Comparison of Interactive Brokers vs Eightcap [ 2024 ]

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

Your expert: Alejandro Borja

Interactive Brokers

  • Threenvest valuation: 4,9/5
  • Investor protection: Yes
  • Security: 5/5
  • Available cryptocurrencies: 4 (BTC, ETH...) (CFDs)
Go crypto broker

Your expert: Xavier Tarrasó

eightcap

Eightcap

  • Threenvest valuation: 4,8/5
  • Investor protection: Yes
  • Security: 5/5
  • Available cryptocurrencies: 100 (CFDs)
Go crypto broker

Main points

Fees

Low 4,4/5

Regulated

SEC, FCA

Demo account

Yes
Low 4,3/5

Fees

ASIC, VFSC

Regulated

Yes

Demo account

Recommended for

Beginners

No

Trading

Yes

Passive income

No

Buy and hold

Yes
Yes

Beginners

Yes

Trading

No

Passive income

No

Buy and hold


Comparison of fees

Rating

4.6 – Interactive Brokers charges low commissions (0.12% to 0.18% of trade value) with no added spreads or custody fees, making it one of the most cost-effective options for serious traders .
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 .

Level

Low 4,4/5
Low 4,3/5

Brief explanation

Interactive Brokers offers a competitive and transparent commission structure for cryptocurrency trading. The commission rates range from 0.12% to 0.18% of the trade value, with a minimum fee of $1.75 per order, capped at 1% of the trade value. This fee structure is notably lower than many competitors, who may charge up to 2.00% or include additional spreads and markups​​. Trading cryptocurrencies on Interactive Brokers’ platform does not incur any added spreads, markups, or custody fees. This is facilitated through their partnerships with Paxos Trust Company and Zero Hash LLC, both of which are regulated entities, ensuring a secure trading environment​​. Furthermore, clients can trade cryptocurrencies 24/7 when funds are transferred to their dedicated Paxos or Zero Hash account during normal US banking hours​​.
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 .

Interactive Brokers

Read Interactive Brokers review
  • Year Founded: Established in 1978, Interactive Brokers has a long history of providing reliable and innovative trading solutions.
  • Security Methods: The platform uses top-tier security measures, including two-factor authentication and encryption, ensuring the safety of client assets and data.
  • Number of Users: Interactive Brokers boasts a large user base, serving over 1.6 million clients globally, which speaks to its reliability and popularity.
  • Regulation: The firm is regulated by major financial authorities, including the SEC, FINRA, and several international regulators, ensuring compliance with stringent financial laws.
  • Trading Volume and Liquidity: Interactive Brokers handles a high volume of trades daily, providing deep liquidity, which is crucial for effective trading execution and minimal slippage.
  • Pros
  • Low trading fees
  • No added spreads or markups.
  • Supports direct cryptocurrency trading.
  • Cons
  • Complex account setup process.
  • Limited cryptocurrency selection.

Eightcap

eightcap
Read Eightcap review
  • 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 .
  • Pros
  • Over 250 crypto derivatives available.
  • Integrates AI-powered trading tools.
  • Supports multiple fiat pairings.
  • Cons
  • No 24/7 customer support.
  • Limited educational resources for beginners.

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Product selection

Native token

Interactive Brokers does not have a native token.
Eightcap does not have a native token.

Earns

Interactive Brokers does not offer staking or similar earning options for cryptocurrencies. The platform allows trading and holding of cryptocurrencies .
Eightcap does not offer earning options like staking for cryptocurrencies. It provides a wide range of crypto derivatives for trading .

NFT marketplace

Interactive Brokers does not have an NFT marketplace.
Eightcap does not have an NFT marketplace.

Cripto/debit card

Interactive Brokers offers an IBKR debit card for US residents as part of their Integrated Investment Management accounts .
Eightcap does not have a card for its clients .

Company information

Full name

Interactive Brokers LLC​​.
Eightcap Pty Ltd​​.

Regulation

SEC, FINRA, CFTC, FCA, ASIC, SFC (Hong Kong)​​.
ASIC, VFSC (Vanuatu)​​.

Year founded

1977​​
2009​​

Founder

Thomas Peterffy​​
Joel Murphy​​

Payment methods

Transfers

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

Mastercard

No, Interactive Brokers does not accept Mastercard for deposits​​.
Yes, Eightcap accepts Mastercard for deposits​​.

Wire transfer

Wise is not mentioned as a supported payment method .
Yes, Wise is supported as a payment method .

Card

No, Interactive Brokers does not accept credit/debit cards .
Yes, Eightcap accepts credit/debit cards .

Comparative table

Interactive Brokers Features Eightcap
Interactive Brokers offers a low minimum trade amount, making it accessible for both small and large investors. This encourages new traders to start without significant capital.
Minimum Trade
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.
The platform’s fees are among the lowest in the industry, which is a major advantage for frequent traders.
Trading and Transaction Fees
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 .
Currently, only eight cryptocurrencies are available, which limits options for traders looking for a diverse portfolio.
Number of Cryptocurrencies
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 .
The platform offers limited crypto-to-crypto pairs, which restricts trading strategies for users looking to trade beyond major cryptocurrencies.
Crypto-to-Crypto Trading Pairs
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
Interactive Brokers provides clear and comprehensive information about their services and fees. However, the site could be more intuitive for beginners.
Website Transparency
Eightcap maintains a transparent website with clear information on fees, regulatory status, and trading conditions. However, more detailed educational resources could enhance user understanding .
Interactive Brokers offers an IBKR debit card for US residents as part of their Integrated Investment Management accounts .
Credit/Debit Card
Eightcap does not have a card for its clients .
The platform offers secure storage solutions through partnerships with regulated entities, ensuring the safety of users’ digital assets.
Storage Offering
Eightcap does not provide crypto wallet services since it focuses on CFD trading, which means traders cannot store actual cryptocurrencies on the platform .
Interactive Brokers does not currently offer staking or rewards programs, which could be a drawback for users looking for passive income opportunities.
Staking and Rewards
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 .
The mobile and desktop platforms are highly rated for their functionality and user-friendly design, catering to both novice and experienced traders.
Mobile App and Desktop
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 .
The customer service is generally responsive and helpful. However, the complex account setup process can be a barrier for new users.
Customer Service
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 .
The platform provides efficient deposit and withdrawal processes with multiple options, although there is room for improvement in speeding up withdrawal times.
Deposit and Withdraw
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 .

