Saxo vs. Swissquote 2024: Which broker is the best?
When searching for a Swiss online broker, you will quickly come across the two brokers Swissquote and Saxo. Swissquote is now a fully-fledged Swiss bank, while Saxo has recently attracted attention with a significant reduction in fees. But which of the two online brokers is the best - Swissquote's sophisticated trading solution or Saxo's low-cost investment solution?
📖 Overview
Welcome offers 🚀Saxo: With the voucher link you will receive a trading credit (credit of trading fees) in the amount of CHF 200. Learn more Swissquote: With the Swissquote promotional code MKT_BECOMEWEALTHY you will receive a trading credit of CHF 200. Learn more |
☝️ At a glance
 |  |
|---|---|
Swissquote Bank Ltd | Saxo Bank (Switzerland) Ltd. |
FIMMA authorisation as bank ✅ | FIMMA authorisation as bank ✅ |
Deposit protection up to CHF 100,000 ✅ | Deposit protection up to CHF 100,000 ✅ |
3 million financial products | 70,000 financial products |
Share and ETF trading from CHF 5 and ETF trading from CHF 5 | Share and ETF trading from CHF 3 |
Custody fees p.a. CHF 80 to max. 200 | Custody fees p.a. 0.22% (max. CHF 120) |
Currency exchange 0.95% | Currency exchange 0.25% |
Savings plans ✅ | Savings plans ❌ |
Real cryptocurrencies ✅ | Real cryptocurrencies ❌ |
Entry in the share register ✅ | Entry in the share register ❌ |
Welcome offer: CHF 200 trading credit with code MKT_BECOMEWEALTHY | Welcome offer: CHF 200 trading credit with voucher link |
| 💡 Choose Swissquote if:
|
|---|---|
 | 💡 Choose Saxo if:
|
Introduction: Saxo vs. Swissquote comparison
Since Saxo Bank radically reduced its fees at the beginning of 2024, it appears to be more attractive in terms of fees than the leading Swiss online bank Swissquote. If you're looking for a broker, you might be wondering which provider is a better fit. Perhaps you are already a Swissquote customer and are considering switching to Saxo or vice versa.
In this comparison, we show you the differences between the two online brokers Saxo and Swissquote so that you can choose the best broker for you. If you are not yet familiar with Saxo Bank or Swissquote, you can find our detailed reviews of Saxo and Swissquote alongside this ‘Saxo vs Swissquote’ comparison.
Functions - Swissquote offers more
Saxo and Swissquote are online brokers with which you can trade the entire product range of financial products, such as shares, ETFs, funds, derivatives, options, futures and cryptocurrencies. With both Saxo and Swissquote, you can operate the trading platform either via desktop version or via app. Both brokers also provide you with stock market information on the various markets as well as articles on various financial topics and inspiration for new investments.
Unlike Saxo, Swissquote is more than just a broker. Swissquote is a fully-fledged online bank and, in addition to its trading offering, also offers 3a pension provision, payment transactions (incl. eBill), debit card, Twint, mortgages and much more.
Savings plans - Swissquote offers savings plans for shares and ETFs
In contrast to Saxo, Swissquote allows you to set up recurring purchases for shares and ETFs on a monthly, weekly or fortnightly basis. To do this, you can simply set the order type to ‘Recurring’ when making a purchase.
Entry in the share register - only possible with Swissquote
At Swissquote, Swiss shares can be entered in the share register free of charge. Without registration, you will not be invited to the Annual General Meeting and will not receive any dividend in kind (e.g. a Swatch watch). Registration is not automatic, but can be arranged online via Swissquote. Registration is not possible with Saxo.
Tax statement - not included with both
At Swissquote, the detailed e-tax statement costs CHF 100 (excl. VAT). The same applies to Saxo, which also charges CHF 100 (excl. VAT). Of course, the tax return can also be completed without a detailed tax statement, although this is more cumbersome with a large number of trades and positions.
