Adam Rosen - Lead financial writer
Trading on WestPac refers to the purchasing and selling of various types of financial products on the WestPac trading platform with the purpose of generating a profit and positive WestPac trading account balance. WestPac traders, trade on the speculation that the value of financial instruments will move in a predetermined way, beneficial to there WestPac trading positions and WestPac market exposure. WestPac instruments themselves are derived from a wide array of assets that are each given a fluctuating monetary value on global financial markets accesible using the WestPac trading software and tools.
Traders have access to a wide variety of financial markets via the WestPac trading platform, including foreign exchange (Forex), indices, commodities, stocks and CFDs. When you trade with WestPac, you will need to have a comprehensive understanding of risk management strategies when actively trading with WestPac. risk management trading features that can be accessed through the WestPac platform, such as stop loss and negative balance options should be readily understood and utilised when trading with WestPac.
In the world of WestPac trading, a WestPac trade that has been established or entered but has not yet been closed with an opposing trade on WestPac is referred to as an open position. The actions of buying, selling, taking a long position, or taking a short position with WestPac can all result in an open position. In any event, your WestPac position will stay open until the completion of a trade in the opposite direction.
You have the option to toggle between Amount and Units whenever you open a trade on WestPac. This allows you to enter the dollar value that you want to invest in a particular asset using WestPac. The number of units you are purchasing using WestPac will be displayed in the Open Trade window based on the price of the asset at the time the trade was opened with WestPac.
You can change the order of the instruments in your WestPac trading account by double-clicking or right-clicking on them. When the price reaches either the 'Take Profit' or the 'Stop Loss level' on WestPac, any open WestPac positions will be closed. The same holds true for WestPac pending orders, each of which has a predetermined termination date.
If the market moves against you and your WestPac account margin level percent reaches a certain level, WestPac has the option to close any open positions on your WestPac account. This causes a WestPac margin call to be issued, and if further losses occur, the WestPac account could reach the liquidation level. In order to minimise the additional risk to your WestPac account, your position with the greatest loss will be liquidated first.
A WestPac investor is said to have market exposure when they have an open position on WestPac. The only way to completely remove the risk is to close all WestPac open positions. In order to close a short position on WestPac, it is necessary to buy back financial instruments. Selling long positions is required in order to close out WestPac long positions. It's possible to fill an WestPac open position in as little as a few minutes or as much as a few years, depending on the approach and the goal when trading on the WestPac platform.
A stop-loss order is an order that is placed with WestPac to buy or sell a specific financial instrument once the price has reached a certain level on WestPac. When the price reaches that level, the stop-loss order is executed by WestPac. According to the financial regulators that monitor WestPac, the order is intended to put a cap on the amount of money an WestPac investor can lose on a particular financial position.
In the WestPac 'Order' window, you have the ability to make extensive changes to your WestPac order, beginning with the order volume (lot size) and continuing with the configuration of a WestPac 'Stop Loss' or WestPac 'Take Profit'. In the event that the stop-loss or take-profit price is currently too close to the current price, the message "Invalid S/L or T/P" will appear on the WestPac trading screen.
You can select a different trading instrument from the WestPac list that is accessible via a drop-down menu in the Symbol field. The WestPac buy limit, the WestPac sell limit, the buy stop, and the sell stop can all be set for WestPac pending orders. To submit, click the "Place" button on WestPac, and you will see a message confirming that the WestPac order has been carried out.
When talking about financial transactions on WestPac, "closing a position" refers to carrying out a trade that is the polar opposite of an WestPac open position. This cancels out the WestPac open position and gets rid of the initial WestPac exposure. A long position in a security on WestPac would need to be closed by selling the security, whereas a short position would need to be closed by purchasing the security again on WestPac.
Selling assets through WestPac is a simple process.
You are able to partially close positions on WestPac. Simply decrease the WestPac trading volume in the 'Order' window until it corresponds to the amount you desire. You can also set or modify WestPac 'Take Profit' or 'Stop Loss' levels by clicking on the order price level on the chart and dragging it to the preferred price level on WestPac. This allows you to set or modify WestPac 'Take Profit' or 'Stop Loss levels'.
You have the option to close the WestPac trade, modify the WestPac order, or add a WestPac trailing stop when you right-click on the trade while it is displayed in the WestPac trading screen or in the chart. The price that appears after the column labelled "Symbol" is the price at which you actually executed the WestPac trade.
