IC Markets vs Westpac, for 2024
IC Markets Rating
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Westpac Rating
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Losses can exceed deposits |
Your capital is at risk |
IC Markets vs Westpac Guide |
Read our In-Depth IC Markets vs Westpac Review - 2024 Update
This comprehensive analysis of IC Markets and Westpac has been updated to reflect any changes for 2024 by knowledgeable insiders with considerable expertise across CFDs, Social Trading, & Forex.
Please note that due to regulations for each broker, the content in this comparison of IC Markets vs Westpac does not apply to all countries as follows:
IC Markets Excluded Countries
United States of America, Canada, Israel, New Zealand, Japan, and Iran.
Westpac Excluded Countries
Brazil, Republic of Korea, Iran, Iraq, Syrian Arab Republic, Japan, and United States of America.
Compare IC Markets vs Westpac
Each platforms for online trading feature a few advantages and disadvantages, and a complete review of IC Markets and Westpac cannnot be complete without adopting a fair assessment.
Examine Westpac and IC Markets to understand just how these platforms stack up to one another prior to you choose to make an account. Conducting a comprehensive comparison helps to put things in perspective to ensure that you're cognizant of the expectations.
So you are looking for a reputable broker and are choosing between IC Markets or Westpac. Which one is best in 2024?
This IC Markets vs Westpac comparison contains the most recent information so you can easily compare Westpac against IC Markets.
If you're a new entrant in the realm of trading and brokers, so many facts will be confusing for you. Getting into the world of trading requires expert assessing skills and comprehensive understanding. You will acquire adept at all of the concepts of broker since you continue trading. For starters, you need to select the ideal broker who'll be transparent with you always.
In this fast-paced universe of stock markets and trading, you'll need guidance to make correct decisions. A professionally direct investment plan has the potential to create hefty returns. IC Markets and Westpac are just two such trading platforms that will take you and your investment to great heights. It's crucial to compare IC Markets vs Westpac before you trust them with your cash.
Our IC Markets vs Westpac comparison will help you judge the effectiveness, price, ease of use and customer support, and whether you can trust IC Markets and Westpac side by side.
Our full IC Markets vs Westpac Review covers all you will need to know about trading using either IC Markets or Westpac. A fantastic broker can multiply your first investments and give you favorable profits. If you would like to make profits, you should trade with a broker service that aligns with your investment objectives.
There's absolutely no sure-fire way to guarantee profits; thus, you should carefully analyze your agent before you choose them. It is a common misconception that all agents will be exactly the same, but that's not correct. Wrong judgment, initially, can put your investments at risk.
IC Markets and Westpac are both brokers that have paved their way successfully into the brokerage world. Within this review, we've attempted to collate some of the important aspects of both IC Markets and Westpac. This review can help you to know whether either Westpac or IC Markets is a fantastic match for your investments or not. We've tried to breakdown all the features and charges for your advantage.
Benefits of IC Markets and Westpac Compared
IC Markets has a minimum deposit of $200 while Westpac offers a $50 minimum deposit.
Why smaller minimum deposits are good and how IC Markets and Westpac compare
The main reason is that you should only deposit what you can afford. If you you have a lower budget, the broker that offers the lowest deposit option will be more attractive. The other reason is because when speculating on riskier but potentially more rewarding financial instruments you should look to speculate with only a small percentage of your allocated trading funds. Don't let a higher minimum deposit totally put you off a broker, look at the overall trading features you are getting from the trading platform. Often a high minimum deposit gives greater choice in the financial assets and trading platform research features.
IC Markets has around 232 financial instruments while Westpac has around 232 available.
The more financial instruments you can trade on the IC Markets and Westpac trading platforms the better. It is good to have a diverse portfolio and the options available to a user will always vary. Trading is all about grasping potential opportunities and you should never want to miss out on a trading opportunity due to the limitations of IC Markets or Westpac.
IC Markets and Westpac Contact Details
Being able to contact your broker through many ways is vital. IC Markets and Westpac have the following contact details and social medias that you can use.
Broker | IC Markets | Westpac |
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Telephone Number | +248 467 19 76 | |
support@icmarkets.com | ||
Address | Level 4, 50 Carrington Street, Sydney NSW 2000 | |
IC Markets Twitter Account | Westpac Twitter Account | |
IC Markets Facebook Page | Westpac Facebook Page | |
IC Markets Instagram Account | Westpac Instagram Account | |
IC Markets LinkedIn Page | Westpac LinkedIn Page | |
YouTube | IC Markets YouTube Channel | Westpac YouTube Channel |
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Westpac and IC Markets Mobile App Comparison
As more and more traders and investors use their smartphones for trading, it is increasingly important that brokers offer easy-to-use apps that can deliver the same services as desktop platforms.
In this part of our comparison of IC Markets and Westpac we'll check whether either of their mobile apps tick all the boxes.
We rate overall the user-friendliness of both apps as better than average.
It is crucial that trading apps have user-friendly capabilities, especially for those who use it with their smartphones.
Search Functions
Although most brokers do OK in this area, there are some bad apples out there. If you type 'Emerging markets' into the search box, the software will find all Emerging market ETFs, even if the name doesn't begin with 'emerging'. If you only ever traded US stocks and start typing 'Apple', will the AI show you the Apple stock or the obscure Irish stock Applegreen?
