FXCM
Westpac
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Overview
FXCM was founded in 1999 and is headquartered in United States, while Westpac was established in 2008 and is based in Austrailia. Both brokers are regulated by Financial Conduct Authority (FCA), among other authorities. FXCM serves 10,000+ clients worldwide; Westpac has 10,000+. The minimum deposit is $1 at FXCM and $50 at Westpac.
| Feature | FXCM | Westpac |
|---|---|---|
| Min. Deposit | $1 | $50 |
| Regulation | Financial Conduct Authority (FCA) | Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA) |
| Founded | 1999 | 2008 |
| Country | United States | Austrailia |
| Clients | 10,000+ | 10,000+ |
Fees
Fees are a critical factor when choosing between FXCM and Westpac, directly affecting your bottom line as a trader. FXCM has a lower barrier to entry with a minimum deposit of $1 (vs $50 at Westpac). Neither broker charges withdrawal fees. Westpac charges deposit fees; FXCM does not. The two brokers are broadly comparable on fee structure.
| Feature | FXCM | Westpac |
|---|---|---|
| Min. Deposit | $1 | $50 |
| Withdrawal Fees | No | No |
| Inactivity Fees | No | No |
| Deposit Fees | No | Yes |
| CFD Fees | No | No |
Platforms
FXCM offers MT4, MT5, cTrader, while Westpac supports MT4, MT5, cTrader. Both brokers provide mobile trading apps for iOS and Android. Westpac supports social and copy trading features, which FXCM does not offer. The two brokers are closely matched on platform offering.
| Feature | FXCM | Westpac |
|---|---|---|
| MT4 | Yes | Yes |
| MT5 | Yes | Yes |
| cTrader | Yes | Yes |
| Windows App | Yes | Yes |
| iOS App | Yes | Yes |
| Android App | Yes | Yes |
| Trading Platforms | MT4, Mirror Trader, Web Trader, NinjaTrader, Tablet & Mobile apps | Desktop,Mac,iPhone,Android,WEB |
Education & Research
Education and research tools help traders at every level make more informed decisions, and here's how FXCM and Westpac compare. Both brokers run regular live webinars. Both provide video tutorials, including advanced content. Daily market commentary is available from both brokers. Both integrate third-party research tools including Trading Central. Archived webinars are available at both brokers for self-paced learning. The two brokers are evenly matched on educational content.
| Feature | FXCM | Westpac |
|---|---|---|
| Forex Education | Yes | Yes |
| CFD Education | Yes | Yes |
| Weekly Webinars | Yes | Yes |
| Daily Commentary | Yes | Yes |
| Trading Central | Yes | Yes |
| Autochartist | Yes | Yes |
Deposits & Withdrawals
Convenient deposit and withdrawal options reduce friction for traders, especially important when managing positions across time zones. FXCM accepts 2 of the tracked payment methods (bank transfer, credit/debit card), while Westpac supports 2 (bank transfer, credit/debit card). Both brokers support the same set of payment methods.
| Feature | FXCM | Westpac |
|---|---|---|
| Bank Transfer | Yes | Yes |
| Credit Card | Yes | Yes |
| PayPal | No | No |
| Skrill | No | No |
| Neteller | No | No |
Support
Responsive customer support matters most when you're locked out of your account or need urgent help with a trade. Both FXCM and Westpac offer live chat support. Both provide phone support. Email support is available at both brokers. Both brokers offer support in 2 languages. Both brokers are comparable on support quality.
| Feature | FXCM | Westpac |
|---|---|---|
| Live Chat | Yes | Yes |
| Phone Support | Yes | Yes |
| Email Support | Yes | Yes |
| Languages | English, and Chinese | English, and Chinese |