Interactive Brokers Australia vs Westpac Online Investing
Interactive Brokers and Westpac Online Investing sit at opposite ends of the spectrum. IB is a global trading powerhouse built for active investors who want low-cost access to dozens of markets, while Westpac is a straightforward CHESS-sponsored broker for ASX investors who already bank with Westpac. The biggest practical difference: IB uses a custodian model and charges near-zero brokerage, whereas Westpac gives you your own HIN and charges a flat $4.95 — but only if you settle via a Westpac account.
- ›You trade frequently on ASX and want brokerage as low as $6 or 0.08% — far cheaper than Westpac's 0.11% above $28,000
- ›You want to invest in US stocks with $1 minimum brokerage and near-zero FX spreads (0.00002% vs Westpac's 0.65%)
- ›You need access to 30+ global markets from one account, including Canada, Europe, Japan and emerging markets
- ›You want to automate investing with auto-invest / DCA across multiple securities
- ›You trade options, CFDs or bonds and want a platform that handles them natively without extra accounts
- ›You want true CHESS sponsorship with your own HIN, so your ASX holdings are directly registered in your name
- ›You're a Westpac banking customer and want seamless transfers and same-day settlement between your transaction account and broker
- ›You want to invest in managed funds or participate in ASX IPOs — neither of which IB offers
- ›You want a simple, familiar interface without the complexity of IB's professional-grade trading platform
- ›You're setting up a minor/kids account, which Westpac supports and IB does not
Where they differ
| Fact | Interactive Brokers Australia | Westpac Online Investing |
|---|---|---|
| ASX brokerage minimum | $6.00 | $4.95 |
| US brokerage minimum | $1.00 USD | $4.95 USD |
| FX spread (AUD/USD) | 0.00002% | 0.65% |
| CHESS sponsorship model | Custodian (no individual HIN) | Full CHESS (individual HIN) |
| Auto-invest / DCA | Yes (multi-security) | No |
Pick Interactive Brokers for low-cost global trading and automation; pick Westpac for simple, CHESS-sponsored ASX investing with your own HIN.
Common questions
How do Interactive Brokers Australia and Westpac Online Investing compare on asx brokerage minimum?
Interactive Brokers Australia: $6.00. Westpac Online Investing: $4.95. Westpac is cheaper for small ASX trades, but only if you use a linked Westpac account — otherwise it jumps to $29.95.
How do Interactive Brokers Australia and Westpac Online Investing compare on us brokerage minimum?
Interactive Brokers Australia: $1.00 USD. Westpac Online Investing: $4.95 USD. IB is significantly cheaper for US trades.
How do Interactive Brokers Australia and Westpac Online Investing compare on fx spread (aud/usd)?
Interactive Brokers Australia: 0.00002%. Westpac Online Investing: 0.65%. IB's FX is effectively free; Westpac's 0.65% spread adds $65 per $10,000 converted.
When is Interactive Brokers Australia the better choice over Westpac Online Investing?
Pick Interactive Brokers Australia if you trade frequently on ASX and want brokerage as low as $6 or 0.08% — far cheaper than Westpac's 0.11% above $28,000; you want to invest in US stocks with $1 minimum brokerage and near-zero FX spreads (0.00002% vs Westpac's 0.65%); you need access to 30+ global markets from one account, including Canada, Europe, Japan and emerging markets; or you want to automate investing with auto-invest / DCA across multiple securities.
When is Westpac Online Investing the better choice over Interactive Brokers Australia?
Pick Westpac Online Investing if you want true CHESS sponsorship with your own HIN, so your ASX holdings are directly registered in your name; you're a Westpac banking customer and want seamless transfers and same-day settlement between your transaction account and broker; you want to invest in managed funds or participate in ASX IPOs — neither of which IB offers; or you want a simple, familiar interface without the complexity of IB's professional-grade trading platform.
Interactive Brokers Australia or Westpac Online Investing — what's the verdict?
Pick Interactive Brokers for low-cost global trading and automation; pick Westpac for simple, CHESS-sponsored ASX investing with your own HIN.
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 | Interactive Brokers Australia | Westpac Online Investing |
|---|---|---|
| account structure | ||
| CHESS sponsorship model | custodian | chess |
| Individual HIN | No | Yes |
| Individual account | Yes | Yes |
| Joint account | Yes | Yes |
| Company account | Yes | Yes |
| Trust account | Yes | Yes |
| SMSF account | Yes | Yes |
| Kids / minor account | No | 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 | US, Canada, UK, Ireland, Germany, France, Netherlands, Belgium, Spain, Italy, Switzerland, Austria, Sweden, Norway, Denmark, Finland, Poland, Czechia, Hungary, Israel, Hong Kong, Japan, Singapore, China (Stock Connect), South Korea, India, Indonesia, Thailand, Malaysia, Australia, New Zealand, South Africa, Mexico | 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) | Yes | No |
| Options trading | Yes | Yes |
| CFDs supported | Yes | No |
| Managed funds | No | Yes |
| Bonds supported | Yes | Yes |
| IPO access | No | Yes |
| costs hidden | ||
| FX spread (AUD/USD) | 0.002% | 65% |
| FX spread (other currencies) | 0.002% | 65% |
| Holds USD account | Yes | Yes |
| FX currency switch trick | No | — |
| Market data fees | — | $0/month |
| Conditional order fees | $0 | $0 |
| Phone trade surcharge | — | $50 |
| Corporate action fees | Corporate action processing is generally fee-free for standard events (dividends, splits, mergers). Some voluntary corporate actions and ADR pass-through fees apply per the published fee schedule. Mandatory reorganisations are processed at no charge. | 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 | $6 | $4.95 |
| ASX brokerage percentage | 0.08% | 11% |
| ASX brokerage threshold | — | $28,000 |
| ASX free trade conditions | — | 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$1 | US$4.95 |
| US brokerage percentage | 0.05% | 11% |
| Monthly platform fee | $0/month | $0/month |
| Annual platform fee | $0/year | $0/year |
| Inactivity fee | $0 | $0 |
| Withdrawal fee (AUD) | $0 | $0 |
| Off-market transfer fee | $0 | $50 |
| identity and trust | ||
| Legal entity name | Interactive Brokers Australia Pty Ltd | Australian Investment Exchange Limited (AUSIEX); Westpac Securities Limited issues the branded service |
| AFSL number | 453,554 | 241,400 |
| Year founded | 1,978 | 2,010 |
| Parent / ownership | Interactive Brokers Group, Inc. (NASDAQ: IBKR) | 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 | $0 | $500 |
| Minimum subsequent purchase | $0 | $0 |
| Deposit methods | Bank transfer (EFT), BPAY, International wire (SWIFT) | 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 equities | T+2 (ASX), T+1 (US) |
| Withdrawal time | 1-3 business days for AUD EFT; same day possible for AUD instant transfers within Australia | 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 | Yes | No |
| Free real-time market data | No | Yes |
| Free research reports | Yes | Yes |
| 2FA support | authenticator app | SMS + authenticator app |
| Customer support channels | phone, email, live chat, in-app secure message | phone, email, live chat, in-app |
| Support hours (AU time) | 24 hours, Monday to Friday (Sydney) — local AU phone support during business hours; global desks cover overnight | 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 | video + courses | structured courses |
| tax and reporting | ||
| Australian tax statement | Yes | Yes |
| Distribution component breakdown | No | 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 | multiple | none |
| DRP (dividend reinvestment) | No | Yes |
| After-hours / overnight trading | Yes | No |