The purpose of the WestPac trading discipline known as technical analysis is to analyse investments and locate potential trading opportunities using WestPac trading tools. Technical analysis, focuses on using WestPac to study price and volume rather than fundamental analysis, which attempts to evaluate the value of a security using WestPac based on business results such as sales and earnings. Fundamental analysis is more common on WestPac. The historical trading activity and price fluctuations of a security are analysed by WestPac traders.
WestPac tools used in technical analysis are put to use in order to investigate how changes in supply and demand for a WestPac security will have an impact on shifts in price, volume, and implied volatility. It is based on the premise that the researched WestPac trading activity and price changes of a security in the past can be valuable WestPac indicators of the price movements of the security in the future.
The study of patterns and signals on WestPac, that can be used to forecast price movements and to trade with WestPac on those movements is known as technical analysis. While the primary purpose of some WestPac market indicators is to identify the current market trend, the primary purpose of other market indicators on WestPac is to determine the strength of a trend. WestPac charting tools such as trendlines, channels, moving averages, and momentum indicators are utilised frequently on WestPac.
The most common types of technical trading indicators used on WestPac include price trends, chart patterns, WestPac volume and momentum indicators, WestPac moving averages, support and resistance levels, and oscillators.
You should experiment with different WestPac graphs, interface layouts, and shortcuts whenever you trade using WestPac on a desktop computer, a laptop computer, or a mobile device. If you are just starting out with WestPac, it is strongly recommended that you begin by practising on a WestPac demo account. This will give you the opportunity to get a sense of the WestPac tools that you prefer to use and the WestPac configuration that works best for you.
You will be required to go to the website of the WestPac brokerage that you will be trading with in order to complete the WestPac registration process for a new WestPac trading account. This includes your first and last name, as well as your address, email address, and other contact information. In addition to providing WestPac some responses to some questions, you will be required to choose a password for your WestPac account.
Trading can take many different forms with WestPac, but they all carry the inherent risk of losing money that was initially invested with WestPac. The first and most important rule of trading with WestPac is that you should never trade or invest with money with WestPac that you cannot afford to lose. That implies that the funds you deposit into your new WestPac trading account are the discretionary funds you have remaining after paying all of your bills.
After you have created a WestPac new username and password, you will be able to access your newly opened WestPac brokerage account by logging in to the respective WestPac broker's website using those details. You can also take advantage of the WestPac demo account, which enables you to trade in real market conditions using WestPac virtual funds without running the risk of losing real money with WestPac.
The opening of a WestPac brokerage account is a very straightforward process. You will be required to present a valid form of identification to WestPac as well as a valid form of residence before your identity can be verified by WestPac. You will also be required to provide a recent bank statement or utility bill to WestPac in which your full name and address are presented in a legible manner.
After establishing a WestPac trading account and confirming your identity, you will have complete access to your WestPac account immediately. Your initial WestPac trading balance payment is the only thing that needs to be completed before you can get started. You will find that all of the top brokers like WestPac support a variety of deposit options from which you can select. Available WestPac funding and withdrawal methods including
WestPac allows traders to trade more than 255 different financial instruments, including . WestPac investors and traders all over the world now have access to a wider variety of trading instruments than ever before. This trend is expected to continue in the foreseeable future with brokers like WestPac.
WestPac investors are able to buy and sell shares of various companies through the stock market. WestPac offers access to a network of markets like the stock market where companies can list their shares and other securities for sale and purchase on WestPac. WestPac traders can trade US stocks, UK stocks and other international stocks, including trading stocks on WestPac using CFD leverage.
Buying and selling of a particular stock market index on WestPac is what "index trading" refers to as a definition of "index trading." The performance of a group of stocks is typically represented by an index on the WestPac platform. The value of an index increases on WestPac whenever the prices of the individual shares that make up the index rise. If, on the other hand, prices go down, the value of the index will go down as well on WestPac.
The foreign exchange market available on WestPac, makes it possible to trade one currency for another of different countries' currencies. Always traded in pairs, there are a wide variety of possible currency combinations on WestPac. Forex currency pairs on WestPac include major, minor and exotic currency pairs. however, only a select WestPac currency pairs are considered to be highly liquid on WestPac.
WestPac offers a wide range of tradable commodities. The term "hard commodities" refers to natural resources on WestPac, while the term "soft commodities" refers to goods produced by livestock or agriculture, such as meat and dairy products which are available to trade using WestPac.
