Saxo Markets
Westpac
BrokerDataNet earns affiliate commission from brokers listed on this site. This does not affect our ratings or editorial independence.
Overview
Saxo Markets was founded in 2012 and is headquartered in Denmark, while Westpac was established in 2008 and is based in Austrailia. Both brokers are regulated by Financial Conduct Authority (FCA), among other authorities. Saxo Markets serves 10,000+ clients worldwide; Westpac has 10,000+. The minimum deposit is $6500 at Saxo Markets and $50 at Westpac.
| Feature | Saxo Markets | Westpac |
|---|---|---|
| Min. Deposit | $6500 | $50 |
| Regulation | Financial Conduct Authority (FCA) | Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA) |
| Founded | 2012 | 2008 |
| Country | Denmark | Austrailia |
| Clients | 10,000+ | 10,000+ |
Fees
Fees are a critical factor when choosing between Saxo Markets and Westpac, directly affecting your bottom line as a trader. Westpac has a lower barrier to entry with a minimum deposit of $50 (vs $6500 at Saxo Markets). Saxo Markets charges withdrawal fees while Westpac does not, a notable advantage for frequent withdrawers. Saxo Markets applies inactivity fees on dormant accounts; Westpac does not. Westpac charges deposit fees; Saxo Markets does not. Overall, Westpac scores higher on fees in our assessment.
| Feature | Saxo Markets | Westpac |
|---|---|---|
| Min. Deposit | $6500 | $50 |
| Withdrawal Fees | Yes | No |
| Inactivity Fees | Yes | No |
| Deposit Fees | No | Yes |
| CFD Fees | No | No |
Platforms
Saxo 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 | Saxo 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 | Mac, Web Trader, 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 Saxo Markets and Westpac compare. Westpac runs regular live webinars; Saxo Markets does not. Both provide video tutorials. Westpac publishes daily market commentary; Saxo Markets 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 | Saxo Markets | 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. Saxo Markets 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 | Saxo Markets | 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 Saxo Markets 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 | Saxo Markets | Westpac |
|---|---|---|
| Live Chat | Yes | Yes |
| Phone Support | Yes | Yes |
| Email Support | Yes | Yes |
| Languages | English, and Chinese | English, and Chinese |