Best Brokers in Switzerland 2026: Fees Compared
Which online broker is worth it if you live in Switzerland and want to invest in ETFs and stocks? We compare Degiro, Interactive Brokers, Swissquote and Saxo: what a purchase costs on the Swiss exchange and in the US, how much custody and currency exchange cost, when stamp duty applies and where you can buy US ETFs.
The short answer: Interactive Brokers is the cheapest for most investors. Swissquote is a Swiss bank, but it charges custody fees, an expensive currency exchange and stamp duty. Saxo is also a Swiss bank, but it charges no custody fee and only 0.25% for currency exchange. Stamp duty applies there too.
Overview: broker fees compared
The examples assume a CHF 1,000 purchase on the Swiss exchange SIX and a USD 1,000 purchase in the US (10 shares at USD 100 for Interactive Brokers). Spreads and exchange or regulatory fees are not included. You’ll find the sources further down with each broker.
| Degiro | Interactive Brokers | Swissquote | Saxo | |
|---|---|---|---|---|
| Account held by | flatexDEGIRO Bank, Germany | A foreign Interactive Brokers entity | Swissquote Bank, Switzerland | Saxo Bank (Switzerland) Ltd., Switzerland |
| Custody fee | None | None for stocks and ETFs on SIX and in the US | CHF 20–50 per quarter plus 8.1% VAT (up to CHF 1 million in assets) | None |
| ETF purchase on SIX for CHF 1,000 | EUR 2 commission plus CHF 1 handling | CHF 1.50 (Tiered, plus exchange fees) or CHF 5 (Fixed) | CHF 5 plus CHF 0.85 real-time fee | CHF 3 (0.08%, minimum CHF 3), no commission in the AutoInvest savings plan |
| US stock purchase for USD 1,000 | EUR 1 commission plus EUR 1 handling | USD 0.35 (Tiered) or USD 1 (Fixed) | CHF 5 plus USD 0.85 real-time fee | USD 1 (0.08%, minimum USD 1) |
| Currency exchange | 0.25% automatic, manual EUR 10 plus 0.25% | About 0.03% automatic (cash account), manual 0.002% (minimum USD 2) | 0.95% | 0.25% |
| Stamp duty | Normally none | Normally none | 0.075% on Swiss, 0.15% on foreign securities | 0.075% on Swiss, 0.15% on foreign securities |
| US ETFs | Popular US ETFs not available | Yes | Yes, for example SPY and QQQ | Yes, for example VT |
| Cash protection | German deposit insurance up to EUR 100,000 | Depends on the entity, not a bank deposit | esisuisse deposit insurance up to CHF 100,000 | esisuisse deposit insurance up to CHF 100,000 |
| Securities protection | Held separately, compensation up to EUR 20,000 if securities are missing | Held separately, SIPC or Irish compensation depending on the entity | Held separately, not part of the bankruptcy estate | Held separately, not part of the bankruptcy estate |
What stamp duty is and what a purchase costs in total is shown in the worked example further down.
What is an investment broker?
An investment broker is a financial service provider that enables trading in securities. They offer their customers the opportunity to buy and sell securities. The broker executes the transactions on behalf of the customer and charges a fee for this. The fees can vary greatly depending on the broker. Therefore, it is important to compare the conditions of different providers to find the best broker for your needs.
Why do you need an investment broker?
An investment broker is interesting for all investors who want to invest in securities. With a broker, you can buy and sell stocks, bonds, ETFs, funds, and other securities. The broker offers you a platform where you can view the prices of securities and conduct transactions. A broker is therefore the interface between you and the financial market. Without a broker, you can’t trade on a stock exchange.
Nowadays, online brokers offer various trading functionalities: options, futures, CFDs, forex, cryptocurrencies, and much more. Some brokers also offer the opportunity to invest in commodities, real estate, or other asset classes. However, in this article, we will focus on the basics: stocks and ETFs. All the brokers presented here have various other functionalities besides these basic functions, which can be individually viewed by each user. Additionally, we evaluate the brokers only based on their suitability for passive investing. Those who want to trade actively, such as day trading, will have different requirements for a broker.
Investment broker or bank?
