Share Trading comparison
tastytrade vs Westpac Online Investing
The biggest practical difference is that tastytrade is a US-only platform built for options traders, while Westpac Online Investing is a full-service Australian broker with CHESS sponsorship and ASX trading. If you want to buy and sell Australian shares under your own HIN, tastytrade can't do it — it doesn't support ASX at all. Westpac also gives you access to 18 global markets, whereas tastytrade is limited to US equities, ETFs and options.
Choose
tastytrade
if…
- ›You want a dedicated options-trading platform with advanced tools and zero US brokerage fees
- ›You're comfortable trading on a custodial model (no individual HIN) and don't need ASX shares
- ›You want zero account minimums, no monthly fees, and free real-time US market data
- ›You trade US stocks and options actively and want to avoid per-trade commissions entirely
- ›You want a demo account to practice options strategies before committing real money
Choose
Westpac Online Investing
if…
- ›You trade ASX shares or ETFs and want CHESS sponsorship with your own HIN
- ›You want a single broker for ASX, US, and 16 other international markets
- ›You need SMSF, minor/kids accounts, or managed fund investing — Westpac covers all of them
- ›You want Australian tax statements and dividend reinvestment plans (DRP) for your holdings
- ›You prefer local customer support during Australian business hours and same-day AUD withdrawals
Where they differ
| Fact | tastytrade | Westpac Online Investing |
|---|---|---|
| ASX trading | Not supported | Supported (CHESS-sponsored, own HIN) |
| US brokerage fee | $0 per trade | $4.95 min / 0.11% |
| FX spread on AUD/USD | Not disclosed (USD-native platform) | 0.65% |
| Account types | Individual, joint, company, trust | All of those plus SMSF, kids/minor, and managed funds |
| Customer support hours (AET) | ~10pm-8am AET weekdays (US hours) | 8am-7pm Sydney time weekdays |
Verdict
Choose tastytrade for zero-commission US options trading; choose Westpac if you need ASX shares, CHESS sponsorship, and local support.
Cost calculator
What would tastytrade 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 | tastytrade | 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 | No | Yes |
| Kids / minor account | No | Yes |
| asset coverage | ||
| ASX shares supported | No | Yes |
| ASX ETFs supported | No | 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) | No | No |
| Options trading | Yes | Yes |
| CFDs supported | No | No |
| Managed funds | No | Yes |
| Bonds supported | Yes | Yes |
| IPO access | No | Yes |
| costs hidden | ||
| FX spread (AUD/USD) | — | 65% |
| FX spread (other currencies) | — | 65% |
| Holds USD account | Yes | Yes |
| FX currency switch trick | No | — |
| Market data fees | $0/month | $0/month |
| Conditional order fees | $0 | $0 |
| Phone trade surcharge | — | $50 |
| Corporate action fees | Standard US corporate action processing applies (dividends, splits, mergers). Mandatory corporate actions are processed at no fee; voluntary corporate actions (e.g. tender offers) may incur a fee per tastytrade's fee schedule. | 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 | — | $4.95 |
| ASX brokerage percentage | — | 11% |
| ASX brokerage threshold | — | $28,000 |
| ASX free trade conditions | Not applicable — tastytrade does not offer ASX trading. | 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 |
| Off-market transfer fee | — | $50 |
| identity and trust | ||
| Legal entity name | tastytrade, Inc. | Australian Investment Exchange Limited (AUSIEX); Westpac Securities Limited issues the branded service |
| AFSL number | — | 241,400 |
| Year founded | 2,017 | 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 | US | AU |
| Public company status | public | public |
| money movement | ||
| Minimum initial deposit | $0 | $500 |
| Minimum subsequent purchase | $0 | $0 |
| Deposit methods | international wire (USD), ACH (US only), check (US only) | Westpac Cash Investment Account (linked), External bank Direct Credit, BPAY, Internal transfer between Westpac accounts |
| Settlement period | T+1 (US equities/ETFs, from May 2024) | T+2 (ASX), T+1 (US) |
| Withdrawal time | International wire withdrawals to AU typically 3-5 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 | Yes | Yes |
| Free research reports | No | 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, approx. 7am-5pm US Central Time = approx. 10pm-8am AET (next day). Weekend support limited. No AU business-hours coverage. | 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 | No | 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 | No | No |
| Auto-invest sophistication | none | none |
| DRP (dividend reinvestment) | No | Yes |
| After-hours / overnight trading | Yes | No |