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 | 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 provide free paper trading via demo accounts. Each has web and Windows desktop platforms and lets you place orders directly from charts. Saxo offers a proprietary, in-house platform, while BlackBull relies on third-party options. For social and automated strategies, both support copy trading; BlackBull also connects to ZuluTrade (DupliTrade isn’t available at either broker). BlackBull supports MetaTrader 4 and MetaTrader 5, whereas Saxo does not.
Charting and workspace tools differ: Saxo lists 20 drawing tools and up to 60 watchlist columns, while BlackBull offers 60 drawing tools but only 6 watchlist fields. Indicator counts weren’t specified for either. According to ForexBrokers.com, Saxo earns 5 stars and ranks #1 out of 63 brokers for Trading Platforms and Tools, whereas BlackBull earns 4 stars and ranks #31—making Saxo the stronger pick for platform features, with BlackBull standing out for MT4/MT5 and ZuluTrade users.
| 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.
In the Saxo vs BlackBull Markets mobile app comparison, both brokers deliver full iPhone and Android support. Each app includes price alerts, real-time quote watchlists, and watchlist syncing with your online account so changes appear everywhere. You can draw trendlines, switch among intraday, daily, and weekly time frames, and your chart drawings auto-save.
The standout difference is charting depth: Saxo offers 64 technical studies, while BlackBull Markets provides 30. Both cover the basics, but active chart watchers may prefer Saxo’s wider indicator set. Independent scores reflect this gap: Saxo earns 5 stars and ranks #2 out of 63 brokers for Mobile Trading Apps at ForexBrokers.com, whereas BlackBull Markets holds 4 stars and ranks #33. If you want the most advanced mobile charting, pick Saxo; if core features are enough, BlackBull Markets is a strong, straightforward choice.
| 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
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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 | ||
| 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) | 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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