This Eightcap vs OANDA page found that Eightcap offers 250+ crypto and 46 Forex CFD products, while OANDA has 62 Forex pairs. Eightcap has STP execution, while OANDA is a market maker broker. See how these forex brokers compare.
Our forex comparisons and broker reviews are reader supported and we may receive payment when you click on a link to a partner site.
Our full comparison covers the 10 most important trading factors. Here are five noticeable differences between Eightcap and OANDA:
OANDA requires no minimum deposit, which was highly appealing to us. Eightcap’s minimums range from $100 – $500 depending upon whether we opened a trading account inside or outside of Australia, in addition to the type of account itself, meaning a Standard or Raw account.
When it comes to no-commission trading, our testing showed OANDA to be superior to Eightcap, with the broker having an average of 1.06 pips versus 1.16 pips for the most traded of all currency pairs, the EUR/USD. This might be because “OANDA is a market maker, meaning the brokers use their own liquidity, which removes trading fees a no-dealing desk broker would need to pay their liquidity providers.
As for the other popular type of account, which uses commission-based foreign exchange trading (often called STP or ECN execution), we have yet to test OANDA, however, the broker advertises costs related to spreads as from 0.2 pips for EUR/USD.
When we tested RAW spreads with Eightcap using the same EUR/USD pair as a measure – our tests suggested that while this forex currency pair can be as low as 0.0 pips, they averaged 0.20 pips. Other currency pairs came to AUS/USD 0.2 pips/0.48 pips and GBP/USD 0.1 pips/0.44 pips. Overall, we would say Eightcap’s spreads are competitive, but you can find better.
Both forex brokers charged us the same $7 commission per 100,000 round-turn, which is relatively standard for a CFD broker.
| Eightcap | OANDA | |
|---|---|---|
| Minimum Published Spreads (EUR/USD) by the broker | Standard - Min 1.0 pips Raw - Avg 0.06 pips |
Standard - Avg 0.6 pips Core - Min 0.0 pips / Avg N.A. |
| CompareForexBroker Tested Spreads (EUR/USD) | Standard: Avg 1.16 pips RAW: Avg 0.20 |
Standard 1.06 pips Core - not tested |
| Commission (round-turn) 100,000 |
RAW Account: USD/AUD $7.00 | Core Pricing (Australia and Singapore) - AUD $7, USD $7, SGD $7 Core Pricing (United Stated) - USD 10 |
| Inactivity fees | None | Yes $10 per month after 12 months |
| Active Trader Discount | No | No |
| Minimum deposit | Standard -$500 Australia, $100 Outside Australia Raw - $250 Australia, $100 Outside Australia |
None |
| Withdrawal fees | none | Only International bank transfer |
| Our Cost Score | 6.08 | 4.18 |
When we look at the average standard account spreads for Eightcap, OANDA, and the industry average, we can see some interesting patterns.
Eightcap has a relatively consistent spread across all forex pairs, with the highest being 1.9 for AUD/JPY and the lowest being 1 for EUR/USD, USD/CAD, and EUR/GBP. This consistency can be appealing to traders who value predictability and stability in their trading costs.
On the other hand, OANDA’s spreads are slightly lower on average, but they do not offer a spread for AUD/JPY. This could be a disadvantage for traders who frequently trade this pair. However, for the pairs they do offer, their spreads are competitive, especially for EUR/USD and USD/JPY, which are some of the most traded pairs.
| Forex Pair | Eightcap | OANDA | Industry Average |
|---|---|---|---|
| EUR/USD | 1.0 | 0.6 | 1.35 |
| USD/JPY | 1.1 | 0.6 | 1.54 |
| GBP/USD | 1.0 | 0.9 | 1.68 |
| AUD/USD | 1.2 | 0.7 | 1.63 |
| USD/CAD | 1.0 | 0.7 | 1.93 |
| EUR/GBP | 1.0 | 0.8 | 1.69 |
| EUR/JPY | 1.2 | 0.9 | 2.04 |
| AUD/JPY | 1.9 | N/A | 2.31 |
Standard Account Analysis Updated April 2024[1]April 2024 Published And Tested Data
The industry average spread is generally higher than both Eightcap and OANDA, indicating that these brokers offer better-than-average trading costs. The industry average spread is highest for AUD/JPY at 2.31 and lowest for EUR/USD at 1.35.
