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Westpac Review Australia & Test 2021: Is Westpac safe or scam?

Welcome to our Westpac review Australia where we take you through everything this fantastic broker has to offer. As it is one of Australia’s oldest banks, it’s easy to see why so many people trust them for their trading and investing service as well.

Our Westpac review found that there were over 2000 different markets to trade with and invest in. As well as over 20 foreign exchanges that are covered on the site as well. With a plentiful supply of trading options we take a more in-depth look at what else makes this broker so special with our Westpac review.

Pros & Cons of Westpac
  • Excellent selection of trading and investing markets
  • Several ways for you to contact the customer support team
  • Functionality of the site is top-notch
  • General fees on the site are quite high

Security, Usability, Look & Feel - A secure and functional site

One thing that can be overlooked at times is the overall functionality of a brokers’ platform. Reviews are generally covering aspects like the markets available or the trading tools on offer but honestly, website usability is just as important. Our Westpac review Australia took a closer look at how easy it was to use the site and how safe your account is with this broker.

When first entering the Westpac site you are greeted by a red and white colour scheme with generally black writing on a white backdrop. The look of the site is clean and not too abrasive on the eyes. However, brokers are not trying to win an art show and what really matters here is how the site functioned.

We found that we could for the most part find what we were looking for with relative ease. The tab at the top of the homepage shows you everything the broker has to offer in a clear and concise way. While the footer of the homepage covers all the extras like information about the broker, privacy policies and terms and conditions.

As far as the security on the site, our Westpac review Australia really took its time to make sure the broker has sufficient security measures in place to protect user data and payments. Westpac Australia protects user data with the more standard forms of encryption technology but what we were really impressed with was their dedication to removing any Westpac scam they find. They have dedicated teams that are always on the look out for a Westpac scam. Furthermore, they also educate their users on what to look out for with a Westpac scam and how they can best avoid being duped by any nefarious third-parties.

How To Trade – The first steps to Westpac trading

In order to trade on the Westpac platform, you will of course need to create your account first. Creating an account with Westpac is very straightforward and really requires minimal administrative effort. With that being said, there are a number of different accounts for you to choose from when you click the “register button” in the top right hand corner of the homepage. Each account will have its own many differences in how to set up the account but after having taken a look at each we can assure that each one is as easy to set up as the last.

We decided to open an Online Investing account with Westpac. The process required us to choose between a Westpac Cash Investment account or a Margin Account. You can also sing up far more easily if you already have a Westpac bank account to link to the platform. We decided to go with the Westpac Cash Investment account. Once we chose we were taken to another page where you need to decide if you would like your account to be a joint, individual, company or trust account.

After you have completed these initial steps then you get to the page where you can fill in all the information about yourself like your name, surname, date of birth, preferred password, occupation, address and phone number. Once you have completed all of these steps you are now on your way to being a fully fledged member of the Westpac Australia community. If you choose an investment account like we did for our Westpac review you will then need to transfer funds into your account via another bank account that you may have or via BPay.

And there you have it, you are now able to get cracking with your ETF or shares trading on the Westpac platform. Conducting actual trades on the site is very straightforward as the platform is exceptionally easy to use. You shouldn’t run into any problems finding the markets you are interested in as there are over 30 different foreign exchanges available on the site. Check out our FP Markets review to see how their trading process compares.

Payments - What are the payment options at Westpac?

The information for how to fund your Westpac Australia account is not exactly detailed but we did manage to find some information on the different payment methods you can use. After checking through the broker’s FAQs section we found that you can fund your Westpac account using a bank wire transfer or BPay. Remember Westpac is first and foremost one of Australia’s main banks. So, funding your Westpac account in order to pursue trading and investing can only really be done from bank account to bank account.

Most users who open a Westpac account in Australia will simply have to transfer funds from a different bank they are using into their Westpac Australia account. You can do the same with international transfers and banks as well but it would appear that they limit most of these transfers to strictly bank to bank payments. We could not find any option for an e-wallet transfer. Check out our Bell Direct review for a comparison of different payment methods.

