Rating Index

Pros

Westpac is regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA), ensuring a level of trust and security for traders.

The broker offers a wide range of trading instruments, with over 255 options available for various trading strategies.

Westpac provides excellent customer support through multiple channels, including phone and email, catering to the needs of its users.

Cons

Westpac does not offer cryptocurrency trading, limiting options for traders interested in digital assets.

The broker lacks guaranteed stop loss features, which may be a concern for risk-averse traders.

Westpac has not received any notable awards or high ratings from industry experts, which may raise questions about its competitiveness in the market.

Westpac broker Accounts

Westpac Account Types

Westpac offers several types of trading accounts to cater to different investment needs:

New Cash Account:

Designed specifically for online share trading.
Brokerage fees start from $4.95 per trade.
No monthly account keeping fees.

Existing Westpac Account:

You can link any Westpac bank account that allows direct debits.
Brokerage fees start from $29.95 per trade.
No new account setup required.

Margin Loan Account:

Provides a Westpac online investment loan to settle trades.
Brokerage fees start from $4.95 per trade.
Allows you to multiply your investment power with competitive loan-to-value ratios (LVRs) on over 500 listed securities.

For detailed information on fees and charges, refer to the financial services guide.

Westpac Broker Account Opening Process

To open a Westpac trading account, follow these steps:

Choose Your Settlement Method:

Decide whether to use a new cash account, an existing Westpac account, or a margin loan account for settling your trades.

Complete the Application:

Fill in your personal details and choose the type of account you wish to open.

Verify Your Identity:

You may need to provide identification documents such as a driver's license or passport. Verification can be done online or in-person at a Westpac branch.