CMC Invest vs Westpac Online Investing
The biggest practical gap is brokerage structure. CMC Invest charges a flat $11 minimum on ASX trades and gives you $0 brokerage on your first ASX buy order per security per day up to $1,000, while Westpac Online Investing charges $4.95 minimum but only if you settle through a linked Westpac Cash Investment Account. Westpac also wins on currency conversion, holding a USD account and charging 0.65% FX versus CMC's 0.006%.
- ›You want free brokerage on small ASX buys, with $0 on the first buy order per security per day up to $1,000
- ›You trade frequently in small parcels where a flat $11 minimum beats a 0.11% percentage fee
- ›You want cheap access to a long list of overseas markets beyond the US, including Japan, Hong Kong and New Zealand
- ›You want automated dollar-cost averaging into a single asset
- ›You want a desktop trading platform alongside the mobile app
- ›You want a low $4.95 ASX minimum and will settle through a linked Westpac Cash Investment Account
- ›You hold US shares and want a USD account plus cheaper FX conversion at 0.65%
- ›You want to trade bonds as well as shares and ETFs
- ›You want same-day transfers between Westpac accounts and 24-hour phone support on US trading days
- ›You want SMS-based two-factor authentication as an option
Where they differ
| Fact | CMC Invest | Westpac Online Investing |
|---|---|---|
| ASX brokerage minimum | $11 | $4.95 |
| ASX brokerage percentage | 0.001% of trade | 0.11% of trade |
| Free ASX brokerage | $0 on first ASX buy order per security per day up to $1,000 | No free brokerage offered |
| FX spread (AUD/USD) | 0.006% | 0.65% |
| Holds USD account | false | true |
Pick CMC Invest for cheap small ASX trades and low FX costs; pick Westpac if you want a USD account and bond access.
Common questions
How do CMC Invest and Westpac Online Investing compare on asx brokerage minimum?
CMC Invest: $11. Westpac Online Investing: $4.95. Westpac's minimum is lower, but only with a linked Westpac Cash Investment Account.
How do CMC Invest and Westpac Online Investing compare on asx brokerage percentage?
CMC Invest: 0.001% of trade. Westpac Online Investing: 0.11% of trade. CMC's percentage is far lower, so it wins on larger trades.
How do CMC Invest and Westpac Online Investing compare on free asx brokerage?
CMC Invest: $0 on first ASX buy order per security per day up to $1,000. Westpac Online Investing: No free brokerage offered. CMC is better for small, regular ASX buys.
When is CMC Invest the better choice over Westpac Online Investing?
Pick CMC Invest if you want free brokerage on small ASX buys, with $0 on the first buy order per security per day up to $1,000; you trade frequently in small parcels where a flat $11 minimum beats a 0.11% percentage fee; you want cheap access to a long list of overseas markets beyond the US, including Japan, Hong Kong and New Zealand; or you want automated dollar-cost averaging into a single asset.
When is Westpac Online Investing the better choice over CMC Invest?
Pick Westpac Online Investing if you want a low $4.95 ASX minimum and will settle through a linked Westpac Cash Investment Account; you hold US shares and want a USD account plus cheaper FX conversion at 0.65%; you want to trade bonds as well as shares and ETFs; or you want same-day transfers between Westpac accounts and 24-hour phone support on US trading days.
CMC Invest or Westpac Online Investing — what's the verdict?
Pick CMC Invest for cheap small ASX trades and low FX costs; pick Westpac if you want a USD account and bond access.
Punch in your trade size and frequency. We'll do the full brokerage + FX + fees maths.
All data points side-by-side
Every verified fact for both platforms. Differences are highlighted.