In addition to investment brokers, all regular banks also offer the possibility to invest in securities, both individual stocks and ETFs. But be careful: banks like to market their active funds instead of ETFs because they earn more from them. However, passive ETFs are a better choice for most investors because passive funds usually have much lower costs than active ones. And even with regular securities and ETFs, fees at banks are usually higher than at specialized investment brokers. Therefore, in this article, we only look at online brokers.
Are online brokers safe?
The short answer is: yes. All the brokers presented here are regulated and subject to the strict regulations of the financial market authorities. The exact rules differ between the countries where the brokers are based. Basically, a distinction is made between cash and securities. How well cash in your brokerage account is protected depends on the broker (see below). However, you should avoid leaving unnecessary amounts of money in your brokerage account. Excess money is better off in a savings account. Securities such as ETFs are not included in the bankruptcy estate in the event of the broker’s bankruptcy (FINMA). They remain your property. Of course, this doesn’t protect you from market losses. Nevertheless, make sure you do not take unnecessary risks and only invest with reputable, established brokers. Smartphone apps that advertise free stocks and commission-free trading are not worth the risk for serious investors.
This is how the four brokers compare:
- Swissquote: Swissquote Bank is a Swiss bank and a member of esisuisse. Deposits are protected up to CHF 100,000 per client.
- Saxo: Saxo Bank (Switzerland) Ltd. is also a Swiss bank and, according to its client protection page, a member of esisuisse. Deposits are protected up to CHF 100,000, and securities are segregated in favour of clients if the bank goes bankrupt.
- Degiro: Cash is held at flatexDEGIRO Bank and protected by German deposit insurance up to EUR 100,000 per client and bank. According to its FAQ, Degiro holds securities separately in a dedicated entity. If securities are still missing, German investor compensation pays 90% of the loss, up to EUR 20,000.
- Interactive Brokers: It depends on the entity that holds your account. If the US entity IB LLC carries your account, for example when it was opened through Interactive Brokers (U.K.), SIPC protects securities and cash up to USD 500,000, of which up to USD 250,000 in cash. This is not deposit insurance like at a bank. At Interactive Brokers Ireland, the Irish investor compensation scheme applies: 90%, up to EUR 20,000.
Degiro - the beginner broker
Degiro started in 2013 in the Netherlands and has since become the largest broker in Europe. Your contracting party is the Dutch branch of the German flatexDEGIRO Bank SE. It is important to note that Degiro is supervised by the German financial regulator BaFin and the Dutch authorities AFM and DNB, and not by the Swiss Financial Market Supervisory Authority. However, you can still hold your account in Swiss francs without any problems.
Degiro fees
The detailed price list for Degiro can be found here. We summarize the essentials here.
Stocks
The following fees apply per transaction depending on the exchange location:
- Switzerland: 6 francs
- USA: 2 euros
Most other exchange locations charge fees of 4.90 or 6 euros.
ETFs
With its Core Selection, Degiro offers ETFs that can be traded on the Tradegate exchange without a commission. But beware: there is no commission, but a processing fee of 1 euro still applies.
For all other ETFs, the following fees apply:
- On the Swiss exchange: 2 euros commission plus CHF 1 processing
- On most other exchanges: 2 euros commission plus 1 euro processing
Currency exchange
Automatic currency exchange (AutoFX) costs 0.25% of the transaction volume. If you convert manually, it costs EUR 10 plus 0.25%. The fee is incurred when Degiro has to convert for a purchase or sale in a currency other than your account currency. If you already hold cash in that currency, nothing is converted. This is particularly important for Swiss investors, as most ETFs are traded in US dollars or euros.
Annual fee
Degiro charges an annual fee per exchange where you invest. This is 2.50 euros per year per exchange. Per exchange, the fee is capped at 0.25% of your account value. No fee is charged for the Swiss exchange and the Core Selection. According to its fee overview, Degiro charges no custody or inactivity fees for stocks and ETFs.
Conclusion on Degiro
Advantages
- Easy to use
- Automatic currency exchange makes buying in foreign currencies easier
Disadvantages
- No investments in US ETFs possible
- Foreign broker, the annual report doesn’t necessarily follow Swiss tax rules
Overall, Degiro is a good broker for beginners who want to invest in European ETFs. The fees are relatively low and the platform is easy to use. For investors who want to buy US ETFs (such as Vanguard), Degiro is not suitable: without the required documents, Degiro doesn’t offer US ETFs for purchase. You can keep or sell existing positions.