Customer Service - No live support but plenty of other options

Customer service is a crucial part of any good online broker. Our Westpac review went through some of the different ways you can contact the customer support team on their site. Our Westpac review Australia also considered the overall professionalism and patience of their team.

Our Westpac review is happy to let you know that there are more than a few different ways for you to have your queries answered by the support team over at Westpac. We found that you can contact them via a number of different phone numbers which all related to different accounts and certain types of problems you might be having. For example, you can contact them as a business customer, a corporate customer or a personal customer. Each with its own number. They also give you a number of different heading for queries like a problem with a stolen card, security, complaints or financial support where you can then follow specific prompts to get special care for that particular problem. If you want, you can also contact them via WhatsApp or via their email address at online@westpac.com.au.

Overall, we were a little disappointed that there wasn’t a live chat feature available on the site. However, it’s difficult to know the customer service that Westpac has, as it is detailed and offers a number of different international and national phone numbers for all their different accounts. The fact that you can have very specific queries answered easily is also a big plus in our eyes.

License & Security: Is Westpac Secure?

One of the first questions that many people ask is generally “is Westpac safe?” Our Westpac review Australia took the time to analyse the broker’s current licensing to make sure they are operating legitimately. We also took a closer look at some of the security they implement on their platform.

As far as the licensing of the broker goes we found that Westpac is currently operating under a license received from the Australian Financial Services Licence (AFSL). This is a sure-fire way to answer the question “is Westpac reliable?” The broker has received its license from a financial association that is as strict as any in terms of giving out licenses.

As we mentioned before, the security on the site is top-notch. Westpac does the utmost to educate their users on any scams that may be out there using the Westpac name. They do their utmost to try and remove and report any scams 24/7. Furthermore, they protect user data and payment methods on the site with robust encryption technology. Westpac is one of Australia’s biggest banks so you can rely on the fact that their platform is safe to use purely based on their strong global reputation.

Reputation and Customer Feedback – Positive reviews from customers

There is another way for you to fully answer the question “is Westpac safe?” and that is by taking a closer look at what some of the users say about their experience on the site. After consulting a number of different reviews we found that there was a recurring trend. This trend was a uniform satisfaction across the board as users had nothing but positive things to say about their Westpac experience. This contributes very well to the overall Westpac rating on our site.

With such a consistent string of positive reviews it’s easy to see how the broker has developed such a strong Westpac rating as one of the best brokers in Australia. As it is already one of the country’s biggest and oldest banks it had a great platform to spring from. Which is why they have done so well with the Westpac ranking on our site.

Westpac Bonds

Trading Bonds

Westpac has a range of bonds or fixed income instruments on offer to traders. Government bonds are popular investments amongst traders and you’ll be able to access the entire range of bonds that are covered by Westpac.

Westpac Crypto

Cryptocurrencies - What's on offer at Westpac?

Cryptocurrencies continue to rise in popularity all over the world. No matter what crypto you are interested in there is an opportunity for investments and trading with so many different altcoins now available to choose from.

However, after taking a closer look our Westpac review could not find any cryptos whatsoever to trade with on the broker’s platform. This is pretty disappointing as we generally like to see some diversity on these brokers’ platforms when it comes to cryptos. While Westpac Australia may not offer any cryptocurrencies to trade through CFDs they do offer a host of other investment and trading avenues on their site which we will be taking a closer look at.

If the lack of cryptocurrencies on the Westpac platform is an absolute dealbreaker for you then we suggest taking a look at our Pepperstone review. Pepperstone covers a number of different cryptos that can be traded through the use of CFDs.

Fees - Trading fees at Westpac

After spending quite a bit of time searching through the numerous pages on the site our Westpac review Australia did manage to find a few different fees associated with different accounts on the platform.

