Share Trading comparison
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.
Choose
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
- ›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
Choose
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
- ›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 |
Verdict
Pick Interactive Brokers for low-cost global trading and automation; pick Westpac for simple, CHESS-sponsored ASX investing with your own HIN.
Cost calculator
What would Interactive Brokers Australia vs Westpac Online Investing actually cost you?
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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 |
Visit
Interactive Brokers Australia
www.interactivebrokers.com.au
Visit
Westpac Online Investing
www.westpac.com.au