Saxo Bank Review 2025: Comprehensive Guide for Swiss Investors
- Aljoscha Moser
- Jun 2
- 18 min read
Updated: Jun 3
Saxo Bank is the most affordable online broker in Switzerland. You can trade stocks, ETFs, and other securities at particularly low costs – with no custody fees, no charges for the electronic tax statement, and free ETF savings plans. At the same time, you benefit from the security of a bank regulated in Switzerland.
In this review, we’ll show you how Saxo compares to other brokers, what fees apply, how the trading platform works, and who will benefit most from opening an account. Spoiler: For Swiss investors looking for low costs and Swiss-level security, a Saxo account is a strong choice.
📖 Overview
Welcome offer 🚀 CHF 200 Trading CreditWith the voucher link you will receive a trading credit (credit of trading fees) in the amount of CHF 200. |
☝️Saxo at a glanceOur rating: ★★★★★A Swiss online broker doesn't have to be complicated or expensive, as Saxo Bank Schweiz AG proves. With zero custody fees, the lowest trading fees in Switzerland, a user-friendly trading platform, free ETF savings plans and full FINMA regulation, Saxo offers a winning combination of Swiss security, simplicity and low costs. Saxo is a very good choice for Swiss investors who want to invest favourably. Advantages
Disadvantages
|
A Brief Overview of Saxo Bank Switzerland
The search for a Swiss broker for your securities account can be tedious. The choice is limited and experience shows that fees in Switzerland are usually high. Saxo Bank Schweiz AG presented a radical reduction in fees at the beginning of 2024.
Saxo Bank is an online broker that allows you to trade the entire range of financial products such as shares, ETFs, funds, derivatives, options and futures via app or computer. Our test and experience report shows: Saxo Bank is user-friendly, secure and extremely favourable. Saxo can also hold its own in comparison with other providers such as Swissquote or DEGIRO.
Characteristic | Saxo Bank Switzerland |
|---|---|
Banking licence | Switzerland, FINMA-regulated |
Custody fees | None |
Trading fees Switzerland 🇨🇭 | 0.08 %, min. CHF 3 |
Trading fees USA 🇺🇸 | 0.08 %, min. USD 1 |
ETF savings plan | Yes, free of charge (no purchase fees) when buying selected ETFs |
Account opening | Online |
Trading platforms | With SaxoInvestor and SaxoTraderGO, Saxo offers two platforms with app and web access |
Currency conversion fee | 0.25 % |
Swiss e-tax statement | Free of charge |
Entry in the share register | Not yet possible |
Who owns Saxo Bank?
Saxo Bank (Schweiz) AG is based in Zurich (in the Circle at the airport) and employs around 40 people. It holds a full Swiss banking licence and is regulated by FINMA - an important security factor for Swiss investors. In March 2025, Bank J. Safra Sarasin entered into an agreement to acquire 70% of the shares in Saxo Bank (subject to the usual regulatory approvals). It provides additional stability and confidence that the prestigious Basel-based Swiss bank J. Safra Sarasin Bank is the majority owner of Saxo Bank.
Saxo Bank was founded over 30 years ago by then 26-year-old Kim Fournais with the equivalent of CHF 70,000 in seed capital. Today, Fournais is still CEO and holds around 30% of the bank's shares. The following figures demonstrate Saxo's success:
1.3 million clients worldwide
115 billion dollars in assets under management
Over 2,300 employees worldwide
Full Swiss banking licence with headquarters in Zurich
Thanks to its international orientation and size, Saxo Bank can offer very competitive conditions in Switzerland, especially when trading shares, ETFs and other securities
What Does Saxo Bank Offer?
As a broker, Saxo Bank enables simple and cost-effective online trading with a wide range of financial products:
Shares from all over the world
ETFs (with free ETF savings plan)
bonds
funds
Commodities
options
futures
Crypto (ETPs such as crypto ETFs, i.e. no ‘real’ cryptos)
With this offer, Saxo Bank is a good choice for both active traders and long-term ‘buy and hold’ investors. Thanks to the easy access to shares, ETFs or bonds, you can put together your portfolio individually and according to your needs.
