Written by ForexBrokers.com
In this head to head comparison of Saxo vs BlackBull Markets, we will compare the trading platforms, mobile apps, range of investments, costs, market research, and more. Let's dive in.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 51% and 89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Saxo and BlackBull Markets take different paths on safety and oversight. Saxo, founded in 1992, is a bank and is not publicly traded. BlackBull Markets, founded in 2014, is also privately held but is not a bank.
On regulation, Saxo holds seven Tier-1 licenses (considered highly trusted by ForexBrokers.com) and one Tier-2 license, earning a ForexBrokers.com Trust Score of 99—within the 90–99 “highly trusted” range. BlackBull Markets holds one Tier-1 license and no Tier-2 licenses, with a Trust Score of 77, which falls in the 70–79 “average risk” band.
| Feature |
Saxo
|
BlackBull Markets
|
|---|---|---|
| Year Founded | 1992 | 2014 |
| Publicly Traded (Listed) | No | No |
| Bank | Yes | No |
| Tier-1 Licenses | 7 | 1 |
| Tier-2 Licenses | 1 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 1 |
Saxo and BlackBull Markets both offer competitive pricing, but they suit different types of traders. Saxo earns a 5-star rating and ranks #8 out of 36 brokers for commissions and fees, while BlackBull Markets is rated 4.5 stars and ranks #9 out of 36. In simple terms, Saxo is the stronger pick overall for traders who want lower costs at the higher account tiers, while BlackBull Markets offers good value with more flexible entry-level options.
For Saxo, pricing is especially attractive for active traders and larger accounts. As of November 2023, the average EUR/USD spread was 1.1 pips on the Classic account, 1.0 on Platinum, and 0.9 on VIP, with minimum spreads about 0.2 pips lower than those averages. Saxo is generally commission-free on forex, though traders who do less than 50,000 units a month may pay a $3 ticket fee per side. The Classic account now has a $0 minimum deposit, while Platinum starts at $200,000 and VIP requires $1,000,000 or eligibility through Saxo’s loyalty program.
BlackBull Markets has pricing that is roughly in line with the industry average, depending on the account type. Its Standard account is commission-free with no minimum deposit, but spreads are higher. The Prime account has a lower average EUR/USD spread of 0.16 and an estimated all-in cost of 0.76, but requires a $2,000 deposit and charges $3 per side. For larger traders, the ECN Institutional account needs at least $20,000 and charges $2 per side. Overall, Saxo is better for low-cost trading at higher tiers, while BlackBull Markets may appeal more to traders who want a no-minimum, commission-free starting point.
| Feature |
Saxo
|
BlackBull Markets
|
|---|---|---|
| Minimum Deposit | $0 | $0 |
| Average spread (EUR/USD) - Spread-only account | 1.0 | 1.16 |
| All-in Cost EUR/USD - Raw spread account | N/A | 0.76 |
| Non-wire bank transfer (Deposit/Withdraw) | No | Yes |
| PayPal (Deposit/Withdraw) | No | No |
| Skrill (Deposit/Withdraw) | No | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
Saxo and BlackBull Markets both give traders access to forex, stock CFDs, and cryptocurrency CFDs, so each platform covers the main markets many people look for. Both also let clients buy real shares on U.S. and international exchanges, which means you can invest in companies like Apple or Vodafone rather than only trading price moves. In this area, both brokers earn 5 out of 5 stars for range of investments.
Where Saxo stands out is scale: it offers about 71,000 tradeable symbols and 192 forex pairs, compared with 26,000 symbols and 72 forex pairs at BlackBull Markets. BlackBull Markets does have one extra feature that Saxo does not: copy trading. Overall, Saxo is ranked #3 out of 36 brokers for range of investments, while BlackBull Markets is ranked #7, making Saxo the stronger choice for traders who want the widest selection.
| Feature |
Saxo
|
BlackBull Markets
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 71000 | 26000 |
| Forex Pairs (Total) | 192 | 72 |
| U.S. Stocks (Shares) | Yes | Yes |
| Global Stocks (Non-U.S. Shares) | Yes | Yes |
| Copy Trading | No | Yes |
| Cryptocurrency (Underlying) | No | No |
| Cryptocurrency (CFDs) | Yes | Yes |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
Dive deeper: Best Copy Trading Platforms.
Saxo and BlackBull Markets both give traders a choice of free demo accounts, desktop downloads for Windows, web-based platforms, and the ability to trade directly from a chart. Saxo also stands out with its own in-house trading platform, while BlackBull Markets does not offer a proprietary platform. In ForexBrokers.com’s Trading Platforms and Tools review, Saxo earns 5 out of 5 stars and ranks #3 out of 36 brokers, compared with BlackBull Markets at 4 out of 5 stars and #25.