In my opinion, while both Eightcap and OANDA offer competitive spreads, OANDA seems to have a slight edge in terms of lower costs. However, the lack of a spread for AUD/JPY could be a deal-breaker for some traders. Therefore, the choice between these two brokers may come down to which forex pairs you trade most frequently. If AUD/JPY is not a significant part of your trading strategy, OANDA could be the more cost-effective option. However, if you value consistency across all pairs, Eightcap may be the better choice.
Verdict
Eightcap wins this category. Even though Eightcap’s minimum deposit is higher than with OANDA, the broker’s RAW account is the best-value account we reviewed for this comparison. We gave Eightcap a score of 6.08 and OANDA a 4.18.
Eightcap primarily focused on offering us the MetaTrader 4 and MetaTrader 5 platform suites. These platforms are known for their user-friendly interface, advanced charting capabilities, and a wide range of trading tools. Additionally, Eightcap supports integration with Capitalise.ai when using MetaTrader 4, which allows code-free algorithmic trading.
We also had the option to connect our accounts to TradingView, a popular third-party charting and trading platform. This provided our team with an extensive charting package, frequent trading strategy ideas, live streams, and custom indicators from the vast community of over 50 million users.
Like most forex brokers, OANDA has the MT4 trading platform (and even MT5 if you are outside Australia, Europe, Canada, Singapore and the US). And like Eightcap, the broker also has TradingView available. Other platforms OANDA offers include OANDA Trade, which includes a guaranteed stop loss and MultiCharts.
The fact that OANDA has a proprietary mobile app while Eightcap does not is a significant distinction. Because of its slick appearance, we were delighted by the possibilities of a FxTrade mobile platform. We could open and terminate bets with a single click, study graphs and charts, and examine their past investments. Additionally, the app’s interface made it simple for us to access news streams, economic calendars, and financial releases.
| Eightcap | OANDA | |
|---|---|---|
| MetaTrader 4 | Yes | Yes |
| MetaTrader 5 | Yes | Sort of (in selected countries only) |
| cTrader | No | No |
| TradingView | Yes | Yes |
| Desktop | Yes | Yes |
| Web app | Yes | Yes |
| Mobile app | Yes | Yes |
| Other trading plarforms | OANDA Web MultiCharts |
|
| Social trading | MetaTrader signals | MetaTrader Signals |
| Copy trading | MetaTrader signals | MetaTrader Signals |
| Automated trading | Yes Expert Advisors With MT4, MT5 Capitalise.ai (with MT4) |
Expert Advisors with MT4, OANDA Web MultiCharts |
| Our Trading Platform Score | 8 | 7 |
Verdict
Eightcap wins with a score of 8. OANDA gets a high score of 7. There is little to split the brokers. Both have good mainstream platform options, 3rd party automation tools and lack true social trading tools (other than Signals with the MetaTrader platform). Eigthcap wins because they make MetaTrader 5 available to all their clients.
Eightcap and OANDA both present distinct account features tailored to different trader needs. Eightcap’s primary attraction is its RAW account, which offers competitive spreads, especially for those who prefer commission-based trading. This account type is particularly beneficial for traders who deal with larger volumes.
On the other hand, OANDA stands out for its no-commission trading, appealing to those who prefer a market-maker model. Their offering of 68 Forex pairs is notably higher than Eightcap’s 42. Furthermore, while Eightcap impresses with its extensive cryptocurrency offerings (nearly 100), OANDA diversifies its portfolio with a broader range in other financial markets such as indices, metals, and bonds.
Verdict
While Eightcap’s RAW account offers competitive advantages for specific trading styles, OANDA provides a more comprehensive and diverse account feature set, making it the preferable choice for traders seeking versatility in account types.
CompareForexBrokers wanted to find out how easy or difficult it was to open accounts with Eightcap and OANDA. We provided proof of ID and residence, answered a few financial trading knowledge questions, and then immediately had access to an MT4 login for live trading. We found both brokers a delight to work with and had no stress or complications opening accounts. In our testing, we gave Eightcap a score of 12 and OANDA a 9.
