Westpac Guide – Read our In-Depth Westpac Review
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 US users.
If you are a new entrant in the world of trading and brokerage, so many details will be confusing for you. Getting into the world of trading demands expert analyzing skills and thorough 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 clear with you constantly.
Within this fast-paced universe of stock markets and trading, you'll need advice to make correct decisions. A professionally lead investment program will generate hefty returns. Westpac is just one such stage which will take you and your investment to great heights. It is crucial to understand all about Westpac before you trust them with your money.
Our full Westpac Review covers everything you need to know about trading using Westpac. A good agent can multiply your initial investments and give you positive profits. If you want to earn profits, you must trade with a broker service that aligns with your investing objectives.
There's absolutely no sure-fire method to guarantee profits; thus, you should carefully assess your agent before you choose them. It is a frequent misconception that all agents will be exactly the same, but that's not correct. Wrong judgment, in the beginning, can put your investments at risk.
Westpac is a broker that has found its way successfully to the broker world. In this review, we have tried to collate a number of the vital facets of Westpac. This review will help you to know whether Westpac is a good fit for your investments or not. We've tried to breakdown all of the qualities and fees 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?
- 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 online trading. Since its beginning in 2008, Westpac has emerged as a top player in the field of online broker. Westpac includes an extremely competitive and full-featured trading website that is focused on currency, indices, metals, shares, commodities.
Over the past 13 years, Westpac has grown into one of the leading online brokers.
After launching in 2008, their customer base has become as large as 10,000+ clients.
Westpac is a favorite for many dealers.. Our Westpac review discovered that they are an excellent choice for automated trading options. They're most appropriate for investors that are looking for a variety of assets. Social and automated trading options are the heart at Westpac.
Technology plays a substantial role in Westpac. Westpac features trading on Desktop,Mac,iPhone,Android,WEB. Westpac is fair, transparent, and also a well-regulated agent by the Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA). Their outstanding array of resources will be beneficial for most traders. Third-party partnerships also supply in-house analysis.
The educational department at Westpac is very insightful for new dealers since it allows them to have a closer look at the financial markets. Westpac caters to all sorts of traders and are a must-have broker for almost any well-diversified approach to 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.
What you ought to know about trading using Westpac
Westpac is a lively platform that offers various methods of trading. These instruments cover the monetary markets substantially. Most of the broker platforms offer less approaches than Westpac
If you want to exchange with Westpac, you'll require a minimum deposit of $50. This deposit is mandatory if you wish to begin trading using Westpac. This 2021 Westpac review will direct you safely about trading with them.
Westpac is as flexible as another broker platform. Westpac is great for traders who want a manageable range of cheap services. The platforms provided by Westpac are third-party, white-label offerings. All traders may select out of 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 trade must be kept available. The agents provide premium customer service that rewards customers with benefits.
Many unethical brokers try to pressurise users into bigger funding for premium services. Westpac, on the other hand, is much more concentrated on trading volume. Dealers can expect trading conditions to be fair, honest and transparent. The more lots traded by the consumer, the greater benefits will come along.
Westpac accounts are available globally and provides excellent service wherever they have clients. There are a few countries where Westpac accounts are not available. Traders in the following countries cannot open or use a Westpac account:
Is Westpac Safe To Trade With?
Launched in 2006, Westpac has been open for 13 years, they are headquarted in Austrailia.
Westpac is regulated by Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA). These figures have rules that mandate that trading platforms have ploicies in place to maintain investor's assets procured. This means that Westpac users don't need to worry about their money as it is segregated and safely stored in established banks. SSL encryption secures every user's personal information also.
You can make use of an option for 2 Factor Authentications (2FA) with Westpac for heightened security. An SMS with the verification code will be sent to a mobile phone. You'll be required to input this code to log in to your account.
Another concern with financial brokers is in respect to safety may be manipulation of trading. This is highly disadvantageous to users on these platforms. Nonetheless, this is more prevalent in the case of Market Maker brokers who compete with users on the platform.
Pro's & Con's Of Trading With Westpac
Every online trading platform has some pros and cons 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 doesn't charge inactivity fees
- Westpac doesn't charge deposit fees
- Westpac doesn't charge CFD fees
- Westpac offer trading on Desktop,Mac,iPhone,Android,WEB
- Westpac offer 255 trading instruments
- Westpac can communicate in
- Westpac does not offer Negative Balance Protection
- Westpac does not offer Guaranteed Stop Loss
- Westpac charge withdrawal 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 Review - Compare Brokers Similar To Westpac
|Westpac||City Index||TopForex||FX Primus|
|Regulated By||Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA)||Financial Conduct Authority (FCA), Australian Securities and Investment Commission (ASIC), Monetary Authority of Singapore (MAS)||Cyprus Securities and Exchange Commission (CySEC)||Cyprus Securities and Exchange Commission (CySEC), The markets in financial instruments directive (MiFID)|
|Find Out More|
|Risk Warning||Your capital is at risk||74% of retail investor accounts lose money when trading CFDs with this provider||Losses can exceed deposits||Losses can exceed deposits|
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 powerful collection of rules for ensuring honest trading on its own platform. For data encryption functions, it supplies an industry-standard secure socket layer (SSL).