According to its FAQ, securities lending at Degiro is voluntary: your securities are only lent out if you explicitly opt in.
Interactive Brokers - the professional broker
Interactive Brokers traces its origins back to 1977. The broker comes from the USA and is now the largest online broker in the world. It is suitable for professional investors and offers a variety of trading options. In Switzerland, Interactive Brokers has a FINMA-authorised company, IBKR Financial Services AG in Zug, but it is a securities firm that doesn’t hold client accounts. Your account is therefore held by a foreign Interactive Brokers entity. You can still hold your account in Swiss francs.
Interactive Brokers fees
The price structure of Interactive Brokers is very complex. Basically, it is the cheapest broker in this comparison. IBKR has two pricing options: Tiered and Fixed. You can switch between the two models in the Client Portal.
Let’s look at the fees for stocks and ETFs in the most important markets for each pricing model: USA, UK, Germany, and Switzerland.
Tiered Pricing
Tiered Pricing is a graduated pricing model where fees depend on the trading volume.
- USA: 0.0035 dollars per share, minimum 0.35 dollars, maximum 1% of the transaction value
- UK: 0.05% of the transaction value, minimum 1 GBP, no maximum
- Germany: 0.05% of the transaction value, minimum 1.25 euros, maximum 29 euros
- Switzerland: 0.05% of the transaction value, minimum 1.50 CHF, maximum 49 CHF
These prices apply to the lowest trading volume. For the vast majority of investors, this price will apply. For very high trading volumes, there are even lower prices. With Tiered, exchange and regulatory fees come on top, according to the price list.
Fixed Pricing
Fixed Pricing is a simple pricing model where fees are independent of the trading volume.
- USA: 0.005 dollars per share, minimum 1 dollar, maximum 1% of the transaction value
- UK: 0.05% of the transaction value, minimum 3 GBP, no maximum
- Germany: 0.05% of the transaction value, minimum 3 euros, no maximum
- Switzerland: 0.05% of the transaction value, minimum 5 CHF, no maximum
Custody fees
For an ordinary account, Interactive Brokers charges no minimum balance, no maintenance fee and no inactivity fee (pricing overview). There are no custody fees for stocks and ETFs on SIX or in the US.
Currency exchange
Manual currency exchange costs 0.002% of the transaction volume, with a minimum of 2 USD. If you let a cash account convert automatically, Interactive Brokers charges no separate commission according to its tariff, but typically builds 0.03% into the rate. This is very cheap. This is particularly important for Swiss investors, as most ETFs are traded in US dollars or euros.
Conclusion
Both Fixed and Tiered Pricing are very cheap. Which model is better for whom depends on many factors. For most, Tiered Pricing will be the better choice.
Conclusion on Interactive Brokers
Advantages
- Cheapest fees
- Cheap currency exchange
- US ETFs available
- World’s largest online broker
Disadvantages
- More complex to use
- Foreign, American broker
- Confusing pricing structure
Swissquote - the Swiss broker
Swissquote is, as the name suggests, a Swiss broker. The platform launched in 1996, and since 2000 the group has been listed on the Swiss stock exchange and holds a banking licence. Swissquote is a traditional broker that also offers banking services. The broker is regulated in Switzerland and offers an account in Swiss francs. If you prefer to hold your account with a Swiss company, Swissquote is the right choice.
Swissquote fees
The fees of Swissquote are relatively high compared to the other brokers. However, they are very easy to understand.
Stocks
The fees for stocks depend on the exchange location and the transaction size. Swiss and US stocks use the same scale. The commission is always quoted in francs. The band depends on the order value in the security’s currency, so in dollars for US stocks.
| Order value | Commission |
|---|---|
| Up to 500 | CHF 3 |
| 500.01 to 1,000 | CHF 5 |
| 1,000.01 to 2,000 | CHF 10 |
| 2,000.01 to 10,000 | CHF 29 |
| 10,000.01 to 15,000 | CHF 49 |
| 15,000.01 to 25,000 | CHF 79 |
| 25,000.01 to 50,000 | CHF 129 |
| Over 50,000 | CHF 190 |
Every transaction adds a real-time fee of 0.85 in the security’s currency, so CHF 0.85 on SIX and USD 0.85 in the US. Every purchase and sale also adds stamp duty. The prices for the other exchange locations can be found here.
