Comparison of Eightcap vs Firstrade [ 2024 ]

The best brokers to invest in cryptocurrencies compared by their commissions, cryptos, security and much more. Here is theEightcap vs Firstrade comparison!

Your expert: Alejandro Borja

Eightcap

Your expert: Xavier Tarrasó

Firstrade

Main points

Fees

Low 4,3/5

Regulated

ASIC, VFSC

Demo account

Yes

Low 4/5

Fees

FINRA, SEC

Regulated

Demo account

Recommended for

Beginners

Yes

Trading

Yes

Passive income

Buy and hold

Yes

Beginners

Trading

Passive income

Buy and hold

Comparison of fees

Rating

4.3 – Eightcap provides tight spreads and no deposit or withdrawal fees, making it a cost-effective choice for crypto trading. However, the lack of public financial information might be a concern .

3.5 – Firstrade charges a 1% fee on crypto trades, which is higher than some competitors. Despite this, its low fees on other investment options and user-friendly platform add value .

Level

Low 4,3/5

Low 4/5

Brief explanation

Eightcap offers competitive commissions, particularly attractive for cryptocurrency traders. The platform provides two main account types: Raw and Standard. The Raw account features lower spreads starting from 0.0 pips but incurs a commission of $3.5 per lot per trade, making it suitable for high-frequency traders seeking tighter spreads. Conversely, the Standard account has no commission but higher spreads starting from 0.5 pips . For cryptocurrency trading, Eightcap’s spreads vary significantly depending on the asset. For instance, Bitcoin spreads can range up to 12 pips, which is competitive compared to other brokers. Additionally, there are no deposit or withdrawal fees, which further enhances the cost-effectiveness of trading on Eightcap. However, traders should be aware of potential overnight financing fees if positions are held beyond a day .

Firstrade offers competitive and straightforward commission structures for cryptocurrency trading. The platform charges a flat fee of 1% for buying or selling cryptocurrencies, which is relatively high compared to some other exchanges but remains transparent without additional hidden fees. Trading Commissions Firstrade’s trading fee for cryptocurrencies is set at 1% of the trade value. This fee applies uniformly to all cryptocurrency transactions, ensuring that users are aware of the costs upfront. The simplicity of this fee structure is advantageous for those who prefer clarity and straightforward pricing. Other Fees Firstrade does not charge any deposit fees, making it cost-effective to add funds to your account. However, while withdrawals via ACH are free, wire transfers incur a fee of $25, which is something users should be mindful of when planning their fund withdrawals. Overall, Firstrade’s commission structure is designed to be transparent and easy to understand, with the primary cost being the 1% trading fee on all cryptocurrency transactions. This can be beneficial for traders who value simplicity and predictability in their trading costs.

Eightcap

Regulation and Licensing: Eightcap is regulated by multiple top-tier financial authorities, including the Financial Conduct Authority (FCA) in the UK and the Australian Securities and Investments Commission (ASIC). These regulatory bodies are renowned for their stringent standards and oversight, ensuring that Eightcap adheres to high standards of financial practice and client protection .
Number of Users: Eightcap has grown its user base significantly since its inception, reflecting its reliability and the trust it has built among traders worldwide. The platform's expansion into various regions highlights its capability to cater to a diverse clientele, making it a trusted name in the crypto trading industry .
Security Methods Security is a top priority for Eightcap, employing advanced security protocols to protect client funds and personal information. The broker provides negative balance protection, ensuring that traders do not lose more than their account balance. This commitment to security measures gives users confidence in the safety of their investments .
Trading Volume and Liquidity: Eightcap handles a significant trading volume, offering high liquidity in its crypto CFDs. This is crucial for traders looking to execute large trades quickly without experiencing significant price slippage. The platform’s ability to manage high trading volumes efficiently is a testament to its robust infrastructure and reliability .
Transparency: Eightcap is transparent about its operations, fee structures, and regulatory compliance. This openness fosters trust among its users, as they can clearly understand the terms and conditions under which they trade. Transparency is further reinforced by the regular audits and disclosures mandated by the regulatory bodies overseeing Eightcap .

