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Compare Forex and CFD Brokers
Written by BrokerNotes.co
August 24, 2023
Trying to decide between Saxo and BlackBull Markets? We’ve taken the guesswork out of the equation with our Comparison Tool. Use our tool to compare hundreds of data points, side-by-side, to see how these two brokers stack up against each other.
Based on our extensive research, hands-on testing, and expert analysis of over a hundred data-driven variables, we've determined that, overall, Saxo ranks more highly than BlackBull Markets.
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Overall Rating | Saxo | BlackBull Markets | |
---|---|---|---|
Overall Rating | 9.7 / 10 | 8.0 / 10 |
Account Type | Saxo | BlackBull Markets | |
---|---|---|---|
Standard Trade Size (100,000 units)info | Yes | Yes | |
Mini Trade Size (10,000 units)info | Yes | Yes | |
Micro Trade Size (1,000 units)info | Yes | Yes | |
Islamic Accountinfo | No | Yes |
Copy Trading | Saxo | BlackBull Markets | |
---|---|---|---|
Social Trading / Copy Tradinginfo | Yes | Yes | |
DupliTradeinfo | No | No | |
ZuluTradeinfo | No | Yes |
Cryptocurrency | Saxo | BlackBull Markets | |
---|---|---|---|
Cryptocurrency (Physical)info | No | No | |
Cryptocurrency (Derivative)info | Yes | Yes | |
Bitcoininfo | Yes | No | |
Ethereuminfo | Yes | No |
Forex Trading (Spot or CFDs) | Saxo | BlackBull Markets | |
---|---|---|---|
Forex Trading (Spot or CFDs)info | Yes | Yes | |
Mobile Trading - Forex or CFDsinfo | Yes | Yes |
Indices (Index CFDs) | Saxo | BlackBull Markets | |
---|---|---|---|
DAXinfo | Yes | Yes | |
Dow Jonesinfo | Yes | Yes | |
FTSEinfo | Yes | Yes | |
NASDAQ 100info | Yes | Yes | |
Nikkeiinfo | Yes | Yes | |
SP 500info | Yes | Yes |
Investments | Saxo | BlackBull Markets | |
---|---|---|---|
Forex Trading (Spot or CFDs)info | Yes | Yes | |
Spread Bettinginfo | No | No | |
Social Trading / Copy Tradinginfo | Yes | Yes | |
Metalsinfo | Yes | Yes | |
Energiesinfo | Yes | Yes | |
Agriculturalsinfo | Yes | Yes | |
ETFinfo | Yes | Yes | |
U.S. Stocks (CFD)info | Yes | Yes |
Trading Platforms | Saxo | BlackBull Markets | |
---|---|---|---|
Apple iOS Appinfo | Yes | Yes | |
Android Appinfo | Yes | Yes | |
Proprietary Platforminfo | Yes | No | |
Desktop Platform (Windows)info | Yes | Yes | |
Web Platforminfo | Yes | Yes | |
MetaTrader 4 (MT4)info | No | Yes | |
MetaTrader 5 (MT5)info | No | Yes |
Regulatory Licenses | Saxo | BlackBull Markets | |
---|---|---|---|
Tier-1 Licensesinfo | 7 | 1 | |
Australia (ASIC Authorised)info | Yes | No | |
Canada (CIRO Authorised)info | No | No | |
Hong Kong (SFC Authorised)info | Yes | No | |
Japan (SFC Authorised)info | Yes | No | |
Singapore (MAS Authorised)info | Yes | No | |
Switzerland (FINMA Authorised)info | No | No | |
United Kingdom (U.K.) (FCA Authorised)info | Yes | No | |
USA (CFTC Authorized)info | No | No | |
New Zealand (FMA Authorised)info | No | Yes | |
Regulated in one or more EU or EEA countries (MiFID).info | Yes info | No info | |
Tier-2 Licensesinfo | 1 | 0 | |
Tier-3 Licensesinfo | 0 | 0 |
Research, Education | Saxo | BlackBull Markets | |
---|---|---|---|
Trading Central (Recognia)info | No | No | |
Forex News (Top-Tier Sources)info | Yes | No | |
Daily Market Commentaryinfo | Yes | Yes | |
Autochartistinfo | Yes | Yes | |
Investor Dictionary (Glossary)info | Yes | Yes | |
Videos - Beginner Trading Videosinfo | Yes | Yes | |
Client Webinars (Archived)info | Yes | Yes |
Trading Costs | Saxo | BlackBull Markets | |
---|---|---|---|
Minimum Depositinfo | $0 | $0 | |
Average Spread EUR/USD - Standardinfo | 1.1 info | 0.827 info | |
All-in Cost EUR/USD - Activeinfo | 0.9 info | 0.827 info | |
Active Trader or VIP Discountsinfo | Yes | Yes | |
Bank Wire (Deposit/Withdraw)info | Yes | Yes | |
Visa/Mastercard (Credit/Debit)info | Yes | Yes | |
PayPal (Deposit/Withdraw)info | No | No |
