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.
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When comparing Saxo and BlackBull Markets, several factors related to regulation and trust stand out. Saxo, established in 1992, is not only a bank but also boasts a strong position in terms of regulatory licenses. Saxo holds seven Tier-1 licenses, signifying a highly trusted status, and one Tier-2 license, which further reinforces their credibility. In contrast, BlackBull Markets, founded in 2014, is not a bank and holds just one Tier-1 license. Due to these differences, Saxo earns an impressive Trust Score of 99 out of 99 from ForexBrokers.com, indicating a superb level of trust and safety.
BlackBull Markets, however, holds a Trust Score of 78, placing it in the average risk category. While not publicly traded, both brokers differ in their licensing and financial backing, as Saxo’s status as a bank further strengthens its perceived reliability to investors. Traders seeking a broker with an exemplary regulatory standing might find Saxo to be a suitable choice, whereas those more focused on startup dynamism and other factors might consider BlackBull Markets despite its lower trust rating.
| 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 commissions and fees, with Saxo earning 5 stars and ranking #8 of 63 brokers for this category, and BlackBull Markets earning 4.5 stars and ranking #9 of 63. Saxo tends to favor high-volume traders and clients with larger balances through tiered pricing, while BlackBull’s value hinges on the account you choose, especially its Prime and ECN Institutional tiers.
At Saxo, forex pricing is spread-only (commission-free), except for a small ticket fee of $3 per side if you trade less than 50,000 units in a month. Average EUR/USD spreads as of November 2023 were 1.1 pips on Classic, 1.0 on Platinum, and 0.9 on VIP, with minimums about 0.2 pips lower. The Classic account now has a $0 minimum deposit; Platinum requires $200,000 (or qualifying via loyalty points), and VIP is reserved for $1,000,000 deposits or substantial trading volume via Saxo’s loyalty program. Saxo also waives custody fees for share trading if you opt into securities lending.
BlackBull Markets’ costs vary by account. The commission-free Standard account has no minimum deposit but wider spreads. The Prime account requires $2,000 and charges $3 per side ($6 round turn) with an average EUR/USD spread of 0.16 pips; the all-in cost is about 0.76 pips, making Prime the more cost-effective choice for many traders versus Standard and often leaner than Saxo’s published averages. For active traders, the ECN Institutional account needs a $20,000 deposit and cuts commission to $2 per side ($4 round turn). In short: smaller accounts may appreciate Saxo’s $0-min Classic, cost-focused traders with at least $2,000 may prefer BlackBull Prime, and high-volume or high-balance clients may find Saxo’s Platinum or VIP tiers compelling.
| Feature |
Saxo
|
BlackBull Markets
|
|---|---|---|
| Minimum Deposit | $0 | $0 |
| Average spread (EUR/USD) - Standard account | 1.0 | 1.16 |
| All-in Cost EUR/USD - Active | 0.8 | 0.76 |
| Non-wire bank transfer | No | No |
| PayPal (Deposit/Withdraw) | No | No |
| Skrill (Deposit/Withdraw) | No | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
Comparing the range of investments, Saxo delivers a much larger catalog with 71,000 tradeable symbols, while BlackBull Markets lists 26,000. Forex coverage is wider at Saxo too, with 190 currency pairs versus 72 at BlackBull. Both brokers support forex trading as CFDs and spot, and both let you buy exchange-traded securities (not CFDs) on U.S. and international exchanges—so you can invest in names like Apple (NASDAQ: AAPL) and Vodafone (LSE: VOD) directly.
Feature differences include copy trading, which BlackBull Markets offers and Saxo does not. For crypto, neither broker supports purchasing actual coins, but both provide cryptocurrency CFDs. Each broker earns 5 stars for Range of Investments, with Saxo ranked #3 and BlackBull Markets #7 out of 63 brokers by ForexBrokers.com. In short, choose Saxo for the deepest symbol list and more forex pairs, or BlackBull Markets if you want copy trading alongside broad market access.
| Feature |
Saxo
|
BlackBull Markets
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 71000 | 26000 |
| Forex Pairs (Total) | 190 | 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 let you practice with a free demo account and support trading on Windows and in your browser. Saxo stands out with its own in-house platform and lets you place trades directly from charts. BlackBull Markets does not have a proprietary platform, but it offers MetaTrader 4 and MetaTrader 5 on desktop and web, and it also supports trading directly from charts.
