Oanda vs Eightcap
| OANDA Review 2023 | Eightcap Review 2023 |
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4.3
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4.6
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 Traders from US not accepted
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Traders from US not accepted
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OANDA is an award-winning global broker, established in 1996. The hugely respected brand offers competitive trading accounts and serves clients from 196 countries. It has proven a popular option with both beginners and experienced traders thanks to its user-friendly and sophisticated web platform, no minimum deposit and premium currency products and services. The company is also overseen by reputable regulators, including the FCA, ASIC and CIRO. |
Eightcap is a forex and CFD broker founded in Australia in 2009. The brand is popular for its raw spreads on 1000+ instruments and advanced MetaTrader platforms. With five global offices and ASIC regulation, Eightcap has built a strong reputation. New traders can also sign up for a live account in just a few minutes. |
| Comment by Reviewer | |
| "OANDA will serve traders looking for a trustworthy broker with a beginner-friendly platform, best in class research and straightforward account opening. The $0 minimum deposit makes it especially attractive to newer traders and those on a budget." | "Eightcap is good for traders familiar with MT4 and MT5 looking to trade forex and CFDs in a secure environment. The brand is also a great pick for crypto traders with 100+ derivatives, a sophisticated market scanner, plus Bitcoin and Tether deposits." |
| Pros | |
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| Cons | |
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| Awards | |
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| Instruments | |
| Stocks, Spreadbetting, CFD, Forex, Crypto | CFDs, Forex, Stocks, Indices, Commodities, Crypto |
| Demo Account | |
| Yes | Yes |
| Minimum Deposit | |
| $0 | $100 |
| Trading Platforms | |
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| Payment Methods | |
| Minimum Trade | |
| $0 | 0.01 Lots |
| Regulator | |
| FCA, ASIC, MFSA, MAS, CIRO, FFAJ, BVI | FCA, ASIC, CySEC, SCB |
| Margin Trading | |
| Yes | Yes |
| Margin Rate | |
| 2% | |
| STP Account | |
| No | No |
| ECN Account | |
| No | Yes |
| DMA Account | |
| No | No |
| MAM Account | |
| No | Yes |
| PAMM Account | |
| No | No |
| LAMM Account | |
| No | No |
| Demat Account | |
| No | No |
| AI / Machine Learning | |
| No | No |
| Robo Advisor | |
| No | No |
| Negative Balance Protection | |
| Yes | Yes |
| Market Maker | |
| Yes | No |
| P2P Trading | |
| No | No |
| Spot Trading | |
| Yes | Yes |
| Mobile Apps | |
| OANDA Trade, MT4 | iOS & Android |
| Auto Trading | |
| Expert Advisors (EAs) on MetaTrader | Capitalise.ai platform plus Expert Advisors (EAs) on MetaTrader software |
| Copy Trading | |
| No | No |
| Social Trading | |
| No | No |
| Trade Signals | |
| Cryptocrusher - signals for cryptocurrencies | |
| VPS Hosting | |
| No | Yes |
| Tournaments | |
| No | No |
| Demo Competitions | |
| No | No |
| Ethical Investing | |
| No | No |
| Custodial Account | |
| No | No |
| Guaranteed Stop Loss | |
| Yes | No |
| Inactivity Fee | |
| $0 | $0 |
| Islamic Account | |
| No | Yes |
| Account Currencies | |
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| Stock Exchanges | |
| Commodities | |
| CFD Trading | |
| Speculate on popular financial assets covering forex, commodities, indices, metals and bonds. Clients can trade CFDs on the award-winning MT4 platform or the firm's beginner-friendly web trader. | Trade over 800 CFDs on popular indices, shares, forex, cryptos and commodities. Clients get premium liquidity and superior execution with servers in leading data centres. Eightcap also offers more choice than most competitors in terms of platforms with MT4, MT5 and TradingView. |
| Leverage | |
| 1:30 | 1:30 (EU), 1:500 (Global) |
| FTSE Spread | |
| 1.0 | 1.2 |
| GBPUSD Spread | |
| 1.4 | 1.0 |
| Oil Spread | |
| 3.0 | 0.03 |
| Stocks Spread | |
| Variable | $0.02 per share, per side ($4 per lot round turn) |
| Forex Trading | |
| OANDA offers 68 currency pairs, more than most forex brokers, covering majors, minors and exotics. The OANDA Trade platform also offers powerful technical analysis tools while average execution speeds are fast at 12 ms. | Trade 50+ major, minor and exotic pairs with an award winning platform. Users get institutional-level prices with spreads from 0.0 pips and no commissions. The VPS will also serve high-volume, active day traders. |
| GBPUSD Spread | |
| 1.4 | 1.0 |
| EURUSD Spread | |
| 0.8 | 1.0 |
| EURGBP Spread | |
| 0.9 | 1.0 |
| Assets | |
| 68 | 50+ |
| Cryptocurrency | |
| OANDA offers trading on leading cryptocurrencies, including Bitcoin. We rate the low fees which start at 0.25% and that you can place trades in the app hassle-free. | Eightcap offers over 100 crypto-backed derivatives, more than many rivals. Bitcoin spreads are also lower than most brokers coming in at 12, while the market scanner is a unique and powerful trading aid. |
| Spread | |
| $100 | From $0 |
| Coins | |
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| Crypto Lending | |
| No | No |
| Crypto Mining | |
| No | No |
| Crypto Staking | |
| No | No |
| Auto Market Maker | |
| No | No |
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| More Comparisons | |
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OANDA vs |
Eightcap vs |
How To Compare OANDA Vs Eightcap
OANDA and Eightcap are both forex and CFD brokers, operating on a global scale. Our OANDA vs Eightcap comparison guide will cover which is better, the pros and cons of each brand, plus how are they different. This includes a review of their regulatory status, minimum deposit requirements, demo accounts, and trading platform features. Use this OANDA vs Eightcap evaluation to help you understand which is best for beginners and experienced traders.