As per the organization's privacy regulations, client information is never to be shared with some other institutions or individuals. Including credit history and other financial details.
Westpac Review - Awards
- At the time of writing this Westpac review, they had not received any awards.
Westpac Review - Minimum Deposit Required
The minimum deposit that you must deposit to get started on Westpac is $50. This is an adequate amount for people just beginning. You can make more complex residue as you go along. However, ensure that you know how to make the most of your cash before investing larger sums.
Westpac Review - Commission And Fees Explained
Westpac is an online brokerage platform, and many online brokerages charge lower fees than traditional brokerages tend to charge. The reason for this is that the companies of online brokerages are scaled much better. In other words, an online broker isn't necessarily affected by the amount of clients they have.
However, this does not necessarily mean that online brokers do not charge any fees. They charge fees of varying rates for various services to earn money. There are primarily 3 different types of fees for this objective.
The first kind of charges to look out for are trading charges. When you make a genuine trade, like buying a stock or an ETF, you are charged trading fees. In such cases, you're paying a spread, financing speed, or a commission. The sorts of trading fees and the rates vary from broker to broker.
Commissions could be fixed or determined by the traded volume. On the other hand, a spread denotes the gap between the buying and selling price. Funding or overnight rates are people who are charged when you maintain a leveraged position for more than a day.
Apart from trading fees, online brokers also charge non-trading fees. These are dependent on the activities you undertake in your account. They are charged for operations like depositing money, not investing for long periods, or withdrawals.
In general, Westpac doesn't charge high fees compared to other online brokers. For operations other agents fee for, they do not charge a brokerage fee, or they charge a smaller amount. This can be beneficial for people who often trade, such as daily or weekly trading.
But, non-trading fees billed by Westpac are comparatively greater. Consequently, you're charged more for non-trading activities in your trading accounts, like deposits and withdrawal. These aren't related to the purchase and sale of assets.
This Westpac review breaks down each of the applicable non-trading fees for you in detail.
Compare broker fees against Westpac
|Westpac||City Index||TopForex||FX Primus|
Westpac Review - Withdrawal Fees Explained
Westpac charges a withdrawal fee if you create a bank transfer. Each time you move money into your bank accounts, these withdrawal fees become important.
Withdrawal of money is possible at any time from the Westpac account. You can withdraw sums up to the sum of your account balance, keeping aside the perimeter utilized. 1 thing to remember is that you don't always have to have any money on your accounts.
In addition, the withdrawn money will be moved directly to the accounts you use to make deposits. Therefore, in the event that you used a credit card for deposits, the withdrawn cash will be sent into the card. Westpac will ask you to offer other withdrawal methods if your details have changed since your deposit.
There is a minimum withdrawal amount. In the event you're withdrawing cash in various currencies from USD, a conversion fee is also applicable. The conversion fee will be dependent on the currency you're opting to draw in.
Westpac Review - Inactivity Fees Explained
Understanding whether you will be charged inactivity fees is only one of the buzzing questions which run through your head when open an account with Westpac. An inactivity fee is an amount charged to registered traders who have not engaged in purchasing or selling for a while. The period considered inactive is decided by the broker.
The inactivity fee differs from 1 agent to another and is not generalized. If a dealers account doesn't have a purchasing or selling transaction, it's maintained by the broker as an inactivity fee. The traders have to pay this fee under terms and conditions that they had consented while registering.
Westpac doesn't charge inactivity fees so you are free to use your account as needed
Even if no charges are indicated by Westpac, it's better that you close the account if you're inactive. Inactivity fees aren't just charged by broker firms but also many financial services.
For additional trading platforms, the inactivity fee depends upon the type of account you have selected. The inactivity fee is subjected to a lot of circumstances and needs to be revealed clearly by the agent beforehand.
Westpac Review - Deposit Fees Explained
When you transfer money into your trading account by the bank account, a deposit fee can be charged by the broker. Most brokers do not charge an excessive amount of money for this operation.
Westpac doesn't charge deposit fees so you are free to transfer smaller amounts of money in more regularly if needed
Depositing money on the Westpac trading platform is easy. You just have to complete a single-user profile questionnaire to start depositing money into your trading account. You'll have to give an identity evidence and evidence of residency to deposit large amounts.
Westpac Review - Compare Broker Deposit Methods
|Westpac||City Index||TopForex||FX Primus|
What Can You trade With Westpac?