Firstrade

Year Founded: Firstrade was established in 1985, making it one of the most experienced brokerage firms in the industry. With nearly four decades of operation, Firstrade has demonstrated stability and reliability through various market conditions.
Number of Users: Firstrade serves a large number of clients, reflecting its broad acceptance and trust within the investment community. The significant user base is a testament to its reliability and the trust it has earned over the years.
Security Methods: Firstrade employs stringent security measures to protect client accounts and personal information. The platform is regulated by top-tier authorities such as the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). Additionally, Firstrade provides high investor protection through the Securities Investor Protection Corporation (SIPC), covering up to $500,000, including $250,000 for cash.
Regulation: Firstrade is fully regulated by the SEC and FINRA, ensuring compliance with strict industry standards. This regulation provides an added layer of security and transparency, assuring users that their investments are managed according to rigorous guidelines.
Customer Service: Firstrade offers robust customer service options, including phone and email support. Although not available 24/7, their customer service team is dedicated to providing helpful and relevant responses. This commitment to customer care enhances user confidence and satisfaction.

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Account Minimum

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Direct link to the website

Product selection

Native token

Eightcap does not have a native token.

Firstrade does not have a native token.

Earns

Eightcap does not offer earning options like staking for cryptocurrencies. It provides a wide range of crypto derivatives for trading .

Firstrade does not offer staking or earning options for cryptocurrencies. It focuses on trading a variety of digital assets .

NFT marketplace

Eightcap does not have an NFT marketplace.

Firstrade does not have an NFT marketplace.

Cripto/debit card

Eightcap does not have a card for its clients .

Firstrade does not offer a card for its clients .

Payment methods

Transfers

Yes, Eightcap accepts bank transfers for both deposits and withdrawals .

Yes, Firstrade accepts bank transfers for both deposits and withdrawals .

Mastercard

Yes, Eightcap accepts Mastercard for deposits.

No, Firstrade does not accept Mastercard for deposits.

Wire transfer

Yes, Wise is supported as a payment method .

Wise is not mentioned as a supported payment method .

Card

Yes, Eightcap accepts credit/debit cards .

No, Firstrade does not accept credit/debit cards .

Comparative table

Eightcap	Features	Firstrade
Eightcap offers a low minimum trade requirement, making it accessible for traders at all levels. This encourages new traders to start small without significant financial risk.	Minimum Trade	Firstrade allows low minimum trade amounts, making it accessible for beginners to start investing in cryptocurrencies.
Eightcap charges competitive fees, including tight spreads from 0.1 pips and low commissions, particularly on its Raw account. This makes it an economical choice for active traders .	Trading and Transaction Fees	The platform offers competitive trading fees, although some users might find hidden costs associated with certain transactions.
With over 250 crypto CFDs available, Eightcap provides one of the most extensive selections of cryptocurrencies in the market, catering to a wide range of trading interests .	Number of Cryptocurrencies	Firstrade supports over 30 cryptocurrencies, providing a good range of options for investors.
While Eightcap offers a variety of fiat-to-crypto pairs, the availability of direct crypto-to-crypto trading pairs is somewhat limited, which might not meet the needs of all traders	Crypto-to-Crypto Trading Pairs	While it offers a variety of cryptocurrencies, the number of available trading pairs is somewhat limited compared to other platforms.
Eightcap maintains a transparent website with clear information on fees, regulatory status, and trading conditions. However, more detailed educational resources could enhance user understanding .	Website Transparency	Firstrade’s website is transparent and informative, clearly outlining fees, security measures, and available services.
Eightcap does not have a card for its clients .	Credit/Debit Card	Firstrade does not offer a card for its clients .
Eightcap does not provide crypto wallet services since it focuses on CFD trading, which means traders cannot store actual cryptocurrencies on the platform .	Storage Offering	Firstrade lacks a dedicated cryptocurrency wallet, requiring users to use third-party services for storing their digital assets.
There are no staking or reward programs available on Eightcap, which might be a disadvantage for traders looking to earn passive income through their crypto holdings .	Staking and Rewards	The platform currently does not offer staking or reward programs, which can be a downside for users looking to earn passive income.
Eightcap supports mobile trading through the MetaTrader 4/5 and TradingView apps, offering robust functionality and user-friendly interfaces, but lacks a proprietary mobile app .	Mobile App and Desktop	Firstrade offers a highly rated mobile app and a robust desktop platform, ensuring a seamless trading experience across devices.
Customer service is available through live chat, phone, and email, but is not 24/7, which can be limiting for traders who need immediate assistance outside of business hours .	Customer Service	Firstrade’s customer service is reliable but not available 24/7, which can be an inconvenience for users needing assistance outside business hours.
Eightcap offers multiple deposit and withdrawal methods with no fees, including bank transfers, credit cards, and e-wallets, ensuring flexibility and cost-effectiveness for users .	Deposit and Withdraw	Firstrade offers a variety of deposit and withdrawal options, although the lack of instant processing for some methods can be a drawback.

