IC Markets
Westpac
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Overview
IC Markets was founded in 2007 and is headquartered in Australia, while Westpac was established in 2008 and is based in Austrailia. IC Markets holds licences including Australian Securities and Investment Commission (ASIC), while Westpac is regulated by Financial Conduct Authority (FCA) among others. IC Markets serves 60,000+ clients worldwide; Westpac has 10,000+. The minimum deposit is $200 at IC Markets and $50 at Westpac.
| Feature | IC Markets | Westpac |
|---|---|---|
| Min. Deposit | $200 | $50 |
| Regulation | Australian Securities and Investment Commission (ASIC), Financial Services Authority (FSA), Cyprus Securities and Exchange Commission (CySEC) | Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA) |
| Founded | 2007 | 2008 |
| Country | Australia | Austrailia |
| Clients | 60,000+ | 10,000+ |
Fees
Fees are a critical factor when choosing between IC Markets and Westpac, directly affecting your bottom line as a trader. IC Markets has a lower barrier to entry with a minimum deposit of $200 (vs $50 at Westpac). Neither broker charges withdrawal fees. IC Markets charges deposit fees; Westpac does not. Overall, Westpac scores higher on fees in our assessment.
| Feature | IC Markets | Westpac |
|---|---|---|
| Min. Deposit | $200 | $50 |
| Withdrawal Fees | No | No |
| Inactivity Fees | No | No |
| Deposit Fees | Yes | Yes |
| CFD Fees | Yes | No |
Platforms
IC Markets offers MT4, MT5, cTrader, while Westpac supports MT4, MT5, cTrader. Both brokers provide mobile trading apps for iOS and Android. Both brokers support copy or social trading, catering to less hands-on investors. The two brokers are closely matched on platform offering.
| Feature | IC Markets | 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, MT5, Mirror Trader, ZuluTrade, Web Trader, cTrader, Mac | Desktop,Mac,iPhone,Android,WEB |
Education & Research
Education and research tools help traders at every level make more informed decisions, and here's how IC Markets 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 | IC Markets | 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. IC Markets accepts 5 of the tracked payment methods (bank transfer, credit/debit card, PayPal, Skrill, Neteller), while Westpac supports 2 (bank transfer, credit/debit card). IC Markets uniquely supports PayPal and Skrill and Neteller among the two brokers. IC Markets scores higher on deposit and withdrawal flexibility.
| Feature | IC Markets | Westpac |
|---|---|---|
| Bank Transfer | Yes | Yes |
| Credit Card | Yes | Yes |
| PayPal | Yes | No |
| Skrill | Yes | No |
| Neteller | Yes | No |
Support
Responsive customer support matters most when you're locked out of your account or need urgent help with a trade. Both IC Markets and Westpac offer live chat support. Both provide phone support. Email support is available at both brokers. IC Markets supports 8 languages and Westpac supports 2, giving IC Markets broader global reach. Both brokers are comparable on support quality.
| Feature | IC Markets | Westpac |
|---|---|---|
| Live Chat | Yes | Yes |
| Phone Support | Yes | Yes |
| Email Support | Yes | Yes |
| Languages | English, Japanese, Chinese, Polish, Afrikans, Danish, Dutch, German and more | English, and Chinese |