Eightcap customer support told us that withdrawals take 2-5 business days to process, and OANDA support staff told us 1-3 days. So if you wish to access funds quickly, OANDA is a better choice than Eightcap.
When we tested execution speed, Eightcap ranked 14th out of 20 brokers tested. The company definitely has speedy execution but ranked slightly slower than other major brokers. OANDA has improved their speeds as they offered us a new trading engine called V20; the broker told us we should get speeds up to 3.7 times faster than in the past.
| Eightcap | OANDA | |
|---|---|---|
| Execution Type | No dealing desk, ECN | Market Maker (with Market Execution) |
| Demo Account | Yes | Yes |
| Standard Account | Standard - MT4, MT5, | Standard |
| Commission Account | Yes | Yes |
| Fixed-spread Account | No | No |
| Swap-free Account | No | On request |
| # of Base Currencies | 7 | 5 |
| Maximum Forex Leverage | 1:30 to 1:500 (pro account outside Australia) | 1:30 or 1:100 |
| Execution Speed | Limit Order 143 Market Order 139 |
N/A |
| Our Ease Of Account Opening Score (out of 15) | 12 | 11 |
| Our Overall Trading Experience Score | 5.90 | 7 |
Verdict
Eightcap took this category with a score of 8 versus OANDA’s 7 because we found the ease of opening a trading account just a little faster. Eightcap’s ECN status also contributed to our lower spreads. Base currencies and leverages were the same for both forex brokers, so that was even.
OANDA Trust Score
Eightcap Trust Score
Eightcap and OANDA are regulated by the Australian Securities & Investment Commission (ASIC). So, if you are based in Australia, we are comfortable with either broken being chosen from a regulatory perspective.
Outside Australia, we think OANDA is a better choice. Being regulated in Canada, the US, The UK, Europe, Singapore and even Japan, chances are OANDA can legally offer trading services in your country. It is also worth noting that not many Forex brokers are regulated in IIROC (in Canada) or NFA/CFTC in the US. OANDA’s ability to accept clients in Canada and the US makes them quite unique.
| Eightcap | OANDA | |
|---|---|---|
| Tier 1 regulators* | FCA (UK) CYSEC (Cyprus) ASIC (Australia) |
NFA/CFTC (USA) MAS (Singapore) CIRO (CANADA) FCA (UK) ASIC (Australia) |
| Tier 2 regulators | JFSA (Japan) KNF (Poland) MFSA (Europe) |
|
| Tier 3 regulators | SCB (Bahamas) | FSC-BVI |
| Negative Balance Protection | Yes | Yes |
| Guaranteed Stop Loss | No | With OANDA Trade |
| Trust Score | 5 | 8 |
Verdict
OANDA is a top-notch forex broker; their regulation levels are plentiful, and we gave them a score of 9. Eightcap is a good broker, but with only one level of regulation, this is something the company needs to expand on – we gave Eightcap a middle-of-the-road trust score of 5.
OANDA clearly stands above Eightcap when it comes to forex trading pairs, 68 vs. 42. Eightcap also offered us nearly 100 cryptocurrencies, far above OANDAs 4 and even all other brokers we have reviewed for this website. If you wish to trade shares CFD, you will want to be with Eightcap since OANDA does not offer this derivative (which is surprising given how large the broker is. OANDA, however, is stronger than Eightcap in other financial markets, such as indices, metals, and bonds.
| Eightcap | OANDA | |
|---|---|---|
| Forex trading | 42 | 68 |
| Cryptocurrency trading | 86 | 4 |
| Share CFD trading | 400+ | 0 |
| Commodities CFD trading | 2 Metals (vs USD, AUD, EUR) 2 Energies |
3 Metals (Gold and Silver x 10 other currencies) 3 Energies 4 softs |
| ETF CFD trading | 0 | 0 |
| Indices CFD trading | 10 | 15 |
| Bonds/Treasuries CFD trading | 0 | 5 |
| Real Stocks | 0 | No |
| Other Products | 0 | Spread Betting |
| Our Product Score | 5 | 6 |
Verdict
We gave OANDA a Tradable Products score of 8 and Eightcap a 7. Eightcap has an impressive variety of cryptocurrencies, but OANDA’s “extras” as we call them, provide additional diversity in our trading options.