ETFs
For ETFs in the “ETF Leaders” programme on SIX, you pay CHF 3 for orders below CHF 500, CHF 5 from CHF 500 to CHF 1,000 and CHF 9 above that (ETF tariff). All other ETFs cost the same as stocks.
You can also buy US ETFs at Swissquote. Its ETF offering includes SPY and QQQ, for example.
Custody fees
Swissquote charges a quarterly custody fee. Here is the overview:
| Custody fees per quarter in CHF | Assets in CHF* (except cash) |
|---|---|
| 20 | 0 - 50,000 |
| 25 | 50,000.01 - 100,000 |
| 37.50 | 100,000.01 - 150,000 |
| 50 | >150,000 |
On top of that comes 8.1% VAT. Up to CHF 1 million in assets, you therefore pay between CHF 86.48 and CHF 216.20 per year. Above CHF 1 million in assets, an additional 0.0075% is charged per quarter.
Currency exchange
The currency conversion fee for major currencies is 0.95%. Euro, US dollar, British pound, and Swiss franc are all included in the major currencies.
Conclusion on Swissquote
Advantages
- Swiss broker
- Easy to use
- US ETFs available
- Swiss tax statement (eTax) for CHF 85 per tax year
Disadvantages
- High fees
- Expensive currency exchange
- Stamp duty on every purchase and sale
Saxo - the low-cost Swiss bank
Saxo originally comes from Denmark. In Switzerland, your contracting party is Saxo Bank (Switzerland) Ltd., a Swiss bank supervised by FINMA. Through a holding company, the Saxo group is wholly owned by the Swiss bank J. Safra Sarasin (investor relations). According to its account overview, there is no minimum deposit to open an account. You can hold up to 10 sub-accounts in 21 currencies, for example one in francs and one in US dollars.
Saxo fees
Saxo has three account tiers: Classic, Platinum and VIP. Every new account starts in Classic. You reach Platinum with a deposit of CHF 250,000 and VIP with CHF 1 million, or through your trading volume.
Stocks and ETFs
Stocks and ETFs cost the same at Saxo. The commission is a percentage of the order value, with a minimum per order (stock commissions):
| Exchange | Classic | Platinum | VIP |
|---|---|---|---|
| Switzerland (SIX) | 0.08%, minimum CHF 3 | 0.05%, minimum CHF 3 | 0.03%, minimum CHF 3 |
| USA | 0.08%, minimum USD 1 | 0.05%, minimum USD 1 | 0.03%, minimum USD 1 |
| Germany (Xetra) | 0.08%, minimum EUR 3 | 0.05%, minimum EUR 3 | 0.03%, minimum EUR 3 |
For small purchases on SIX, you therefore pay the CHF 3 minimum in Classic. Only above an order value of CHF 3,750 is the commission higher. As at Swissquote, stamp duty comes on top of every purchase and sale.
Besides European UCITS ETFs, you can also buy US ETFs at Saxo, for example the Vanguard Total World Stock ETF (VT).
Savings plan (AutoInvest)
With AutoInvest, Saxo automatically invests an amount of your choice in ETFs every month. You can choose from more than 100 ETFs, for example iShares Core MSCI World on SIX. Purchases in the savings plan cost no commission, and there is no monthly service fee. Stamp duty, any currency exchange and selling fees still apply. The plan only buys whole units.
Custody fees
Saxo charges no custody fee and no inactivity fee (charges and fees). Transferring securities to another bank costs CHF 50 per position.
Currency exchange
If you buy a security in a currency other than your account currency, Saxo converts at the mid rate plus at most 0.25%. That is much cheaper than Swissquote, but more expensive than Interactive Brokers. If you hold cash in a US dollar sub-account, you can buy US securities without conversion.
Tax statement
According to its tax statements page, Saxo provides the e-tax statement for your tax return free of charge via the platform.
Conclusion on Saxo
Advantages
- Swiss bank with Swiss deposit insurance
- No custody fee
- Cheap currency exchange
- ETF savings plan without commission
- Free Swiss tax statement
Disadvantages
- Stamp duty on every purchase and sale
- Minimum commission of CHF 3 on SIX
- Currency exchange more expensive than at Interactive Brokers
Stamp duty: what does a purchase cost in total?