| Field | CMC Invest | Westpac Online Investing |
|---|---|---|
| account structure | ||
| CHESS sponsorship model | chess | chess |
| Individual HIN | Yes | Yes |
| Individual account | Yes | Yes |
| Joint account | Yes | Yes |
| Company account | Yes | Yes |
| Trust account | Yes | Yes |
| SMSF account | Yes | Yes |
| Kids / minor account | Yes | Yes |
| asset coverage | ||
| ASX shares supported | Yes | Yes |
| ASX ETFs supported | Yes | Yes |
| US shares supported | Yes | Yes |
| US ETFs supported | Yes | Yes |
| Other markets supported | United Kingdom, Canada, Japan, Germany, France, Netherlands, Belgium, Spain, Switzerland, Sweden, Denmark, Norway, Singapore, Hong Kong, New Zealand | United States, Canada, United Kingdom, Germany, France, Switzerland, Netherlands, Belgium, Italy, Spain, Sweden, Norway, Denmark, Finland, Austria, Portugal, Ireland, Hong Kong, Singapore |
| Fractional shares (ASX) | No | No |
| Fractional shares (US) | No | No |
| Options trading | Yes | Yes |
| CFDs supported | No | No |
| Managed funds | Yes | Yes |
| Bonds supported | No | Yes |
| IPO access | Yes | Yes |
| costs hidden | ||
| FX spread (AUD/USD) | 0.6% | 65% |
| FX spread (other currencies) | 0.6% | 65% |
| Holds USD account | No | Yes |
| Market data fees | $0/month | $0/month |
| Conditional order fees | $0 | $0 |
| Phone trade surcharge | $59.95 | $50 |
| Corporate action fees | — | Corporate action processing (rights issues, takeovers, SPPs) is generally free for CHESS-sponsored clients — Westpac/AUSIEX passes elections to issuers/registries. Specific fees only apply in exceptional circumstances per the FSG. |
| costs visible | ||
| ASX brokerage minimum | $11 | $4.95 |
| ASX brokerage percentage | 0.1% | 11% |
| ASX brokerage threshold | $1,000 | $28,000 |
| ASX free trade conditions | $0 brokerage on first ASX buy order per security per day for trades up to $1,000 (excludes margin loan settled trades and sells) | No free brokerage offered. Lower brokerage tiers ($4.95 minimum) require settlement via linked Westpac Cash Investment Account; settling via other-bank accounts incurs $29.95 / 0.29% minimum. |
| US brokerage minimum | US$0 | US$4.95 |
| US brokerage percentage | 0% | 11% |
| Monthly platform fee | $0/month | $0/month |
| Annual platform fee | $0/year | $0/year |
| Inactivity fee | $15 | $0 |
| Withdrawal fee (AUD) | $0 | $0 |
| Off-market transfer fee | $55 | $50 |
| identity and trust | ||
| Legal entity name | CMC Markets Stockbroking Limited | Australian Investment Exchange Limited (AUSIEX); Westpac Securities Limited issues the branded service |
| AFSL number | 246,381 | 241,400 |
| Year founded | 1,989 | 2,010 |
| Parent / ownership | CMC Markets plc (LSE: CMCX) | Brand: Westpac Banking Corporation (ASX: WBC); operator AUSIEX is wholly owned by Nomura Research Institute, Ltd. (TSE: 4307) |
| Country of incorporation | AU | AU |
| Public company status | public | public |
| money movement | ||
| Minimum initial deposit | $500 | $500 |
| Minimum subsequent purchase | $0 | $0 |
| Deposit methods | PayID, Bank transfer (EFT), BPAY | Westpac Cash Investment Account (linked), External bank Direct Credit, BPAY, Internal transfer between Westpac accounts |
| Settlement period | T+2 for ASX; T+1 for US | T+2 (ASX), T+1 (US) |
| Withdrawal time | 1-2 business days | Same-day to 1 business day for Westpac-to-Westpac transfers; 1-2 business days to external bank accounts |
| platform ux | ||
| iOS app | Yes | Yes |
| Android app | Yes | Yes |
| Desktop platform | Yes | No |
| Demo account | No | No |
| Free real-time market data | Yes | Yes |
| Free research reports | Yes | Yes |
| 2FA support | authenticator app | SMS + authenticator app |
| Customer support channels | phone, email, live chat | phone, email, live chat, in-app |
| Support hours (AU time) | Monday-Friday, business hours AET (approx 8am-6pm) | Phone: 8am-7pm Sydney time Mon-Fri (domestic); 24 hours on US trading days for international; Live chat: 9:30am-5pm Sydney time Mon-Fri |
| Education content | structured courses | structured courses |
| tax and reporting | ||
| Australian tax statement | Yes | Yes |
| Distribution component breakdown | Yes | No |
| CGT calculator / report | Yes | Yes |
| Sharesight / Navexa integration | Yes | Yes |
| trading mechanics | ||
| Market orders | Yes | Yes |
| Limit orders | Yes | Yes |
| Stop loss orders | Yes | Yes |
| Conditional orders | Yes | Yes |
| Auto-invest / DCA | Yes | No |
| Auto-invest sophistication | single asset | none |
| DRP (dividend reinvestment) | Yes | Yes |
| After-hours / overnight trading | No | No |