For traders who want more platform variety, BlackBull Markets has an edge because it supports copy trading plus both MetaTrader 4 and MetaTrader 5, which Saxo does not offer. Saxo still provides a strong platform experience overall, especially for traders who prefer a broker-built interface, while BlackBull Markets may appeal more to those who want MetaTrader support and social trading features.
| Feature |
Saxo
|
BlackBull Markets
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Desktop Trading Platform | Yes | No |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Copy Trading | No | Yes |
| MetaTrader 4 (MT4) | No | Yes |
| MetaTrader 5 (MT5) | No | Yes |
| Charting - Indicators / Studies (Total) | 64 | 109 |
| Charting - Trade From Chart | Yes | Yes |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Saxo and BlackBull Markets both make it easy to trade on the go with iPhone and Android apps, plus handy features like price alerts and watchlist syncing between mobile and online accounts. Each app also lets users draw trendlines on charts, and both save those drawings automatically, which helps traders keep track of their analysis across sessions.
Where Saxo stands out is charting depth and overall app quality. Its mobile app includes 64 technical studies, compared with 30 at BlackBull Markets, and it earns a 5-star mobile trading app rating versus BlackBull Markets’ 4 stars. In ForexBrokers.com’s rankings, Saxo is placed #3 out of 36 brokers for mobile trading apps, while BlackBull Markets is ranked #28, making Saxo the stronger choice for traders who want more chart tools and a higher-rated app experience.
| Feature |
Saxo
|
BlackBull Markets
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Price Alerts | Yes | Yes |
| Mobile Watchlists - Syncing | Yes | Yes |
| Mobile Charting - Indicators / Studies | 64 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Trendlines Autosave | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
Saxo and BlackBull Markets both give traders useful market research features, including daily market commentary, an economic calendar, and Autochartist tools for technical and fundamental analysis. Saxo also stands out with forex news from top sources such as Bloomberg, Reuters, and Dow Jones, while BlackBull Markets does not include that level of third-party news coverage. BlackBull Markets, however, offers a sentiment tool that shows the balance of long and short positions, which Saxo does not provide.
Overall, Saxo has the edge in market research. It earns a 5-star Research rating and ranks #1 out of 36 brokers in ForexBrokers.com’s Research category, compared with BlackBull Markets’ 4.5 stars and #17 ranking. For traders who want more in-depth news and a higher-rated research setup, Saxo is the stronger choice, while BlackBull Markets still covers the basics well and adds sentiment data.
| Feature |
Saxo
|
BlackBull Markets
|
|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | No |
| Autochartist | Yes | Yes |
| Trading Central | No | No |
| Client sentiment data | No | Yes |
| TipRanks | No | No |
| Acuity Trading | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
Saxo and BlackBull Markets both give beginners plenty of ways to learn, including forex and CFD education with at least 10 relevant learning pieces, monthly client webinars, and at least 10 beginner trading videos, plus advanced video content for more experienced traders. For a new trader, that means each broker offers a solid mix of articles, videos, and live learning sessions that can help build basic market knowledge and trading skills.
That said, Saxo has the edge for education overall. It earns a 5-star Education rating and ranks #12 out of 36 brokers in ForexBrokers.com’s Education category, while BlackBull Markets holds a 4.5-star rating and ranks #24. In simple terms, both brokers are good choices for learning, but Saxo stands out as the stronger option for beginners who want more educational support.
| Feature |
Saxo
|
BlackBull Markets
|
|---|---|---|
| Webinars | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | Yes |
Dive deeper: Best Forex Brokers for Beginners.
After testing 63 of the best forex brokers, our research and account testing finds that Saxo is better than BlackBull Markets. Saxo finished with an overall rank of #3, while BlackBull Markets finished with an overall rank of #22.
Saxo is a multi-asset broker with brilliant research and a superb trading platform experience – as well as a stunning selection of over 40,000 securities.
| Feature |
Saxo
|
BlackBull Markets
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 77 |
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Saxo vs BlackBull Markets: neither broker lets you buy actual (delivered) cryptocurrencies, but both provide access to cryptocurrency CFDs for trading.
Comparing Saxo vs BlackBull Markets for deposits and withdrawals: BlackBull Markets supports ACH/SEPA and Skrill (Saxo does not), both offer bank wire transfers, and neither supports PayPal.
