Founded in 2009, EightCap is a brokerage firm with a mission to provide exceptional financial services to its clients. This FX and CFD broker offers fast execution on more than 200 trading instruments, using their Equinix-connected trade servers.
OANDA is one of the early pioneers of online forex brokers, established in the mid-1990s. The company is said to be founded by Dr. Michael Stumm and Dr. Richard Olsen. When the online trading platform FXTrade was launched in 2001, it was the first fully automated forex trading platform.
|#||Broker's Features||EIGHTCAP Availability||OANDA Availability|
|#||Accepts US traders||❌||✔|
|#||24 hour trading||❌||❌|
|#||Trading by phone||❌||❌|
|#||1st deposit bonus||❌||❌|
|#||Forex contests competitions||❌||❌|
|#||Interest charges on the balance||❌||❌|
|#||24 hour support||✔||❌|
The variety of online brokers on the internet is very huge, so it is necessary to do a transparent review and comparison of the companies. After spending several days researching different forex brokers for trading FX, our team at onlineforextrading.net team collected over 50 data points. For this review, we will compare EightCap vs Oanda.
Financial Trading and Investment Services: First of all, you should know which financial instrument you want to trade and then searching for the right broker. This can be stocks, forex, CFDs, cryptocurrencies or options. EightCap offers Online Financial Trading and Investment Services Such as Currencies, Commodities, Indices, Cryptocurrency, while Oanda offers N/A.
Broker Type: Many types of brokers can be found in the most dynamic market in the world. EightCap is No dealing desk, while Oanda is Market Maker, No dealing desk.
Is the Forex broker regulated? Commissions and fees aside, let's take a look at regulation. Trust is critical, and you should highly consider choosing a broker that regulated in a major hub. EightCap is regulated by ASIC, while Oanda regulated by CFTC, DFSA, FSA, IIROC, MAS, NFA. For our reviews, official regulation of an official financial authoritarian is required. Brokers have to fulfill certain conditions to get these licenses. In order to violate the rules, they would lose their license and a lot of money.
Account currencies: Next lets consider the Account currencies each broker offers. EightCap offers AUD, USD, GBP, EUR, NZD, SGD different account currencies for each account types, while Oanda offers account currencies.
Languages Available: Next lets have a look at each broker's different Language options. EightCap offers Chinese, English, French, German, Italian, Korean,, while Oanda offers Chinese, English, French, German, Japanese, Korean Customer Support Languages.
Payment methods: Next lets have a look at each broker's payment options. EightCap offers Credit/Debit Cards, Skrill, Bank Wire Transfer different payment methods for each account types, while Oanda offers Credit/Debit Cards, PayPal, Bank Wire Transfer payment methods.
Trading platforms: Next, let's look at the tools and features fx traders desire. With trading platforms, EightCap makes MT4, MT5 available to clients, while Oanda offers MT4, Oanda fxTrade.
There’s no such thing as a perfect broker, but some are going to be a better fit for you than others.
Objectively, Oanda is more reliable based on our criteria above. Oanda has a wider range of instruments to trade giving you the flexibility to get access and exposure to a wide range of markets. Regulations play a huge role in protecting the traders/investors interest as they compel the financial service providers such as forex brokers to act in a fair and ethical manner. Oanda broker is regulated in more major hubs. As a market maker, Oanda may have lower entry requirements compared to an ECN broker who benefits from a higher volume of trades and typically has larger capital and minimum trade requirements. Market makers typically have a lower minimum deposit, smaller minimum trade requirements and no commission on trades.
Oanda offers a great and easy-to-use web trading platform. It has a user-friendly and fully digital account opening with no minimum account balance. It has also powerful research tools, e.g. it has a great API offer.
Oanda has a limited product portfolio as it offers only forex CFDs. The customer support has a lot to improve as it is slow and provides irrelevant. The money withdrawal can be pricey.
Finally, if you're really not sure you can always use our free tool (takes 15 seconds) that will help you find a suitable Personalised Broker based on your precise requirements here.