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OANDA vs Eightcap 2023

BrokerNotes.co

Written by BrokerNotes.co

March 14, 2023

Trying to decide between OANDA and Eightcap? We’ve taken the guesswork out of the equation with our Comparison Tool. Use our tool to compare hundreds of data points, side-by-side, to see how these two brokers stack up against each other.

Based on our extensive research, hands-on testing, and expert analysis of over a hundred data-driven variables, we've determined that, overall, OANDA ranks more highly than Eightcap.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 65% and 82% 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.

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Compare

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Overall Rating OANDA Eightcap
Overall Rating 8.4 / 10 7.6 / 10
Account Type OANDA Eightcap
Standard Trade Size (100,000 units) info Yes Yes
Mini Trade Size (10,000 units) info Yes Yes
Micro Trade Size (1,000 units) info Yes Yes
Islamic Account info Yes No
Copy Trading OANDA Eightcap
Social Trading / Copy Trading info Yes Yes
DupliTrade info No No
ZuluTrade info Yes No
Cryptocurrency OANDA Eightcap
Cryptocurrency (Physical) info Yes No
Cryptocurrency (CFD) Yes Yes
Bitcoin info Yes Yes
ethereum info Yes Yes
Forex Trading (Spot or CFDs) OANDA Eightcap
Forex Trading (Spot or CFDs) info Yes Yes
Mobile Trading - Forex or CFDs info Yes Yes
Indices (Index CFDs) OANDA Eightcap
DAX info Yes Yes
Dow Jones info Yes Yes
FTSE info Yes Yes
NASDAQ 100 info Yes Yes
Nikkei info Yes Yes
SP 500 info Yes Yes
Investments OANDA Eightcap
Forex Trading (Spot or CFDs) info Yes Yes
Spread Betting info Yes No
Social Trading / Copy Trading info Yes Yes
Metals info Yes Yes
Energies info Yes Yes
Agriculturals info Yes No
ETF info No No
U.S. Stocks (CFD) info No Yes
Trading Platforms OANDA Eightcap
Apple iOS App info Yes Yes
Android App info Yes Yes
Proprietary Platform info Yes No
Desktop Platform (Windows) info Yes Yes
Web Platform info Yes Yes
MetaTrader 4 (MT4) info Yes Yes
MetaTrader 5 (MT5) info Yes Yes
Regulatory Licenses OANDA Eightcap
Tier-1 Licenses info 6 2
Australia (ASIC Authorised) info Yes Yes
Canada (SRO Authorised) info Yes No
United Kingdom (U.K.) (FCA Authorised) info Yes Yes
Hong Kong (SFC Authorised) info No No
Singapore (MAS Authorised) info Yes No
Switzerland (FINMA Authorised) info No No
USA (CFTC Authorized) info Yes No
Tier-2 Licenses info 0 1
Tier-3 Licenses info 1 2
Research, Education OANDA Eightcap
Trading Central (Recognia) info No No
Forex News (Top-Tier Sources) info Yes No
Daily Market Commentary info Yes Yes
Autochartist info Yes No
Investor Dictionary (Glossary) info Yes Yes
Videos - Beginner Trading Videos info Yes Yes
Client Webinars (Archived) info Yes Yes
Trading Costs OANDA Eightcap
Minimum Deposit info $0 $100
Average Spread EUR/USD - Standard info 1.26 info 1.0 info
All-in Cost EUR/USD - Active info 1.26 info 0.76
Active Trader or VIP Discounts info Yes No
Bank Wire (Deposit/Withdraw) info Yes Yes
Visa/Mastercard (Credit/Debit) info Yes Yes
PayPal (Deposit/Withdraw) info Yes Yes
Trading Tools OANDA Eightcap
Watchlists - Total Fields info 6 7
Mobile Watchlist info Yes Yes
Charting - Indicators / Studies (Total) info 81 30
Mobile Charting - Indicators / Studies info 30 30
Trust Factors OANDA Eightcap
Year Founded info 1996 2009
Publicly Traded (Listed) info No No
Bank info No No
European Union Authorised (MiFID) info Yes info Yes info
Trust Score info 92 87
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OANDA vs Eightcap Comparison

Comparing forex brokers side by side is no easy task. For our 2023 annual forex broker review, we spent hundreds of hours assessing 39 forex and CFD brokerages to find the best forex broker. Let's compare OANDA vs Eightcap.

Can I trust OANDA?

OANDA has a trust score of 92, giving it a "Highly Trusted" trust label. Here's what each trust score label means:

  • "Highly Trusted" (90-99) - These brokers are considered the most trustworthy firms in the industry. Simply put, we would not hesitate to open and fund an account with a Highly Trusted broker.
  • "Trusted" (80-89) - These brokers are reliable and trustworthy. "Trusted" firms are a solid choice, and may simply hold fewer regulatory licences or feature different corporate structures than those brokers that have earned our top Trust Score rating.
  • "Average Risk" (70-79) - Average Risk brokers are firms we generally consider to be safe, but that may warrant a closer inspection before you open and fund a live trading account. At the least, we always encourage traders to check the regulatory licenses for Average Risk firms to verify that they are regulated in their own country of residence.
  • "High Risk" (60-69) - High-risk firms should be scrutinized and carefully reviewed before opening an account. These forex brokers are – in most cases – operating without credible regulatory licensing, and likely have a history of legal or financial issues. Before considering an account with a high-risk firm, we recommend checking our country guides for your country of residence to see if a more trusted broker is available.
  • "Do Not Trust" (<59) - We do not recommend opening an account of any kind with a broker that earns a “Do Not Trust” rating.

