Swissquote vs Neon (2026):
Fees, ETFs, and which Swiss broker to choose
Both are FINMA-regulated Swiss platforms — but they were built for very different investors. Swissquote is a full Swiss bank with a broad product range and a quarterly custody fee; Neon is a mobile-first neobroker with no custody fee, a flat 0.5% transaction cost, and no FX markup on trades. Which one is cheaper depends almost entirely on your portfolio size, trade frequency, and whether you need products beyond stocks and ETFs.
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TL;DR
- Best for larger portfolios where the quarterly custody fee (min CHF 80/yr) is a small fraction of assets.
- Full Swiss bank — stocks, ETFs, bonds, funds, options, forex, crypto, pillar 3a.
- ETF Leaders tiered fee: CHF 3 (under CHF 500), CHF 5 (CHF 500–1,000), CHF 9 (above CHF 1,000, max) — beats Neon’s 0.5% on trades above CHF 1,800 where the CHF 9 tier applies.
- CHF 85 charge for e-tax statement; 0.95% FX applies to standalone cash exchanges only — securities trades now execute at the interbank mid-rate.
- Best for smaller portfolios and passive investors making regular contributions.
- No custody fee — your costs scale with activity, not with portfolio size.
- No FX markup on trade execution (BX Swiss settles everything in CHF). Free tax statements.
- Limited to ~100 ETFs and ~270 stocks on BX Swiss. No US-listed ETFs.
Two very different Swiss platforms
Swissquote and Neon are both FINMA-regulated and Swiss-domiciled — but they operate under completely different business models, fee structures, and investor profiles. There is also a third option worth being aware of: Yuh, a mobile-first neobroker now 100% owned by Swissquote (since 2025), which sits between the two on pricing and product range. We cover all three in our best broker for Switzerland guide.
Founded in 2000 and listed on the SIX Swiss Exchange, Swissquote is a FINMA-licensed Swiss bank. It offers a full product suite covering stocks, ETFs, bonds, funds, options, warrants, structured products, forex, and crypto, alongside multi-currency accounts and a pillar 3a pension product with a broad fund range.
The trade-off: the quarterly custody fee and trading costs make it expensive for small-portfolio investors who contribute modest amounts on a regular basis — especially at the minimum CHF 80/year custody overhead.
Neon launched in 2019 as a Swiss neobank app, backed by Hypothekarbank Lenzburg which holds the banking license. The Neon Invest feature lets users buy stocks and ETFs on BX Swiss with no custody fee, no FX event on trade execution (BX Swiss settles everything in CHF), ETF savings plans, and free tax statements. Neon also launched a pillar 3a in 2025.
The trade-off: the 0.5% transaction fee becomes expensive on large individual purchases, and the platform is limited to around 70 ETFs and 240 stocks on BX Swiss — no US-listed ETFs, no bonds, and no active funds.
| Feature | Swissquote | Neon |
|---|---|---|
| Founded | 2000 | 2019 |
| Regulated by | FINMA (full bank licence) | FINMA (via Hypothekarbank Lenzburg) |
| Deposit guarantee | CHF 100,000 (Swiss banking law) | CHF 100,000 (via HBL) |
| ETF range | Broad — 1,100+ ETF Leaders on SIX plus wider catalogue | ~70 ETFs on BX Swiss only. No US-listed ETFs. |
| US-listed ETFs (VT, VWRA…) | Yes | No |
| Bonds and funds | Yes | No |
| Options and derivatives | Yes | No |
| Fractional shares | Limited (via savings plans) | Savings plan only — from CHF 10 |
| ETF savings plans | Yes | Yes |
| Pillar 3a | Yes — established, broad fund range | Yes — since 2025, simpler range |
| Tax statement | CHF 85 (digital) / CHF 100 (paper) | Free |
| Mobile app | Good | Excellent — mobile-only |
| Multi-currency accounts | Yes — CHF, EUR, USD, GBP and more | CHF only |
Where the real cost difference lives
The fee models work in opposite directions. Swissquote charges a quarterly custody fee plus a flat trading fee per order. Neon charges no custody fee but takes a percentage of every transaction. Three additional costs apply equally to both — Swiss stamp duty, FX on dividends, and any tax statement fees — but the amounts differ significantly.
