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 Saxo to BlackBull Markets in terms of commissions and fees, Saxo provides outstanding overall pricing, particularly for active and high-volume traders as well as those who maintain large account balances. Saxo offers three account types with varying average spreads for the EUR/USD: 1.1 pips for their Classic account, 1.0 pips for the Platinum account, and 0.9 pips for the VIP account. While these rates are competitive, the Classic account tends to be slightly above the industry average. Notably, Saxo's minimum spread is about 0.2 pips lower than these averages, highlighting more favorable pricing conditions. Additionally, Saxo waives custody fees for traders involved in securities lending, which can be a substantial saving.
In terms of account accessibility, Saxo's Classic account has no minimum deposit requirement, making it more accessible for beginners. The Platinum account requires a hefty $200,000 minimum deposit but offers an upgrade option through Saxo’s Loyalty Program, where traders earn points based on trading volume. Saxo's VIP account is tailored for elite investors, necessitating a minimum deposit of $1,000,000 or an equivalent trading volume. Although Saxo operates generally commission-free in forex trading, a ticket fee of $3 per side is charged for those trading less than 50,000 units monthly. Saxo receives a 5-star rating for commissions and fees and is ranked #9 out of 62 brokers by ForexBrokers.com.
BlackBull Markets, on the other hand, offers average trading costs that vary depending on the chosen account type. The Prime account stands out with an average EUR/USD spread of 0.16 pips and an all-in cost of 0.76 pips when accounting for a $6 commission per side. This makes the Prime account preferable for those who can meet its $2,000 minimum deposit requirement. In contrast, the Standard account is commission-free with no deposit minimum but features higher spreads. For more exclusive options, the ECN Institutional account, requiring a $20,000 deposit, offers commissions of $2 per side. BlackBull Markets is recognized with a 4.5-star rating for commissions and fees, ranking #18 out of 62 brokers by ForexBrokers.com.
| 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 it comes to the range of investments offered by Saxo and BlackBull Markets, both stand out with impressive offerings. Saxo provides a massive selection of 70,000 tradeable symbols, including 190 forex pairs, while BlackBull Markets offers a notable 26,000 tradeable symbols with 72 forex pairs available. Both platforms allow you to trade forex as either a CFD or spot contract and offer access to U.S. and international exchange-traded securities, meaning you can trade stocks like Apple and Vodafone. Both Saxo and BlackBull Markets also support copy trading and offer cryptocurrency derivatives, though neither provides the option to purchase actual cryptocurrency.
Saxo and BlackBull Markets each hold a perfect five-star rating for their range of investments. However, their competitive standings differ slightly, as Saxo ranks third while BlackBull Markets ranks sixth among 62 brokers on ForexBrokers.com. Whether you're a seasoned trader looking for diverse investment opportunities or a newcomer wanting a wide range of options, both brokers cater to extensive trading needs, making them exceptional choices in the online brokerage space.
| 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.
When comparing Saxo and BlackBull Markets in terms of trading platforms and tools, there are a few key differences to consider. Saxo stands out with its proprietary platform that offers a customized experience developed in-house, alongside comprehensive offerings like a Windows-based desktop platform and a web-based option. While Saxo does not feature popular platforms like MetaTrader 4 or MetaTrader 5, it shines through its extensive charting options, boasting 60 fields for watch lists and 20 drawing tools. Additionally, it is noteworthy that Saxo is recognized for its advanced trading capabilities, securing a 5-star rating and the top rank by ForexBrokers.com in this category.
BlackBull Markets, on the other hand, provides a user-friendly trading experience with both Windows and web-based platforms. While it doesn't have a proprietary platform, it supports widely-used platforms such as MetaTrader 4 and MetaTrader 5, making it appealing for traders familiar with these tools. BlackBull Markets also offers copy trading and integration with ZuluTrade. Though its watch list features only 6 fields and it ranks lower in comparison with a 4-star rating, BlackBull Markets remains a versatile choice for those who prefer using established third-party trading platforms. Ranked #28 by ForexBrokers.com, it offers a solid array of tools for everyday trading needs.
| 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.
Saxo and BlackBull Markets both provide convenient mobile trading apps compatible with iPhone and Android devices. Each app offers essential features like stock or forex price alerts, synchronized watchlists, the ability to draw trendlines, and multiple time frame views on charts. Traders can create personalized watchlists with real-time quotes, and all drawings on charts are automatically saved. However, Saxo stands out by offering 64 technical studies for charting, while BlackBull Markets provides 30 studies.
In terms of overall ratings, Saxo's mobile trading app earns a perfect 5-star rating and is ranked second among 62 brokers by ForexBrokers.com for mobile trading. In comparison, BlackBull Markets receives a respectable 4-star rating but is placed 30th in the same category. Thus, while both brokers deliver user-friendly and feature-rich mobile applications, Saxo emerges as a more favorable option for traders prioritizing comprehensive charting and higher-rated app performance.
| 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 comparing the market research offerings of Saxo and BlackBull Markets, both platforms provide daily market commentary, helping investors stay updated on market trends. Saxo excels by delivering forex news from prestigious sources like Bloomberg and Reuters, a feature not available with BlackBull Markets. Both brokers give traders access to technical analysis tools from Autochartist, equipping users with solid market insights. Neither platform includes support from Trading Central's tools or market research from TipRanks, keeping their focus streamlined on other analytical features.
Noteworthy is Saxo's inclusion of a sentiment-based tool to track long and short positions, a feature also found in BlackBull Markets' offerings. Economic calendars are available on both platforms, essential for planning trades around global news events. Saxo stands out with a five-star research rating and holds the top spot among 62 brokers by ForexBrokers.com, while BlackBull Markets carries a four-star rating and ranks 18th in the same research category. This distinction highlights Saxo’s prominence in providing enriched research tools and information to traders.
| 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 comparing Saxo and BlackBull Markets for educational resources available to new traders, both platforms do an admirable job in offering comprehensive materials in forex and CFDs. Each broker provides more than 10 educational pieces, including articles and videos, as well as archived webinars, which can help beginners understand the intricacies of trading. Both Saxo and BlackBull Markets also host online educational webinars at least once a month, ensuring that clients have regular opportunities to expand their knowledge. These webinars are recorded and stored in a searchable archive, making it easy for users to access past sessions whenever needed. Each platform goes a step further by offering a significant collection of beginner-oriented videos that help new investors gain confidence as they start their trading journey.
While both brokers certainly stand out in terms of their educational offerings, there are differences worth noting. Saxo boasts an impressive 5-star rating for education and ranks #13 out of 62 brokers by ForexBrokers.com, showcasing a strong commitment to educational excellence. In contrast, BlackBull Markets holds a respectable 4-star rating and ranks at #29 in the same category, indicating a solid but slightly less extensive educational support system. Additionally, both platforms offer an investor dictionary with definitions for over 50 investing terms, which can be a fantastic resource for traders looking to better understand industry jargon. Overall, while both brokers equip beginners with a range of educational tools, Saxo’s slightly higher ratings and rankings indicate a slight edge in this department.
| 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 62 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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