If you are using the standard Westpac Online investing account then you will not be required to pay any kind of ongoing fees. However, users who opt for the more advanced accounts will need to pay a monthly fee of around $79 to access the Trader Pro package. Essentially, you are paying for access to better tools and analysis that you won’t receive with the standard Online Investing account.

Aside from the monthly account fee you can also expect to pay a brokerage fee of up to $19.95 or 0.11%whenever you make a trade. This generally applies to online share, ETFs and government bond trading. Fees will rise to $59.90 or 0.44% if you decide to place any trades over the phone

Aside from that, there are a few additional fees that you could run into but those fees are if you decide to pay for additional services and tools on the site. This means to say that they are not compulsory fees that you have to pay. Westpac is quite an expensive broker but the services you receive for your money are exceptional. However, if the fees seem a little steep for you then we suggest taking a look at our ANZ Share Investing review.

Jurisdictions and Limits - Are there any limits at Westpac Australia?

If you are an Australian resident or just somebody that wants to know where you can use Westpac from then understanding what jurisdictions Westpac covers is important. After taking the time to thoroughly comb through the platform our Westpac review found that the broker covers a number of different regions that include Asia, North America, Australasia and Europe. It would appear that the broker allows their services to be used by almost all of Europe, the USA specifically in North America and China and India in Asia. Aside from that it covers most of the pacific region as well.

As far as any limitations go on the Westpac platform there are not many to speak of. There are a few limits to consider when it comes to fees and your Westpac account but we will touch on that later in our Westpac review. Aside from that, it’s great to see that there are fairly few limitations on where you can access the Westpac trading platform from globally. It’s easy to see why the broker has developed such popularity worldwide. Check out our IG review to see what jurisdictions they cover.

Other Trading - Plenty of other options at Westpac Australia

So, as we have now seen that there are no cryptos available on the Westpac platform, what can we trade with this broker? Sure, crypto fans might not be crazy about this platform but Westpac offers a number of different securities for their users to trade in. Users can trade in securities that include: ETFs, ETCs, Exchange Traded Options, all ASX-listed securities, managed funds, warrants listed on the ASX, international shares and much more.

Your two avenues on the platform boil down to investments and share trading. With share trading users have access to over 2000 different Australian shares, ETFs, bonds, options ETCs and more. Traders will have access to a number of different tools on the platform. Things like charting tools, research packages and advanced trading tools make your life a breeze when it comes to trading on the Westpac platform.

Users can also choose from 5 ready-made investment portfolios which are managed by BT invest. However, Westpac don’t limit their users with investments as you can also curate your own investment portfolio with a number of different shares and ETFs available. All in all, while Westpac may not offer cryptos to trade they more than make up for it with their diverse range of shares and ETFs available.The range of trading instruments on the site has contributed well to us producing a high Westpac ranking on our site.

Westpac ETF

Trading ETFs

The ETFs can be traded via the Westpac platform and include a basket of assets – made up of domestic stocks, international stocks, bonds, currencies, and derivatives. Trading in ETFs will allow you to diversify your holdings and invest in asset classes you normally wouldn’t be able to invest in or access.

Westpac Stocks

Trading Stocks

There are over 2,200 Australian shares on the Australian Securities Exchange as well as the Chi-X Australia Market. Westpac also provide traders with access to over 25 global exchanges including the New York Stock Exchange, NASDAQ, London Stock Exchange, and the Hong Kong Stock Exchange.

Overall Conclusion - An all-around excellent trading platform

That brings us to the end of our Westpac review. We have to say, we were very impressed with what we found on the site. The platform itself is a joy to use as we found it easy to navigate to the various different pages on the site. The helpful FAQs section also made it that much easier for us to have our questions answered without having to contact their customer support.

The trading options are perhaps not as diverse as some of the other dedicated trading brokers around. But what you are getting with Westpac Australia  is security, reliability and a solid range of trading and investment opportunities. All topped off with fantastic trading tools to boot. If Westpac wasn’t quite checking all the right boxes for you then we suggest taking a look at our AvaTrade review instead.

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