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 |
When comparing online brokers Saxo and BlackBull Markets, Saxo stands out with top all-around pricing, especially for high-volume traders and those maintaining considerable account balances. As of November 2023, Saxo's spread for the EUR/USD was recorded as 1.1, 1.0, and 0.9 pips for Classic, Platinum, and VIP accounts, respectively. Notably, Saxo waives custody fees for share trading if traders engage in securities lending. With no minimum deposit requirement for their Classic account and elite VIP offerings for investors depositing $1,000,000, Saxo scored the #1 VIP Client Experience award. Rated at 5 stars, Saxo ranks 9th out of 63 brokers in the Commissions and Fees category.
BlackBull Markets provides average industry trading costs, varying by account type. In March 2024, the Prime account's EUR/USD average spread was 0.16 pips, with an all-in cost of 0.76 pips after adding a commission of 0.3 pips per side. The Standard account requires no minimum deposit but charges higher spreads, while the Prime account, preferred for lower spreads, demands a $2,000 deposit. BlackBull’s ECN Institutional account offers competitive commission rates for deposits starting at $20,000, with commissions at $2 per side. BlackBull Markets has a rating of 4.5 stars and ranks 18th in the Commissions and Fees category out of 63 brokers.
Saxo offers commission-free forex trading, making revenue via spreads, except for a minor ticket fee for lower trading volumes. Conversely, BlackBull’s Standard account is commission-free but with higher spreads. For lower spreads and commissions, their Prime account requires a minimum deposit, while their exclusive ECN Institutional option caters to active traders with larger deposits. These nuanced fee structures cater to varying levels of trader activity and account sizes, providing tailored solutions for diverse financial trading needs.
| Feature |
Saxo
|
BlackBull Markets
|
|---|---|---|
| Minimum Deposit | $0 | $0 |
| Average Spread EUR/USD - Standard | 1.1 | 0.71 |
| All-in Cost EUR/USD - Active | 0.9 | 0.71 |
| Active Trader or VIP Discounts | Yes | Yes |
| ACH or SEPA Transfers | No | No |
| PayPal (Deposit/Withdraw) | No | No |
| Skrill (Deposit/Withdraw) | No | Yes |
| Visa/Mastercard (Credit/Debit) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When comparing the available investment options at Saxo and BlackBull Markets, both platforms provide extensive opportunities for traders, but Saxo stands out with a wider range. Saxo offers an impressive 70,000 tradeable symbols, significantly more than BlackBull Markets' 26,000. This includes a notable difference in forex pairs, with Saxo providing access to 190 pairs, while BlackBull Markets offers 72. Both brokers allow trading of forex as CFDs or spot contracts, and facilitate trading of exchange-traded securities on U.S. and international exchanges, including popular stocks like Apple and Vodafone.
In addition to stocks and forex, both Saxo and BlackBull Markets provide options for trading cryptocurrency derivatives, though they do not offer the purchase of actual cryptocurrencies. They also feature copy trading services to allow investors to mirror the strategies of other traders. While both brokers are rated five stars for their range of investments, Saxo's broader selection earns it a higher ranking—3rd compared to BlackBull Markets’ 6th—by ForexBrokers.com. This makes Saxo a preferable choice for those seeking a greater variety of investment options.
| Feature |
Saxo
|
BlackBull Markets
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 70000 | 26000 |
| Forex Pairs (Total) | 190 | 72 |
| U.S. Stock Trading (Non CFD) | Yes | Yes |
| Int'l Stock Trading (Non CFD) | Yes | Yes |
| Social Trading / Copy Trading | Yes | Yes |
| Cryptocurrency (Physical) | No | No |
| Cryptocurrency (Derivative) | 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 offer traders the opportunity to practice with free demo accounts, making it easy to learn the ropes without financial risk. While Saxo shines with its own in-house developed trading platform, BlackBull Markets relies on the popular MetaTrader 4 and 5 platforms for its users. Both brokers provide options for web-based trading and downloadable platforms for Windows, making it convenient to trade from different devices. Saxo also incorporates an advanced watch list feature with 60 customizable fields, significantly more than BlackBull's six fields. For chart enthusiasts, BlackBull offers 60 drawing tools compared to Saxo's 20, and both allow trading directly from charts.
For those interested in copy trading, both brokers make this feature available, but BlackBull Markets extends its offerings by integrating with the ZuluTrade platform, whereas Saxo does not. It's important to note that neither broker supports DupliTrade. According to ForexBrokers.com, Saxo is a top performer in the Trading Platforms and Tools category, holding the number one spot out of 63 brokers. Moreover, Saxo boasts a 5-star rating for its trading platforms and tools, compared to BlackBull Markets' 4-star rating and 29th rank. Whether you prioritize a comprehensive proprietary platform or a wide array of charting tools, each broker has its distinct strengths.
| Feature |
Saxo
|
BlackBull Markets
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | No |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | Yes | Yes |
| MetaTrader 4 (MT4) | No | Yes |
| MetaTrader 5 (MT5) | No | Yes |
| DupliTrade | No | No |
| ZuluTrade | No | Yes |
| Charting - Indicators / Studies (Total) | 64 | 109 |
| Charting - Drawing Tools (Total) | 20 | 60 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 60 | 6 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Both Saxo and BlackBull Markets offer mobile trading applications available for iPhone and Android devices, featuring stock and forex price alerts, and syncing capabilities for watchlists across platforms. Both mobile apps also support drawing trendlines and viewing different time frames on charts. While both platforms allow the creation of watchlists that display real-time quotes, Saxo stands out with its provision of 64 technical studies for charting compared to BlackBull Markets' 30, supporting a more detailed technical analysis experience for traders. Additionally, both apps save chart drawings automatically, enhancing the user experience by preventing the loss of important data.