| Fee type | Swissquote | Neon |
|---|---|---|
| Custody / account fee | CHF 20/quarter up to CHF 50k portfolio CHF 25/qtr (50k–100k) · CHF 37.50/qtr (100k–150k) · CHF 50/qtr cap (CHF 150k–1M) · above CHF 1M: CHF 50 + 0.0075% of excess per quarter. All custody fees subject to 8.1% Swiss VAT. |
None |
| Min. annual custody cost | CHF 80/year (CHF 86.50 incl. 8.1% VAT) | CHF 0/year |
| Trading fee — ETF Leaders (SIX) | CHF 3 (<CHF 500) · CHF 5 (CHF 500–1,000) · CHF 9 (>CHF 1,000, max) | 0.5% per trade (min CHF 1 outside savings plan) |
| Trading fee — standard ETFs/stocks | Tiered by exchange and order size — CHF 3–190 for CH/US (from CHF 3 on orders under CHF 500 to CHF 190 above CHF 50,000); from CHF 5 for Germany; from CHF 10 for Euronext/Canada; higher for other markets. Only relevant for ETFs outside the ETF Leaders catalogue. | 0.5% (ETFs + Swiss stocks) · 1.0% (international stocks) |
| FX — securities trades | Interbank mid-rate — no markup (updated 2026) | None — BX Swiss settles everything in CHF |
| FX — standalone cash exchanges | 0.95% per conversion | Not applicable — CHF account only |
| FX on foreign dividends | 0.95% | ~1.5% (via partner bank) |
| Real-time data surcharge | CHF 0.85 per transaction | None |
| Swiss stamp duty | 0.075% (CH shares) · 0.15% (foreign) | 0.075% (CH shares) · 0.15% (foreign) |
| e-Tax statement | CHF 85 (digital) · CHF 100 (paper) | Free |
| ETF savings plan fee | ETF Leaders tiered fee per execution (CHF 3–9 by order size) | 0.5% per execution — free on qualifying partnership ETFs (see below) |
| Free ETF partnerships (Neon) | None | 0% trading fee via savings plan on Vanguard, Xtrackers, Swisscanto, WisdomTree, Leonteq ETFs (stamp duty still applies) |
| Trade packs (Swissquote) | From CHF 39/trade (pack of 20) — valid 1 year | N/A |
| Inactivity fee | Custody fee applies regardless of activity | None |
Neon’s FX position — what “no FX markup” actually means
Neon trades exclusively on BX Swiss, where all securities — including international stocks and foreign ETFs — execute and settle in CHF. No FX conversion occurs at any point in the process. This means buying a USD-denominated ETF on Neon triggers no FX event at all — not just no markup, but no conversion. For context: Swissquote updated its policy in early 2026 and also now executes securities trades at the interbank mid-rate with no markup. The structural difference remains: Neon involves no FX event whatsoever (CHF settlement throughout), while Swissquote’s 0.95% FX fee still applies to standalone cash exchanges outside the trading flow.
The exception is dividends paid in a foreign currency. If you hold a distributing ETF or stock that pays dividends in USD or EUR, Neon’s partner bank converts those dividends to CHF at roughly 1.5% — a significant cost that compounds over time for dividend-paying holdings.
Practical implication: Investors using accumulating UCITS ETFs (which reinvest dividends internally rather than distributing them) avoid this 1.5% hit entirely. For a passive buy-and-hold investor using an accumulating world ETF on Neon, the effective FX cost on trades is zero.
- Your portfolio is small — the CHF 80–200/year custody fee alone is a heavy drag for Swissquote at low balances.
- You invest small amounts via a savings plan — 0.5% on CHF 300/month is CHF 1.50, versus CHF 3 at Swissquote (the CHF 3 tier applies to orders under CHF 500).
- You want zero FX events at the trade level — BX Swiss settles everything in CHF so no conversion occurs at all. Swissquote also now executes securities trades at the interbank mid-rate, but its 0.95% FX fee still applies to standalone cash exchanges.
- You want free tax statements rather than paying CHF 85/year.
