Written by ForexBrokers.com
In this head to head comparison of OANDA vs Eightcap, we will compare the trading platforms, mobile apps, range of investments, costs, market research, and more. Let's dive in.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 51% and 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.
OANDA and Eightcap are both popular online brokers catering to investors worldwide. OANDA was founded in 1996, while Eightcap began operations in 2009. Neither of these brokers is publicly traded or operates as a bank. A key factor in evaluating their reliability is the number of Tier-1 licenses each holds, which are deemed highly trusted by industry experts. OANDA stands out with 7 Tier-1 licenses, whereas Eightcap holds 3. Such licensing contributes significantly to the brokers' trust ratings, influencing their standing in the market.
When it comes to trust scores, based on ratings by ForexBrokers.com, OANDA outshines with a score of 93 out of 99, indicating a highly trusted status. In contrast, Eightcap earns a respectable score of 85, reflecting a trusted, though slightly lower, standing. These trust scores highlight OANDA's sturdier regulatory framework compared to Eightcap, making it a potentially more reliable choice for investors prioritizing safety and compliance. Both brokers, however, offer investors confidence, each providing a certain level of trust and security in the financial landscape.
| Feature |
OANDA
|
Eightcap
|
|---|---|---|
| Year Founded | 1996 | 2009 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 7 | 3 |
| Tier-2 Licenses | 0 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 1 | 1 |
When comparing OANDA to Eightcap in terms of commissions and fees, both brokers offer unique cost structures that cater to different trading needs. OANDA's forex trading costs are on the steeper side, with high effective spreads in both default and core pricing. Despite not being a discount broker, OANDA's automated execution is a significant advantage. For the EUR/USD pair, the average non-core pricing spread is 1.61 pips. Meanwhile, their core pricing involves a tighter spread with an additional $5 per $100,000 commission, which can reduce costs for higher volume traders. OANDA stands out by allowing trade sizes as small as 1 unit and offers a rebate program for active traders. OANDA earns a 4-star rating for commissions and fees, ranking #34 out of 62 brokers on ForexBrokers.com.
Eightcap provides traders with two account options: a commission-based Raw account and a spread-only Standard account. The Raw account features an average spread of 0.06 pips, but once you include the $3.50 per-side commission, the all-in cost reaches approximately 0.76 pips. This pricing positions Eightcap just below the industry average of 0.8 pips, making it slightly more costly compared to the most economical forex brokers. Eightcap also receives a 4-star rating for commissions and fees, but its overall rank is slightly higher at #26 out of 62 brokers on ForexBrokers.com.
In summary, both OANDA and Eightcap offer competitive trading experiences with unique pricing structures. OANDA provides substantial flexibility with micro-lot trading and has a robust rebate program, but tends to have higher spread costs. On the other hand, Eightcap's Raw account offers slightly lower all-in costs but remains more expensive than some of the industry's lowest-cost brokers. Potential clients should assess their trading volume and preferences against the fee structures of both brokers to determine which one aligns best with their individual trading strategies.
| Feature |
OANDA
|
Eightcap
|
|---|---|---|
| Minimum Deposit | $0 | $100 |
| Average Spread EUR/USD - Standard | 1.61 | 1.0 |
| All-in Cost EUR/USD - Active | 1.61 | 0.76 |
| Active Trader or VIP Discounts | Yes | No |
| ACH or SEPA Transfers | Yes | No |
| PayPal (Deposit/Withdraw) | Yes | Yes |
| Skrill (Deposit/Withdraw) | Yes | Yes |
| Visa/Mastercard (Credit/Debit) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
OANDA and Eightcap both provide opportunities for forex trading using CFDs or spot contracts. When it comes to the number of tradeable symbols, OANDA surpasses Eightcap significantly, offering 3,928 in total compared to Eightcap's 736. In the realm of forex pairs, OANDA also takes the lead with 68 pairs, while Eightcap offers 56. Neither OANDA nor Eightcap allows clients to purchase exchange-traded securities on U.S. or international exchanges, like Apple or Vodafone shares. However, both brokers offer copy trading features, catering to those interested in mimicking successful trading strategies.
For cryptocurrency enthusiasts, OANDA has an edge since it allows the purchase of actual (delivered) cryptocurrencies, a feature not available with Eightcap. Both platforms, however, offer cryptocurrency derivatives. In terms of ratings, OANDA scores 4 out of 5 stars for its range of investments, securing the 27th spot among 62 brokers according to ForexBrokers.com. On the other hand, Eightcap earns a respectable 3.5 stars, ranking 40th in the same category. This comparison highlights OANDA's broader range of offerings, giving it an advantage for investors seeking a wider variety of investment options.
| Feature |
OANDA
|
Eightcap
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 3928 | 736 |
| Forex Pairs (Total) | 68 | 56 |
| U.S. Stock Trading (Non CFD) | No | No |
| Int'l Stock Trading (Non CFD) | No | No |
| Social Trading / Copy Trading | Yes | Yes |
| Cryptocurrency (Physical) | Yes | No |
| Cryptocurrency (Derivative) | Yes | Yes |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
Dive deeper: Best Copy Trading Platforms.
