Saxo Bank vs BlackBull Markets - Fees Review included
Which broker is better Saxo Bank or BlackBull Markets? Our expert assessment conducted according to TU’s own methodology showed that Saxo Bank is one of the top brokers in the financial market with the TU Overall Score of 7.04 out of 10. BlackBull Markets is one of the top brokers in the financial market with the TU Overall Score of 5.36 out of 10. Find out more about TU Overall Score.
| Feature | Saxo Bank | BlackBull Markets |
|---|---|---|
Overall |
4.5 |
3.2 |
4.8 |
4 |
|
4.6 |
3.8 |
|
5 |
4 |
|
Investment Instruments |
4.2 |
1.7 |
Platforms and Charting Tools |
4.6 |
4.1 |
Deposit and Withdrawal |
4.0 |
3.7 |
Research |
5 |
2.6 |
Education |
3.6 |
3.8 |
Support |
4.4 |
3 |
Bonuses |
3.6 |
1.6 |
|
|
|
Saxo Bank vs BlackBull Markets: Pros and Cons
The SaxoBank brokerage company was founded in 1992 under the original name Midas. In 2001, the broker was licensed by the FSA, a Danish Financial Supervisory Authority. After that, the company changed its name to SaxoBank. Today the broker provides online access to various financial markets to clients from 170 countries. The broker's divisions also have licenses from FCA (UK), ASIC (Australia), and licenses from other regulators.
BlackBull Markets was founded with the goal of becoming the leading online Financial Technology and Foreign Exchange broker. BlackBull Markets is a true ECN, No Dealing Desk brokerage specializing in Forex, CFDs, Commodities, Fibre Optic Communications and Fintech solutions for a global clientele.
| Saxo Bank | BlackBull Markets | |
|---|---|---|
| Overall Pros | favorable trading terms for professional traders with at least 1 year of experience | Over 24000 trading assets |
| over 71 thousand instruments for trading | 3 ECN accounts | |
| the opportunity to invest in ready-to-use long-term portfolios managed by professionals | Well-regulated broker | |
| Overall Cons | Cent accounts are not available | Only one account currency |
| a ban on algorithmic trading for traders from abroad | Small choice of investing programs | |
| you cannot contact support in the online chat on the company's website (The chat is available only after full registration on the broker’s website and passing KYC). |
Saxo Bank vs BlackBull Markets: Safety and Regulation
| Regulated By: | Saxo Bank | BlackBull Markets |
|---|---|---|
US Regulation |
No |
No |
FCA (Great Britain) |
Yes |
Yes |
CySec (Cyprus, EU) |
No |
No |
ASIC (Australia) |
Yes |
No |
Other Regulators |
DFSA (Denmark) , and other European regulators |
FMA |
Saxo Bank vs BlackBull Markets: Trading Conditions
| Trading Conditions | Saxo Bank | BlackBull Markets |
|---|---|---|
Minimum Deposit |
$0 |
$200 |
Trading Platforms |
SaxoTraderGo, SaxoTraderPro |
MT4, МТ5, Webtrader, Mobile platforms |
Max Leverage (Futures) |
1-30 |
1-500 |
Supported Markets |
Forex, CFDs, stocks, ETFs, futures, bonds, Forex options, quoted options, Mutual Funds, Options |
Forex, Index CFDs, Commodities, Precious Metals, Energy |
Trading assets |
71000+ |
24000+ |
Trading Accounts |
Classic, Platinum, VIP, Professional |
ECN Standard, ECN Prime, ECN Institutional |
Base Account Currencies |
USD, EUR |
USD |
Saxo Bank vs BlackBull Markets: Fees
Forex Trading Fees
| Fee | Saxo Bank | BlackBull Markets |
|---|---|---|
Standard Account EURUSD Average Spread |
0.7 pips |
0.824 pips |
Standard Account Fee |
$0 |
$0 |
ECN/STP Account Fee |
Not supported |
$0 |
ECN Account EUR Average Spread |
Not supported |
0.1 pips |
CFD Trading Fees
| Fee | Saxo Bank | BlackBull Markets |
|---|---|---|
CFD Trading Fee |
Floating spread |
Floating spread |
Non-Trading Fees
| Fee | Saxo Bank | BlackBull Markets |
|---|---|---|
Account Fee |
No |
No |
Deposit Fee |
No |
No |
Withdrawal Fee |
No |
0.05 |
Inactivity Fee |
No |
No |
A conversion fee may be applied as withdrawals and deposits are conducted in USD. Any other currency will have to be converted.
