CMC Invest vs Westpac Online Investing
The biggest practical difference between CMC Invest and Westpac Online Investing comes down to cost structure and automation. CMC offers $0 brokerage on ASX trades under $1,000 (one per security per day) and near-zero FX spreads, making it a standout for small regular buys. Westpac charges a flat $4.95 minimum on ASX trades but only if you settle via its linked Cash Investment Account — otherwise you're paying $29.95 a trade.
- ›You want zero-cost ASX trades up to $1,000 per security per day — ideal for dollar-cost averaging into ETFs or blue chips
- ›You trade US stocks regularly and want near-zero FX spreads (0.006% vs Westpac's 0.65%)
- ›You want auto-invest / DCA functionality to set up recurring buys without lifting a finger
- ›You'd prefer to avoid any account-tying — CMC doesn't require a specific bank account to get its best brokerage rates
- ›You want free off-market transfers ($0 vs Westpac's $50) and no inactivity fee concerns beyond $15
- ›You're already a Westpac customer and want seamless integration with your existing transaction accounts and home loan
- ›You trade larger ASX parcels — Westpac's $4.95 minimum on trades up to $28,000 beats CMC's $11 minimum for trades over $1,000
- ›You need access to bond trading, which CMC doesn't offer
- ›You want a USD account to hold US dollars and avoid repeated FX conversion on each trade
- ›You prefer the backing of a Big Four bank and extended support hours on US trading days
Where they differ
| Fact | CMC Invest | Westpac Online Investing |
|---|---|---|
| ASX brokerage minimum (best rate) | $0 (trades under $1,000) | $4.95 (with linked Westpac account) |
| US brokerage + FX spread | $0 + 0.006% FX spread | $4.95 + 0.65% FX spread |
| Auto-invest / DCA | Yes (single asset level) | No |
| Off-market transfer fee | $0 | $50 |
| Bonds supported | No | Yes |
Choose CMC Invest for low-cost, automated investing; choose Westpac if you're a larger trader already in the Westpac ecosystem.
Common questions
How do CMC Invest and Westpac Online Investing compare on asx brokerage minimum (best rate)?
CMC Invest: $0 (trades under $1,000). Westpac Online Investing: $4.95 (with linked Westpac account). CMC wins for small buys; Westpac wins for trades over $1,000.
How do CMC Invest and Westpac Online Investing compare on us brokerage + fx spread?
CMC Invest: $0 + 0.006% FX spread. Westpac Online Investing: $4.95 + 0.65% FX spread. CMC is dramatically cheaper for US shares.
How do CMC Invest and Westpac Online Investing compare on auto-invest / dca?
CMC Invest: Yes (single asset level). Westpac Online Investing: No. CMC supports recurring buys; Westpac does not.
When is CMC Invest the better choice over Westpac Online Investing?
Pick CMC Invest if you want zero-cost ASX trades up to $1,000 per security per day — ideal for dollar-cost averaging into ETFs or blue chips; you trade US stocks regularly and want near-zero FX spreads (0.006% vs Westpac's 0.65%); you want auto-invest / DCA functionality to set up recurring buys without lifting a finger; or you'd prefer to avoid any account-tying — CMC doesn't require a specific bank account to get its best brokerage rates.
When is Westpac Online Investing the better choice over CMC Invest?
Pick Westpac Online Investing if you're already a Westpac customer and want seamless integration with your existing transaction accounts and home loan; you trade larger ASX parcels — Westpac's $4.95 minimum on trades up to $28,000 beats CMC's $11 minimum for trades over $1,000; you need access to bond trading, which CMC doesn't offer; or you want a USD account to hold US dollars and avoid repeated FX conversion on each trade.
CMC Invest or Westpac Online Investing — what's the verdict?
Choose CMC Invest for low-cost, automated investing; choose Westpac if you're a larger trader already in the Westpac ecosystem.
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 | $0 | $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 |