OptionWeb
Westpac
BrokerDataNet earns affiliate commission from brokers listed on this site. This does not affect our ratings or editorial independence.
Overview
OptionWeb was founded in 2012 and is headquartered in Cyprus, while Westpac was established in 2008 and is based in Austrailia. OptionWeb holds licences including Cyprus Securities and Exchange Commission (CySEC), while Westpac is regulated by Financial Conduct Authority (FCA) among others. OptionWeb serves 10,000+ clients worldwide; Westpac has 10,000+. The minimum deposit is $200 at OptionWeb and $50 at Westpac.
| Feature | OptionWeb | Westpac |
|---|---|---|
| Min. Deposit | $200 | $50 |
| Regulation | Cyprus Securities and Exchange Commission (CySEC) | Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA) |
| Founded | 2012 | 2008 |
| Country | Cyprus | Austrailia |
| Clients | 10,000+ | 10,000+ |
Fees
Fees are a critical factor when choosing between OptionWeb and Westpac, directly affecting your bottom line as a trader. OptionWeb has a lower barrier to entry with a minimum deposit of $200 (vs $50 at Westpac). Neither broker charges withdrawal fees. Westpac charges deposit fees; OptionWeb does not. Overall, Westpac scores higher on fees in our assessment.
| Feature | OptionWeb | Westpac |
|---|---|---|
| Min. Deposit | $200 | $50 |
| Withdrawal Fees | No | No |
| Inactivity Fees | No | No |
| Deposit Fees | No | Yes |
| CFD Fees | No | No |
Platforms
OptionWeb offers 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 OptionWeb does not offer. Westpac edges ahead on platform breadth and functionality in our scoring.
| Feature | OptionWeb | Westpac |
|---|---|---|
| MT4 | No | Yes |
| MT5 | Yes | Yes |
| cTrader | Yes | Yes |
| Windows App | Yes | Yes |
| iOS App | Yes | Yes |
| Android App | Yes | Yes |
| Trading Platforms | Binary, 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 OptionWeb and Westpac compare. Westpac runs regular live webinars; OptionWeb does not. Both provide video tutorials. Westpac publishes daily market commentary; OptionWeb does not. Both integrate third-party research tools. Westpac maintains an archive of past webinars for on-demand viewing. Westpac scores higher overall in education and research.
| Feature | OptionWeb | Westpac |
|---|---|---|
| Forex Education | Yes | Yes |
| CFD Education | No | Yes |
| Weekly Webinars | No | Yes |
| Daily Commentary | No | Yes |
| Trading Central | No | Yes |
| Autochartist | Yes | Yes |
Deposits & Withdrawals
Convenient deposit and withdrawal options reduce friction for traders, especially important when managing positions across time zones. OptionWeb 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 | OptionWeb | 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 OptionWeb 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 | OptionWeb | Westpac |
|---|---|---|
| Live Chat | Yes | Yes |
| Phone Support | Yes | Yes |
| Email Support | Yes | Yes |
| Languages | English, and Chinese | English, and Chinese |