Share Trading comparison
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.
Choose
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
- ›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
Choose
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
- ›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 |
Verdict
Choose CMC Invest for low-cost, automated investing; choose Westpac if you're a larger trader already in the Westpac ecosystem.
Cost calculator
What would CMC Invest vs Westpac Online Investing actually cost you?
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 |