Yep, M8 is the metric size. Make sure the threaded section stops before the bearings for max strength.
There are three grades of bolt in common use in. Most bolts which you will come across will only deviate slightly from these three grades. The lowest grade is 4.6, commonly known as commercial grade. Next comes grade 8.8, known as structural grade, and finally, the highest grade is 12.9, known as high tensile bolts. The first number represents the ultimate tensile strength of the bolt, 400 MPa, 800 MPa or 1200 MPa respectively. The second number represents the point at which the bolt will permanently stretch. (Officially, the 0.2% proof load stress). A 4.6 bolt permanently stretches at 60% of its ultimate, an 8.8 at 80% and a 12.9 at 90 %.
Go for 12.9 and you'll have a pretty strong axle that shouldn't cost to much.