Virtual Brokers
Westpac
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Overview
Virtual Brokers was founded in 2008 and is headquartered in Canada, while Westpac was established in 2008 and is based in Austrailia. Virtual Brokers holds licences including The Investment Industry Regulatory Organization of Canada (IIROC), while Westpac is regulated by Financial Conduct Authority (FCA) among others. Virtual Brokers serves 10,000+ clients worldwide; Westpac has 10,000+. The minimum deposit is $1000 at Virtual Brokers and $50 at Westpac.
| Feature | Virtual Brokers | Westpac |
|---|---|---|
| Min. Deposit | $1000 | $50 |
| Regulation | The Investment Industry Regulatory Organization of Canada (IIROC), Canadian Investor Protection Fund (CIPF) | Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA) |
| Founded | 2008 | 2008 |
| Country | Canada | Austrailia |
| Clients | 10,000+ | 10,000+ |
Fees
Fees are a critical factor when choosing between Virtual Brokers and Westpac, directly affecting your bottom line as a trader. Virtual Brokers has a lower barrier to entry with a minimum deposit of $1000 (vs $50 at Westpac). Virtual Brokers charges withdrawal fees while Westpac does not, a notable advantage for frequent withdrawers. Virtual Brokers charges deposit fees; Westpac does not. Overall, Westpac scores higher on fees in our assessment.
| Feature | Virtual Brokers | Westpac |
|---|---|---|
| Min. Deposit | $1000 | $50 |
| Withdrawal Fees | Yes | No |
| Inactivity Fees | No | No |
| Deposit Fees | Yes | Yes |
| CFD Fees | No | No |
Platforms
Virtual Brokers 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 | Virtual Brokers | 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,Desktop,iPhone/iOS | Desktop,Mac,iPhone,Android,WEB |
Education & Research
Education and research tools help traders at every level make more informed decisions, and here's how Virtual Brokers 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 | Virtual Brokers | 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. Virtual Brokers 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 | Virtual Brokers | 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 Virtual Brokers 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 | Virtual Brokers | Westpac |
|---|---|---|
| Live Chat | Yes | Yes |
| Phone Support | Yes | Yes |
| Email Support | Yes | Yes |
| Languages | English, and Chinese | English, and Chinese |