Please note:
We review each broker’s overall global offering – a “Yes” checkmark in our Compare Tool does not guarantee the availability of any specific features in your country of residence. To verify the availability of any features within your country of residence, please contact the broker directly.
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0 of 5| Overall Rating | Saxo | BlackBull Markets | |
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| Trust Score | 99 | 77 | |
| Winner | check_circle | ||
| Review | Saxo Review | BlackBull Markets Review |
| Broker Screenshots | Saxo | BlackBull Markets | |
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| Regulation | Saxo | BlackBull Markets | |
|---|---|---|---|
| Trust Score | 99 | 77 | |
| Year Founded | 1992 | 2014 | |
| Publicly Traded (Listed) | No | No | |
| Bank | Yes | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | No | |
| Tier-1 Licenses | 7 | 1 | |
| Tier-2 Licenses | 1 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 1 |
| Tier-1 Licenses (Highly Trusted) | Saxo | BlackBull Markets | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | No | |
| Canada (CIRO Authorised) | No | No | |
| Hong Kong (SFC Authorised) | No | No | |
| Japan (FSA Authorised) | Yes | No | |
| Singapore (MAS Authorised) | Yes | No | |
| Switzerland (FINMA Authorised) | Yes | ||
| United Kingdom (U.K.) (FCA Authorised) | Yes | No | |
| USA (CFTC Authorized) | No | No | |
| New Zealand (FMA Authorised) | No | Yes | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | No |
| Tier-2 Licenses (Trusted) | Saxo | BlackBull Markets | |
|---|---|---|---|
| Kenya (CMA Authorised) | |||
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA, FSRA, or CMA Authorised) | Yes | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) |
| Investments | Saxo | BlackBull Markets | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 71000 | 26000 | |
| Forex Pairs (Total) | 192 | 72 | |
| U.S. Stocks (Shares) | Yes | Yes | |
| Global Stocks (Non-U.S. Shares) | Yes | Yes | |
| Copy Trading | No | Yes | |
| Cryptocurrency (Underlying) | No | No | |
| Cryptocurrency (CFDs) | Yes | Yes | |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
| Cost | Saxo | BlackBull Markets | |
|---|---|---|---|
| Average spread (EUR/USD) - Spread-only account | 1.0 | 1.16 | |
| All-in Cost EUR/USD - Raw spread account | N/A | 0.76 | |
| Inactivity Fee | No | No | |
| Order execution: Agency | Yes | No | |
| Order execution: Market Maker | Yes | Yes |
| Funding | Saxo | BlackBull Markets | |
|---|---|---|---|
| Minimum Deposit | $0 | $0 | |
| PayPal (Deposit/Withdraw) | No | No | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| Non-wire bank transfer (Deposit/Withdraw) | No | Yes |
| Trading Platforms | Saxo | BlackBull Markets | |
|---|---|---|---|
| Proprietary Desktop Trading Platform | Yes | No | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Copy Trading | No | Yes | |
| MetaTrader 4 (MT4) | No | Yes | |
| MetaTrader 5 (MT5) | No | Yes | |
| cTrader | No | Yes |
| Trading Tools | Saxo | BlackBull Markets | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Price Alerts | Yes | Yes | |
| Charting - Indicators / Studies (Total) | 64 | 109 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Saxo | BlackBull Markets | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Price Alerts | Yes | Yes | |
| Mobile Watchlist [DELETED] | |||
| Mobile Watchlists - Syncing | Yes | Yes | |
| Mobile Charting - Indicators / Studies | 64 | 30 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Trendlines Autosave | Yes | Yes | |
| Mobile Research - Economic Calendar | Yes | Yes |
| Research | Saxo | BlackBull Markets | |
|---|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | No | |
| Autochartist | Yes | Yes | |
| Trading Central | No | No | |
| TipRanks | No | No | |
| Client sentiment data | No | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Saxo | BlackBull Markets | |
|---|---|---|---|
| Webinars | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes |
| Major Forex Pairs | Saxo | BlackBull Markets | |
|---|---|---|---|
| GBP/USD [DELETED] | |||
| USD/JPY [DELETED] | |||
| EUR/USD | Yes | Yes | |
| USD/CHF [DELETED] | |||
| USD/CAD [DELETED] | |||
| NZD/USD [DELETED] | |||
| AUD/USD [DELETED] | |||
| Review | Saxo Review | BlackBull Markets Review |
| Overall | Saxo | BlackBull Markets | |
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| Trust Score | 99 | 77 | |
| Winner | check_circle | ||
| Review | Saxo Review | BlackBull Markets Review |
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