- Individual trades are large enough that Swissquote’s savings on per-trade costs exceed the CHF 80–200/year custody overhead.
- Your portfolio is large and custody fees represent a tiny fraction of total assets.
- You need US-listed ETFs, bonds, funds, or options — Neon simply doesn’t offer them.
- You want a full desktop trading platform with multi-currency accounts and advanced order types.
Fee scenarios: who pays less and by how much
Three common investor profiles, each using an accumulating world UCITS ETF listed on SIX (ETF Leader category at Swissquote). Stamp duty at 0.15% for foreign-domiciled ETFs applies equally to both. Tax statement cost included for Swissquote where relevant.
| Cost line | Swissquote | Neon |
|---|---|---|
| Trading fees | CHF 3 × 12 = CHF 36 | 0.5% × CHF 3,600 = CHF 18 |
| Data surcharge | CHF 0.85 × 12 = CHF 10.20 | CHF 0 |
| Custody fee | CHF 80 (min · +8.1% VAT = CHF 86.50) | CHF 0 |
| Stamp duty (0.15%) | CHF 5.40 | CHF 5.40 |
| Tax statement | CHF 85 (optional) | CHF 0 |
| Total annual cost | ~CHF 132–217 (+ CHF 6.50 custody VAT) | ~CHF 23 |
Verdict: Neon wins by CHF 109–194/year. At CHF 300/month, Swissquote’s CHF 3 per-trade fee (the under-CHF-500 ETF Leaders tier) is still double Neon’s CHF 1.50 — and the custody overhead and data surcharge compound the gap further. The tax statement fee alone exceeds Neon’s entire annual trading cost.
| Cost line | Swissquote | Neon |
|---|---|---|
| Trading fees | CHF 9 × 4 = CHF 36 | 0.5% × CHF 8,000 = CHF 40 |
| Data surcharge | CHF 0.85 × 4 = CHF 3.40 | CHF 0 |
| Custody fee | CHF 80 (min · +8.1% VAT = CHF 86.50) | CHF 0 |
| Stamp duty (0.15%) | CHF 12 | CHF 12 |
| Tax statement | CHF 85 (optional) | CHF 0 |
| Total annual cost | ~CHF 131–216 (+ CHF 6.50 custody VAT) | ~CHF 52 |
Verdict: Neon wins by CHF 79–164/year. Even though Swissquote’s per-trade cost is now lower than Neon’s (CHF 9 vs CHF 10 per trade), the CHF 80 custody overhead plus the CHF 0.85 data surcharge keeps Neon comfortably ahead on total annual cost. This pattern continues until trades become significantly larger.
| Cost line | Swissquote | Neon |
|---|---|---|
| Trading fees | CHF 9 × 2 = CHF 18 | 0.5% × CHF 16,000 = CHF 80 |
| Data surcharge | CHF 0.85 × 2 = CHF 1.70 | CHF 0 |
| Custody fee | CHF 80 (min · +8.1% VAT = CHF 86.50) | CHF 0 |
| Stamp duty (0.15%) | CHF 24 | CHF 24 |
| Tax statement | CHF 85 (optional) | CHF 0 |
| Total annual cost | ~CHF 124–209 (+ CHF 6.50 custody VAT) | ~CHF 104 |
Verdict: Neon still cheaper at CHF 104 vs Swissquote’s CHF 124 (without tax statement). At this trade size, Swissquote’s CHF 9 flat fee saves substantially on a per-trade basis — but the CHF 80 custody overhead plus the data surcharge largely cancels that saving at just 2 trades/year. For Swissquote to win on total cost, trades must grow further or frequency must increase enough that per-trade savings consistently outpace the custody overhead.
What you can actually invest in
For Swiss investors, both platforms provide access to the core UCITS ETF range needed for a passive portfolio. But the gap in breadth is significant — particularly for investors who want US-listed ETFs, bond exposure, or active funds.