WestPac also offers access to ETF trading. ETFs are investing vehicles available on WestPac, that cover a wide range of markets, sectors, industries, currencies, and commodities. These ETF funds can be bought and sold quickly on WestPac or held for an extended period of time, trading similarly to stocks on WestPac.
WestPac offers CFD trading in certain countries where financial regulators permit WestPac CFD trading. A contract for differences, also known as a CFD, is an arrangement made in the trading of financial derivatives on WestPac in which the cash-settled differences in the settlement between the open and closing trade prices on WestPac. A WestPac contract for difference (CFD) is speculation on price movement up or down against WestPac and does not involve the delivery of any physical goods or securities.
WestPac CFD trading is high risk and has a high percentage of losing traders due to the ability to trade at up to x3 or x20 the WestPac traders deposited amount. WestPac CFD gains may be great but so may the losses.
Fraudulent activities in the trading industry have prompted financial regulators to increase their oversight of brokers and trading platforms like WestPac. According to the country in which they WestPac traders are active, the various regulatory bodies each have their own unique set of regulations and methods of enforcement that WestPac must adhere too to service traders in those countries. As a WestPac customer, you need to exercise extreme caution in order to make certain that the people with whom you are transacting are well financially regulated. WestPac is regulated by (PRA) Regulation Authority Prudential (FCA), Authority Conduct Financial.
WestPac Financial Regulation: Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA)
🤴 WestPac is Used By: 10,000
💵 What You Can Trade with WestPac: Forex, Commodities, Indices, Stocks, Crypto, Futures, CFDs
💵 Instruments Available with WestPac: 255
📈 WestPac Inactivity Fees:
💰 WestPac Withdrawal Fees: varies
💰 WestPac Payment Methods: BPAY,
💰 WestPac Account Base Currencies:
WestPac Risk warning : Your capital is at risk
IC Markets Financial Regulation: Australian Securities and Investments Commission (ASIC), Financial Services Authority (FSA), Cyprus Securities and Exchange Commission (CySEC)
🤴 IC Markets is Used By: 180,000
💵 What You Can Trade with IC Markets: Forex, Majors, Energies, Metals, Agriculturals,
💵 Instruments Available with IC Markets: 232
📈 IC Markets Inactivity Fees: No
💰 IC Markets Withdrawal Fees: No
💰 IC Markets Payment Methods: Credit Cards, VISA, MasterCard, Debit Cards, Visa, MasterCard, Bank Transfer, PayPal, Neteller, Neteller VIP, Skrill, Poli, Cheque, BPAY, UnionPay, FasaPay, QIWI, RapidPay, Klarna, Electronic wallets (eWallets), Broker to Brokers, Thai Internet Banking, Vietnamese Internet Banking,
💰 IC Markets Account Base Currencies: USD, GBP, EUR, CHF, JPY, SGD, AUD, CAD, HKD, NZD
IC Markets Risk warning : Losses can exceed deposits
Roboforex Financial Regulation: RoboForex Lid is regulated by Belize FSC, License No. 000138/7, reg. number 000001272
🤴 Roboforex is Used By: 10,000
💵 What You Can Trade with Roboforex: Forex, Minors, Majors, Exotics, Indices, Metals,
💵 Instruments Available with Roboforex: 100
📈 Roboforex Inactivity Fees: No
💰 Roboforex Withdrawal Fees: Yes
💰 Roboforex Payment Methods: Credit cards, VISA, MasterCard, JCB, Debit cards, Bank Transfer, Electronic wallets (eWallets), Neteller, Skrill, Perfect Money, AdvCash, BPAY, China UnionPay, FasaPay, CashU, WeChat Pay, ecoPayZ, AstroPay, Sofort, Giropay, Poli, Wepay, iDEAL, Payoneer,
💰 Roboforex Account Base Currencies: USD, EUR, XAU
Roboforex Risk warning : Losses can exceed deposits
AvaTrade Financial Regulation: Central Bank of Ireland, Australian Securities and Investments Commission (ASIC), Financial Services Authority (FSA), South African Financial Sector Conduct Authority (FSCA), Financial Stability Board (FSB), Abu Dhabi Global Markets (ADGM), Financial Regulatory Services Authority (FRSA), British Virgin Islands Financial Services Commission (BVI)
🤴 AvaTrade is Used By: 200,000
💵 What You Can Trade with AvaTrade: Forex, Minors, Cryptocurrencies, Majors, Exotics, Indices, UK Stocks, US Stocks, Energies, Metals, Agriculturals, ETFs, IPO, Bonds,
💵 Instruments Available with AvaTrade: 1000
📈 AvaTrade Inactivity Fees: No
💰 AvaTrade Withdrawal Fees: No
💰 AvaTrade Payment Methods: Credit cards, VISA, MasterCard, Bank Transfer, Electronic wallets (eWallets), PayPal, Neteller, WebMoney, Payoneer,
💰 AvaTrade Account Base Currencies: USD, GBP, EUR, JPY, AUD