When you buy or sell securities through a Swiss securities dealer like Swissquote or Saxo, the federal securities transfer tax applies, better known as stamp duty. According to the Federal Tax Administration (in German), it is 0.15% for Swiss and 0.30% for foreign securities. Buyer and seller each bear half. As an investor, you therefore pay 0.075% or 0.15% on every purchase and every sale, on top of the commission.
What matters is where the security is domiciled, not on which exchange you buy it. An ETF domiciled in Ireland is a foreign security even if you buy it in francs on SIX.
Degiro and Interactive Brokers are foreign brokers. If no Swiss securities dealer is involved in your purchase, there is normally no stamp duty.
Worked example
Assumptions: you buy an Ireland-domiciled ETF on SIX for CHF 1,000 that isn’t part of Degiro’s Core Selection. Or you use francs to buy a US stock for USD 1,000 (10 shares at USD 100 for Interactive Brokers, cash account with automatic conversion). For Saxo, the Classic tier applies. Spreads and exchange or regulatory fees are not included.
| ETF on SIX for CHF 1,000 | US stock for USD 1,000, paid in francs | |
|---|---|---|
| Degiro | EUR 2 plus CHF 1, no stamp duty | EUR 2 plus about USD 2.50 currency exchange |
| Interactive Brokers (Tiered) | CHF 1.50, no stamp duty | USD 0.35 plus about USD 0.30 currency exchange |
| Swissquote | CHF 5 plus CHF 0.85 real-time fee and CHF 1.50 stamp duty, CHF 7.35 in total | CHF 5 plus USD 0.85 real-time fee, USD 1.50 stamp duty and about USD 9.50 currency exchange |
| Saxo (Classic) | CHF 3 plus CHF 1.50 stamp duty, CHF 4.50 in total | USD 1 plus USD 1.50 stamp duty and about USD 2.50 currency exchange |
At Swissquote, the custody fee comes on top: CHF 86.48 per year for assets below CHF 50,000. If you invest CHF 1,000 in an ETF on SIX every month, you pay Swissquote 12 × CHF 7.35 = CHF 88.20 in the first year plus the custody fee, about CHF 175 in total. At Interactive Brokers, it’s 12 × CHF 1.50 = CHF 18 plus exchange fees with Tiered, or 12 × CHF 5 = CHF 60 with Fixed. Saxo charges no custody fee, so you pay 12 × CHF 4.50 = CHF 54. If your ETF is in the AutoInvest savings plan, there is no commission, leaving at most 12 × CHF 1.50 = CHF 18 in stamp duty. The plan only buys whole units, so it invests slightly less than CHF 1,000 each month.
Swissquote or Interactive Brokers?
Both offer US ETFs, and both let you hold your account in francs. The biggest difference is cost: at Swissquote, you pay custody fees, stamp duty and 0.95% for currency exchange. At Interactive Brokers, there are no custody fees and normally no stamp duty, and currency exchange costs only a fraction.
In return, Swissquote is a Swiss bank with Swiss deposit insurance. For your tax return, you can get a Swiss eTax statement for CHF 85. Interactive Brokers provides an annual statement and a dividend report (tax reports).
I recommend Interactive Brokers if you want to keep costs low. Swissquote is worth it if a Swiss bank and a ready-made tax statement are worth the extra cost to you.
If you want a Swiss bank but lower costs than at Swissquote, look at Saxo: no custody fee, 0.25% for currency exchange and a free tax statement. You still pay stamp duty there.
Conclusion: the best broker in Switzerland
For most Swiss investors, Interactive Brokers is the best broker. The fees are unbeatable, and the platform offers the widest range of ETFs. Unlike at Degiro, you can also buy the popular US-based Vanguard ETFs there. However, if you prefer to invest through a Swiss company, Swissquote is a good choice. The fees are higher and stamp duty comes on top, but the platform is easy to use, and the fee structure is transparent. Saxo is the cheaper way to invest with a Swiss bank: no custody fee, cheap currency exchange and an ETF savings plan without commission. Stamp duty still applies there too. Degiro is a good broker for beginners who want to invest in European ETFs. The fees are relatively low, and the platform is easy to use.
Another US broker for Swiss clients is Charles Schwab International, which we look at in a separate review.