Note: Westpac provides a lot of different trading instruments due to regulatory restrictions in a few countries. Trading instruments offered can differ depending 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, City Index, TopForex & FX Primus below.
Alternatives To Westpac
If, after studying this Westpac review, Westpac doesn't quite fulfill your requirements check out these Westpac alternatives.
We have scoured the internet to find the best alternatives to Westpac. Click the hyperlinks below to find out more.
Frequently Asked Questions about Westpac
Can I try Westpac before I buy?
Yes, you can most definitely try Westpac before you buy. Westpac offers demo accounts for the ease of new traders. You may use this feature to build your faith in the machine as well as yourself and your trading strategies.
If you sign up for a demo account on Westpac, you may set out with a decent amount of virtual currency. It's to establish a sense of safety and confidence in you until you decide to spend your own money.
With this virtual Westpacdemo account, you are able to experiment in any way, to whatever length you wish. You can also open positions, examine different trading approaches, and more.
Westpac specifies on its official site that you can exchange real time stocks in a demo account.
Is Westpac safe?
It is possible to drop all your worries since we believe that Westpac is perfectly safe to use. It is in compliance with all the rules of Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA).
Nevertheless, Westpac doesn't 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 acocunt with Westpac is $50. You should have a good hold over 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 a number of methods to fund your accounts with Westpac. The process is effortless and quick, with various payment methods in your fingertips.
You can use debit or credit cards ranging from Visa, Diners, and Maestro to MasterCard and Visa Electron. PayPal is also at your disposal for depositing money. You have to keep in mind that PayPal is not available in every country. The monies Westpac
Is my money safe with Westpac?
Yes, your cash is safe and secure with Westpac. As you know, Westpac works with proper conformation to. It's established lots of steps to guard all of its own investors.
Westpac safeguards its clients' private and sensitive data under SSL encryption. Your funds will be kept highly secure in top-tier banks.
If you want to further safeguard your account, you can empower Two-Step Verification also. It requires an SMS confirmation that you access your account.
Is Westpac trading good?
Yes, trading through Westpac is a nice and decent experience indeed. It's a great and intuitive platform with helpful features for your simplicity. In addition, you could also gain access to a huge collection of educational tools and assistive substance to kickstart your trading experience.
If you remain skeptical, it is possible to open a eToro demo account and assess the trustworthiness of the platform on your own.
Which Countries does Westpac support?
Westpac operates across the globe. However, due to regulations there are some countries that Westpac do accept clients resident in
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 quick order execution on trades.
You'll find the clean layout of the platform along with the commendable features that 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 indisputably among the business leaders. It has over 10,000+ registered users and over 13 years of expertise on its own record. They are among the world's leading trading platforms and a prominent figure in the Fintech revolution.
It majorly owes this status to its unbelievable platform and wide range of resources plus tools so you may put money into 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?
Using Westpac, several traders earn a great deal of money. However, on average, through consistent trading, you also can create between 2% - 10% profit a month.
This may seem to be a small number, but over the entire year, this adds to a significant number of gains. Even though Westpac provide you all the tools to earn money, they cannot guarantee you will gain.
Does Westpac have fees?
Yes. To begin trading with Westpac, you have to deposit $50. Certain commissions while trading additionally applies. Any processing fees from your bank will 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 worldwide recognised broker with 10,000+ clients.
Where is the Westpac head office?
Westpac has its head office in Austrailia
Does Westpac offer negative balance protection?
No. Westpac doesn't offer negative balance protection. If your balance is unfavorable, Westpac suggests that you contact customer services. For this, you can correct any imbalances in your own account.
Does Westpac offer guaranteed stop loss?Westpac unfortunately, doesn't offer guaranteed stop loss. Westpac gives an opportunity to its traders to close their trade at their specified price. Apart from that, Westpac doesn't offer guaranteed stop loss.
Does Westpac allow scalping?Yes, Westpac do permit scalping. Many traders across the world choose Westpac due to their scalping services. 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?
No, Westpac does not accept bank transfers.
Does Westpac accept credit cards?
No, Westpac does not accept credit cards.
Does Westpac accept PayPal?
No, Westpac does not accept PayPal.
Does Westpac accept Skrill?
No, Westpac does not accept Skrill.
Does Westpac accept Payoneer?
No, Westpac does not accept Payoneer.
Does Westpac accept Neteller?
No, Westpac does not accept Neteller.
Does Westpac offer Live Chat customer support?
No, Westpac does not offer customer support through live chat.
Does Westpac offer phone customer support?
No, Westpac does not offer customer support over the telephone.
Does Westpac offer email customer support?
No, Westpac does not offer customer support through email.
What languages can Westpac communicate in?
Westpac has the ability to communicate and support customers who speak:
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 money.