Key features

Analysis tools

Interactive Brokers offers the Trader Workstation (TWS) platform, which includes powerful trading tools and advanced charting capabilities. They also provide comprehensive market data and 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 .

Mobile APP

Yes, Interactive Brokers offers the IBKR Mobile app for iOS and Android devices, providing comprehensive trading tools and account management features .
Yes, Eightcap provides mobile trading through the MetaTrader 4 and 5 apps, as well as the TradingView mobile app .

Security

Interactive Brokers is regulated by top-tier US authorities like the SEC and FINRA, providing a high level of security and transparency. They offer SIPC insurance, protecting clients’ securities up to $500,000, including a $250,000 cash limit​​.
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​​.

Additional features

Interactive Brokers allows clients to trade cryptocurrencies through Paxos or Zero Hash, offering a low commission rate of 0.12% to 0.18% of the trade value. They support a variety of cryptocurrencies, including Bitcoin, Ethereum, and Litecoin, and provide advanced trading tools through their Trader Workstation platform. Interactive Brokers also offer features like holding USD in crypto accounts and 24/7 trading .
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 .

Anonymity

Anonymous accounts are not available. Interactive Brokers requires detailed personal information and identity verification .
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 .

Key points

Available cryptocurrencies

Interactive Brokers allows both direct trading and CFDs for cryptocurrencies. The available cryptocurrencies for direct trading are Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and Litecoin (LTC). Additional coins are available through CFDs​​.
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)​​.

User-friendliness

Interactive Brokers integrates cryptocurrency trading into its existing platform, allowing users to trade crypto alongside other asset classes. The platform offers low commissions and a professional-grade trading environment. However, the setup process might be more complex compared to dedicated crypto exchanges, which could be a drawback for less experienced users .
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 .

Value for money

Interactive Brokers is known for its low commissions and transparent pricing, making it a cost-effective choice for crypto trading. Its professional-grade trading tools add significant value, though the platform might be too complex for beginners​​.
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​​.

Countries of operation

United States, Canada, United Kingdom, Ireland, Hungary, Australia, India, Japan, Hong Kong, Singapore .
United Kingdom, European Union, Australia, Bahamas, St. Vincent and the Grenadines .

Best for

Interactive Brokers is ideal for professional and experienced traders who want to trade cryptocurrencies alongside other asset classes. Its low commissions and professional-grade trading tools make it a strong choice for serious investors​​.
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​​.

Account

Trading

Interactive Brokers offers limited direct cryptocurrency trading but provides access to crypto-related financial products. It is more focused on traditional investment products, making it less ideal for pure crypto 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.

Deposit and withdrawal

Interactive Brokers allows deposits and withdrawals via bank transfers and wire transfers. The process is secure but can be slower, especially for international transfers. Fees may apply for withdrawals.
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.

Account opening process

The account opening process at Interactive Brokers is detailed and thorough. Users must provide extensive personal and financial information, and submit various verification documents. The process is fully digital but can take a few days for approval due to the comprehensive requirements.
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.

KYC required?

Yes, KYC is required at Interactive Brokers. The account opening process includes submitting personal identification documents and proof of address.
Yes, KYC is required at Eightcap. Users need to submit personal identification documents and proof of address to verify their accounts.

Customer Service

Interactive Brokers provides customer support via phone, email, and live chat. The support is available 24/5 and is generally responsive, though some users find the service to be slower during peak times due to high demand.
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.

Security

Interactive Brokers is regulated by top-tier US authorities like the SEC and FINRA, providing a high level of security and transparency. They offer SIPC insurance, protecting clients’ securities up to $500,000, including a $250,000 cash limit​​.
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​​.

Which of these exchanges is for you?

alejandro-borja-analista-de-brokers.webp

Alejandro Borja

As an expert on our website, I highly recommend Interactive Brokers for those interested in integrating cryptocurrency trading with traditional financial instruments. The platform offers competitive fees, robust security, and seamless integration with other asset classes, making it an excellent choice for experienced traders looking to diversify their portfolios. While the account setup process can be complex, the advanced trading features and reliable customer support make it worth the effort. If you’re seeking a secure and cost-effective way to trade cryptocurrencies, Interactive Brokers is a solid option.
Xavier-tarraso-mascarell.jpg

Xavier Tarrasó

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​​.

Read Interactive Brokers review

View all comparisons against Interactive Brokers

Read Eightcap review

View all comparisons against Eightcap

How do we review crypto exchanges?

At Threenvest, we conduct a thorough review process to evaluate and rank the world’s leading crypto exchanges. Our goal is to offer an unbiased assessment, providing you with the information you need to make informed decisions on which ones best suit your needs. We strictly adhere to the guidelines of our editorial policy.

 

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).


For more details on the categories considered when rating brokers and our process, read our full methodology.

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.

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