Saxo Bank vs BlackBull Markets: Trading Assets
| Asset Name | Saxo Bank | BlackBull Markets |
|---|---|---|
Overall |
71000+ |
24000+ |
Forex |
Yes |
Yes |
Stocks |
Yes |
Yes (CFD) |
Metals |
Yes |
Yes (CFD) |
Cryptocurrencies |
Yes |
Yes (CFD) |
Energy |
Yes |
Yes (CFD) |
Indices |
Yes |
Yes (CFD) |
ETFs |
Yes |
No |
Bonds |
Yes |
No |
Mutual funds |
Yes |
No |
Stock options |
Yes |
No |
Futures Trading |
Yes |
No |
Binary Options |
No |
No |
Saxo Bank or BlackBull Markets: Investment Programs
| Asset Name | Saxo Bank | BlackBull Markets |
|---|---|---|
Copy Trading |
No |
Yes |
MAM/PAMM |
No |
No |
Managed Accounts |
Yes |
No |
Other |
No |
No |
Trading Platforms: BlackBull Markets or Saxo Bank
| Saxo Bank | BlackBull Markets | |
|---|---|---|
MT4 |
No |
Yes |
MT5 |
No |
Yes |
cTrader |
No |
No |
Appropriate platform |
SaxoTraderGo, SaxoTrader Pro |
No |
Others |
No |
No |
|
|
|
Saxo Bank vs BlackBull Markets: Deposit and Withdrawal Methods
| Deposit and Withdrawal Method | Saxo Bank | BlackBull Markets |
|---|---|---|
Bank Transfer |
Yes |
Yes |
Debit Card |
Yes |
Yes |
Electronic Wallets |
No |
Yes |
Crypto |
No |
No |
Saxo Bank vs BlackBull Markets: Research
| Research Type | Saxo Bank | BlackBull Markets |
|---|---|---|
News Feed |
Yes |
No |
Fundamental Data |
Yes |
Yes |
Chart Analysis |
Yes |
Yes |
Trading Ideas |
Yes |
No |
E-Mail Reports |
Yes |
No |
Saxo Bank vs BlackBull Markets: Education
| Education Type | Saxo Bank | BlackBull Markets |
|---|---|---|
Demo-account/Paper Trading |
Yes |
Yes |
Webinars |
Yes |
No |
Articles |
No |
No |
Videos |
No |
Yes |
Cent account |
No |
No |
BlackBull Markets vs Saxo Bank: Support
| Support Features | Saxo Bank | BlackBull Markets |
|---|---|---|
Working Days |
24/5 |
24/6 |
No |
Yes |
|
Phone |
Yes |
Yes |
Online chat |
Yes |
Yes |
Other |
No |
No |
Saxo Bank vs BlackBull Markets: Forex Bonuses and Promo
| Promo | Saxo Bank | BlackBull Markets |
|---|---|---|
Forex Bonus |
No |
No |
Affiliate Program |
“Member gets member” represents a remuneration accrual for attracting new clients who have replenished a trading deposit at least once. When replenishing from $10,000, the partner gets $500; from $200,000 - $1,000; from $1,000,000 - $3,000 |
If you refer a new client to BlackBull Markets, who funds and trades on their account, we will deposit up to US$250 into both you and your friend’s trading accounts as a thank you bonus. |
Other Promos |
Accrual of points for account replenishment and qualified transactions. Once you have collected enough points, you will be promoted to a higher account level, allowing you to improve your trading conditions. |
|
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|
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Top 5 Reviews on BlackBull Markets
-
Comment
I started cooperating with BlackBull Markets in November of last year. Initially, I traded on a demo account, testing the broker and my trading strategy. After successful testing, I opened a real account with BlackBull Markets. So far, I can't say anything negative about the broker. Trades are executed quickly, although the platform can sometimes freeze for 10-15 minutes. But such situations are rare.
-
Comment
Blackbull Markets has not passed my own check. I deposited funds to test the broker, traded a little, and found serious issues. I have a lot of experience and obvious problems with opening orders and operation of the platform are clear to me. Then I did a simple check — I opened a trade on another platform and opened a trade on Blackbull Markets. The difference in quotes was greater, although the trade and the asset were the same. I do not recommend Blackbull Markets.