Trading Tools | Saxo | BlackBull Markets | |
---|---|---|---|
Watchlists - Total Fieldsinfo | 60 | 7 | |
Mobile Watchlistinfo | Yes | Yes | |
Charting - Indicators / Studies (Total)info | 64 | 30 | |
Mobile Charting - Indicators / Studiesinfo | 64 | 30 |
Trust Factors | Saxo | BlackBull Markets | |
---|---|---|---|
Year Foundedinfo | 1992 | 2014 | |
Publicly Traded (Listed)info | No | No | |
Bankinfo | Yes | No | |
Regulated in one or more EU or EEA countries (MiFID).info | Yes info | No info | |
Trust Scoreinfo | 99 | 77 |
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Saxo vs BlackBull Markets Comparison
Comparing forex brokers side by side is no easy task. Our research team has collected thousands of data points, written hundreds of thousands of words of research, and tested over 60 brokers to help you find the best forex brokers in the industry. Trying to decide between Saxo and BlackBull Markets? Our independent database powered by our unbiased research will help you compare Saxo vs BlackBull Markets side-by-side.
What is Trust Score?
Trust Score is a data-driven rating system that provides an at-a-glance rating of a broker’s overall trust by tracking 60+ brokers and over 100 regulatory jurisdictions across the globe. To make things clearer for everyday traders, we’ve created a five-tier system for regulators and Trust Score rating labels. Learn more about Trust Score, and check out our country guides to see the most trusted brokers in your country of residence.
Can I trust Saxo?
Saxo has a Trust Score of 99, giving it a "Highly Trusted" Trust Score Label.
Can I trust BlackBull Markets?
BlackBull Markets has a Trust Score of 77, giving it a "Average Risk" Trust Score Label.
Is Saxo a good broker?
Saxo is a highly trusted broker that operates multiple banks and holds regulatory licenses in a wide range of reputable international jurisdictions, earning it one of the highest Trust Score ratings in our database. Simply put, Saxo ranks at – or near – the top of practically every category. Traders and investors at Saxo gain access to an incredible platform experience (including on mobile) alongside powerful research and a vast selection of more than 60,000 symbols across multiple asset classes. Saxo also supports a variety of third-party platforms, including the immensely popular TradingView platform. That said, minimum deposits at Saxo are steep; minimum deposits start at €2,000 for the broker's entry-level account offering and go as high as €1,000,000 for a VIP account.
Is BlackBull Markets a good broker?
BlackBull Markets is an up-and-coming broker that offers the full MetaTrader suite (both MetaTrader 4 and MetaTrader 5), a proprietary Social Copy Trading platform, as well as integration with the popular TradingView platform. Traders at BlackBull Markets gain access to share trading, CFDs, and a growing range of markets from its brands regulated in New Zealand and the Seychelles. BlackBull Markets' educational content has grown in recent years, but still trails behind what's offered by the best forex brokers in that category.
What Tier-1 jurisdictions is each broker regulated in?
Tier-1 is reserved for the strictest, most stringent regulatory jurisdictions in the world. Tier-1 regulators impose additional capital requirements and require a tougher initial screening process. Saxo holds regulatory licenses in the following Tier-1 jurisdictions: Australia (ASIC Authorised), Hong Kong (SFC Authorised), Japan (SFC Authorised), Singapore (MAS Authorised) and United Kingdom (U.K.) (FCA Authorised). BlackBull Markets, on the other hand, is licensed in these Tier-1 regulatory jurisdictions: New Zealand (FMA Authorised). Neither have Canada (CIRO Authorised), CBI Authorised (Ireland), Switzerland (FINMA Authorised) and USA (CFTC Authorized)
What Tier-2 jurisdictions is each broker regulated in? What about Tier-3?