When it comes to educational resources, both Eightcap and OANDA have made significant efforts to cater to traders of all levels. From our analysis of the provided page and our own testing, here’s a comparison of the educational resources each broker offers:
Verdict
Based on our team’s scoring and the depth of resources available, OANDA stands out as the broker offering superior educational resources for traders.
While researching these two brokers, we focused on two important areas of customer experience and first impressions: Funding and Education.
Eightcap offered us a range of eight different deposit and withdrawal methods to suit our needs. These included debit and credit cards, bank wire transfers, and popular e-wallets such as PayPal and Skrill, among a few others. We feel that the availability of various payment methods ensures a seamless and convenient funding process. Funding methods with OANDA were satisfactory but more limited;
Eightcap’s educational offering consists of a wide variety of written articles covering fundamentals and trading strategies. However, our selection of educational videos was limited compared to the best forex brokers, and there was no lesson program with quizzes or progress-tracking features. Expanding the selection of educational videos and organizing content by experience level could enhance Eightcap’s overall educational offering.
A well-structured education suite suitable for our team is what OANDA put before us. Its market analysis is detailed and comprehensive, thanks to the in-house analysts and third-party provider Market Pulse.
OANDA provided a variety of educational materials, including getting-started guides, tools and strategies, and capital management resources. Additionally, OANDA hosts frequent webinars covering various trading topics such as forex trading platforms, strategy, automated trading, and tips for beginners. They additionally maintain an archive of past webinars for on-demand viewing.
| Eightcap | OANDA | |
|---|---|---|
| Education and research tools provided | Yes - (3 out 10) | Yes - (8 out 10) |
| Customer Support - Live chat (bot, human) | Bot or Human | Bot or Human |
| Funding methods | Visa/Mastercard POLi BPay Bank Transfer Neteller Skrill Union Pay |
Credit/Debit Card BPay Online Banking Bank Wire Transfer |
| Customer Support hours | 24/7 | 24/5 |
| Customer Service Score (out of 10) | 9 | 9 |
| Funding methods score (out of 10) | 6 | 5 |
Verdict
Both brokers provided superior customer service – we gave each of them a high score of 9. Eightcap has more funding choices but fewer educational resources. OANDA, on the other hand, hosts frequent webinars and covers a lot of trading topics; in this respect, we gave OANDA a high score of 8 and Eightcap only a 3.
When it comes to funding options, both Eightcap and OANDA offer a variety of methods to cater to the diverse needs of their clients. From traditional bank transfers to modern e-wallet solutions, traders have the flexibility to choose the method that best suits their requirements. It’s essential for traders to have access to multiple funding options, as it allows them to manage their capital efficiently and ensures that they can quickly deposit or withdraw funds without any hassles.
The table below provides a comprehensive comparison of the funding options available with both brokers:
| Funding Option | Eightcap | OANDA |
|---|---|---|
| Bank Transfer | ✅ | ✅ |
| Credit/Debit Card | ✅ | ✅ |
| PayPal | ❌ | ✅ |
| Skrill | ✅ | ❌ |
| Neteller | ✅ | ❌ |
| UnionPay | ✅ | ❌ |
| BPay | ✅ | ❌ |
| POLi | ✅ | ❌ |
| Klarna | ❌ | ❌ |
| Rapid Transfer | ❌ | ❌ |
Verdict
In terms of the variety and flexibility of funding options, Eightcap has a slight edge over OANDA, offering a broader range of methods for traders to choose from.
OANDA has a lower minimum deposit of $0 vs $100 when signing up with Eightcap. Having no funding might be useful with OANDA cause they do have a good education suite you may wish to browser but otherwise you will inevitably need to make a deposit to begin trading.