-
Comment
I started trading with BlackBull Markets and everything seemed fine, but when I increased my lots, the platform started randomly logging me out. Several times, when I expected significant profits, they closed my positions at a loss, explaining that the position was too large, although I still had enough margin. I no longer recommend trading with BlackBull Markets and advise caution.
-
Comment
I do not recommend dealing with Blackbull and its traders. They strive to take all the money from the client’s account and use all possible methods and techniques to do this. I myself received less profit because I trusted an inexperienced trader recommended by this company. As a result, after three months my account was reset and there was only $50 left of $1,000. Therefore, I advise you not to deal with Blackbull.
-
Comment
This looks very much like fraud! I registered my account just a month ago and transferred $5000 to BlackBull. Now, I can't log in to my account; they are blocking me by IP. I've contacted BlackBull's customer support, but no one is responding. It's disheartening if this platform turns out to be fraudulent.
Top 5 Reviews on Saxo Bank
-
Comment
Saxo Bank is well-known due to its technological solutions for online trading. So I decided to try it. Its SaxoTraderGO platform offers a wide range of features, including charts and analytical instruments, fast order execution, and access to real-time market data. However, SaxoTradePRO was too complicated for me. The broker offers a wide range of financial instruments. And you can use one platform to work on global stock exchanges and to trade CFDs and Forex. The minimum fee for trading stocks is $1.
-
Comment
Saxo Bank is well-known due to its technological solutions for online trading. So I decided to try it. Its SaxoTraderGO platform offers a wide range of features, including charts and analytical instruments, fast order execution, and access to real-time market data. However, SaxoTradePRO was too complicated for me. The broker offers a wide range of financial instruments. And you can use one platform to work on global stock exchanges and to trade CFDs and Forex. The minimum fee for trading stocks is $1.
-
Comment
Saxo Bank provides a personalized approach to client services and offers a wide range of financial services that include asset management and consulting. Moreover, it provides high-quality educational materials and market research that help me make informed investment decisions. I participated in webinars several times and also listened to podcasts with Saxo Bank experts. I use SaxoTraderGO for trading and SaxoInvestor for long-term investment.
-
Comment
Saxo Bank is a broker with favorable conditions, offering over forty thousand trading instruments, ready-made portfolios, and a professional platform. However, for novice traders, the conditions of this broker may be challenging. Saxo Bank requires a high initial deposit, floating spreads, commissions depending on trading volumes, and maximum leverage up to 1:40. I think this broker is more suitable for experienced traders.
-
Comment
Being a licensed bank and broker, Saxo Bank complies with strict security and regulation standards. These include client data protection, transaction transparency, and compliance with financial rules. Money is transferred without delays or additional expenses, except for bank fees. Support in a live chat of the trading platform is prompt, and chat operators respond within 5 minutes. Personal consultations are available. Saxo Bank provides direct access to markets, therefore orders are always executed promptly.
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FAQs
What should I start Forex trading with?
It is desirable for novice traders to explore trading using a demo account to learn the market and how to work on the trading platform without the risk of suffering losses. At the same time, it is advisable to review the educational materials of the broker, learn trading basics. Then you can deposit the minimum required amount to perform a small number of transactions. If you manage to close several months in a row in the black, without substantial drawdowns on the account, then you can try increasing your deposit. Also trying to copy trades automatically is a good option for a start.
What amount should I start trading with?
The minimum deposit of $10 may be enough to trade on the cent account. However, for trading on Standard/ECT accounts, experts recommend starting with at least $200-500. With this amount, you can use not a very big leverage. Remember, getting carried away with the margin is the main cause of losses among beginners.
What should I take into consideration when choosing a broker?
Experts recommend looking at the broker’s reliability first and foremost. The other important features include basic trading conditions, commissions and fees, customer reviews. If brokers are approximately the same in terms of basic criteria, you need to choose based on your experience and tasks. One broker may be good for professionals and another – for novice traders.
Is it possible to be scammed by a broker with a license from a reputable regulator?
In theory, yes. But in practice, it takes so much time and money to comply with the requirements of reputable regulators that it is not worth it for scammers to bother obtaining a legitimate license.
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.