IC Markets vs Westpac - Awards
Broker | IC Markets | Westpac |
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Awards |
IC Markets have won several industry awards over the years they have been operating as a financial broker. We detail the most notable awards for IC Markets here.
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At the time of writing this Westpac review, and despite Westpac’s impressive offering, the company has surprisingly not garnered any awards to date. |
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IC Markets vs Westpac - Frequently Asked Questions
IC Markets vs Westpac - Headquarters And Year Of Founding
IC Markets was founded in 2007 and has its head office in Australia.
Westpac was founded in 2008 and has its headquaters in Austrailia.
What is the minimum deposit for Westpac or IC Markets
The minimum deposit for IC Markets is $200.
The minimum deposit for Westpac is $50.
Depending on your circumstances, a lower minimum deposit can be beneficial. If you are experienced with forex trading but are looking for a change then both IC Markets and Westpac are a good choice.
IC Markets vs Westpac - Regulation And Licencing In More Detail
IC Markets is regulated by Australian Securities and Investment Commission (ASIC), Financial Services Authority (FSA), Cyprus Securities and Exchange Commission (CySEC).
Westpac is regulated by Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA).
Both IC Markets and Westpac have a strong collection of rules for ensuring fair trading on their own platforms. For information encryption purposes, they supply industry-standard secure socket layers (SSL).
As per their individual privacy policies, customer data is never to be shared with any other institutions or individuals. This includes credit history and other financial information.
Compare IC Markets vs Westpac Commission And Fees
IC Markets and Westpac are online brokerage platforms, and most online brokerages charge lower fees than traditional brokerages tend to bill. The cause of this is that the companies of online brokerages are scaled better. That is, an internet broker is not necessarily affected by the amount of customers they have.
However, this does not necessarily mean that online brokers do not charge any fees. They charge fees of varying rates for a variety of services to make money. There are primarily 3 different types of fees for this objective.
The first kind of charges to keep an eye out for are trading charges. When you make an actual trade, like purchasing a stock or an ETF, you are charged trading fees. In these instances, you're spending a spread, financing rate, or even a commission. The kinds of trading charges and the prices differ from broker to broker.
Commissions could be fixed or dependent on the traded quantity. On the flip side, a spread refers to the difference between the buying and selling price. Financing or overnight rates are people who are charged when you maintain a leveraged position for more than daily.
Apart from trading fees, online brokers also charge non-trading fees. These are determined by the activities you undertake on your accounts. They're charged for operations like depositing cash, not investing for lengthy periods, or withdrawals.
Generally, neither IC Markets or Westpac charge high fees compared to other online agents. For operations other agents charge for, they do not charge a brokerage fee, or they charge a smaller sum. This is beneficial for those who often exchange, for example daily or weekly trading.
However, non-trading fees charged by IC Markets and Westpac are comparatively competitive. As a result, you are billed more for non-trading activities in your trading account, such as deposits and withdrawal. These aren't related to the sale and purchase of assets.
This IC Markets vs Westpac review for 2024 breaks down every one of the relevant non-trading fees for you in detail.
Compare Broker Fees For IC Markets And Westpac
Broker | IC Markets | Westpac |
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Minimum Deposit | $200 | $50 |
Withdrawal Fees | No | No |
Inactivity Fees | No | No |
Deposit Fees | Yes | Yes |
CFD Fees | Yes | No |
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What Languages Do IC Markets And Westpac Support?
Being able to talk completely with your trading broker is a key part of comparing trading platforms to find your perfect broker. Not only for support but to be sure you completely understand everything on their website and inside their application as it is a key factor to success when trading online.
Below you will find all the languages that both IC Markets and Westpac offer communication in.
How Many Clients Do IC Markets and Westpac Have?
Both IC Markets and Westpac are well established with their customer base. It is really important to work with a broker that is professional and one of the most simple ways of establishing this is by knowing how many customers they already work with.
Below you will find details of how many users IC Markets and Westpac are active on their platform
Broker | IC Markets | Westpac |
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Clients / Users | 60,000+ | 10,000+ |
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What Payment Methods Do IC Markets and Westpac Accept?
IC Markets and Westpac both offer a wide range of payment options which is vital when you have a global customer base.
Below you will find details of all the payment options available at IC Markets and Westpac
Broker | IC Markets | Westpac |
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Bank Transfers | Yes | Yes |
Credit Cards | Yes | Yes |
PayPal | Yes | No |
Skrill | Yes | No |
Payoneer | No | Yes |
Neteller | Yes | No |
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What Can You Trade With IC Markets and Westpac?
IC Markets offers 232 trading instruments whilst Westpac offers 255.
Below you will find a full breakdown of what both IC Markets and Westpac offer.
IC Markets Review
IC Markets vs Westpac:
Table Of Contents
- Compare IC Markets vs Westpac
- Benefits of IC Markets and Westpac Compared
- Westpac and IC Markets Mobile App Comparison
- IC Markets vs Westpac - Awards
- IC Markets vs Westpac - Frequently Asked Questions
- What is the minimum deposit for Westpac or IC Markets
- IC Markets vs Westpac - Regulation And Licencing In More Detail
- Compare Broker Fees For IC Markets And Westpac
- What Languages Do IC Markets And Westpac Support?
- How Many Clients Do IC Markets and Westpac Have?
- What Payment Methods Do IC Markets and Westpac Accept?
- What Can You Trade With IC Markets and Westpac?