In a medium saucepan, combine ketchup, apple cider vinegar, molasses, honey, Worcestershire sauce, Dijon mustard, soy sauce, garlic powder, onion powder, smoked paprika, black pepper, and salt.
Place the saucepan over medium heat and whisk the ingredients together until fully combined.
Bring the mixture to a gentle simmer, then reduce the heat to low. Allow the sauce to cook for 15–20 minutes, stirring occasionally, until it thickens to your desired consistency.
Remove the saucepan from heat and let the BBQ sauce cool to room temperature. Transfer it to an airtight container or jar for storage.
Use the sauce immediately for dipping or store it in the refrigerator for up to a week to enjoy later!