Trading Platforms for Every Skill Level
Saxo provides investors with two modern trading platforms for trading shares, ETFs and the like - either as a trading app or web version. The fees are the same on both platforms. So you can find the right solution for your level of experience:
SaxoInvestor - simple and clear for beginners
SaxoTraderGO - flexible and feature-rich for advanced traders
Saxo's trading platforms are considered to be particularly powerful and are also used by many banks in the background for their clients. Access to both platforms with the same login is particularly user-friendly. You can therefore switch back and forth between SaxoInvestor and SaxoTraderGO flexibly - according to your personal needs. There is also a desktop extension for the SaxoTraderGO trading platform called SaxoTraderPro, which offers you complex analysis tools and a multi-screen setup.
SaxoInvestor or SaxoTraderGo - which platform should I choose?
We recommend that you start with SaxoInvestor. We have only had good experiences with SaxoInvestor: The trading platform is very clearly laid out and the functions are reduced to the bare essentials. If the functions on offer are not enough for you, you can always switch to SaxoTraderGO.
Saxo is constantly developing the trading platform
Saxo is continuously developing its platforms. Investments are planned in the area of artificial intelligence. The aim is, for example, to be able to provide customers with personalised advice. It is conceivable, for example, that customers will be made aware of cluster risks, a similar ETF with lower fees will be recommended or they will be made aware of an attractive entry opportunity.
Saxo Bank Account Opening: How to Get Started
The opening process is simple and completely digital. In our case, registration took less than 10 minutes. Click on the Saxo voucher link (this will give you an additional CHF 200 trading credit) and you will be redirected to Saxo's official website.
Register online - residence in Switzerland is required.
Wait for your account to be opened (2-3 working days).
Make a first deposit of at least CHF 1 within 30 days.
After your first deposit, a trading credit (commission credit) will be credited to your account within 24 hours - automatically.
❯ Note: The exclusive trading credit is valid for 90 days. Any unused credit expires automatically. Find out more.
How to Buy Stocks on Saxo Bank: Step-by-Step Example
Buying shares, ETFs or other securities is simple and intuitive. Even beginners will quickly find their way around Saxo. At first glance, terms such as ‘bid’, ‘ask’ or ‘order type’ may seem a little daunting. But once you take a quick look, you soon realise that the basics of trading are simpler than they seem.
One example:
Bid/Ask stands for buy and sell prices - similar to exchanging currency on holiday.
The nominal value is simply the price of a share multiplied by the number of shares.
Order type ‘Market ’ means: You buy at the current price. With ‘Limit’ , on the other hand, you specify the maximum amount you want to pay.
Step-by-step: How easy it is to buy shares with Saxo
Think buying shares is complicated? Don't worry - here we use Novartis to show you exactly how to buy shares in just a few steps. Buying ETFs works in exactly the same way.
🔍 1. Search for a share
📊 2. View information
🛒 3. Fill in the order mask
✅ 4. Confirm purchase
Saxo Bank AutoInvest: The Cheapest ETF Savings Plan in Switzerland
With the AutoInvest ETF savings plan, Saxo currently offers the most cost-effective solution for long-term wealth accumulation in Switzerland. You can invest in over 100 ETFs free of charge, i.e. without purchase fees - completely automatically and without purchase costs.
You can choose from popular ETFs on various indices, including:
🇨🇭 the iShares Core SPI (CH) ETF for Swiss equities (SPI),
🇺🇸 the Amundi S&P 500 II UCITS ETF for top US companies (S&P 500),
🌎 and the iShares Core MSCI World UCITS ETF for global diversification (MSCI World).
An ETF savings plan such as AutoInvest allows you to invest regularly and automatically in a customised portfolio. Ideal for anyone who wants to build up long-term assets without having to actively manage their investments all the time.
Saxo AutoInvest was also convincing in our ETF savings plan comparison:
No purchase fees
No custody account fees
Clearly structured selection of ETFs
Thanks to its unrivalled favourable cost structure and intuitive user interface, Saxo AutoInvest is particularly attractive - especially for beginners and long-term investors. 👉 You can find all the details, experiences and a step-by-step guide in our detailed Saxo AutoInvest experience report and in our ETF savings plan comparison.