Tier-2 and tier-3 licenses are still important in evaluating the overall trustworthiness of forex brokers. As far as tier-2 licenses go, Saxo is UAE (DFSA/Central Bank Authorised), while BlackBull Markets is none.. Neither have China (CBRC Authorised), Cyprus (CySEC Authorised), India (SEBI Authorised), Israel (ISA Authorised), Russia (CBR Authorised), South Africa (FSCA Authorised) and Thailand (SEC Authorised). When comparing tier-3 licenses unfortunately, neither Saxo nor BlackBull Markets are Bahamas (SCB Authorised), Belize (FSC Authorised), Bermuda (BMA Authorised), British Virgin Islands (FSC Authorised), Cayman Islands (CIMA Authorised), Mauritius (FSC Authorised) and Vanuatu (VFSC Authorised).. Neither have Vanuatu (VFSC Authorised).
Which broker offers more trading platforms?
Whether your broker develops its own proprietary platforms or provides access to popular third-party platforms, you should make sure you can use your preferred type of trading platform. In our testing, we found that Saxo offers a Proprietary Platform and Desktop Platform (Windows), whereas BlackBull Markets supports a Desktop Platform (Windows), cTrader and ZuluTrade. Neither have DupliTrade
Does Saxo offer MetaTrader? Does BlackBull Markets offer MetaTrader?
For MetaTrader Saxo provides neither of these, while BlackBull Markets provides MetaTrader 4 (MT4) and MetaTrader 5 (MT5). If MetaTrader is a must for you, read our guides on the best MT4 brokers or best MT5 brokers.
How do Saxo and BlackBull Markets differ in terms of minimum deposit? What about average spreads and funding options?
Saxo requires a minimum deposit of $0, while BlackBull Markets requires a minimum deposit of $0. It's also important to ensure your broker accepts the funding options and deposit methods that work best for you. In our research, we've found that Saxo supports Bank Wire (Deposit/Withdraw) and Visa/Mastercard (Credit/Debit) for funding and deposit methods, whereas BlackBull Markets supports Bank Wire (Deposit/Withdraw), Visa/Mastercard (Credit/Debit) and Skrill (Deposit/Withdraw). Neither have PayPal (Deposit/Withdraw)
Which broker offers more tradeable asset classes, Saxo or BlackBull Markets?
When choosing a broker, it’s important to check the availability of your preferred investment products and asset classes. We’ve tested each broker’s individual offering of investments to help you pick the right broker for what you want to trade. We found that both Saxo and BlackBull Markets offer Forex Trading (Spot or CFDs), Social Trading / Copy Trading, Metals, Energies, Agriculturals, ETF and U.S. Stocks (CFD). Neither have Spread Betting.
We also keep track of each broker’s total number of tradeable symbols; Saxo offers 70000, and BlackBull Markets offers a total of 26000 tradeable symbols.
Can I trade cryptocurrency with Saxo or BlackBull Markets?
Crypto trading has become popular among forex traders across a range of international jurisdictions. As a result, many forex brokers now offer crypto products to their clients; most crypto assets are offered either as an underlying physical asset (such as when you own actual bitcoin assets, for example) or as a derivative product like a CFD. If you are looking to trade physical cryptocurrencies, you’ll find that neither Saxo nor BlackBull Markets allow you to trade physical cryptocurrencies.
Who offers more research tools, Saxo or BlackBull Markets?
Market research plays a huge role in any forex trader’s ability to conduct analysis within the global forex market. We test each broker’s research offering to help you decide which broker is right for your technical or fundamental analysis needs. Saxo delivers the following research tools: Autochartist, Daily Market Commentary, Stock Charts, Forex News (Top-Tier Sources) and Social Trading / Copy Trading. BlackBull Markets, on the other hand, provides the tools listed here: Autochartist, Daily Market Commentary, Stock Charts and Social Trading / Copy Trading. Neither have Trading Central (Recognia)
Broker Reviews
Still looking for more information, read our broker reviews.
Saxo Review
BlackBull Markets Review
Overall winner: Saxo
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announcementPlease 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.