WestPac Review 2019

WestPac Rated 3/5
WestPac have a low rating. We recommend you look at one of their alternative brokers.
Plus500 matches your criteria. Visit Plus500 now here.

WestPac Introduction

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

  • Regulated by: Financial Conduct Authority and the PrudentialRegulation Authority.
  • Headquarters Country : Austrailia
  • Foundation year 2008
  • Min Deposit : 50
  • Used by over 10,000 traders
  • WestPac is not available in the following countries :
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 11 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 and the PrudentialRegulation Authority. 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.

What we like about WestPac

  • Used by over 10,000 traders
  • Established in 2008
  • Regulated by Financial Conduct Authority and the PrudentialRegulation Authority.
  • Min. deposit from $50

What we don't like about WestPac

WestPac General Fees

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

WestPac Commissions

  • WestPac does charge commission on CFD shares.

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 XTB and Plus500 below.

Your capital is at risk

FX / Currencies westpac XTB Plus500
Forex pairs offered 50 100
Major forex pairs No Yes Yes
Minor forex pairs No Yes Yes
Exotic forex pairs NO Yes Yes
Cryptocurrencies NO Yes Yes
Commodity CFDs WestPac XTB Plus500
Commodities offered 0 21 17
Metals NO Yes Yes
Energies NO Yes Yes
Agricultural NO Yes Yes
Indiced & Stock CFDs WestPac XTB Plus500
Stocks offered 1696 1816
UK Shares NO Yes Yes
US Shares NO Yes Yes
German Shares No Yes Yes
Japanese Shares NO Yes Yes
westpac
Instruments
XTB
Instruments
Plus500
Instruments

Trading on WestPac web platforms and other applications

WestPac offer a user-friendly custom trading platform, available as both a downloadable program or as a browser based WebTrader. If you are looking for a MetaTrader broker, see our comparison of MT4 brokers 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

What funding and withdrawl methods do WestPac accept?

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

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 trader, accounts and instruments.

Education resources at WestPac

To trade effectively with WestPac, it's important to get a have a good understanding of the XTB 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.

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

What you will need to open an account with WestPac

As WestPac is regulated by Financial Conduct Authority and the PrudentialRegulation Authority., 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 10 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.

WestPac not quite right?

Check out these WestPac Alternatives

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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

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 and the PrudentialRegulation Authority.. 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.