Business Credentials
OANDA was established in 1996 in Toronto, Canada, making it one of the early online forex brokers. Today, it operates across eight global entities, with clients in 196 countries. CVC Capital Partners (CVC) Asia Fund IV announced the acquisition of all the outstanding equity of OANDA in 2018.
Eightcap was founded in 2009 in Melbourne, Australia. It operates via two subsidiaries; Eightcap Pty and Eightcap Global Limited. Clients can open accounts from 194 countries, with over 10,000 registered users.
Minimum Investment
OANDA does not have a minimum deposit requirement. The brand also offers nano lots, meaning rookies can get started on a budget. Eightcap, on the other hand, has a $100 account deposit requirement. As a result, OANDA is best for beginners with a limited bankroll.
Assets & Products
OANDA offers forex and CFD trading opportunities across 100+ assets, including 70+ currency pairs, 31 commodities, 17 major stock index markets and 6 bonds. There is also spread betting, which is not available on the Eightcap platform.
Overall though, the OANDA product offering is much smaller vs Eightcap which has over 1200 assets. This includes 40+ currency pairs, 20+ commodities and 10 stock indices. Eightcap also provides trading opportunities on 500+ global share CFDs including in the UK, US and German markets. Stocks and shares investments are not available with OANDA.
Crypto CFDs are available with both brands.
Platforms & Tools
Our OANDA vs Eightcap comparison found both brokers offer MetaTrader 4 (MT4). Eightcap also provides access to the MetaTrader 5 (MT5) platform. Both platforms are available to download to desktop devices or via web browsers. Users can access historical pricing data, implement technical indicators and trade directly via live charts and graphs.
When reviewing OANDA vs Eightcap across their trading tools, our experts found that only OANDA offers a proprietary terminal. The OANDA Trade (FxTrade) platform is available as a web, desktop or mobile platform. It offers advanced charting functionality (powered by TradingView), live market data coverage, risk management tools, personalized layouts and technical analysis indicators. The FxTrade platform, launched in 2001, was also the first fully automated forex trading platform.
In contrast, Eightcap traders are granted free access to the third-party Capitalise.ai tool. The platform allows automated trading based on pre-defined trading strategies.
Overall, OANDA’s selection of platforms is more suited to new or inexperienced traders. The proprietary platform, in particular, offers one-click trading and risk management orders via an intuitive design. The suite of tools provided by Eightcap is better suited to proficient investors. Alternative API tools for eligible traders also include Crypto Crusher, Amazing Trader and Forex VPS, though minimum balance requirements must be met.
Spreads & Fees
Eightcap offers slightly cheaper spreads starting at 0 pips for major forex pairs with the raw account. Commissions apply at $3.50 per standard lot.
OANDA offers two pricing options; ‘core pricing’ or ‘core pricing + commission’. The broker uses an automated engine to follow global prices closely, but spreads are still subject to market volatility and liquidity. The core pricing + commission option provides a reduced spread in exchange for a fixed commission of $5 per 100,000 base currency traded.
Overnight swap charges and currency conversion fees apply when trading with both brands. However, non-trading fees such as inactivity charges are more expensive at OANDA vs Eightcap. This is charged at £10 per month while there is no penalty with Eightcap.
