It is part of the Westpac Corporation- an Australia-based financial service provider. Westpac Banking Corporation is Australia’s first and oldest financial institution having been founded in 1817.
It was initially named Bank of New South Wales before rebranding to Westpac in 1982. The brand Westpac is derived from the names Western and Pacific. The corporation is also one of the ‘big 4’ banks in Australia.
Westpac Online Investing is headquartered in Sydney. The online trading platform offers managed funds, ASX-listed shares, and global shares as well.
|Type of broker||Online|
|Available markets||Australian Securities Exchange, NASDAQ stock market, New York Stock Exchange, Singapore Exchange, Hong Kong Stock Exchange, London Stock Exchange, Toronto Stock Exchange, Tokyo Stock Exchange, and Frankfurt Stock Exchange|
|Australian Securities Exchange products||Exchange Traded Options, Shares, Warrants, and Exchange Traded Funds|
|Standard brokerage||AUD 19.95 or 0.11%, depending on which is greater|
Westpac Online Investing’s share trading services are offered via the Westpac Securities Group ABN 39 087 924 221, AFSL 233723. The company doesn’t have any licenses to operate outside Australia.
How to join
You need to register an account with Westpac to be able to trade. Setting up an account is straightforward. Visit the company website and select the Personal tab. Here, you’ll see the share trading option. Select this option.
You’ll be redirected to a new menu where you’ll see the option to join by opening an account. You’ll be presented with a few questions, such as the type of account you want and how you want to fund your trades.
To be eligible, you need to be an Australian resident aged over 18 years. You’ll need a copy of your passport, Medicare card, driver’s license, birth certificate, or photo card to prove your identity. You also need to present your tax file number, although this can be done in later stages.
What you get on Westpac Online Investment
Shares & investments options
Westpac Online Investing clients get access to a trading platform that features real-time tools and resources. They also get fully-integrated account options that make the whole trading experience smooth.
Clients can also sign up for a share trading loan to help diversify and augment their portfolio. The investment loan option is integrated with your trading account for easy access when you need extra funds e.g. when good market opportunities arise.
SMSF & online investing
Managing SMSF can be a big challenge, and Westpac offers a number of solutions to help you achieve your investment strategy.
Features of Westpac Online Investing
Here are the main features you expect from the broker:
Integrated cash management
Westpac makes trading easy by linking your Westpac Cash Investment Account to the Online Investment Account. This way, you can easily access and manage your funds.
Free risk management tools
The conditional orders provided allow you to trade while minimizing the risk you stand to incur. These orders are only placed if and when specific market conditions are all met. Conditional orders are a good way of maximizing profit potentials without having to risk a lot. Westpac offers 6 different conditional type orders with trading volume and time condition optional parameters.
Trading on the go (mobile app)
You don’t have to worry about missing market opportunities. You can trade anywhere whenever you choose either on your phone or desktop using the online investing application.
News & independent research
Westpac offers three research packages that bring the latest events and updates on shares that you’re interested in. The packages also come with insightful market information that can help you make the right decision when trading.
Charting tools & trading alerts
We like that Westpac affords its clients complimentary charting tools that help identify the best market opportunities. You can use the charting tools to compare the performance of securities, chart price & volume of market-listed indices and securities, and breakdown complex indicators.
The advanced charts feature several indicators and overlays, such as Bollinger bands, stochastic indicators, and momentum analytics. We also like that these charts are customizable i.e. you can choose to display the amount of information you need.
What can you trade with Westpac Online Investing?
Besides shares on the Australian Stock Exchange, users can also trade several other instruments such as:
- International shares
- Warrants listed on the ASX
- Managed funds
- Exchange Traded Option
- Listed unit trusts
- Renounceable rights
- Exchange Traded Funds
- Listed fixed interest securities
- Listed convertible notes
- Exchange Traded Commodities
- Listed company-issued options
Brokerage fees start at $19.95 or 0.11% of the trade value, depending on the greater one.
|Settlement account||Settlement fee|
|Westpac Cash Investment Account||$19.95 or 0.11% of trade value|
|Westpac Investment Loan Account||$19.95 or 0.11% of trade value|
|Any Australian bank account||$29.95 or 0.29% of trade value. This doesn’t include Exchange Traded Options and Global Markets|
Customer Support & Help
If you have any inquiries, you can search for a solution in the company’s FAQ section that is rich with information. There are several posts covering popular topics. You can use the search bar to quickly locate the article covering the topic you’re interested in.
Alternatively, you can opt for telephone and email support to reach the company’s helpdesk. Telephone support is available on all weekdays from 8 am to 7 pm. For general inquiries and phone trading, Australian residents can get in touch with Westpac Online Investing via 131331 for general questions, whereas international ones use +61 2 8397 1851.
There are also other customer support channels for specific issues such as IPOs, Online Investment lending and Global markets. Unfortunately, Westpac Online Investing has no live chat option.
Pros and Cons of using Westpac Online Investing
Pros of the Westpac trading platform
- It is user-friendly, which makes trading a breeze for newbies and casual investors. Experienced traders, on the other hand, can use the advanced Trader Pro package that comes with additional features.
- Has a dedicated customer support team with several options to contact them
- Westpac Online Investing is backed by a highly reputable bank in Australia. You get to enjoy trading with a peace of mind knowing your funds are safe as the platform is supported by one of the big four banks in Australia.
- Offers a wide range of trading options ranging from Australian & international shares to ASX-listed warrants. There are over 2000 Australian shares available to trade on.
- It has a mobile application that makes it easier for users to access their accounts anytime and trade on the go.
Cons of the Westpac trading platform
- There is no live chat support option, which makes it hard to get immediate assistance whenever you’re stuck or have a time-sensitive inquiry.
- The company’s broker fees are relatively expensive compared to other brokers offering the same services.
- Global market accounts incur a high inactivity fee of $63.50 per year if they remain inactive.
If you’re willing to overlook the broking fees, Westpac Online Investing is a great online trading broker. It offers a wide variety of trading options to meet the varying needs of traders. The trading platform is easy to use and comes with several features to make the whole trading experience smooth.
The integration cash management feature helps users quickly access funds when trading. We also like that firm allows users to boost their funds using a share trading loan. If you’re just getting started, Westpac offers a range of trading and research tools, as well as risk management options.
Frequently Asked Questions
Does Westpac Online Investing accept international customers?
Yes. International customers can trade on the available options too.
What accounts are the dividends paid to?
There is no specific account set for dividends. You get to choose where you’d like the dividends to be paid to between your Australian bank account, Westpac Online Investing Loan, and Westpac Cash Investment Account.
How can I access stock recommendations on the platform?
To find the stock recommendations on Westpac Online Investing, log into your account, and navigate to the Research section. On the Trading ideas tab, you’ll find the recommendations for various companies.
Is it possible to make trades using my phone?
Yes, you can choose to trade on your smartphone. However, it’ll cost you more in terms of brokerage fees. For phone trading, the brokerage fee is $59.90 or 0.44%, depending on the greater amount.