Share Trading comparison
IG Australia vs Westpac Online Investing
The biggest practical difference between IG Australia and Westpac Online Investing is ownership structure. IG is a custodian model — you don't get a HIN and IG holds your ASX shares in its nominee. Westpac is CHESS-sponsored, so you get your own HIN and shares are registered directly on the ASX settlement system. That distinction drives most of the other differences in fees, features and flexibility.
Choose
IG Australia
if…
- ›You want zero brokerage on ASX trades — IG charges $0 commission on all ASX shares and ETFs with no minimum trade count (though a 0.25% p.a. platform fee applies on holdings).
- ›You trade US stocks frequently and want near-zero FX costs — IG's FX spread is just 0.007% vs Westpac's 0.65%.
- ›You want to start trading with no minimum deposit and fund your account via PayPal, Apple Pay or credit card.
- ›You need a demo account to practice before committing real money.
- ›You trade after hours or want access to CFDs alongside your share portfolio.
Choose
Westpac Online Investing
if…
- ›You want your ASX holdings under your own HIN with direct CHESS sponsorship — Westpac gives you individual ownership on the ASX register.
- ›You want dividend reinvestment (DRP) — IG doesn't offer it, Westpac does.
- ›You trade international stocks beyond the US — Westpac covers 18 markets including Canada, Europe and Hong Kong.
- ›You want options trading, managed funds or bonds — Westpac supports all three; IG doesn't.
- ›You're already a Westpac customer and want same-day transfers between your bank and brokerage accounts.
Where they differ
| Fact | IG Australia | Westpac Online Investing |
|---|---|---|
| ASX brokerage | $0 flat | $4.95 minimum (0.11% over $28k) |
| FX spread (AUD/USD) | 0.007% | 0.65% |
| CHESS sponsorship | Custodian (no HIN) | CHESS-sponsored (individual HIN) |
| Markets available | AU, US, UK, Germany, Ireland | AU, US, plus 16 other markets across Europe and Asia |
| Minimum initial deposit | $0 | $500 |
Verdict
Choose IG for low-cost, frequent trading and US exposure; choose Westpac for CHESS ownership, DRP and broader market access.
Cost calculator
What would IG Australia 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 | IG 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 | — | 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, Germany, Ireland | 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 | No | Yes |
| CFDs supported | Yes | No |
| Managed funds | No | Yes |
| Bonds supported | No | Yes |
| IPO access | Yes | Yes |
| costs hidden | ||
| FX spread (AUD/USD) | 0.7% | 65% |
| FX spread (other currencies) | 0.7% | 65% |
| Holds USD account | Yes | Yes |
| Market data fees | $0/month | $0/month |
| Conditional order fees | $0 | $0 |
| Phone trade surcharge | — | $50 |
| Corporate action fees | Corporate actions (dividends, splits, rights issues, takeovers) for shares held in custody are processed by IG via Citicorp Nominees; cash dividends are credited net of withholding to client ledger. SPP/rights elections are limited under the custodial model and detailed fees are disclosed in the IG Share Trading Customer Agreement / FSG. | 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 | $0 | $4.95 |
| ASX brokerage percentage | 0% | 11% |
| ASX brokerage threshold | $10,000 | $28,000 |
| ASX free trade conditions | $0 commission on all ASX shares and ETFs on the IG Share Trading account (no conditions/minimum trade count). A 0.25% p.a. platform fee on holdings value applies; 0.7% FX fee applies to international trades. | 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 | $0 | $0 |
| Withdrawal fee (AUD) | $0 | $0 |
| Off-market transfer fee | — | $50 |
| identity and trust | ||
| Legal entity name | IG Australia Pty Ltd | Australian Investment Exchange Limited (AUSIEX); Westpac Securities Limited issues the branded service |
| AFSL number | 515,106 | 241,400 |
| Year founded | 2,002 | 2,010 |
| Parent / ownership | IG Group Holdings plc (LSE: IGG) | 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 |
| Deposit methods | bank transfer, BPAY, debit card, credit card, PayPal, Apple Pay, Google Pay | 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 | 1-3 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 | 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, social media | phone, email, live chat, in-app |
| Support hours (AU time) | 24/5 Monday to Friday (closed weekends) | 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 |
| CGT calculator / report | Yes | Yes |
| Sharesight / Navexa integration | — | Yes |
| trading mechanics | ||
| Market orders | Yes | Yes |
| Limit orders | Yes | Yes |
| Stop loss orders | Yes | Yes |
| Conditional orders | Yes | Yes |
| Auto-invest / DCA | No | No |
| Auto-invest sophistication | none | none |
| DRP (dividend reinvestment) | No | Yes |
| After-hours / overnight trading | Yes | No |