Westpac Guide – Read our In-Depth Westpac Review
Westpac Rating: 6.08 / 10
Our proprietary rating algorithm takes all of our datapoints to generate the rating. This keeps things fair and removes human bias to ensure that our users can compare brokers easily and find the best ones.
This Westpac review has been updated for 2021 by industry experts with years of financial experience in Forex, CFDs, & Social Trading.
Please note that due to regulations, the content in this Westpac review does not apply to users in BR, KR, IR, IQ, SY, JP, US
If you're a new entrant in the world of trading and broker, so many facts will be confusing for you. Getting into the world of trading requires expert analyzing skills and thorough understanding. You'll get proficient at all the concepts of broker as you continue trading. For starters, you have to choose the ideal broker who'll be clear with you always.
Within this fast-paced world of stock markets and trading, you will need guidance to make proper decisions. A professionally direct investment plan will create hefty returns. Westpac is just one such stage that will take you and your investment to great heights. It's crucial that you know all about Westpac before you trust them with your money.
Westpac Guide – Quick Overview
Westpac Telephone Number:
Westpac Email Address:
Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA)
Number Of Clients:
10,000+ Westpac users and traders
Westpac Facebook Likes:
Westpac Twitter Followers:
Westpac Instagram Followers:
Your capital is at risk
|Westpac Telephone Number:|
|Westpac Email Address:|
|Regulated By:||Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA)|
|Number Of Clients:||10,000+ Westpac users and traders|
|Westpac Facebook Likes:||0|
|Westpac Twitter Followers:||0|
|Westpac Instagram Followers:||0|
Your capital is at risk
Our entire Westpac Review covers all you will need to know about trading with Westpac. A good broker can multiply your initial investments and give you favourable profits. If you want to earn profits, you must trade with a broker service that contrasts with your investing objectives.
There's absolutely no sure-fire way to ensure profits; therefore, you should carefully assess your agent before you choose them. It's a frequent misconception that all brokers are exactly the same, but that's not true. Wrong judgment, in the beginning, can set your investments in danger.
Westpac is a broker which has found its way successfully to the broker world. In this review, we've tried to collate some of the important aspects of Westpac. This review will help you to know whether Westpac is a fantastic fit for your own investments or not. We've attempted to breakdown all of the features and charges for your convenience.
Westpac Review, Table Of Contents
- Who are Westpac?
- Benefits Of Trading With Westpac
- Everything you should know about trading with Westpac
- Is Westpac Safe To Trade With?
- Westpac Risk Disclaimer
- Pro's & Con's Of Trading With Westpac
- Compare Brokers Similar To Westpac
- Regulation And Licencing In More Detail
- Westpac Awards
- Minimum Deposit Required For A Live Account With Westpac
- Westpac Commission And Fees Explained
- Compare broker fees against Westpac
- Westpac Withdrawal Fees Explained
- Westpac Deposit Fees Explained
- Compare Broker Deposit Methods
- What Can You Trade With Westpac?
- Alternatives To Westpac
- Frequently Asked Questions About Westpac
Who are Westpac?
Westpac is a forex broker headquartered in Austrailia and provides a variety of instruments for trading. Since its beginning in 2008, Westpac has emerged as a top-tier player in the field of online broker. Westpac includes an extremely aggressive and full-featured trading site that is focused on forex, indices, metals, stocks and commodities.
Over the past 13 years, Westpac has grown into one of the leading online brokers.
After establishing in 2008, their consumer base is becoming as big as 10,000+ clients.
Westpac is the favourite for many dealers because of its negative balance protection. Our Westpac review discovered that they're an excellent choice for automated trading options. It is best suited for investors that are searching for an assortment of assets. Social and automated trading solutions are the core at Westpac.
Technology plays a substantial role in Westpac. Westpac offers trading on Desktop,Mac,iPhone,Android,WEB. Westpac is honest, transparent, and a well-regulated agent by the Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA). Their outstanding variety of resources will be beneficial for most traders. Third-party partnerships also supply in-house analysis.
The educational department at Westpac is quite enlightening for new dealers as it allows them to have a closer look in the financial markets. Westpac caters to all sorts of traders and are a must-have broker for almost any well-diversified method of trading.
If you feel that Westpac is not right for you then at the bottom of this Westpac review you wil find a lot of alternatives to Westpac.