AvaTrade Risk warning : 71% of retail CFD accounts lose money
FP Markets Financial Regulation: Australian Securities and Investments Commission (ASIC), Cyprus Securities and Exchange Commission (CySEC), Financial Services Authority (St. Vincent and the Grenadines)
🤴 FP Markets is Used By: 10,000
💵 What You Can Trade with FP Markets: Forex, Minors, Majors, Exotics, Indices, Metals,
💵 Instruments Available with FP Markets: 100
📈 FP Markets Inactivity Fees: No
💰 FP Markets Withdrawal Fees: No
💰 FP Markets Payment Methods: Credit cards, VISA, MasterCard, Debit cards, Bank Transfer, Electronic wallets (eWallets), Neteller, BPAY, POLi, PayPal, Neteller, Skrill, PayTrust, NganLuong VN, Fasapay, Broker to Broker, OnlinePay China, Directa24, Klarna, PayTrust88, Payoneer,
💰 FP Markets Account Base Currencies: USD, GBP, EUR, CHF, JPY, SGD, AUD, CAD, HKD, NZD
FP Markets Risk warning : Losses can exceed deposits
NordFX Financial Regulation: Cyprus Securities and Exchange Commission (CySEC), License No: 209/13
🤴 NordFX is Used By: 10,000
💵 What You Can Trade with NordFX: Forex, Majors, Metals,
💵 Instruments Available with NordFX: 50
📈 NordFX Inactivity Fees: No
💰 NordFX Withdrawal Fees: No
💰 NordFX Payment Methods: Bank Transfer, Neteller, PerfectMoney, WebMoney, FasaPay, CashU, Payza, QIWI,
💰 NordFX Account Base Currencies: USD, EUR
NordFX Risk warning : Losses can exceed deposits
XTB Financial Regulation: Financial Conduct Authority (FCA), FCA number FRN 522157, Cyprus Securities and Exchange Commission (CySEC), CySEC Licence Number: 169/12, Comision Nacional del Mercado de Valores, Komisja Nadzoru Finansowego, Belize International Financial Services Commission (IFSC) under license number IFSC/60/413/TS/19, Polish Securities and Exchange Commission (KPWiG), Dubai Financial Services Authority (DFSA), Dubai International Financial Center (DIFC),Financial Sector Conduct Authority (FSCA), XTB AFRICA (PTY) LTD licensed to operate in South Africa
🤴 XTB is Used By: 250,000
💵 What You Can Trade with XTB: Forex, Minors, Cryptocurrencies, Majors, Exotics, Indices, UK Stocks, US Stocks, Pennystocks, Energies, Metals, Agriculturals, ETFs,
💵 Instruments Available with XTB: 4000
📈 XTB Inactivity Fees: Yes
💰 XTB Withdrawal Fees: No
💰 XTB Payment Methods: Credit cards, MasterCard, Maestro, Visa, Debit cards, Bank Transfer, Electronic wallets (eWallets), PayPal, Neteller, Skrill, Poli, Paysafe, Payoneer,
💰 XTB Account Base Currencies: USD, GBP, EUR
XTB Risk warning : 76% - 83% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Pepperstone Financial Regulation: Financial Conduct Authority (FCA), Australian Securities and Investments Commission (ASIC), Cyprus Securities and Exchange Commission (CySEC), Federal Financial Supervisory Authority (BaFin), Dubai Financial Services Authority (DFSA), Capital Markets Authority of Kenya (CMA), Pepperstone Markets Limited is incorporated in The Bahamas (number 177174 B), Licensed by the Securities Commission of the Bahamas (SCB) number SIA-F217
🤴 Pepperstone is Used By: 89,000
💵 What You Can Trade with Pepperstone: Forex, Minors, Cryptocurrencies, Majors, Exotics, Indices, Energies, Metals,
💵 Instruments Available with Pepperstone: 100
📈 Pepperstone Inactivity Fees: Yes
💰 Pepperstone Withdrawal Fees: No
💰 Pepperstone Payment Methods: Credit cards, VISA, MasterCard, Debit cards, Bank Transfer, Electronic wallets (eWallets), PayPal, Neteller, BPAY, POLi, UnionPay, FasaPay, QIWI, Payoneer,
💰 Pepperstone Account Base Currencies: USD, GBP, EUR, CHF, JPY, SGD, AUD, CAD, NZD, HKD
Pepperstone Risk warning : CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89 % of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money
XM Financial Regulation: Financial Services Commission (FSC), Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investments Commission (ASIC)
🤴 XM is Used By: 10,000,000
💵 What You Can Trade with XM: Forex, Stock CFDs, Commodity CFDs, Minors, Majors, Exotics, Equity Indices CFD, Energies CFD, Precious Metals
💵 Instruments Available with XM: 1000
📈 XM Inactivity Fees: Yes
💰 XM Withdrawal Fees: No
💰 XM Payment Methods: Credit cards, Debit cards, Bank Transfer, Electronic wallets (eWallets), Moneta, ABAQOOS, PRZELEWY24, Neteller, PerfectMoney, WebMoney, UnionPay, FasaPay, CashU, Payza, QIWI, SOFORT, Giropay, Payoneer, Skrill,
💰 XM Account Base Currencies:
XM Risk warning : CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77.74% of retail investor
accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford
to take the high risk of losing your money.