When comparing OANDA and Eightcap in terms of their trading platforms and tools, there are various features that cater to different trader preferences. Both brokers offer a simulated trading option, allowing users to practice risk-free with a demo account. OANDA distinguishes itself by providing a proprietary platform developed in-house, whereas Eightcap does not offer one. For traders who prefer using desktop platforms, both brokers are on par by offering Windows-based downloadable platforms and web-based trading options. They also support popular trading platforms MetaTrader 4 and MetaTrader 5, and both offer copy trading features. However, neither OANDA nor Eightcap supports DupliTrade or ZuluTrade.
OANDA and Eightcap differ in their charting capabilities, with OANDA providing a broader range of 431 drawing tools, a significant contrast to Eightcap's 15. Both brokers permit trading directly from a stock chart, enhancing flexibility for traders. When it comes to organizing watch lists, Eightcap slightly edges out with offering seven columns for watch lists compared to OANDA's six. Despite these differences, both brokers achieve a 4-star rating for their trading platforms and tools. In terms of industry rankings by ForexBrokers.com, OANDA is ranked more favorably at #15 out of 62, while Eightcap holds the #38 position. This indicates a slightly higher industry endorsement for OANDA in this category.
| Feature |
OANDA
|
Eightcap
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | No |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | Yes | Yes |
| MetaTrader 4 (MT4) | Yes | Yes |
| MetaTrader 5 (MT5) | Yes | Yes |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 81 | 30 |
| Charting - Drawing Tools (Total) | 431 | 15 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 6 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
When comparing the mobile trading apps of OANDA and Eightcap, both brokers provide comprehensive platforms for trading on the go via iPhone and Android devices. Users can enjoy features like stock or forex price alerts, technical charting with 30 different studies, and the ability to draw trendlines. Additionally, both apps allow traders to view various time frames and create watchlists with real-time quotes. However, Eightcap has the advantage of syncing watchlist symbols with the client's online account, a feature not available with OANDA.
Despite the absence of this syncing feature, OANDA's mobile app stands out with a higher user rating of five stars, compared to Eightcap's four stars. Furthermore, OANDA is ranked #7 out of 62 brokers by ForexBrokers.com for their mobile trading app, significantly ahead of Eightcap, which holds the #38 spot. This recognition underscores OANDA's strong performance in providing a user-friendly and efficient mobile trading experience.
| Feature |
OANDA
|
Eightcap
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | No | Yes |
| Mobile Charting - Indicators / Studies | 30 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | Yes | Yes |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
When comparing OANDA and Eightcap in terms of market research availability, both brokers provide daily market commentary and maintain an economic calendar to keep traders informed about global news events. However, OANDA stands out by offering forex news sourced from renowned entities like Bloomberg and Reuters, while Eightcap does not. Additionally, OANDA enhances its research offerings with tools from Autochartist, whereas Eightcap lacks these capabilities. Both OANDA and Eightcap offer sentiment-based trading tools that allow traders to see the ratio of long or short positions across various instruments.
The research resources of each broker are reflected in their ratings and rankings. OANDA receives a strong endorsement with a five-star research rating and secures the fifth position out of 62 brokers in the Research category according to ForexBrokers.com. In contrast, Eightcap earns a 3.5-star rating and is ranked 39th by the same authority. While neither broker provides resources from Trading Central, TipRanks, or Acuity Trading, OANDA’s superior offering in other areas makes it a more attractive choice for those prioritizing research in their trading activities.
| Feature |
OANDA
|
Eightcap
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | No |
| Autochartist | Yes | No |
| Trading Central (Recognia) | No | No |
| Social Sentiment - Currency Pairs | Yes | Yes |
| TipRanks | No | No |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When it comes to educational resources for beginners, OANDA and Eightcap both provide a wealth of materials aimed at helping newcomers understand forex and CFDs trading. Both brokers offer over 10 educational pieces, including articles, videos, and archived webinars. However, a notable difference is that OANDA hosts regular client webinars each month, while Eightcap does not provide this feature. Both brokers maintain searchable archives of past webinars, which can be a valuable learning tool for those unable to attend live sessions.
Beyond foundational education, OANDA excels with its offering of at least 10 advanced educational videos targeting more experienced traders, whereas Eightcap falls short in this area. Additionally, both OANDA and Eightcap provide comprehensive investor dictionaries with over 50 investing terms. Based on their overall educational offerings, OANDA earns a higher rating of 5 stars compared to Eightcap's 3.5 stars. Within a wider comparison of 62 brokers, OANDA is ranked #22 in the education category by ForexBrokers.com, whereas Eightcap holds the #40 spot, highlighting a clear edge for OANDA in terms of educational support for traders.
| Feature |
OANDA
|
Eightcap
|
|---|---|---|
| Education (Forex or CFDs) | Yes | Yes |
| Client Webinars | Yes | No |
| Client Webinars (Archived) | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | No |
| Investor Dictionary (Glossary) | Yes | Yes |
Dive deeper: Best Forex Brokers for Beginners.
