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 the commissions and fees of online brokers OANDA and Eightcap, both platforms offer unique pricing structures tailored to different trading needs. OANDA is known for its higher forex trading costs, with bid/ask spreads comparable to FOREX.com and FxPro. OANDA offers a core pricing model that lowers spreads but introduces a $5 per-side commission per $100,000 of currency, making the overall trade slightly cheaper than its default commission-free pricing. Additionally, OANDA impresses with its ability to execute trades as small as 1 unit, and it offers rebate incentives for high-volume traders within specific jurisdictions. OANDA garners a 4-star rating and ranks 34th out of 63 brokers for commissions and fees.
On the other hand, Eightcap provides two account options: the commission-based Raw account and the spread-only Standard account, with variances in trading costs depending on the choice. Eightcap's Raw account showcases an average spread of 0.06 pips; however, once the $3.50 per-side commission per trade is included, the cost translates to approximately 0.76 pips, narrowly below the industry average of 0.8 pips. Although Eightcap positions itself as slightly costlier than the lowest-cost forex brokers, its transparent pricing and various account options attract both budget-conscious and advanced traders. Eightcap also earns a 4-star rating but holds a higher ranking at 26th out of 63 brokers for its commissions and fees.
In summary, both OANDA and Eightcap provide tailored trading solutions, with OANDA focusing on competitive core pricing and unique micro-lot options, while Eightcap offers a balanced approach with its Raw and Standard accounts. Despite some differences in pricing and structure, both brokers achieve comparable star ratings, though Eightcap achieves a slightly better overall ranking in the commissions and fees category.
| 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.
When comparing OANDA and Eightcap for their range of investments, both brokers provide the opportunity to trade forex using CFDS or spot contracts. However, OANDA stands out by offering a wider selection of tradeable symbols, with 3,928 available compared to Eightcap's 800. In terms of forex pairs, OANDA again has a slight edge with 68 options, while Eightcap provides 56. Neither broker allows trading of exchange-traded securities on U.S. or international exchanges, which means clients cannot directly purchase stocks like Apple or Vodafone through these platforms. On the cryptocurrency front, OANDA allows customers to buy actual cryptocurrencies, whereas Eightcap only offers cryptocurrency derivatives. It's worth noting that both platforms support copy trading for those interested in mirroring strategies of other traders.
In terms of investment options, OANDA is rated higher with 4 stars for range of investments, while Eightcap follows closely with a 3.5-star rating. Among 63 brokers evaluated by ForexBrokers.com for their range of investments, OANDA is ranked at #27, suggesting a more diverse portfolio of offerings. Eightcap is ranked at #40, indicating a narrower selection. For traders looking primarily at investment variety, OANDA might offer a slightly broader palette, although both brokers present unique opportunities and tailored services depending on specific investment interests.
| Feature |
OANDA
|
Eightcap
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 3928 | 800 |
| 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.
Both OANDA and Eightcap provide traders the opportunity to practice with free virtual demo accounts, offering a risk-free way to hone trading skills. While OANDA impresses with its proprietary platform developed in-house, Eightcap opts for well-known third-party options. Both brokers support popular MetaTrader platforms, including MT4 and MT5, and allow trading directly from charts. Where OANDA takes the lead is in the sheer number of drawing tools provided—431, compared to Eightcap’s 15—giving traders more flexibility in chart analysis. However, Eightcap offers slightly more customization for watch lists with seven fields compared to OANDA’s six.
When it comes to features like copy trading, both platforms deliver without delving into options such as DupliTrade or ZuluTrade, which they do not offer. Despite their different approaches and toolsets, both OANDA and Eightcap are rated four stars for their trading platforms and tools. However, OANDA edges ahead in the ForexBrokers.com ranking, securing 15th place among 63 brokers, while Eightcap holds the 38th spot. This makes OANDA a stronger contender for those seeking a more comprehensive platform experience, thanks to its proprietary options and extensive chart drawing tools.
| 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 platforms provide excellent tools for mobile traders. Available for both iPhone and Android, these apps support essential features like stock or forex price alerts and the ability to view multiple time frames, such as daily or weekly charts. Both apps also allow users to draw trendlines on charts, with the added convenience of auto-saving these drawings. Each app offers a robust selection of 30 technical studies for charting, making technical analysis accessible on-the-go. Additionally, users can create watchlists with real-time quotes through both apps.
However, there are some differences that might influence your choice. Eightcap excels with its watchlist symbol syncing feature, meaning any changes made in the mobile app will sync seamlessly with the client's online account, an option that OANDA doesn't offer. Despite this, OANDA scores higher in user ratings, receiving five stars for its mobile trading experience compared to Eightcap's four stars. Moreover, according to ForexBrokers.com, OANDA holds a stronger position in mobile trading app rankings, securing the 7th spot out of 63 brokers, while Eightcap is placed at 38th. These distinctions might guide users who prioritize app ratings or specific syncing capabilities in their 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 diving into market research capabilities, OANDA and Eightcap both offer daily market commentary, providing clients with up-to-date insights into market movements. However, OANDA takes a step further by delivering forex news from top-tier sources like Bloomberg and Reuters, which Eightcap does not provide. For traders interested in advanced analytical tools, OANDA offers technical analysis features from Autochartist, a renowned provider, whereas Eightcap lacks this. Neither broker provides tools from Trading Central or offers market research from TipRanks or Acuity Trading. Still, both brokers include sentiment-based trading tools for currency pair positions and furnish a comprehensive economic calendar to track global news events.
OANDA consistently shines with a five-star research rating and holds the prestigious position of #5 out of 63 brokers ranked by ForexBrokers.com for its research capabilities. On the other hand, Eightcap, with a 3.5-star rating, is positioned at #39, reflecting a less comprehensive offering in market research. Whether you're a novice or experienced trader, OANDA’s rich and varied research resources can significantly enhance your trading strategy more than Eightcap’s offerings, providing an edge in the fast-paced financial markets.
| 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 comparing educational resources for beginners at OANDA and Eightcap, both brokers offer a rich selection of forex and CFDs education. This includes more than 10 articles, videos, and archived webinars primarily focused on these subjects. Additionally, each platform provides a searchable archive of past webinars for easy access to prior lessons. However, OANDA stands out with its commitment to regular, monthly live educational webinars, which Eightcap does not offer. This feature allows OANDA users to engage with content in real-time, enhancing their learning experience through interactive sessions.
In terms of video content, both brokers supply over 10 beginner-focused videos on trading topics, making them accessible for new traders. OANDA, however, takes a step further by providing an extensive library of advanced videos, catering to those looking to deepen their trading skills. Both platforms offer an investor dictionary with definitions for at least 50 investing terms, serving as a helpful glossary for terms one might encounter. Although OANDA holds a 5-star rating for education, surpassing Eightcap’s 3.5 stars, and is ranked 22nd compared to Eightcap’s 40th by ForexBrokers.com, making OANDA a more comprehensive choice for education.
| 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 63 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
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|---|---|---|
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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 | |
| Winner | check_circle | ||
| 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) | |||
| 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) | |||
| 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) |
| Investments | OANDA | Eightcap | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 3928 | 800 | |
| 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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