Share Trading comparison
Pearler vs Westpac Online Investing
Pearler and Westpac Online Investing sit at opposite ends of the brokerage spectrum. Pearler is a modern, community-driven platform built for long-term, hands-off investors who want auto-invest and fractional US shares. Westpac is a full-service bank-backed broker with rock-bottom ASX brokerage, CHESS sponsorship, and access to 18 global markets — but it lacks the automation features that make Pearler popular.
Choose
Pearler
if…
- ›You want to automate your investing with recurring buys and portfolio rebalancing — Pearler's auto-invest is its standout feature
- ›You want fractional shares on US stocks so you can buy high-priced names like Amazon or Google with as little as a few dollars
- ›You prefer a fee structure with zero account, inactivity, withdrawal, or transfer fees — and a tiny 0.005% FX spread
- ›You're a first-time investor who values the community features, video education, and a mobile-first experience
Choose
Westpac Online Investing
if…
- ›You want the lowest ASX brokerage available — Westpac's $4.95 minimum undercuts Pearler's $6.50, and drops further at higher trade values
- ›You trade international markets beyond the US — Westpac covers 18 countries including the UK, Europe, Hong Kong and Singapore
- ›You need options trading, stop-loss orders, conditional orders, or IPO access — advanced order types Westpac offers that Pearler doesn't
- ›You want a CHESS-sponsored HIN with full direct ownership of your ASX holdings — Westpac is pure CHESS, while Pearler uses a mixed model
- ›You value integrated bank-grade research, real-time market data, and the convenience of a Westpac-linked Cash Investment Account
Where they differ
| Fact | Pearler | Westpac Online Investing |
|---|---|---|
| ASX brokerage minimum | $6.50 | $4.95 (with linked Westpac account) |
| CHESS sponsorship model | Mixed (CHESS + custodian) | Full CHESS sponsorship |
| FX spread (AUD/USD) | 0.005% | 0.65% |
| Auto-invest / DCA | Yes, with rebalancing | Not available |
| International markets | US only | 18 countries including US, UK, Europe and Asia |
Verdict
Choose Pearler for set-and-forget investing and low FX; choose Westpac for cheaper ASX trades, CHESS ownership, and global market access.
Cost calculator
What would Pearler 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 | Pearler | Westpac Online Investing |
|---|---|---|
| account structure | ||
| CHESS sponsorship model | mixed | 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 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 | No | Yes |
| CFDs supported | No | No |
| Managed funds | Yes | Yes |
| Bonds supported | No | Yes |
| IPO access | No | Yes |
| costs hidden | ||
| FX spread (AUD/USD) | 0.5% | 65% |
| FX spread (other currencies) | — | 65% |
| Holds USD account | No | Yes |
| FX currency switch trick | No | — |
| Market data fees | $0/month | $0/month |
| Conditional order fees | — | $0 |
| Phone trade surcharge | — | $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 | $6.5 | $4.95 |
| ASX brokerage percentage | — | 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$6.5 | US$4.95 |
| US brokerage percentage | — | 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 | Pearler Investments Pty Ltd | Australian Investment Exchange Limited (AUSIEX); Westpac Securities Limited issues the branded service |
| AFSL number | 337,927 | 241,400 |
| Year founded | 2,018 | 2,010 |
| Parent / ownership | Privately held (founder-led); backed by investors including AfterWork Ventures | 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 | private | public |
| money movement | ||
| Minimum initial deposit | $500 | $500 |
| Minimum subsequent purchase | $0 | $0 |
| Deposit methods | PayID, Osko, Bank transfer, PayTo (direct debit replacement) | Westpac Cash Investment Account (linked), External bank Direct Credit, BPAY, Internal transfer between Westpac accounts |
| Settlement period | T+2 (ASX), T+1 (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 | No | No |
| Demo account | No | No |
| Free real-time market data | No | Yes |
| Free research reports | No | Yes |
| 2FA support | authenticator_app | SMS + authenticator app |
| Customer support channels | email, phone, in-app | phone, email, live chat, in-app |
| Support hours (AU time) | Mon-Fri 9am-5pm AET | 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_and_courses | structured courses |
| tax and reporting | ||
| Australian tax statement | Yes | Yes |
| Distribution component breakdown | Yes | No |
| CGT calculator / report | No | Yes |
| Sharesight / Navexa integration | Yes | Yes |
| trading mechanics | ||
| Market orders | Yes | Yes |
| Limit orders | Yes | Yes |
| Stop loss orders | No | Yes |
| Conditional orders | No | Yes |
| Auto-invest / DCA | Yes | No |
| Auto-invest sophistication | rebalancing | none |
| DRP (dividend reinvestment) | Yes | Yes |
| After-hours / overnight trading | No | No |