Comparison of Robinhood vs Eightcap [ 2024 ]

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

Your expert: Alejandro Borja

Robinhood

Your expert: Xavier Tarrasó

Eightcap

Main points

Fees

Low 4,7/5

Regulated

SEC, FINRA

Demo account

Low 4,3/5

Fees

ASIC, VFSC

Regulated

Yes

Demo account

Recommended for

Beginners

Yes

Trading

Yes

Passive income

Buy and hold

Yes

Beginners

Yes

Trading

Passive income

Buy and hold

Comparison of fees

Rating

4.1 – Robinhood offers commission-free trading, which is excellent for beginners. However, the inability to transfer cryptocurrencies off the platform and limited cryptocurrency options can be limiting .

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 4,7/5

Low 4,3/5

Brief explanation

Robinhood Crypto does not charge any commission fees for trading cryptocurrencies on its platform. Users can buy and sell 15 different cryptocurrencies without incurring additional costs, making it an attractive option for those looking to trade without worrying about hidden fees. However, while Robinhood does not impose direct trading fees, it passes on network fees from crypto miners and validators to users when processing blockchain transactions. Additionally, Robinhood makes money through payment for order flow (PFOF), which involves selling user order information to market makers and may not always result in the best execution prices for trades. In summary, Robinhood Crypto offers commission-free trading, but users should be aware of network fees and the potential implications of PFOF on trade execution prices .

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 .

Robinhood

Year founded: Robinhood was founded in 2013, which provides a decade-long track record in the financial services industry.
Number of users: The platform boasts over 22 million users, reflecting its popularity and trust among investors.
Security methods: Robinhood employs industry-standard security measures, including two-factor authentication (2FA) and encryption, to protect user data and funds.
Regulation: Robinhood is regulated by top-tier authorities such as the SEC and FINRA, ensuring compliance with stringent financial regulations.
Reputation and Reviews: The platform has received generally positive reviews for its ease of use and innovative commission-free trading model, though it has faced some criticism regarding customer service.

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 .

Guide sponsored by the best exchange

eToro

eToro Special Offer*

Earn up to 4.90% APY on uninvested cash with eToro USA.

Account Minimum

Get started with just $100.

And 1% fee on all cryptocurrency trades.

Direct link to the website

Product selection

Native token

Robinhood does not have a native token.

Eightcap does not have a native token.

Earns

Robinhood does not offer staking or other earning options for cryptocurrencies. The platform is geared towards trading a select few cryptocurrencies .

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

NFT marketplace

Robinhood does not have an NFT marketplace.

Eightcap does not have an NFT marketplace.

Cripto/debit card

Robinhood provides a debit card that can be used anywhere Mastercard is accepted .

Eightcap does not have a card for its clients .

Payment methods

Transfers

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

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

Mastercard

No, Robinhood 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, Robinhood does not accept credit/debit cards for deposits, but it offers a debit card for use .

Yes, Eightcap accepts credit/debit cards .

Comparative table

Robinhood	Features	Eightcap
Robinhood Crypto allows users to start trading with as little as $1, making it highly accessible to beginners and those with limited 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 is known for its commission-free trading, which means users can trade cryptocurrencies without incurring additional costs, making it very cost-effective.	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 .
While the platform supports 15 cryptocurrencies, this number is relatively low compared to other exchanges that offer a broader range of digital assets.	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 .
Robinhood does not support direct trading between different cryptocurrencies, limiting trading flexibility.	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
The website is user-friendly and provides clear information, but it could benefit from more detailed explanations on certain services and policies.	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 .
Robinhood provides a debit card that can be used anywhere Mastercard is accepted .	Credit/Debit Card	Eightcap does not have a card for its clients .
Robinhood does not support external wallets, meaning users cannot transfer their cryptocurrencies off the platform, which is a significant limitation for those seeking more control over their 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 .
The platform does not offer staking or rewards programs, which are features available on many other cryptocurrency exchanges.	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 .
Robinhood provides an excellent mobile and desktop trading experience, known for its seamless integration and user-friendly design.	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 .
Customer service has been a point of criticism, with reports of slow response times and limited support options, which can be frustrating for users needing immediate assistance.	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 .
Deposits and withdrawals are straightforward, but the lack of support for transferring cryptocurrencies to external wallets remains a drawback.	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

Robinhood offers advanced charting and screener tools, with in-depth charting, dozens of technical indicators, and market data from multiple sources. However, their crypto trading is separated into a different app, Webull Pay, which continues the same features .

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, Robinhood has a highly rated mobile app that allows users to trade cryptocurrencies along with other assets .

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

Security

Robinhood is regulated by the SEC and FINRA, providing a high level of investor protection. They offer SIPC insurance for securities up to $500,000, including a $250,000 cash limit. However, they do not provide negative balance protection.

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

Robinhood provides commission-free trading on a selection of cryptocurrencies like Bitcoin, Ethereum, and Dogecoin through their mobile app. They offer a user-friendly platform with features such as instant deposits, real-time data, and access to margin accounts with Robinhood Gold. However, their crypto services are limited compared to specialized crypto exchanges .

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

Robinhood does not offer anonymous accounts. Users must provide personal details and complete verification steps .

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

Robinhood supports trading in a limited number of cryptocurrencies. The available cryptocurrencies are Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin SV (BSV), Dogecoin (DOGE), Ethereum (ETH), Ethereum Classic (ETC), and Litecoin (LTC).

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

Robinhood offers a sleek and user-friendly mobile app that makes it easy for users to trade cryptocurrencies alongside other assets. The platform’s simplicity and commission-free trading are major advantages, though it lacks some advanced features and educational tools. Additionally, Robinhood does not allow users to withdraw their crypto holdings to external wallets, which could be a limitation for some traders .

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

Robinhood is renowned for its commission-free trading, providing excellent value for money, especially for beginners. However, its limited cryptocurrency offerings and inability to transfer crypto out of the platform may limit its appeal for more advanced users.

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 (in most states) .

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

Best for

Robinhood is perfect for beginners and younger investors who want an easy-to-use, commission-free platform to trade a limited range of cryptocurrencies. Its integration with stock and ETF trading makes it convenient for those looking to diversify their investments.

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

Robinhood allows direct cryptocurrency trading with zero commissions, making it an attractive option for retail investors. However, it offers a limited range of cryptocurrencies compared to other platforms.

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

Robinhood allows deposits and withdrawals via bank transfers. The process is straightforward and free of charge, but the limited options can be a drawback for some users.

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

Robinhood offers an easy and quick account opening process. Users complete an online application, provide personal information, and verify their identity. The process is fully digital and accounts are typically approved within a day.

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 Robinhood. Users must submit personal identification documents and proof of address to verify their accounts.

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

Customer Service

Robinhood offers customer support primarily through email and in-app messaging. They have recently introduced phone support, but response times can vary. The support team is helpful, though some users report delays in getting issues resolved.

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

Which of these exchanges is for you?

Alejandro Borja

As an expert on our website, I recommend Robinhood Crypto for its ease of use and commission-free trading. It’s an excellent choice for beginners who want to start trading cryptocurrencies with minimal initial investment. However, be mindful of its limitations, such as the lack of support for external wallets and limited customer service. Overall, it’s a solid platform for those new to crypto trading, offering a straightforward and accessible entry into the market.

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 Robinhood review

View all comparisons against Robinhood

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.

Comparison of Robinhood vs Eightcap [ 2024 ]

Robinhood

Eightcap

Main points

Recommended for

Comparison of fees

Rating

Level

Brief explanation

Robinhood

Eightcap

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 Robinhood and Eightcap