Key features

Analysis tools

Eightcap provides access to the TradingView platform, known for its advanced charting capabilities, and Capitalise.ai for algorithmic trading. They also offer the MetaTrader 4 and 5 platforms with a range of technical analysis tools .

Firstrade offers a variety of tools and resources including research reports, market data and analysis, and educational resources such as webinars and articles .

Mobile APP

Yes, Eightcap provides mobile trading through the MetaTrader 4 and 5 apps, as well as the TradingView mobile app .

Yes, Firstrade offers a mobile app available for iOS and Android devices, designed for a seamless trading experience .

Security

Eightcap is regulated by top-tier authorities such as the FCA and ASIC, providing a solid level of investor security. They offer negative balance protection for UK and EU clients but do not provide financial information publicly.

Firstrade is regulated by the SEC and FINRA in the United States, offering a high level of security. They follow strict security measures to protect client accounts and personal information.

Additional features

Eightcap excels in cryptocurrency CFD trading, offering access to over 250 crypto derivatives. Their trading tools include resources like Crypto Crusher for market insights and Capitalise.ai for automated trading strategies. Eightcap also supports deposits and withdrawals in digital currencies, making it convenient for crypto traders. However, they do not offer a proprietary mobile app, relying instead on MetaTrader and TradingView for mobile trading .

Firstrade offers trading on 38 popular cryptocurrencies, including Bitcoin, Ethereum, and Litecoin. Their platform is integrated with Apex Crypto for secure storage and trading. Firstrade provides a highly-rated mobile app for seamless trading on the go and features like real-time data and analytics, 24/7 trading, and instant fund access. They charge a high spot crypto fee of 1% of the trade value but provide a user-friendly experience for beginners .

Anonymity

Eightcap does not offer anonymous accounts. The registration process involves providing personal and financial information, and verification with a passport or ID and proof of residence .

Firstrade does not support anonymous accounts. The account opening process includes submitting personal details and verification documents .

Key points

Available cryptocurrencies

Eightcap offers trading in over 250 cryptocurrency CFDs. Available cryptocurrencies include popular coins like Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), as well as altcoins like Polkadot (DOT), Binance Coin (BNB), Chainlink (LINK), Stellar (XLM), EOS, and memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB).

Firstrade provides access to 38 cryptocurrencies. These include Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Cardano (ADA), Dogecoin (DOGE), Stellar (XLM), Solana (SOL), Shiba Inu (SHIB), and more.

User-friendliness

Eightcap provides a seamless and fast account opening process, making it easy for users to start trading cryptocurrencies. The platform supports multiple payment methods, including credit/debit cards and e-wallets, which adds to its ease of use. Eightcap’s trading platforms are designed to be intuitive, ensuring that users can navigate and trade efficiently without much hassle .

Firstrade offers a highly-rated mobile app for crypto trading, designed to provide a seamless and user-friendly experience. The platform supports a wide range of cryptocurrencies and allows for easy buying and selling. While it lacks a dedicated crypto wallet and some advanced features, its simplicity and accessibility make it a good choice for beginners looking to manage their crypto investments alongside other asset classes .

Value for money

Eightcap provides great value with no deposit or withdrawal fees and a wide range of supported payment methods. Its tight spreads and leverage options enhance its attractiveness, although the lack of public financial information might be a concern for some.

Firstrade offers a strong value proposition with low fees and no minimum deposit, making it accessible for beginners. However, its 1% trading fee on crypto is higher compared to some competitors, which could affect active traders.

Countries of operation

United Kingdom, European Union, Australia, Bahamas, St. Vincent and the Grenadines .

United States, Germany, United Kingdom, China, Singapore, Hong Kong .

Best for

Eightcap is perfect for traders seeking a vast selection of over 250 cryptocurrency CFDs, including memecoins and altcoins. It’s well-suited for those who want to trade crypto derivatives in a regulated and secure environment.