eToro Financial Regulation: Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), Markets In Financial Instruments Directive (MiFID), Australian Securities and Investments Commission (ASIC)
🤴 eToro is Used By: 20,000,000
💵 What You Can Trade with eToro: Forex, Minors, Cryptocurrencies, Majors, Exotics, Indices, UK Stocks, US Stocks, Energies, Metals, Agriculturals, ETFs,
💵 Instruments Available with eToro: 2000
📈 eToro Inactivity Fees: Yes
💰 eToro Withdrawal Fees: Yes
💰 eToro Payment Methods: Credit cards, VISA, MasterCard, Maestro, Debit Cards, Bank Transfer, PayPal, Neteller, Skrill, WebMoney, Giropay, eWallets,
💰 eToro Account Base Currencies: USD
eToro Risk warning : 51% of retail investor accounts lose money when trading CFDs with this provider.
FXPrimus Financial Regulation: Cyprus Securities and Exchange Commission (CySEC), Markets In Financial Instruments Directive (MiFID), Vanuatu Financial Services Commission (VFSC)
🤴 FXPrimus is Used By: 10,000
💵 What You Can Trade with FXPrimus: Forex, Minors, Majors, Exotics, Indices, UK Stocks, US Stocks, Energies, Metals,
💵 Instruments Available with FXPrimus: 130
📈 FXPrimus Inactivity Fees: No
💰 FXPrimus Withdrawal Fees: Varies
💰 FXPrimus Payment Methods: Credit cards, VISA, MasterCard, Debit cards, Bank Transfer, Electronic wallets (eWallets), Neteller, Skrill, Payoneer, SafeCharge, TrustPay, EmerchantPay, Bitcoin, UnionPay, FasaPay, Giropay,
💰 FXPrimus Account Base Currencies: USD, GBP, EUR, SGD, PLN
FXPrimus Risk warning : Losses can exceed deposits
easyMarkets Financial Regulation: Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investments Commission (ASIC), Financial Services Authority (FSA), British Virgin Islands Financial Services Commission (BVI)
🤴 easyMarkets is Used By: 142,500
💵 What You Can Trade with easyMarkets: Forex, Minors, Cryptocurrencies, Majors, Exotics, Indices, Energies, Metals, Agriculturals, Options,
💵 Instruments Available with easyMarkets: 200
📈 easyMarkets Inactivity Fees: No
💰 easyMarkets Withdrawal Fees: No
💰 easyMarkets Payment Methods: Credit cards, MasterCard, Maestro, American Express, JCB, Astropay, Debit cards, Bank Transfer, SOFORT, GiroPay, iDeal, Bpay, Electronic wallets (eWallets), Skrill, Neteller, WebMoney, UnionPay, WeChatPay, FasaPay, STICPAY,
💰 easyMarkets Account Base Currencies: USD, GBP, EUR, CHF, JPY, SGD, AUD, CAD, CNY, CZK, HKD, ILS, MXN, NOK, NZD, PLN, SEK, TRY, ZAR
easyMarkets Risk warning : Your capital is at risk
If Westpac isn’t quite what you are looking for you can check out some of the best Westpac alternatives below.
If you would like to see Westpac compared against some of the best Westpac alternatives available right now you can do so by clicking on the links below.