If you want built-in copy trading, BlackBull Markets has it, while Saxo does not. For overall platform quality, Saxo earns 5 out of 5 stars and ranks #3 out of 63 brokers for Trading Platforms and Tools, while BlackBull Markets scores 4 out of 5 stars and ranks #25 out of 63. In short, choose Saxo if you prefer a polished in-house platform experience, or go with BlackBull Markets if you rely on MT4/MT5 and copy trading.
| 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) | 61 | 109 |
| Charting - Trade From Chart | Yes | Yes |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Saxo and BlackBull Markets both deliver full-featured mobile trading apps for iPhone and Android. Each app supports price alerts, synced watchlists between mobile and web, and drawing tools like trendlines that auto-save on your charts. Where they differ most is charting depth: the Saxo mobile app offers 64 technical studies (indicators), while the BlackBull Markets app includes 30. If you rely on a wider range of indicators for analysis, Saxo provides a larger toolkit; BlackBull Markets covers key features traders need day to day.
Independent ratings reflect this gap in depth. Saxo earns 5 stars for Mobile Trading Apps and is ranked #3 out of 63 brokers by ForexBrokers.com, while BlackBull Markets holds 4 stars and ranks #27. In short, traders seeking a top-rated mobile experience with more advanced charting may prefer the Saxo mobile app, whereas the BlackBull Markets app is a good choice if you want a straightforward platform with essential tools.
| 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 cover the essentials for market research: daily market commentary, an economic calendar, sentiment tools that show long/short positioning, and Autochartist for technical ideas. Neither broker includes Trading Central, TipRanks, or Acuity Trading. The key difference is news: Saxo offers forex headlines from top-tier sources such as Bloomberg, Reuters, or Dow Jones, while BlackBull Markets does not provide this kind of in-platform news feed.
That gap is reflected in the ratings. ForexBrokers.com gives Saxo 5 stars for Research and ranks it #1 out of 63 brokers, while BlackBull Markets earns 4 stars and ranks #16. If you want built-in, high-quality news to guide decisions, Saxo has the edge; if your focus is daily commentary, an economic calendar, sentiment data, and Autochartist signals, BlackBull Markets covers those bases.
| 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 | Yes | Yes |
| TipRanks | No | No |
| Acuity Trading | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
Comparing Saxo and BlackBull Markets for beginner trading education in forex and CFDs: both online brokers make getting started straightforward. Each runs client webinars at least once a month and offers video libraries designed for newcomers, with at least 10 beginner-focused videos that explain core trading ideas in clear, simple terms.
When you’re ready to go deeper, both also provide at least 10 advanced videos to build more skill. For overall education quality, Saxo earns 5 stars and ranks #12 out of 63 brokers, while BlackBull Markets earns 4 stars and ranks #24. In short, beginners will find helpful learning at either broker, but Saxo edges ahead for depth and polish, whereas BlackBull Markets still delivers a solid, straightforward path to learn.
| 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 an exclusive 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
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BlackBull Markets
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| Overall Rating |
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| Trust Score | 99 | 78 |
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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.
Compared to BlackBull Markets, which supports Skrill and bank wire transfers but not ACH/SEPA or PayPal, Saxo supports bank wire transfers and does not support ACH/SEPA, PayPal, or Skrill, while Visa/Mastercard availability for both brokers is not specified.
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 | 78 | |
| 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 | 78 | |
| 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) | Yes | 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 SCA 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) | 190 | 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) - Standard account | 1.0 | 1.16 | |
| All-in Cost EUR/USD - Active | 0.8 | 0.76 | |
| Inactivity Fee | Yes | 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 | No | No |
| 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) | 61 | 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 | Yes | 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 | 78 | |
| Winner | check_circle | ||
| Review | Saxo Review | BlackBull Markets Review |
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