CMC Invest vs Westpac: share trading platforms
Choosing between a global brokerage and one of Australia’s Big Four banks is a major money move for new investors.
On one side is CMC Invest, a listed global trading specialist. Its stockbroking arm, CMC Invest, has built a following with its aggressive pricing and wide range of products.
CMC Invest was a standout in the 2025 Mozo Experts Choice Awards for Online Share Trading , earning the Highly Commended Online Share Trading accolade, as well as wins in both the Regular Investor and Active Trader categories. This is the fourth consecutive year that the platform has been recognised by Mozo as a leading provider.
Alternatively, you have Westpac Online Share Trading, which offers integrated banking and investing for existing Westpac customers, plus access to a broad selection of markets.
This comparison looks at how the two online share trading platforms stack up and which one may be a better fit for a beginner investor.
CMC Invest vs Westpac: side by side
Here’s a quick look at the features and fees that matter most. Always confirm the latest details directly with each provider.
| Feature | CMC Invest | Westpac Online Share Trading |
|---|---|---|
|
Best-case brokerage (ASX)
|
$0 brokerage for the first buy of each Australian stock or ETF under $1,000 per day
|
$4.95 for trades up to $1,000 when settled through a Westpac Cash Investment Account
|
|
Standard brokerage (ASX)
|
$11 or 0.11% (whichever is higher) for trades over $1,000, or subsequent trades under $1,000 on the same day
|
Tiered: $9.95 (>$1,000–$3,000), $19.95 (>$3,000–$10,000), $29.95 (>$10,000–$28,000), 0.11% (>$28,000) when settled from a Westpac Cash Investment or Investment Loan account. Otherwise, the greater of $29.95 or 0.29%.
|
|
International brokerage
|
$0 brokerage on US, UK, Canada and Japan shares
$59 or 0.59% (whichever is greater) for other international markets FX spread of 0.60% applies to all international trades. |
USD $4.95 or 0.11% (whichever is greater) for an AUD wallet
0.65% foreign exchange fee applies Other international markets have other fees in respective currencies |
|
International markets
|
15
|
19
|
|
Asset ownership
|
CHESS-sponsored for Australian shares
|
CHESS-sponsored for Australian shares
|
|
Beginner-friendly product
|
Knowledge Hub and webinars
|
Education hub, environmental, social, and governance (ESG) risk ratings
|
|
Platform/app ratings
|
App Store: 4.6
Google Play: 4.5 |
App Store: 4.7
Google Play: 1.7 |
|
Minimum deposit/investment
|
$0 to open an account. Minimum $500 for the first purchase of any ASX-listed stock or ETF.
|
$0 to open an account. Minimum $500 for the first purchase of any ASX-listed stock or ETF.
|
Brokerage fees and cost structures
CMC and Westpac have different approaches to brokerage fees. Westpac’s entry-level fee is $4.95 for trades up to $1,000, but this low price is only available if you use a Westpac Cash Investment Account to settle the trade. This may be an attractive feature for current Westpac customers who want to keep their banking and investing consolidated in one place.
In contrast, CMC offers $0 brokerage on the first trade of the day for any Australian stock or ETF under $1,000. This makes it a cheaper option for new investors who plan to make small, regular purchases.
Ultimately, the choice comes down to convenience versus cost. While CMC might save you a few dollars per trade, the simplicity of keeping all accounts with Westpac may appeal to those who are already Westpac customers.
Platform features, usability and investment options
Both platforms give CHESS-sponsored ownership of Australian shares, ensuring security and transparency.
However, they differ in scope. Westpac offers access to over 15,000 investment options across 19 international markets, including shares, ETFs, and bonds. Alternatively, CMC covers 15 international markets.
Education and support
- Westpac has a straightforward education hub covering topics like “Investing for beginners” and “What are ETFs?”. It also offers environmental, social, and governance (ESG) risk ratings for those interested in sustainable investing.
- CMC Invest includes a Knowledge Hub with helpful guides and webinars.
Verdict: which platform suits you?
The better choice depends on your goals and circumstances.
- For Westpac customers: Westpac Online Share Trading makes sense if you already bank with Westpac. The integrated ecosystem and low-cost entry point for small trades settled from a Westpac Cash Investment Account are appealing.
- For cost-conscious beginners: CMC is stronger for small, regular trades thanks to its $0 daily buy under $1,000.
- For aspiring global investors: Both platforms offer broad international access.
The bottom line: Westpac works well for convenience and integration, while CMC may be the better fit if low brokerage and advanced tools are your priority.
Note: The information in this article is correct as at 18 September, 2025.