Neon has no US-listed ETFs. Neon trades exclusively on BX Swiss, which lists around 70 ETFs — all European UCITS-compliant. US-listed ETFs such as VT (Vanguard Total World), VWRA (Vanguard FTSE All-World Acc), or SPY are not available. Swiss investors following a Bogleheads-style approach using US-domiciled ETFs must use Swissquote, Interactive Brokers, or Saxo. For a passive portfolio using European UCITS trackers (IWDA, VWRL, CSEMU), Neon’s range is typically sufficient.
| Asset class | Swissquote | Neon |
|---|---|---|
| UCITS ETFs | Yes — 1,100+ ETF Leaders on SIX plus wider catalogue | Yes — ~70 ETFs on BX Swiss |
| US-listed ETFs | Yes | No — BX Swiss only |
| Swiss stocks (SIX / BX Swiss) | Yes | Yes — ~270 stocks on BX Swiss |
| International stocks | Yes — US, EU, Asian markets | Yes — via BX Swiss listings |
| Bonds | Yes — government and corporate | No |
| Active funds / OEICs | Yes — fund supermarket | No |
| Options and warrants | Yes | No |
| Crypto | Yes (via Swissquote Bank) | No |
| Pillar 3a | Yes — established, broad fund range | Yes — since 2025, simpler range |
| Fractional shares | Limited (via savings plans) | Savings plan only — from CHF 10 |
App, interface and investor tools
Neon is built mobile-first and prioritises simplicity. Swissquote has a full web trading platform with research tools and multi-currency workflows — at the cost of more complexity for new investors.
- Full web trading platform and mobile app
- Advanced charting and order types (limit, stop-loss, conditional)
- Multi-currency accounts (CHF, EUR, USD, GBP and more)
- Research tools, news feed, and market analysis
- Portfolio reporting and performance tracking
- Trade packs available for active traders (20 trades from CHF 39/trade)
- Steeper learning curve — more interface complexity for new investors
- Mobile-only — the app is the platform
- Clean, beginner-friendly interface; fee transparency shown before confirming trades
- Integrated with Neon bank account (CHF)
- ETF savings plan setup directly in app
- Fractional shares via savings plan — from CHF 10
- Free e-tax statement generated automatically each year
- Limited research tools — no advanced charting or in-depth analytics
Who should use which platform
- Your portfolio is large enough that CHF 80–200/year in custody fees is a negligible fraction of total assets.
- Individual trades regularly exceed CHF 5,800–11,600 where flat fee savings start to outweigh the custody overhead.
- You want US-listed ETFs (VT, VWRA), bonds, active funds, or options.
- You need a full pillar 3a with a broad fund range.
- You want multi-currency accounts to hold USD or EUR natively.
- You prefer a full desktop trading platform with advanced order types and research tools.
- You are building a passive ETF portfolio with a small or growing balance.
- You invest through a regular savings plan with smaller monthly contributions.
- Paying zero custody fee matters — your cost should scale with activity, not with assets held.
- A UCITS-only ETF range of ~70 ETFs is sufficient for your strategy (no US-listed ETFs needed).
- You use accumulating ETFs — you avoid the 1.5% dividend FX cost entirely.
- Free tax statements and a simple mobile experience are the priority.
Some Swiss investors use Neon for their regular ETF savings plan contributions — taking advantage of no custody fee and the competitive 0.5% cost at small amounts — and then switch to Swissquote for occasional larger lump-sum investments where the flat CHF 9 fee makes more sense.
Splitting platforms adds complexity and two tax statements to manage. If your strategy is simple and your portfolio is at an early stage, Neon alone is the cleaner choice. As your balance grows and your needs expand — especially if you want US ETFs, bonds, or a full pillar 3a — Swissquote becomes the more capable long-term home.
Yuh — now 100% owned by Swissquote since 2025 — sits between the two on pricing: no custody fee, 0.5% trading commission (same as Neon), but a 0.95% FX fee on trades in foreign currencies. Unlike Neon, Yuh does charge for FX conversion on each foreign trade. For most passive investors choosing between this pair, Neon or Swissquote is the cleaner decision; Yuh is worth considering if you want a neobank experience backed by Swissquote’s infrastructure.
See our full Yuh review and best broker Switzerland guide for the full three-way comparison.
Ready to open an account?