Is Saxo Bank safe?
The short answer is ‘yes’, Saxo Bank is a safe bank for Swiss investors. Specifically, we need to distinguish between cash deposits and securities.
Deposit protection for your cash balance
Saxo Bank (Schweiz) AG has its own Swiss banking licence and is regulated by the Swiss Financial Market Supervisory Authority (FINMA). Your liquid assets - i.e. the money you transfer to your Saxo account for your investments - are subject to Swiss deposit protection and are therefore protected up to CHF 100,000 in the event of bankruptcy.
Securities
Your securities such as shares or ETFs are also kept safe at all times, as securities are not included in the bank's balance sheet and therefore do not become part of the bankruptcy estate if the bank goes bankrupt. Your securities belong to you at all times. If Saxo Bank goes bankrupt, your securities will be transferred to another bank by the bankruptcy trustee.
Why a Swiss banking licence is crucial
If the security of your securities is important to you, we believe that you should only entrust your securities to a bank with a Swiss banking licence, as is the case with Saxo. With foreign brokers, the level of protection is often lower and you will have to deal with authorities and liquidators abroad in the event of bankruptcy.
Saxo Bank Fees: What Investors Need to Know
Fees are an important criterion when choosing your broker. Saxo Bank impresses here with an extremely competitive fee model that no longer has to hide from low-cost foreign brokers. Saxo is currently the cheapest broker in Switzerland.Saxo has three price levels - in this review we look at the standard ‘Classic’ level, with which Saxo is already the price leader in Switzerland. Those with over CHF 250,000 or even over CHF 1 million can benefit from even lower fees with the ‘Platinum’ or ‘VIP’ levels.
The three account levels at a glance: Classic, Platinum, VIP
Saxo Bank fees at a glance
Type of fee | Saxo |
|---|---|
Minimum deposit | None |
Custody fees | None |
Trading fees CH (SIX) | 0.08 % (min. CHF 3) |
Trading fees USA (NYSE/NASDAQ) | 0.08 % (min. USD 1) |
ETF savings plan (AutoInvest) | No purchase fees |
Stamp duty | 0.075 % (Swiss securities), 0.15 % (foreign securities); mandatory for all brokers in Switzerland |
Currency conversion | 0.25 % |
E-tax statement | Free of charge |
Payments | Free of charge |
Inactivity fee | None |
Transparent statement of fees
Before the final purchase step, Saxo again displays the fees clearly and transparently. You can then click on ‘Trading fees’ for an even more detailed breakdown. This transparency is not a given. With many providers, the individual fees can only be taken from the final statement and this is not always easy either.
No custody fees
At Saxo you pay no custody or account fees - your securities custody account and account are therefore free of charge.
Trading fees at a glance
Trading fees are incurred when buying and selling financial products. These depend on the product (e.g. share or ETF), the stock exchange (e.g. SIX or NASDAQ) and the transaction amount. You can find a detailed overview here.
Stock exchange | Costs per transaction |
|---|---|
🇨🇭 Swiss Stock Exchange SIX | 0.08% (min. 3 CHF) |
🇺🇸 US stock exchanges (NASDAQ, New York Stock Exchange) | 0.08% (min. 1 USD) |
🇩🇪 German Stock Exchange (XETRA) | 0.08% (min. 3 EUR) |
🇬🇧 UK Stock Exchange (London Stock Exchange) | 0.08% (min. 3 GBP) |
🇫🇷 French Stock Exchange (Euronext Paris) | 0.08% (min. 2 EUR) |
For trading in US equities, the fees start at 0.08% or at least USD 1. On the Swiss stock exchange SIX, the fees are also 0.08%, but at least CHF 3. The same applies to ETFs.
Free ETF savings plan
Over 100 selected ETFs can be saved automatically with Saxo. The Saxo ETF savings plan offer ‘AutoInvest’ is completely free of charge. This means that there are no purchase costs for the more than 100 ETFs. You can find all information about the Saxo AutoInvest ETF savings plan in our Saxo AutoInvest experience report.