Everything you ought to know about trading using Westpac
Westpac is a dynamic platform that offers various techniques of trading. These tools cover the financial markets considerably. The Majority of the brokerage platforms provide fewer approaches than Westpac
If you wish to exchange with Westpac, you'll require a minimum deposit of $50. This deposit is mandatory if you wish to begin trading with Westpac. This 2021 Westpac review will guide you safely about trading with them.
Westpac is as flexible as any other brokerage platform. Westpac is ideal for traders that want a manageable selection of cheap services. The programs offered by Westpac are third-party, white-label offerings. All traders may choose from Desktop,Mac,iPhone,Android,WEB.
Along with everything, Westpac has multiple benefits to new and verteran traders and should be investigated. There's no minimum time on which a transaction must be kept available. The brokers offer premium client service that rewards customers with advantages.
Many unethical brokers attempt to pressurise customers into larger funding for premium services. Westpac, on the other hand, is more focused on trading volume. Dealers can expect trading conditions to be reasonable, honest and transparent. The more lots traded by the consumer, the greater benefits will become available.
Westpac accounts are available around the world and provides quality service wherever they have clients. There are some select few countries where Westpac accounts are not available. Traders in the following countries cannot open or use a Westpac account:
BR, KR, IR, IQ, SY, JP, US
Is Westpac Safe To Trade With?
Launched in 2008, Westpac has been in operation for 13 years, they are headquarted in Austrailia.
Westpac is regulated by Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA). These bodies have rules that mandate that trading platforms have ploicies in place to keep investor's resources secured. This means that Westpac users don't need to be worried about their money since it is segregated and safely stored in banks that are established. SSL encryption secures every user's personal information as well.
You can make use of a choice for Two Factor Authentications (2FA) with Westpac for increased safety. An SMS for the confirmation code will be sent to a phone. You will be asked to input this code to log into your accounts.
Another concern with financial brokers is in regards to security might be manipulation of trading. This is highly disadvantageous for consumers on those platforms. Nonetheless, this is much more prevalent in the example of Market Maker agents who compete with customers on the platform.
Westpac Risk Disclaimer
Your capital is at risk
Pro's & Con's Of Trading With Westpac
Every online trading platform will have some ups and downs, and no Westpac review would be complete without having a balanced approach. This Westpac review covers both the pros and cons you need to know before you make an account. A comparative analysis can put things into perspective so that you are aware of what to expect.
- Westpac is trusted by 10,000+ clients
- Westpac offers Negative Balance Protection
- Westpac has low minimum deposit requirements
- Westpac doesn't charge withdrawal fees
- Westpac doesn't charge inactivity fees
- Westpac doesn't charge CFD fees
- Westpac offers social trading
- Westpac offer trading on Desktop,Mac,iPhone,Android,WEB
- Westpac offer 255 trading instruments
- Westpac can communicate in English, and Chinese
- Westpac does not offer Guaranteed Stop Loss
- Westpac charge deposit fees
- Westpac doesn't trade major forex pairs
- Westpac doesn't trade minor forex pairs
- Westpac doesn't trade exotic forex pairs
- Westpac doesn't offer trading on cryptocurrencies
- Westpac doesn't offer copy trading
- Westpac doesn't offer trailing stop
Westpac Review - Compare Brokers Similar To Westpac
|Westpac||fxglory||swiss markets||Alfa Forex|
|Rating||6.08 / 10||4.8 / 10||4.9 / 10||4.63 / 10|
|Regulated By||Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA)||Financial Conduct Authority (FCA), Australian Securities and Investment Commission (ASIC), Dubai Financial Services Authority (DFSA), Pepperstone Markets Limited is incorporated in The Bahamas (number 177174 B), Licensed by the Securities Commission of The Bahamas (SCB) number SIA-F244||Financial Conduct Authority (FCA), Australian Securities and Investment Commission (ASIC), Dubai Financial Services Authority (DFSA), Pepperstone Markets Limited is incorporated in The Bahamas (number 177174 B), Licensed by the Securities Commission of The Bahamas (SCB) number SIA-F315||Securities and Exchange Commission (SEC), Financial Industry Regulatory Authority (FINRA)|
|Find Out More|
|Risk Warning||Your capital is at risk||Your capital is at risk||Your capital is at risk||Your capital is at risk|
Westpac Review - Regulation And Licencing In More Detail
Westpac is regulated by Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA).
Westpac, as a company, has a strong collection of rules for ensuring honest trading on its own platform. For information encryption purposes, it supplies an industry-standard secure socket layer (SSL).
As per the company's privacy regulations, customer data is to not be shared with any other institutions or individuals. Including credit history and other financial information.
