Westpac launches online broking service

Westpac Banking Coporation today officially launches its online broking service, Westpac Broking. The new service executes share trades over the internet at a flat rate of $28 up to $15,000 and at 0.2% above this level.

The service is competitively priced and undercuts the current two major players at the lowest brokerage range for online share trades, Comsec ($29 up to $10,000) and ANZ Etrade ($39.50 up to $40,000, $29.50 for frequent traders).

The battle to be named the cheapest online broker has become somewhat cloudy as some brokers require members to pay a monthly subscription for to access to trading tools and research services, while others offer cheaper brokerage rates for say more than 10 trades per month.

To calculate the brokerage charged by a broad range of online brokers, go to the calculator at www.brokerchoice.com.au.

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