Additional costs:
Stamp duty: 0.075% for domestic securities, 0.15% for foreign securities
Currency conversion: For the purchase of financial products in foreign currencies, your balance is automatically converted. The exchange rate fee is approx. 0.25% - and is therefore significantly more favourable than with many other brokers in Switzerland. Here too, Saxo scores with low prices.
E-tax statement: The tax statement is completely free of charge. This saves you a lot of work, especially with larger portfolios and many transactions.
Payouts: Withdrawals from Saxo are free, so you can freely move your money to other accounts.
Inactivity: Saxo does not charge an inactivity fee if you do not use the platform.
Saxo in comparison: Very favourable for Swiss investors
Saxo Bank offers the most attractive fee model in Switzerland - for all investor profiles. Even the Classic account comes without custody account fees and without a minimum deposit and offers very competitive trading costs that don't have to hide behind foreign brokers. Ideal for beginners to start with small amounts.
Particularly interesting: The ETF savings plan ‘AutoInvest’ is completely free of charge - a strong offer for long-term investors. And the e-tax statement is also free of charge - in contrast to many other banks and brokers where you quickly have to pay over CHF 100.
In short: Saxo is currently the most favourable broker in Switzerland - regardless of whether you are just starting out or already investing larger amounts.
Foreign Currency Accounts at Saxo Bank
Your main account with Saxo is held in CHF. If you frequently trade in other currencies - e.g. on US exchanges - you can open a sub-account in USD or EUR free of charge.
These foreign currency accounts are free of charge, have their own IBAN and allow you to hold, deposit or receive funds directly in the respective currency - e.g. dividends in USD. This saves you exchange fees when buying, selling or receiving income in foreign currencies.
Opening a sub-account is very simple: Go to ‘Apply for a currency sub-account ’ in your profile and select the desired currency. You can also create multiple currency accounts if required.
Saxo Bank Securities Lending: How It Works and What You Should Know
With the securities lending function, Saxo Bank offers investors the opportunity to generate additional income. If you activate this option, Saxo may temporarily lend your shares or ETFs to other market participants. In return, a lending fee is due, which is split equally - 50% for you and 50% for Saxo.
Securities lending is entirely voluntary and can be cancelled at any time. You retain full control over your securities account during the lending period: you can sell your securities at any time and continue to receive the full dividend amount. The Saxo portal provides a transparent overview of whether and which securities are currently on loan.
Hedging
To secure each loan, Saxo deposits a security deposit of at least 102% of the current market value of your loaned securities. Our experience shows that whether your securities are actually lent depends heavily on market demand. While some shares or ETFs were lent out frequently, others remained unused despite the function being activated. Securities lending is therefore an interesting way of generating additional returns - but it is not guaranteed.
Additional return with risk
An important point: when you lend securities, you temporarily transfer legal ownership of the securities to Saxo. During this time, you only have a claim to the return of the securities - but not the ownership itself. Despite the security deposit, there is a certain residual risk. You should therefore consider carefully whether this additional risk is acceptable to you.
Saxo Bank Tax Report: Everything You Need for Your Tax Return
Saxo's free e-tax statement makes it much easier to complete your Swiss tax return. The digital statement can be imported directly into the cantonal tax software - all relevant information, such as dividend income, is entered in the correct place without any tedious typing. While many banks charge additional fees for the e-tax statement - often upwards of CHF 100 - Saxo makes the service available to all clients free of charge.
A clear advantage - not only for investors with complex securities portfolios, but also for anyone who was previously deterred from investing because of the effort involved in filing a tax return.
Disadvantages of Saxo Bank for Swiss Investors
No cryptocurrencies at Saxo
At Saxo, trading in cryptocurrencies is only possible indirectly - via crypto ETFs or ETNs that track the price performance of Bitcoin, Ethereum & Co. Saxo does not offer real ownership of cryptocurrencies or storage in its own wallet.
This may be sufficient for traditional investors. However, crypto-savvy users who want to store their coins themselves (‘Not your keys, not your coins’) will not find what they are looking for at Saxo.
No entry in the share register
It is currently not possible to be entered in the share register. This means that you cannot participate in general meetings or exercise voting rights and you will not receive any dividends in kind, if any are distributed.
For many investors, this point is probably not decisive as they hold their shares purely for investment reasons anyway. Nevertheless, there are investors who want to actively exercise their shareholder rights - and for this target group this is currently a clear disadvantage.