Both platforms are free to open with no minimum deposit. Model your expected annual trading volume against the fee scenarios above before committing — the right choice depends heavily on how much you invest per trade, not just which platform looks cheaper on the headline.
Go deeper
Frequently asked questions
Is Swissquote better than Neon?
It depends on your portfolio size and what you need from a platform. Neon is cheaper for smaller portfolios and passive ETF investors making regular smaller contributions — there is no custody fee, no FX markup on trade execution, and free tax statements. Swissquote makes more sense at larger balances where the quarterly custody fee (minimum CHF 80/year) is a small fraction of assets, and when you need products Neon doesn’t offer: US-listed ETFs, bonds, active funds, options, or multi-currency accounts.
Does Neon charge custody fees?
No. Neon Invest charges no custody or account maintenance fee. It earns on a 0.5% transaction fee applied to each trade. There is also no FX markup on trade execution — everything on BX Swiss settles in CHF, so buying a foreign ETF doesn’t trigger a currency conversion charge. The one FX cost to watch is on foreign-currency dividends, which are converted to CHF by the partner bank at roughly 1.5%. Investors using accumulating ETFs (which reinvest dividends internally) avoid this cost entirely.
Does Neon have a pillar 3a?
Yes. Neon launched a pillar 3a account in 2025. It is a simpler offering than Swissquote’s established 3a product, which gives access to a broader range of funds and ETFs. If pillar 3a investing is central to your plan — particularly if you want to invest in a specific fund range — compare both offerings directly before deciding. Swissquote’s 3a has a longer track record and more product depth.
Can Neon investors buy US ETFs like VT or VWRA?
No. Neon Invest trades exclusively on the BX Swiss exchange, which lists around 70 ETFs — all UCITS-compliant European ETFs. US-listed ETFs such as VT, VWRA, or SPY are not available on Neon. For Swiss investors who want US-listed ETFs, or who follow a strategy using US-domiciled funds, Swissquote or Interactive Brokers are the relevant alternatives. For passive investors content with a UCITS tracker like IWDA or VWRL, Neon’s range is typically sufficient.
Does Swissquote offer ETF savings plans?
Yes. Swissquote offers automated investment plans for ETFs and funds. Each execution is subject to the ETF Leaders tiered fee: CHF 3 (orders under CHF 500), CHF 5 (CHF 500–1,000), CHF 9 (above CHF 1,000). Neon also supports ETF savings plans at 0.5% per execution — and 0% on qualifying partnership ETFs (Vanguard, Xtrackers, Swisscanto, WisdomTree, Leonteq) with stamp duty still applying. The per-execution break-even depends on contribution size; see the fee scenarios on the page for worked examples.
Does Swissquote charge for tax statements?
Yes. Swissquote charges CHF 85 for a digital e-tax statement and CHF 100 for a paper version. These statements simplify Swiss tax filing by allowing you to scan a barcode rather than entering every transaction manually. Neon provides tax statements for free at the start of each year. For small-portfolio investors this CHF 85 difference is material — at CHF 300/month invested on Neon, the Swissquote tax statement alone costs more than Neon’s entire annual trading fees.
Which is better for passive ETF investing in Switzerland — Swissquote or Neon?
For a simple ETF savings plan with a smaller or growing portfolio, Neon is typically cheaper — no custody fee, no tax statement fee, and no FX markup on trade execution. As your portfolio grows and individual trades get larger, Swissquote becomes more competitive on a per-trade basis. But the CHF 80/year minimum custody fee must be factored in. The true total-cost break-even depends on how many trades you make per year: at 4 trades/year, Swissquote only wins on total cost when each trade exceeds roughly CHF 6,000 (accounting for the CHF 0.85 per-trade data surcharge). Use the Swiss broker cost calculator to model your specific scenario.
QuantRoutine provides educational content only. Nothing on this page is an offer, solicitation, or recommendation to buy or sell any security or to open an account with any specific broker. Fee figures are based on publicly available information and may change — always verify current pricing on each broker’s official website before opening an account. Fee scenario calculations are illustrative and do not account for all possible cost variables. Investments can lose value, and past performance does not guarantee future results. You are responsible for your own investment, tax, and legal decisions.