App and online platform
Both Swissquote and Saxo offer an app and online platform. We find Swissquote's operation more intuitive, and the user interface at Swissquote is also more modern. This applies in particular to the use of the mobile app, where the user experience at Swissquote seems more mature in our experience. However, Saxo has also implemented various functions well, such as securities lending.
Swissquote is more than just an online broker
While Saxo is exclusively an online trading platform, Swissquote also offers other banking services. As a broker, Swissquote also sees itself as a digital bank when it comes to banking. In addition to its well-known trading offering, Swissquote also offers Invest Easy, a pre-defined investment strategy for anyone who does not want to put together and manage their own portfolio. Invest Easy also gives you access to a savings strategy - i.e. a 100 per cent cash strategy for various currencies with good interest rates, free of charge. With 3a Easy, Swissquote also offers a pension solution. Last but not least, Swissquote's banking service can also be used for everyday payment transactions (domestic payments, QR-bills, eBill). There is also a free virtual debit card and a physical debit card (subject to a fee) to choose from so that you can make payments on the move. With every card payment, you collect cashback in the form of trading.
Available financial products - Swissquote beats Saxo
At Swissquote you will find over 3 million different products. You will probably find every financial product you are looking for. Saxo, on the other hand, has ‘only’ just over 70,000 different products. Of course, you can also find standard shares and ETFs at Saxo. However, if you want to trade index funds, bonds or niche products, you are better off with Swissquote. Saxo's offering is very limited, or in some cases not available at all. You can add the financial products you want, but this costs USD 200.
Swissquote is also recommended for trading cryptocurrencies; at Saxo, crypto trading is only possible via derivatives and crypto ETFs and ETNs. With SQX, Swissquote offers its own crypto exchange, a wallet function, staking of certain cryptos and the transfer of your cryptos to and from SQX.
Security - both hold a Swiss banking licence
Saxo Bank (Switzerland) Ltd and Swissquote Bank Ltd are banks with a Swiss banking licence and are subject to deposit protection. Your balance of up to CHF 100,000 is covered by the deposit protection system in the event of bankruptcy. You should therefore not have more than CHF 100,000 cash in your account. The securities remain your property at all times and do not become part of the bankruptcy estate if the bank goes bankrupt. In the event of bankruptcy, you can have your securities transferred to another bank.
Fees - Saxo mostly cheaper than Swissquote
There are major differences in fees between the two brokers. The following fees must be compared, with Saxo being significantly more favourable in most cases:
Saxo distinguishes between three fee levels. The fees for the first level, ‘Classic’, are explained in more detail below. The ‘Classic’ level is the entry level and does not require a minimum deposit. From a minimum deposit of CHF 250,000, you reach the ‘Platinum’ level and benefit from up to 30% lower trading costs. Finally, there is the ‘VIP’ level, which is reached from a minimum deposit of CHF 1 million. At Swissquote, the fees depend solely on the trading and custody account volume.
1. Trading fees
Below we compare the fees for trading shares and ETFs on the Swiss Stock Exchange, the New York Stock Exchange (NYSE) and NASDAQ. We also look at the fees for Swiss bonds and the fees for Swissquote's crypto offering. If you are interested in other stock exchanges, bonds from other markets, index funds, options and futures or structured products, you will need to consult the fee overviews of Saxo and Swissquote.
Both brokers charge a stamp duty of 0.075% for Swiss securities and 0.15% for foreign securities. This tax is payable by all brokers in Switzerland and must be paid to the Swiss Federal Tax Administration.
a. Shares and ETFs on the SIX Swiss Exchange 🇨🇭
The following table shows the fees for shares and ETF purchases on the SIX Swiss Exchange, whereby Swissquote charges a flat fee of CHF 9 for a large selection of ETFs (so-called ETF Leaders) that can be purchased on the SIX.