On the positive side, Saxo is aware of this restriction and has confirmed on request that it is working on a solution. However, a concrete timetable for the introduction of the register entry has not yet been given.
Saxo Bank Compared to Other Online Brokers
Saxo came out on top in both our broker comparison and ETF savings plan comparison.
Broker | Trade | Depot | Sparplan | Fazit |
|---|---|---|---|---|
 | 0.08 %, min. CHF 3 | Free of charge | Free of charge | Most cost-effective Swiss broker |
 | from CHF 3 (step model) | CHF 80-200 / year | CHF 3–9 | Strong overall package with account, card & 3a and huge trading selection |
 | from CHF 6 (step model) | CHF 72 / year (as trading credit) | 1% purchase costs | Only useful with an existing PostFinance account, as a private account is required |
  | 0.5 %, min. CHF 1 | Free of charge | 0.5% purchase costs (selected ETFs free of charge) | Simple banking apps - good for beginners |
 | 2–5 EUR | Free of charge | Not available | Favourable, but not CH-regulated & tax-complicated |
Saxo vs. Swissquote
Saxo scores with the lowest trading fees in Switzerland, no custody account fee and a free ETF savings plan. This makes Saxo a very attractive choice for cost-conscious investors looking for an online broker.
Swissquote offers a significantly larger overall package: account, debit card, 3a, crypto, share register entries and over 3 million tradable products. The fees (from CHF 3 per trade, CHF 80-200 custody account costs per year) are fair - but higher than at Saxo. For higher trading volumes, Swissquote clients benefit from a fee cap: for ETF leaders listed on the SIX Swiss Exchange, the fee is CHF 3 to a maximum of just CHF 9 per transaction. Swissquote also has a cap on fees when trading shares. At Swissquote it is also possible to invest in fractional shares or ETFs (so-called fractional trading), which means that even very expensive securities such as Lindt & Sprüngli (over CHF 100,000) can be traded.
👉 Conclusion: Saxo for the cost-conscious & ETF savers. Swissquote is the better choice for anyone who wants banking, trading, mortgages and pensions from a single source or is looking for a comprehensive, Swiss-centred trading platform with extended functions such as fractional trading and a broader product selection. If you want to know more, you can read our in-depth article on Saxo vs Swissquote.
Saxo vs. PostFinance
Saxo vs. the neo-banks Yuh and neon
Saxo vs. Degiro
Conclusion: Is Saxo Bank Worth It?
Yes - in our view, Saxo Bank is highly recommended for anyone who wants to trade securely, affordably, and easily in Switzerland.
The user-friendly trading platform, attractive fee structure and free ETF savings plan (AutoInvest) make Saxo one of the best options for Swiss investors. In our experience, trading stocks and ETFs is intuitive and quickly accessible. A major plus: Saxo is currently the cheapest Swiss broker - or both domestic stocks and US equities and ETFs. Saxo also came out on top in our broker comparison and ETF savings plan comparison.
Saxo Bank holds a Swiss banking license, so despite its Danish roots, it is not considered a foreign broker. With Saxo, you get access to a wide range of financial products at fair prices – all with Swiss security standards.
Welcome offer 🚀 CHF 200 Trading CreditWith the voucher link you will receive a trading credit (credit of trading fees) in the amount of CHF 200. |
Frequently asked questions about Saxo Bank
What does Saxo Bank offer?
What are the advantages of Saxo Bank?
What are the disadvantages of Saxo Bank?
Is Saxo Bank safe?
What are your experiences with Saxo?
Sources:
Saxo Bank Experience • Saxo Bank Review • Saxo Bank Review • Saxo Bank Test
Author: Aljoscha Moser
Aljoscha Moser is co-founder of Become Wealthy and an expert in finance, tax and investment. He holds a Master of Law from the University of Basel with a focus on business and tax law and has worked for the Basel-Stadt tax administration, as a court clerk and as a lecturer at the IfFP.
On Become Wealthy, he brings his experience to bear in independent comparisons, analyses and financial guides - with the aim of communicating sound financial knowledge in a simple and understandable way.