Can I trust Eightcap?

Eightcap has a trust score of 87, giving it a "Trusted" trust label.

Is OANDA a good broker?

OANDA is a long-standing broker that is highly regulated and trusted across the world by forex and CFD traders. OANDA has strong market research, and offers connectivity to numerous platforms and third-party plugins (including integrated charts from TradingView). The only downside with using OANDA is its comparatively small range of markets and industry-average spreads.

Is Eightcap a good broker?

Eightcap is an up and coming broker that boasts a large range of cryptocurrency CFDs, alongside several MetaTrader plugins and related tools. That said, it's offering is otherwise limited in terms of the number of symbols you can trade, and the scope of its educational and reserach materials available could stand to improve.

What tier-1 jurisdictions is each broker regulated in?

Tier-1 regulators go above and beyond by requiring additional capital requirements, checking in on brokers more frequently, and putting brokers through a tougher screening process. OANDA is Australia (ASIC Authorised), Canada (SRO Authorised), Japan (SFC Authorised), Singapore (MAS Authorised), United Kingdom (U.K.) (FCA Authorised) and USA (CFTC Authorized), while Eightcap is Australia (ASIC Authorised) and United Kingdom (U.K.) (FCA Authorised).. Neither have Hong Kong (SFC Authorised), CBI Authorised (Ireland), New Zealand (FMA Authorised) and Switzerland (FINMA Authorised)

What tier-2 jurisdictions is each broker regulated in? What about tier-3?

Tier-2 and tier-3 licenses are still important in evaluating the overall trustworthiness of forex brokers. As far as tier-2 licenses go, OANDA is none, while Eightcap is Cyprus (CySEC Authorised).. Neither have China (CBRC Authorised), India (SEBI Authorised), Israel (ISA Authorised), Russia (CBR Authorised), South Africa (FSCA Authorised), Thailand (SEC Authorised) and UAE (DFSA/Central Bank Authorised). When comparing tier-3 licenses OANDA is British Virgin Islands (FSC Authorised), while Eightcap is Bahamas (SCB Authorised) and Vanuatu (VFSC Authorised).. Neither have Belize (FSC Authorised), Bermuda (BMA Authorised), Cayman Islands (CIMA Authorised) and Mauritius (FSC Authorised).

Which broker offers more trading platforms?

For trading platforms OANDA supports a Proprietary Platform, Desktop Platform (Windows) and ZuluTrade, whereas Eightcap supports a Desktop Platform (Windows).. Neither have cTrader and DupliTrade

Does OANDA offer MetaTrader? Does Eightcap offer MetaTrader?

Both OANDA and Eightcap offer the whole MetaTrader suite, which consists of both MetaTrader 4 and MetaTrader 5. If you’re new to MetaTrader 4 here’s our educational guide on how to use MT4.

How do OANDA and Eightcap differ in terms of minimum deposit? What about average spreads and funding options?

OANDA requires a minimum deposit of $0, while Eightcap requires a minimum deposit of $100. From our testing we found OANDA offers spreads of 1.26, while Eightcap offers spreads of 1.0. Both OANDA and Eightcap offer Bank Wire (Deposit/Withdraw), Visa/Mastercard (Credit/Debit), PayPal (Deposit/Withdraw) and Skrill (Deposit/Withdraw) for deposits.

Which brokers offers more tradeable asset classes, OANDA or Eightcap?

OANDA offers a more diverse selection of investment options than Eightcap allowing you to trade Forex Trading (Spot or CFDs), Spread Betting, Social Trading / Copy Trading, Metals, Energies and Agriculturals.. Neither have ETF Looking at total tradeable symbols, OANDA has 124, compared to 736 from Eightcap.

Can I trade cryptocurrency with OANDA or Eightcap?

Crypto trading is popular with forex traders. Most crypto assets are offered either as the underlying physical asset or as a CFD or other derivative — including spot forex contracts. In terms of trading physical cryptocurrency neither OANDA nor Eightcap allow you to trade physical cryptocurrencies.

Who offers more research tools, OANDA or Eightcap?

In terms of research and research tools OANDA gives traders the following tools: Autochartist, Daily Market Commentary, Forex News (Top-Tier Sources) and Social Trading / Copy Trading. In comparison Eightcap has the tools listed here: Daily Market Commentary and Social Trading / Copy Trading.. Neither have Stock Charts and Trading Central (Recognia)

Broker Reviews

Still looking for more information, read our broker reviews.

OANDA Review

Eightcap Review

Overall winner: OANDA

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announcementPlease note:

We review each broker’s overall global offering – a “Yes” checkmark in our Compare Tool does not guarantee the availability of any specific features in your country of residence. To verify the availability of any features within your country of residence, please contact the broker directly.

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