Firstrade is best for US-based investors who want a straightforward, user-friendly platform to trade a variety of cryptocurrencies. Its mobile app and low fees make it a good option for beginners and those looking to manage their crypto investments alongside traditional assets.

Account

Trading

Eightcap supports crypto CFD trading with competitive spreads and leverage. The platform offers a range of popular cryptocurrencies, making it a good choice for traders looking for diversity in their crypto investments.

Firstrade has limited offerings in cryptocurrency trading, focusing primarily on traditional securities. It may not be the best option for dedicated crypto traders.

Deposit and withdrawal

Eightcap supports deposits and withdrawals through bank transfers, credit/debit cards, and various e-wallets. The platform processes transactions efficiently, but some e-wallets may incur small fees.

Firstrade primarily supports deposits and withdrawals via bank transfers and checks. The process can be slower compared to other brokers, and international clients might face additional hurdles.

Account opening process

The account opening process at Eightcap is straightforward and fully digital. Users need to fill out an online form with personal and financial information and submit verification documents. Accounts are generally approved within one business day.

Opening an account with Firstrade involves completing an online application and submitting personal and financial information. Verification documents are required. The process can take a bit longer compared to other brokers, especially for international clients.

KYC required?

Yes, KYC is required at Eightcap. Users need to submit personal identification documents and proof of address to verify their accounts.

Firstrade mandates KYC verification. Users must provide personal identification documents and proof of address as part of the account opening process.

Customer Service

Eightcap offers customer support through live chat, phone, and email. The support team is available 24/5 and is generally responsive, providing helpful and timely assistance to users.

Firstrade provides customer support via phone and email, but does not offer live chat. The support is available during regular business hours, and while it is generally helpful, the lack of live chat can be a drawback for some users.

Security

Firstrade is regulated by the SEC and FINRA in the United States, offering a high level of security. They follow strict security measures to protect client accounts and personal information.

Which of these exchanges is for you?

Alejandro Borja

As an expert on cryptocurrency investment platforms, I highly recommend Eightcap for traders looking to dive into the world of crypto derivatives. Eightcap offers an extensive range of over 250 cryptocurrency CFDs, making it one of the most comprehensive brokers in this space. Their platform is user-friendly, and the tight spreads coupled with fast order execution are ideal for day traders. Additionally, the regulation by top-tier authorities like FCA and ASIC ensures a secure trading environment. However, the lack of a proprietary mobile app and limited educational resources are areas that could see improvement to better support new traders.

Xavier Tarrasó

As an expert on our website, I find Firstrade to be a reliable choice for anyone looking to start investing in cryptocurrencies. The platform offers a secure and user-friendly experience, with competitive trading fees and a robust mobile app. However, the absence of a dedicated crypto wallet and 24/7 customer support are areas that could use improvement. Overall, Firstrade is a solid option for beginners and seasoned investors alike, thanks to its strong regulatory framework and extensive market experience.

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We collect data directly from exchanges through detailed questionnaires and conduct first-hand testing and observations during crypto exchange demonstrations. Questionnaire responses, combined with demonstrations and hands-on research from our experts, feed into our proprietary evaluation process that scores each provider’s performance on more than 15 factors. The end result produces star ratings ranging from poor (one star) to excellent (five stars).

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Risk Disclaimer

Investing in cryptocurrencies is very risky, you should only invest the money you are willing to lose. Also you should not expect to be protected if something goes wrong.

Neither Threenvest, nor the author, are recommending you to invest with this article.

Comparison of Eightcap vs Firstrade [ 2024 ]

Eightcap

Firstrade

Main points

Recommended for

Comparison of fees

Rating

Level

Brief explanation

Eightcap

Firstrade

Product selection

Native token

Earns

NFT marketplace

Cripto/debit card

Company information

Full name

Regulation

Year founded

Founder

Payment methods

Transfers

Mastercard

Wire transfer

Card

Comparative table

Key features

Analysis tools

Mobile APP

Security

Additional features

Anonymity

Key points

Available cryptocurrencies

User-friendliness

Value for money

Countries of operation

Best for

Account

Trading

Deposit and withdrawal

Account opening process

KYC required?

Customer Service

Security

Which of these exchanges is for you?

How do we review crypto exchanges?

Risk Disclaimer

More comparatives Eightcap and Firstrade