Westpac Review - AwardsAt the time of writing this Westpac review, and despite Westpac’s impressive offering, the company has surprisingly not garnered any other awards to date.
Westpac Trading Platforms
Westpac are a professional trading platform that has been open for over 13 years. They offer a wide range of options in their customer accounts.
In the following table we take the main parts of any reputable broker and compare Westpac against fxglory, swiss markets, and Alfa Forex
Westpac Review - Minimum Deposit Required
The minimum deposit that you must deposit to begin on Westpac is $50. This is an adequate amount for people just starting out. You can make more advanced deposits as you cooperate. But, make certain you understand how to make the most of your cash before investing larger amounts.
Westpac Review - Commission And Fees Explained
Westpac is an online brokerage platform, and most online brokerages charge lower prices than traditional brokerages tend to charge. The reason for this is that the businesses of online brokerages are scaled much better. That is, an internet broker is not necessarily affected by the amount of clients they have.
However, this doesn't necessarily mean that online brokers don't charge any fees. They charge fees of varying rates for various services to make money. There are primarily three different types of fees for this purpose.
The first kind of charges to keep an eye out for are trading fees. When you make a genuine trade, like buying a stock or an ETF, you are charged trading fees. In such cases, you are paying a spread, financing rate, or a commission. The sorts of trading charges and the prices differ from broker to broker.
Commissions can be fixed or dependent on the traded volume. On the flip side, a spread denotes the gap between the buying and selling cost. Financing or overnight rates are people who are charged when you hold a leveraged position for more than a day.
Apart from trading fees, online brokers also charge non-trading fees. These are dependent on the actions you undertake in your account. They're billed for things like depositing cash, not investing for lengthy periods, or withdrawals.
Generally, Westpac does not charge high fees compared to other online brokers. For operations other brokers fee for, they either do not charge a brokerage fee, or they charge a smaller amount. This is beneficial for those who regularly trade, such as weekly or daily trading.
However, non-trading fees billed by Westpac are relatively greater. As a result, you are charged more for non-trading activities in your trading account, like deposits and withdrawal. These aren't about the sale and purchase of assets.
This Westpac review breaks down every one of the applicable non-trading fees for you in detail.
Compare broker fees against Westpac
Westpac Review - Withdrawal Fees ExplainedWestpac doesn't charge withdrawal fees
Withdrawal of money is possible at any time from your Westpac account. You can withdraw sums up to the amount of your account balance, keeping aside the margin utilized. 1 thing to remember is that you don't always have to have any money on your accounts.
Moreover, the withdrawn money will be moved directly to the account you use to create deposits. Therefore, if you used a credit card for deposits, the withdrawn cash will be sent into the card. Westpac will ask you to provide other withdrawal methods in case your details have changed since your deposit.
There is a minimum withdrawal amount. In case you are withdrawing money in different currencies from USD, a conversion fee is also applicable. The conversion fee will be dependent on the currency you're opting to withdraw in.
Westpac Review - Inactivity Fees Explained
Understanding whether you will be charged inactivity fees is one of those buzzing questions that run through your head while open an account with Westpac. An inactivity fee is an amount charged to registered dealers that haven't engaged in buying or selling for a while. The period regarded as inactive is determined by the broker.
The inactivity fee differs from 1 broker to another and isn't generalized. If a dealers account doesn't have a purchasing or selling trade, it is claimed by the agent as an inactivity charge. The traders have to pay this fee under conditions and terms that they had agreed while registering.
Westpac doesn't charge inactivity fees so you are free to utilize your account as needed
Even if no fees have been implied by Westpac, it's best that you close the account if you're inactive. Inactivity fees aren't just charged by broker companies but also many financial services.
For additional trading platforms, the inactivity fee is contingent upon the type of account you've chosen. The inactivity fee is exposed to a lot of circumstances and should be disclosed clearly by the broker beforehand.
Westpac Review - Deposit Fees Explained
When you move money into your trading account by your bank account, a deposit fee can be billed by the broker. Most agents don't charge an excessive amount of money for this particular operation.
Westpac charges a deposit fee for transferring money into your trading account.
Depositing cash on the Westpac trading platform is simple. You simply have to finish a single-user profile questionnaire to start depositing money into your trading account. You will have to give an identity proof and evidence of residency to deposit large sums.
Westpac Review - Compare Broker Deposit Methods
What Can You Trade With Westpac?