CHF | 0 - 500 | 500 - 1k | 1k - 2k | 2k - 10k | 10k - 15k | 15k - 25k | 25k - 50k | > 50k |
|---|---|---|---|---|---|---|---|---|
| CHF 5 | CHF 10 | CHF 20 | CHF 30 | CHF 55 | CHF 80 | CHF 135 | CHF 190 |
ETF Leader | CHF 9 | CHF 9 | CHF 9 | CHF 9 | CHF 9 | CHF 9 | CHF 9 | CHF 9 |
| CHF 3 | CHF 3 | CHF 3 | 0.08% (CHF 3 - 8) | 0.08% (CHF 8 - 12) | 0.08% (CHF 12 - 20) | 0.08% (CHF 20 - 40) | 0.08% (> CHF 40) |
(*) Swissquote: + Fee of CHF 0.85 per transaction for real-time information costs
Fees for shares & ETFs on SIX Saxo: Saxo's fees for trading shares and ETFs vary depending on the exchange, but are always a percentage of the amount traded and subject to a minimum fee. On the SIX Swiss Exchange, the fee is 0.08% (minimum CHF 3).
Fees for shares & ETFs on SIX Swissquote: At Swissquote, the fees for trading shares ETFs also depend on the transaction amount and the respective exchange, but there are fixed categories and no standardised percentage amounts. Swissquote makes an exception for the so-called ETF Leaders. When trading ETFs via the Swiss stock exchange SIX, you pay a flat fee of CHF 9, regardless of the trading volume. A surcharge of CHF 0.85 is also charged for each transaction to compensate for the real-time data provided. There are also stock exchange fees, which depend on the respective stock exchange.
b. Shares and ETFs on the NYSE and NASDAQ 🇺🇸
USD | 0 - 500 | 500 - 1k | 1k - 2k | 2k - 10k | 10k - 15k | 15k - 25k | 25k - 50k | > 50k |
|---|---|---|---|---|---|---|---|---|
| USD 5 | USD 10 | USD 20 | USD 30 | USD 55 | USD 80 | USD 135 | USD 190 |
| USD 1 | USD 1 | 0.08% (USD 1 - 1.60) | 0.08% (USD 1.60 - 8) | 0.08% (USD 8 - 12) | 0.08% (USD 12 - 20) | 0.08% (USD 20 - 40) | 0.08% (> USD 40) |
Fees for shares and ETFs on the NYSE and NASDAQ Swissquote: Swissquote charges the same fees for trading on the NYSE and NASDAQ as on SIX, whereby the fee is charged in USD.
Fees for shares and ETFs on the NYSE and NASDAQ Saxo: In comparison, Saxo again charges 0.08%, but the minimum fee is lower compared to SIX.
c. Bonds Switzerland 📄
CHF | 0 - 500 | 500 - 2k | 2k - 10k | 10k - 15k | 15k - 25k | 25k - 50k | > 50k |
|---|---|---|---|---|---|---|---|
| CHF 9 | CHF 20 | CHF 30 | CHF 55 | CHF 80 | CHF 135 | CHF 190 |
| EUR 20 | EUR 20 | EUR 20 | 0.02% (EUR 20 - 30) | 0.02% (EUR 30 - 50) | 0.02% (EUR 50 - 100) | 0.02% (> EUR 100) |
Fees Swiss bonds Swissquote: Swissquote offers a wide range of Swiss bonds and charges a fee depending on the transaction amount.
Fees Bonds Switzerland Saxo: In comparison, Saxo's offer is significantly smaller. Saxo charges 0.2% of the order value or at least 20 euros.
d. Index funds 🏦
Swissquote index fund fees: Swissquote gives you access to a very wide range of funds. Funds held in custody by Swissquote can be traded free of charge, while funds from so-called ‘Prime Partners’ can be traded for CHF 9 / EUR / USD. Prime partners include BlackRock, Invesco, Swisscanto, UBS and many more.