After testing 62 of the best forex brokers, our research and account testing finds that OANDA is better than Eightcap. OANDA finished with an overall rank of #12, while Eightcap finished with an overall rank of #38.
A trusted global brand, OANDA stands out for its reputation and quality market research. Its regulatory track record is strong, and its support for third-party features bolsters its overall offering.
| Feature |
OANDA
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Eightcap
|
|---|---|---|
| Overall Rating |
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| Trust Score | 93 | 85 |
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While both OANDA and Eightcap provide the option to trade cryptocurrency derivatives, only OANDA offers the ability to purchase actual, delivered cryptocurrencies, making it a more versatile online broker for investors looking to directly own digital assets.
OANDA and Eightcap both provide a range of deposit and withdrawal options such as PayPal, Skrill, Visa/Mastercard, and bank wires; however, only OANDA offers the additional convenience of ACH or SEPA transfers, setting it apart in terms of flexibility for fund transfers.
Please 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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0 of 5| Overall Rating | OANDA | Eightcap | |
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| Trust Score | 93 | 85 | |
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| Review | OANDA Review | Eightcap Review |
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| Regulation | OANDA | Eightcap | |
|---|---|---|---|
| Trust Score | 93 | 85 | |
| Year Founded | 1996 | 2009 | |
| Publicly Traded (Listed) | No | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 7 | 3 | |
| Tier-2 Licenses | 0 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 1 | 1 |
| Tier-1 Licenses (Highly Trusted) | OANDA | Eightcap | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | Yes | |
| Canada (CIRO Authorised) | Yes | No | |
| Hong Kong (SFC Authorised) | No | No | |
| Japan (SFC Authorised) | Yes | No | |
| Singapore (MAS Authorised) | Yes | No | |
| Switzerland (FINMA Authorised) | No | No | |
| United Kingdom (U.K.) (FCA Authorised) | Yes | Yes | |
| USA (CFTC Authorized) | Yes | No | |
| New Zealand (FMA Authorised) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes |
| Tier-2 Licenses (Trusted) | OANDA | Eightcap | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA/Central Bank Authorised) | No | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | OANDA | Eightcap | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 3928 | 736 | |
| Forex Pairs (Total) | 68 | 56 | |
| U.S. Stock Trading (Non CFD) | No | No | |
| Int'l Stock Trading (Non CFD) | No | No | |
| Social Trading / Copy Trading | Yes | Yes | |
| Cryptocurrency (Physical) | Yes | No | |
| Cryptocurrency (Derivative) | Yes | Yes | |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
| Cost | OANDA | Eightcap | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.61 | 1.0 | |
| All-in Cost EUR/USD - Active | 1.61 | 0.76 | |
| Active Trader or VIP Discounts | Yes | No | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | No | Yes | |
| Execution: Market Maker | Yes | Yes |
| Funding | OANDA | Eightcap | |
|---|---|---|---|
| Minimum Deposit | $0 | $100 | |
| PayPal (Deposit/Withdraw) | Yes | Yes | |
| Skrill (Deposit/Withdraw) | Yes | Yes | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | Yes | No |
| Trading Platforms | OANDA | Eightcap | |
|---|---|---|---|
| Proprietary Platform | Yes | No | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | Yes | |
| MetaTrader 4 (MT4) | Yes | Yes | |
| MetaTrader 5 (MT5) | Yes | Yes | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | OANDA | Eightcap | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 6 | 7 | |
| Charting - Indicators / Studies (Total) | 81 | 30 | |
| Charting - Drawing Tools (Total) | 431 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | OANDA | Eightcap | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | No | Yes | |
| Mobile Charting - Indicators / Studies | 30 | 30 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | Yes | Yes | |
| Mobile Economic Calendar | Yes | Yes |
| Research | OANDA | Eightcap | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | No | |
| Autochartist | Yes | No | |
| Trading Central (Recognia) | No | No | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | OANDA | Eightcap | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | Yes | |
| Client Webinars | Yes | No | |
| Client Webinars (Archived) | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | No | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | OANDA | Eightcap | |
|---|---|---|---|
| GBP/USD | Yes | Yes | |
| USD/JPY | Yes | Yes | |
| EUR/USD | Yes | Yes | |
| USD/CHF | Yes | Yes | |
| USD/CAD | Yes | Yes | |
| NZD/USD | Yes | Yes | |
| AUD/USD | Yes | Yes | |
| Review | OANDA Review | Eightcap Review |
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| Trust Score | 93 | 85 | |
| Winner | check_circle | ||
| Review | OANDA Review | Eightcap Review |
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