Note: Westpac provides many different trading instruments due to regulatory restrictions in some countries. Trading instruments offered will be different based on the country of residence of the client.
Westpac has a wide variety of over 255 instruments available for you to trade with.
If trading currency pairs is of interest to you then Westpac offer over forex pairs.
Compare Westpac, fxglory, swiss markets & Alfa Forex below.
Reviewing The Westpac Mobile App
Note: Westpac's mobile app has a lot of functionality and is being constantly developed. The below information was accurate at the time of writing this Westpac review.
Understand the capabilities of the mobile apps of Westpac, fxglory, swiss markets & Alfa Forex below.
Alternatives To Westpac
If, after reading this Westpac review, they do not quite fulfill your needs check out these Westpac alternatives.
We have scoured the internet to find the best alternatives to Westpac. Click on the hyperlinks below to learn more.
Frequently Asked Questions about Westpac
Can I try Westpac before I buy?
Yes, you can most certainly try Westpac before you buy. Westpac provides demo accounts for the ease of beginner traders. You can use this feature to build your faith in the machine and yourself and your trading strategies.
If you sign up for a demo account on Westpac, you will set out with a decent amount of virtual currency. It's to establish a sense of safety and confidence in you before you decide to spend your own money.
With this digital Westpacdemo account, you can experiment in any way, to whatever length you wish. You can also open positions, test different trading strategies, and more.
Westpac specifies on its official site that you can trade real time stocks in a demo account.
Is Westpac safe?
You can drop all of your worries since we believe that Westpac is completely safe to use. It is in compliance with the rules of Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA).
Nevertheless, Westpac does not provide assured stop-loss protection.
Why does Westpac ask for my passport?
The reason that Westpac asks for your passport when you open a live account is to ensure that it remains within the rules of its regulated bodies. Because there is a lot of money moving around the world, Westpac has to be careful that they don't breach any money laundering laws and part of that is know as KYC (Know your customer). This means that at all times, Westpac must know exactly who they are dealing with so that if there is any investigation they are comfortable that they are well within the law.
How can I start trading with Westpac?
The process to start trading withWestpac is perhaps simple enough to be a cakewalk. You need to begin by signing up on the Westpac website. It will require you to fill in details pertaining to the credibility and security of your account.
Once you are done setting up your profile, you must deposit a minimum amount to get started. The minimum deposit for a live account with Westpac is $50. You should have a good understanding of the nuances of online trading before you set out and trade with real money.
If you are confident of your knowledge and understanding, you can open an account with Westpac.
The best way to kickstart your trading career with Westpac is to open a demo account facility before risking any real money
What funding methods do Westpac accept?
There are multiple ways to finance your account with Westpac. The process is effortless and quick, with different payment methods in your fingertips.
You can use debit or credit cards Which range from Visa, Diners, and Maestro to MasterCard and Visa Electron. PayPal is also at your disposal for depositing funds. You must bear in mind that PayPal isn't available in all place. The monies Westpac
Is my money safe with Westpac?
Yes, your money is safe and secure with Westpac. As you know, Westpac operates with proper conformation to. It's established plenty of steps to guard all its investors.
Westpac safeguards its clients' private and sensitive data under SSL encryption. Your capital will be retained highly secure in top-tier banks.
If you wish to further protect your account, it is possible to enable Two-Step Verification also. It requires an SMS affirmation for you to access your account.
Is Westpac trading good?
Yes, trading through Westpac is a nice and good experience indeed. It's an excellent and intuitive platform with useful features for your simplicity. In addition, you can even obtain access to a huge collection of educational resources and assistive substance to kickstart your trading expertise.
If you are still skeptical, you can start a eToro demo account and assess the credibility of the platform on your own.
Which Countries does Westpac support?
Westpac operates around the globe. However, due to regulations there are some countries that Westpac cannot accept clients resident in BR, KR, IR, IQ, SY, JP, US
Is Westpac legit?
Westpac is a legit company headquarted in Austrailia since 2008. They are regulated by Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA). Westpac is an acclaimed fintech company, which operates with transparency. You will not have to bear any hidden costs or be a victim to any scams.
Is Westpac a good broker?
Westpac is a great broker, and its own users can vouch for this. The highlight of the platform is its fast order execution on trades.
You will find the clean layout of this platform and the commendable features a pleasure to work with.
Is Westpac a trustworthy broker?
Yes, Westpac is a trustworthy broker. Top-tier financial authorities regulate all operations. Over 10,000+ users registered with them can reaffirm their trustable nature.