The table below shows the funding costs with OANDA, Only using bankwire has a $0 minimum deposit, all other funding methods has a $25 deposit requirement.
| GBP | USD | EUR | AUD | |
|---|---|---|---|---|
| Credit Card / Debit Card | £25 Minimum Deposit | $25 Minimum Deposit | €25 Minimum Deposit | $25 |
| Bank Wire | £0 Minimum Deposit | $0 Minimum Deposit | €0 Minimum Deposit | $0 |
| Trustly | £25 Minimum Deposit | $25 Minimum Deposit | €25 Minimum Deposit | $25 |
| Paypal | N/A | N/A | N/A | N/A |
Eightcap have a number of deposit methods to open an account, there will always be $100 fee.
| Minimum Deposit | GBP | USD | EUR | AUD |
|---|---|---|---|---|
| Credit Card / Debit Card | £100 | $100 | €100 | $100 |
| Bank Wire | £100 | $100 | €100 | $100 |
| Skrill | N/A | $100 | €100 | N/A |
| Neteller | N/A | $100 | €100 | N/A |
Verdict
OANDA’s $0 minimum deposit wins this round over Eightcap. Their minimum appeals to beginners, which can be a good start if you are still easing yourself into the world of trading.
OANDA is the winner because it offers a more comprehensive package in terms of accounts, features, educational resources, trust, regulation, and accessibility for traders with its $0 minimum deposit. However, the competition was close, with Eightcap excelling in several areas. The table below summarises the key information leading to this verdict:
| Criteria | Eightcap | OANDA |
|---|---|---|
| Lowest Spreads And Fees | ✅ | ❌ |
| Better Trading Platform | ✅ | ❌ |
| Superior Accounts And Features | ❌ | ✅ |
| Best Trading Experience And Ease | ✅ | ❌ |
| Stronger Trust And Regulation | ❌ | ✅ |
| Top Product Range And CFD Markets | ❌ | ✅ |
| Superior Educational Resources | ❌ | ✅ |
| Superior Customer Service | ✅ | ✅ |
| Better Funding Options | ✅ | ❌ |
| Lower Minimum Deposit | ❌ | ✅ |
OANDA is the ideal choice for beginner traders due to its comprehensive educational resources and $0 minimum deposit requirement.
Eightcap stands out for experienced traders with its competitive spreads, fees, and superior trading platform.
Eightcap generally offers lower costs compared to OANDA. While OANDA has competitive pricing in some areas, Eightcap’s spreads are often more attractive for traders. For instance, Eightcap’s RAW account boasts tight spreads starting from 0.0 pips. For a more detailed comparison on spreads and commissions, you can visit this comprehensive guide on low commissions.
Both Eightcap and OANDA support MetaTrader 4, but Eightcap tends to have a slight edge due to its integration with more advanced tools and features. OANDA, on the other hand, offers a seamless MT4 experience with added plugins. If you’re keen on exploring more about the best MT4 brokers, this list of top MT4 brokers might be of interest.
Neither Eightcap nor OANDA primarily focuses on social trading. However, some brokers integrate platforms like ZuluTrade or Myfxbook for social or copy trading functionalities. If you’re interested in brokers that excel in this area, you might want to check out this detailed review on the best forex social trading platforms.
Neither Eightcap nor OANDA offers spread betting as a primary service. Spread betting is a unique form of trading popular in the UK and Ireland, allowing traders to bet on the direction of price movements. If you’re interested in brokers that specialise in spread betting, you might want to explore this comprehensive list of the best spread betting brokers in the UK.
In my opinion, Eightcap has an edge for Australian forex traders. Both Eightcap and OANDA are ASIC regulated, ensuring a high level of trust and security for traders. However, Eightcap was founded in Australia, giving it a deeper understanding of the local market dynamics and trader preferences. OANDA, on the other hand, is based overseas. For a broader perspective on the best brokers for Australians, you can check out this detailed review of Australian forex brokers.
For UK traders, I believe OANDA offers a more comprehensive package. Both brokers are FCA regulated, ensuring top-tier security and trustworthiness for UK traders. However, OANDA’s global presence and extensive experience make it a preferred choice for many in the UK. Eightcap, while offering competitive services, is not originally from the UK. For more insights on the best brokers for UK traders, you might find this list of top UK trading platforms helpful.
No commission account spread propiety testing data and published wesbite spread information, centralised on our standard account spread page..
Ask an Expert