Leverage
For OANDA and Eightcap retail clients, the maximum leverage varies depending on geographic location. This means that day traders within the EU for example, are restricted to leverage of 1:30 with both brands. However, the maximum leverage for clients trading with Eightcap Global Ltd is 1:500 due to more lenient authorization from the Securities Commission of The Bahamas (SCB).
It is good to see that both OANDA and Eightcap clients can reduce their leverage limit by contacting the respective broker’s support team.
Deposits & Withdrawals
When looking at OANDA vs Eightcap for funding options, Eightcap wins.
Both brokers offer standard deposit methods with no internal charges. These include debit/credit cards, bank wire transfers and e-wallet solutions such as Skrill and Neteller. However, Eightcap offers more localized funding options including FasaPay, BPAY and POLi. PayPal is also not supported by OANDA. In addition, Eightcap provides instant processing for card payments and some international deposits.
Withdrawals at OANDA are typically processed within one to two working days. Eightcap aims to process withdrawals within 24 hours. Withdrawal fees also apply at OANDA. These can be as high as $20 per transaction if withdrawing funds via bank wire transfer, though investors do get one monthly card withdrawal without charge. Still, this is a significant downside vs Eightcap where there are no fund removal fees.
Mobile App
When we compare OANDA vs Eightcap for mobile trading compatibility, both offer good applications. Each brokerage offers full access to MT4 and MT5 (Eightcap only) which are compatible with iOS and Android devices.
However, a key difference is that OANDA offers a proprietary mobile app, which Eightcap does not. Traders will be impressed with the capabilities of the FxTrade mobile platform thanks to its sleek design. Day traders can view graphs and charts, analyze investment history and open and close positions with one click. As a bonus, news streams, economic calendars, and financial announcements all open with ease from inside the app.
Regulation
OANDA holds licenses with more regulatory bodies vs Eightcap. The broker’s entities are regulated by various financial agencies based on the country of operation. This includes oversight from the Financial Conduct Authority (FCA), the Australian Securities and Investment Commission (ASIC), the Investment Industry Regulatory Organization (IIROC), the Monetary Authority of Singapore (MAS), the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA).
In contrast, Eightcap Pty Ltd holds a license with the Australian Securities and Investment Commission (ASIC) while Eightcap Global Ltd (Vanuatu) is overseen by the Vanuatu Financial Services Commission (VFSC).
The extent of account protection in the event of default can vary depending on where you hold your account. Nonetheless, both brokers do provide safe and secure trading conditions. Protections include segregated client funds and access to a complaints authority.
Note, that OANDA is available in the US, although trading is limited to forex products. Eightcap, on the other hand, does not accept traders from the USA.
Bonuses
OANDA and Eightcap do not offer financial incentives or welcome bonuses to clients in the EU. This is common amongst brokers with top-tier regulation. Some promotions and deals are routinely offered to global customers.
Aspiring investors can also make use of the suite of online resources to improve their trading knowledge and utilize demo profiles to get a feel for the respective broker’s services.
Demo Account
When comparing OANDA vs Eightcap, we found they are similar in terms of demo account services. These profiles are available on all trading platforms, with access to real market conditions. Both brokers allow traders to adjust virtual funds, leverage and trade sizes to get the most from their trial.
OANDA offers unlimited, free access to a paper trading profile. By default, the Eightcap demo account is restricted to 30 days of trading although an extension is available upon request. A simple online registration form is required to sign up with both paper trading profiles.
Eightcap does offer an edge with additional beginner-friendly resources to utilize alongside a demo profile. Users can access a suite of educational content, analysis tools and view the latest financial events. In contrast, OANDA’s trading academy is suited to more experienced traders with strategy implementation tools.
Customer Service
Both brokers offer 24/5, multilingual customer support (Monday to Friday). This includes email contact, live chat services and telephone support. OANDA does have the advantage vs Eightcap with localized contact numbers depending on the investor’s trading entity.
Importantly though, negative customer reviews point out that response times can be slow with OANDA. Bear this in mind in the case of urgent queries around how to withdraw profits, yield predictions, or account security concerns.
OANDA Vs Eightcap – Which Is Better?
Our OANDA vs Eightcap comparison has highlighted the major pros and cons when deciding which brokerage to open an account with. Both brokers are regulated and offer user-friendly trading platforms with competitive fee structures.
Although OANDA is more limited in trading assets vs Eightcap, the broker is better suited to beginners or those looking for spread betting opportunities. The brand has no minimum deposit requirements, a proprietary mobile app and webfx platform, plus a choice of pricing structures. In addition, it is the only one of the two brokers available in the US (forex trading only).
Alternatively, Eightcap clients can benefit from cheaper trading activities overall, with unlimited free withdrawals and no inactivity charges.