Saxo index fund fees: In comparison, Saxo charges a CHF 8 flat rate for the purchase of investment funds. The range of index funds is significantly smaller at Saxo - this applies in particular to funds in CHF and Swiss funds in general.
e. Crypto 🪙
CHF | 10 - 10k | 10k - 50k | > 50k |
|---|---|---|---|
| 1% | 0.75% | 0.5% |
Swissquote crypto fees: At Swissquote, the same fees apply to all cryptocurrencies. 40 cryptos can be traded via the SQX crypto exchange developed by Swissquote. Not only derivatives, but also real cryptos can be traded in a dedicated Swissquote wallet.
Cryptos Saxo: In comparison, cryptos can only be traded via derivatives at Saxo.
2. Custody account fees
Saxo is also more favourable in terms of custody account fees. If you allow securities lending, Saxo even waives the custody account fees completely. Both providers add value added tax.
CHF | 0 - 50'000 | 50'000 - 100'000 | 100'000 - 150'000 | >150'000 |
|---|---|---|---|---|
| CHF 80 | CHF 100 | CHF 150 | Max. 200* |
| 0,22% (max CHF 110) | 0,22% (max CHF 120) | CHF 120 | CHF 120 |
(*) For assets over CHF 1 million, an additional quarterly fee of 0.0075% is charged to cover external management fees.
Saxo custody account fees: At Saxo, you pay a custody account fee of 0.22% for the ‘Classic’ account level, which is based on your invested capital. There is no minimum fee and the fee is capped at CHF 10 per month or CHF 120 per year. The average custody account fee therefore falls below 0.1% for a custody account value of over CHF 120,000. There are no custody fees on uninvested assets or bonds. If you allow Saxo Bank to lend your securities to other market participants, the custody fees are waived in full.
Custody account fees Swissquote: At Swissquote you pay a quarterly custody account fee, which is also based on your invested capital (up to CHF 50,000: CHF 20; up to CHF 100,000: CHF 25; up to CHF 150,000: CHF 37.50; over CHF 150,000: CHF 50; for over one million a fee of 0.0075% is also charged). The average custody account fee therefore falls below 0.1% for a custody account value of over CHF 200,000. No fees are charged on assets that are not invested.
3. Currency exchange fees
If you want to trade securities in foreign currencies, there are additional fees for currency exchange. At Saxo, the currency exchange fees are around 0.25%, while at Swissquote they are 0.95%.
Conclusion - Swissquote offers more, Saxo costs less
A direct comparison of Saxo vs. Swissquote has shown that both brokers offer a clear and easy-to-use trading platform - whether via the desktop version or the app. Since the fee reduction, Saxo's fees have been extremely attractive. Saxo is a broker with fair prices and Swiss security standards. It remains to be seen whether the low price strategy will be able to attract customers in the long term. The example of Flowbank, which went bankrupt, shows that many investors do not base their choice of broker solely on fees, but also take into account aspects such as the user-friendliness of the trading platform or the quality of customer service.
Anyone who appreciates a broad product range or wants to invest in cryptocurrencies is better off with Swissquote. Swissquote is also more than just an innovative broker, it is a fully-fledged bank: from daily banking - including debit card, mobile payment and Twint - to pillar 3a or predefined investment strategies with Invest Easy, Swissquote offers everything from a single source. So you don't need any other bank besides Swissquote. If you are looking for the lowest possible fees, Saxo is the better address. Saxo is one of the cheapest brokers in Switzerland for foreign shares and ETFs as well as for Swiss securities.
Welcome offers 🚀Saxo: With the voucher link you will receive a trading credit (credit of trading fees) in the amount of CHF 200. Learn more Swissquote: With the Swissquote promotional code MKT_BECOMEWEALTHY you will receive a trading credit of CHF 200. Learn more |
Frequently asked questions
Who should consider Saxo?
Who should consider Swissquote?
How expensive are Saxo and Swissquote?
How secure are Saxo and Swissquote?
Sources
Saxo vs Swissquote • Saxo vs Swissquote comparison
Comments