD trading trading, Spread Betting trading, Social trading trading, and Share Dealing trading. All funds deposited to WestPac are held in segregated tier 1 bank accounts for security. WestPac is regulated by Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA) so can be considered legit.

Is WestPac a good broker?

WestPac is overseen by the top tier financial regulators Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA) so can be considered a good broker.WestPac allows Forex trading trading, CFD trading trading, Spread Betting trading, Social trading trading, and Share Dealing trading.

Is WestPac trustworthy broker?

WestPac can be considered trustworthy. All money funded to WestPac is placed into a segregated tier 1 bank account. this means your money in not held by WestPac directly but a tier 1 bank. The broker has no direct access to your funds so cannot misappropriate your money. Also WestPac is regulated by Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA).

What is the minimum deposit for WestPac?

The minimum deposit to trade with WestPac is 50 .

How long do WestPac withdrawals take?

Withdrawing money from WestPac processing time varies but averages 2-5 days.

Is WestPac regulated?

WestPac is regulated by Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA).

Is WestPac a market maker?

WestPac is a not a market maker. A market maker speeds up trading as a market maker will purchase your stocks and commodities even is a buyer is not lined up.

How can I start trading with WestPac?

When opening a trading account with WestPac, you will need to sign up here. Once you have received your login details by email, submitted your identification documents for account validation, and made a deposit; the next step is to download the trading platform of your choice. You can find detailed guidance on WestPac trading platforms here.

Is my money safe with WestPac?

WestPac is regulated by Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA). One of the most important criteria for traders when choosing a broker like WestPac is the regulatory body and regulatory status of the broker. Brokers who conduct business without regulation do so at their own discretion and pose a direct risk to the security of their clients money.

Regulated brokers will not manipulate market prices. When you send in a withdrawal request to WestPac, this will be honored. If they violate any regulatory rules their regulated status can be stripped.

Is WestPac a con?

WestPac is regulated and well established having been in business for over 12 years. WestPac is definitely not a con.

Can you make money with WestPac?

Although traders have had great success with WestPac. Trading on the financial markets with WestPac is not a get rich scheme. If you educate yourself, practise with a demo account and carefully plan your trading your chance of success will greatly increase. Never trade with money you cannot afford to lose. Your capital is at risk.

Does WestPac have fees?

WestPac withdrawal fees varies on payment method. WestPac does charge inactivity fees. WestPac does charge deposit fees.

When was WestPac founded?

WestPac was founded in 2008.

How many people use WestPac?

WestPac is used by over 10000 registered traders.

What is WestPac Headquarters country?

WestPac has its head quarters office in Austrailia.

Does WestPac offer negative balance protection?

WestPac does not offer negative balance protection. With Negative balance protection means traders cannot lose more money than they have deposited.

Does WestPac offer guaranteed stop loss?

WestPac does not offer guaranteed stop loss. With guaranteed stop loss protection risk is managed. Traders are guarenteed to close your trade at your specified price. Stop Loss orders are guaranteed only during market hours and under normal trading conditions.

Does WestPac allow scalping?

WestPac does not offer scalping.

Does WestPac allow hedging?

WestPac does not offer hedging.

Does WestPac offer CFD trading?

WestPac offers CFD trading.

Does WestPac offer STP?

WestPac does not offer STP trading.

How many people use WestPac?

WestPac is used by over 10000 traders.

Is WestPac an ECN broker?

WestPac does not offer ECN trading.

Does WestPac offer a demo account?

WestPac does not offer demo account.

Does WestPac offer an Islamic account?

WestPac offers a Islamic accounts.

What are the funding methods for WestPac?

WestPac accept the following funding methods :

WestPac review written by Andrew Blumer and Mark Hansen

We hope you found our review of the WestPac brokerage firm useful.

This article was written by our financial editor Mark Hansen and Andrew Blumer.

Mark was previously of the Kiel Insitute and has worked with financial organisations across Europe, Australia, South East Asia, South Africa and the Middle East. Mark has over 15 years experience in financial analysis, forecasting, financial modeling idenifying new market opportunities in Stocks, CFD's, Forex and Commodities.

Andrew has a well-established career in fintech and came up with comparebrokers.co to make trading on financial markets more transparent and accessible.

Whether you want to trade Forex, Stocks, Commodities or Indices we will help you find the best online broker for you from 400+ brokers for clients based in the UK, Europe, Asia, South Africa and Australia.

WestPac review written by Mark Hansen of Comparebrokers.co