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.
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 keep costs competitive, but they do it in different ways. Saxo earns 5/5 stars for Commissions and Fees and ranks #9 out of 63 brokers at ForexBrokers.com, while BlackBull Markets earns 4.5/5 stars and ranks #19 out of 63. In short: Saxo leans on tiered, spread-only pricing that gets better as your balance and trading volume grow, and BlackBull offers three clear account types with the potential for very low all-in costs on its Prime and Institutional tiers.
Saxo is commission-free for forex (spread-only), with a $3 per side ticket fee if you trade under 50,000 units in a month. Based on November 2023 data, average EUR/USD spreads were 1.1 pips (Classic), 1.0 (Platinum), and 0.9 (VIP); minimums were about 0.2 pips lower. The Classic account now has a $0 minimum deposit. Platinum requires $200,000 (AUD 300,000 in Australia for forex) or an upgrade via loyalty points earned through trading volume. VIP requires a $1,000,000 deposit or a high-volume loyalty upgrade (about $167 million in forex volume) and comes with the best pricing plus premium perks. Saxo also waives custody fees for share trading if you opt into securities lending.
BlackBull Markets’ costs depend on the account you choose. The Standard account is commission-free with no minimum deposit but has higher spreads. The Prime account requires $2,000, charges $3 per side ($6 round turn) and, based on March 2024 data, posted an average EUR/USD spread of 0.16—with an all-in cost around 0.76 pips after commissions. The ECN Institutional account requires $20,000 and lowers commissions to $2 per side ($4 round turn). On EUR/USD, BlackBull’s Prime all-in 0.76 pips can undercut Saxo’s VIP average of 0.9 pips, while Saxo’s pricing tends to improve meaningfully as you move up its tiers and maintain larger balances or higher volumes.
| Feature |
Saxo
|
BlackBull Markets
|
|---|---|---|
| Minimum Deposit | $0 | $0 |
| Average spread (EUR/USD) - Standard account | 1.0 | 0.71 |
| All-in Cost EUR/USD - Active | 0.8 | 0.71 |
| 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.
Saxo offers a wider range of investments than BlackBull Markets, with 71,000 tradeable symbols versus BlackBull’s 26,000. Forex traders will also find more currency choices at Saxo, which lists 190 forex pairs compared with BlackBull’s 72. Both brokers support forex trading as CFDs or spot contracts, so you can choose the format that fits your strategy.
For stocks, both Saxo and BlackBull let you buy exchange-traded securities on U.S. markets (like Apple on NASDAQ) and on international exchanges (such as Vodafone in London). Each broker offers crypto trading via CFDs, but neither supports buying actual cryptocurrency. A key difference is copy trading: BlackBull provides it, while Saxo does not. Despite their differences, both earned 5 stars for Range of Investments; ForexBrokers.com ranks Saxo #3 and BlackBull Markets #6 out of 63 brokers in this category.
| 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 provide free demo (paper) accounts and let you trade from a browser or a Windows desktop platform, including placing orders directly from charts. Saxo offers a proprietary, in-house platform, while BlackBull Markets does not. Instead, BlackBull Markets supports MetaTrader 4 (MT4) and MetaTrader 5 (MT5) and also offers copy trading—two options that Saxo does not provide.
In independent testing by ForexBrokers.com for trading platforms and tools, Saxo is rated 5 stars and ranked #1 out of 63 brokers; BlackBull Markets is rated 4 stars and ranked #31. Choose Saxo if you prefer a broker-built platform across web and desktop, or pick BlackBull Markets if MT4/MT5 compatibility and copy trading are your priorities.
| 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 check the core boxes for mobile trading: each offers iPhone and Android apps, price alerts, synced watchlists between mobile and web, and handy charting tools like drawing trendlines with drawings saved automatically. That means your lists and charts stay consistent across devices, and you can act quickly when prices move.
Where they differ is depth and accolades. Saxo’s mobile app includes 64 technical indicators (studies) compared with 30 at BlackBull Markets, giving active chart watchers more ways to analyze trends. In independent ratings, Saxo earns 5 stars and ranks #2 out of 63 brokers for Mobile Trading Apps, while BlackBull Markets earns 4 stars and ranks #33. If you want richer charting and a top-rated app, Saxo is the stronger pick; if you only need the essentials, BlackBull Markets covers the basics well.
| 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.
When it comes to market research, both Saxo and BlackBull Markets offer daily market commentary and provide traders with valuable insights. However, Saxo stands out by delivering forex news from top-tier sources such as Bloomberg and Reuters, whereas BlackBull Markets does not offer news from these high-profile providers. Additionally, both brokers equip traders with technical analysis tools from Autochartist, enhancing their ability to make informed trades. Neither platform provides research tools from Trading Central or Acuity Trading, nor do they offer market research from TipRanks. On the plus side, both Saxo and BlackBull Markets feature economic calendars to help traders keep track of key global events.
Despite some similarities, Saxo ultimately leads in market research offerings, earning a 5-star rating for research compared to BlackBull Markets' 4 stars. This aligns with their respective rankings on ForexBrokers.com, where Saxo secures the top spot among 63 brokers, while BlackBull Markets ranks 18th. Saxo's superior rating and ranking can be attributed to its comprehensive news services and advanced sentiment-based trading tools, which provide traders with a more insightful trading experience.
| 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.
Saxo and BlackBull Markets both deliver strong forex and CFD education for beginners, easily clearing the 10+ piece threshold. Each broker runs monthly client webinars and offers at least 10 beginner videos that explain trading basics step by step, plus 10+ advanced videos for when you’re ready to level up. That mix of videos and live sessions makes it easy to start learning and keep progressing.
If you want the highest-rated education, Saxo stands out with a 5-star Education score and a #13 ranking out of 63 brokers on ForexBrokers.com. BlackBull Markets is also a good pick for newcomers, earning 4 stars and ranking #29. In short: both brokers provide plenty of beginner-friendly materials and regular webinars, but Saxo edges ahead for overall quality and depth.
| 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 #24.
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
|
BlackBull Markets
|
|---|---|---|
| Overall Rating |
|
|
| Trust Score | 99 | 78 |
| Range of Investments |
|
|
| Commissions & Fees |
|
|
| Platforms & Tools |
|
|
| Research |
|
|
| Mobile Trading |
|
|
| Education |
|
|
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.
Select Brokers
↓×Compare
0 of 5| Overall Rating | Saxo | BlackBull Markets | |
|---|---|---|---|
| Overall Rating |
|
| |
| Commissions & Fees |
|
| |
| Range of Investments |
|
| |
| Platforms & Tools |
|
| |
| Mobile Trading |
|
| |
| Research |
|
| |
| Education |
|
| |
| Trust Score | 99 | 78 | |
| Winner | check_circle | ||
| Review | Saxo Review | BlackBull Markets Review |
| Broker Screenshots | Saxo | BlackBull Markets | |
|---|---|---|---|
| Broker Gallery (click to expand) |
|
|
| 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 | 0.71 | |
| All-in Cost EUR/USD - Active | 0.8 | 0.71 | |
| 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 | |
|---|---|---|---|
| Overall Rating |
|
| |
| Commissions & Fees |
|
| |
| Range of Investments |
|
| |
| Platforms & Tools |
|
| |
| Mobile Trading |
|
| |
| Research |
|
| |
| Education |
|
| |
| Trust Score | 99 | 78 | |
| Winner | check_circle | ||
| Review | Saxo Review | BlackBull Markets Review |
IG
CMC Markets
FOREX.com
XTB
eToro
AvaTrade
Pepperstone
FP Markets
Tickmill