Westpac
XM
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Overview
Westpac was founded in 2008 and is headquartered in Austrailia, while XM was established in 2009 and is based in Cyprus. Westpac holds licences including Financial Conduct Authority (FCA), while XM is regulated by International Financial Services Commission(IFSC) among others. Westpac serves 10,000+ clients worldwide; XM has 3,500,000+. The minimum deposit is $50 at Westpac and $5 at XM.
| Feature | Westpac | XM |
|---|---|---|
| Min. Deposit | $50 | $5 |
| Regulation | Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA) | International Financial Services Commission(IFSC), Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investment Commission (ASIC) |
| Founded | 2008 | 2009 |
| Country | Austrailia | Cyprus |
| Clients | 10,000+ | 3,500,000+ |
Fees
Fees are a critical factor when choosing between Westpac and XM, directly affecting your bottom line as a trader. XM has a lower barrier to entry with a minimum deposit of $5 (vs $50 at Westpac). Neither broker charges withdrawal fees. XM applies inactivity fees on dormant accounts; Westpac does not. Westpac charges deposit fees; XM does not. The two brokers are broadly comparable on fee structure.
| Feature | Westpac | XM |
|---|---|---|
| Min. Deposit | $50 | $5 |
| Withdrawal Fees | No | No |
| Inactivity Fees | No | Yes |
| Deposit Fees | Yes | No |
| CFD Fees | No | No |
Platforms
Westpac offers MT4, MT5, cTrader, while XM 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 | Westpac | XM |
|---|---|---|
| MT4 | Yes | Yes |
| MT5 | Yes | Yes |
| cTrader | Yes | Yes |
| Windows App | Yes | Yes |
| iOS App | Yes | Yes |
| Android App | Yes | Yes |
| Trading Platforms | Desktop,Mac,iPhone,Android,WEB | MT4, MT5, Mac, Web Trader, Tablet & Mobile apps |
Education & Research
Education and research tools help traders at every level make more informed decisions, and here's how Westpac and XM 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. Westpac scores higher overall in education and research.
| Feature | Westpac | XM |
|---|---|---|
| Forex Education | Yes | No |
| CFD Education | Yes | Yes |
| Weekly Webinars | Yes | Yes |
| Daily Commentary | Yes | Yes |
| Trading Central | Yes | Yes |
| Autochartist | Yes | No |
Deposits & Withdrawals
Convenient deposit and withdrawal options reduce friction for traders, especially important when managing positions across time zones. Westpac accepts 2 of the tracked payment methods (bank transfer, credit/debit card), while XM supports 3 (bank transfer, credit/debit card, Neteller). XM uniquely supports Neteller among the two brokers. XM scores higher on deposit and withdrawal flexibility.
| Feature | Westpac | XM |
|---|---|---|
| Bank Transfer | Yes | Yes |
| Credit Card | Yes | Yes |
| PayPal | No | No |
| Skrill | No | No |
| Neteller | No | Yes |
Support
Responsive customer support matters most when you're locked out of your account or need urgent help with a trade. Both Westpac and XM offer live chat support. Both provide phone support. Email support is available at both brokers. Westpac supports 2 languages and XM supports 20, giving XM broader global reach. Both brokers are comparable on support quality.
| Feature | Westpac | XM |
|---|---|---|
| Live Chat | Yes | Yes |
| Phone Support | Yes | Yes |
| Email Support | Yes | Yes |
| Languages | English, and Chinese | Arabic, Chinese, English, French, German, Greek, Hindi, Hungarian, Indonesian, Italian, Japanese, Korean, Malay, Polish, Portuguese, Russian, Spanish, Swedish, Thai, and Turkish |