When it comes to user ratings, Saxo leads with a perfect score of 5 stars for its mobile trading app, as ranked by ForexBrokers.com, where it holds the #2 spot among 63 brokers. In contrast, BlackBull Markets receives a 4-star rating and is placed at #31. These differences highlight Saxo's strong performance and reliability in the mobile trading sector, making it an appealing choice for users seeking feature-rich and well-rated mobile applications. Meanwhile, BlackBull Markets delivers a commendable experience that may cater to those not requiring the extensive suite of features highlighted in Saxo's offering.
| Feature |
Saxo
|
BlackBull Markets
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | Yes |
| Mobile Charting - Indicators / Studies | 64 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | Yes | Yes |
| Mobile Watchlist | 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 | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | No |
| Autochartist | Yes | Yes |
| Trading Central (Recognia) | No | No |
| Social Sentiment - Currency Pairs | Yes | Yes |
| TipRanks | No | No |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When it comes to educational resources for beginners, both Saxo and BlackBull Markets have a wide range of offerings to help novice traders get started. Each provides a minimum of 10 educational pieces focused on forex and CFDs, ensuring ample material to explore these complex topics. Additionally, both Saxo and BlackBull Markets give their clients the opportunity to participate in regular webinars, with at least one online session available per month. For those who might miss these live events, each broker maintains a searchable archive of recorded webinars, making it simple to revisit earlier sessions at any time.
For learners who prefer visual content, Saxo and BlackBull Markets both present over 10 beginner-oriented educational videos, alongside advanced video content for experienced traders looking to deepen their knowledge. A practical investor dictionary featuring definitions of at least 50 investing terms is available from each broker, providing valuable references for traders at different stages of their journey. Despite these similarities, Saxo earns a higher rating with 5 stars for education, compared to BlackBull Markets' 4 stars. In ranking terms, Saxo is placed at number 13 out of 63 brokers, while BlackBull Markets ranks at 29, highlighting Saxo's slightly superior educational offerings according to ForexBrokers.com.
| Feature |
Saxo
|
BlackBull Markets
|
|---|---|---|
| Education (Forex or CFDs) | Yes | Yes |
| Client Webinars | Yes | Yes |
| Client Webinars (Archived) | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | Yes |
| Investor Dictionary (Glossary) | 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 |
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| Trust Score | 99 | 78 |
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Neither Saxo nor BlackBull Markets offer the ability to purchase actual delivered cryptocurrency; however, both platforms provide the option to buy cryptocurrency derivatives, allowing traders to speculate on crypto price movements without owning the actual digital assets.
While both Saxo and BlackBull Markets provide options to deposit or withdraw funds using Visa or Mastercard and bank wires, only BlackBull Markets offers the additional convenience of using Skrill, as neither supports ACH, SEPA, or PayPal transactions.
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 (SFC Authorised) | Yes | No | |
| Singapore (MAS Authorised) | Yes | No | |
| Switzerland (FINMA Authorised) | Yes | No | |
| 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) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA/Central Bank Authorised) | Yes | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | Saxo | BlackBull Markets | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 70000 | 26000 | |
| Forex Pairs (Total) | 190 | 72 | |
| U.S. Stock Trading (Non CFD) | Yes | Yes | |
| Int'l Stock Trading (Non CFD) | Yes | Yes | |
| Social Trading / Copy Trading | Yes | Yes | |
| Cryptocurrency (Physical) | No | No | |
| Cryptocurrency (Derivative) | 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 | 1.1 | 0.71 | |
| All-in Cost EUR/USD - Active | 0.9 | 0.71 | |
| Active Trader or VIP Discounts | Yes | Yes | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | Saxo | BlackBull Markets | |
|---|---|---|---|
| Minimum Deposit | $0 | $0 | |
| PayPal (Deposit/Withdraw) | No | No | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | No | No |
| Trading Platforms | Saxo | BlackBull Markets | |
|---|---|---|---|
| Proprietary Platform | Yes | No | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | Yes | |
| MetaTrader 4 (MT4) | No | Yes | |
| MetaTrader 5 (MT5) | No | Yes | |
| cTrader | No | Yes | |
| DupliTrade | No | No | |
| ZuluTrade | No | Yes |
| Trading Tools | Saxo | BlackBull Markets | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 60 | 6 | |
| Charting - Indicators / Studies (Total) | 64 | 109 | |
| Charting - Drawing Tools (Total) | 20 | 60 | |
| 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 Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | Yes | Yes | |
| Mobile Charting - Indicators / Studies | 64 | 30 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | Yes | Yes | |
| Mobile Economic Calendar | Yes | Yes |
| Research | Saxo | BlackBull Markets | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | No | |
| Autochartist | Yes | Yes | |
| Trading Central (Recognia) | No | No | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Saxo | BlackBull Markets | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | Yes | |
| Client Webinars | Yes | Yes | |
| Client Webinars (Archived) | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | Saxo | BlackBull Markets | |
|---|---|---|---|
| GBP/USD | Yes | Yes | |
| USD/JPY | Yes | Yes | |
| EUR/USD | Yes | Yes | |
| USD/CHF | Yes | Yes | |
| USD/CAD | Yes | Yes | |
| NZD/USD | Yes | Yes | |
| AUD/USD | Yes | Yes | |
| 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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