What is the minimum deposit for Westpac?
The minimum deposit to open a live account with Westpac is $50
How long do Westpac withdrawals take?
Normally, withdrawal of money from Westpac is actioned within a couple of working days but depending on the withdrawal method chosen, it could take up to 7 working days for the withdrawal from Westpac to show in your bank account.
Are Westpac regulated?
Westpac are regulated by Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA)
Is Westpac a market leading broker?
Westpac is currently one of the industry leaders. It has over 10,000+ registered users and over 13 years of experience on its record. They are among the world's leading trading platforms and also a dominant figure in the Fintech revolution.
It majorly owes this status to its unbelievable platform and wide selection of resources plus tools so that you can invest in capital markets.
Is Westpac a con?
No, Westpac is not a con. They are regulated by Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA) and must adhere to their rules. Thus, it is safe to say that Westpac is not a scam.
Can you make money with Westpac?
Through Westpac, many traders earn a great deal of cash. However, on average, through consistent trading, you also can create between 2% - 10% profit a month.
This can look like a small number, but within the year, this adds to a substantial amount of gains. Even though Westpac provide you all the tools to earn money, they can't guarantee that you will gain.
Does Westpac have fees?
Yes. To start trading using Westpac, you need to deposit $50. Certain commissions while trading additionally applies. Any processing fees from your bank might have to be incurred by you.
When was Westpac founded?
Westpac was founded in 2008 in Austrailia. Westpac is regulated by Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA).
How many people use Westpac?
Westpac is a globally recognised broker with 10,000+ customers.
Where is the Westpac head office?
Westpac has its head office in Austrailia
Does Westpac offer negative balance protection?
Yes, Westpac has Negative Balance Protection. It is especially offered when the market volatility prevents clients from letting their account go in the red. In a situation like this, Westpac provides the ability to reset a clients account balance to zero.
You can go through the important terms and conditions on Westpac's website to comprehend their policies better.
Does Westpac offer guaranteed stop loss?Westpac regrettably, doesn't offer guaranteed stop loss. Westpac gives an opportunity for its traders to close their trade at their given price. Aside from this, Westpac doesn't provide guaranteed stop loss.
Does Westpac allow scalping?Yes, Westpac do permit scalping. Several traders across the world select Westpac for their services that are trading. They offer trading on Desktop,Mac,iPhone,Android,WEB which let this.
Does Westpac allow hedging?
Yes, Westpac does allow hedging.
Can you trade energies with Westpac?
No, unfortunately you cannot trade energy stock with Westpac
Can you trade agricultural shares with Westpac?
No, unfortunately you cannot trade agricultural stock with Westpac
Can you trade cryptocurrency with Westpac?
No, unfortunately you cannot trade cryptocurrency with Westpac
Can you trade metals with Westpac?
No, unfortunately you cannot trade metals with Westpac
Can you trade UK Shares with Westpac?
No, unfortunately you cannot trade UK shares with Westpac
Can you trade US Shares with Westpac?
No, unfortunately you cannot trade US shares with Westpac
Can you trade Japanese Shares with Westpac?
No, unfortunately you cannot trade Japanese shares with Westpac
Can you trade German Shares with Westpac?
No, unfortunately you cannot trade German shares with Westpac
Does Westpac accept bank transfers?
Yes, Westpac accepts bank transfers for depositing money.
Does Westpac accept credit cards?
Yes, Westpac accepts credit cards for depositing money.
Does Westpac accept PayPal?
No, Westpac does not accept PayPal.
Does Westpac accept Skrill?
No, Westpac does not accept Skrill.
Does Westpac accept Payoneer?
Yes, Westpac accepts Payoneer for depositing money.
Does Westpac accept Neteller?
No, Westpac does not accept Neteller.
Does Westpac offer Live Chat customer support?
Yes, Westpac offers customer support through live chat.
Does Westpac offer phone customer support?
Yes, Westpac offers customer support over the telephone.
Does Westpac offer email customer support?
Yes, Westpac offers customer support through email.
What languages can Westpac communicate in?
Westpac has the ability to communicate and support customers who speak: English, and Chinese
Does Westpac have a wikipedia page?
No, Westpac does not have an official wikipedia page.
Does Westpac offer demo accounts?
Yes, Westpac offers demo accounts so you can learn their systems before risking any real capital. New traders can open a demo account in order to become better acquainted with the aspects of Forex trading and test out some of Westpac's features before signing up for a live account.