Swissquote Review (2026):
Fees, 3a, ETF Leaders, and who it fits
Swissquote is Switzerland’s largest online broker and a fully licensed bank — not a neobroker. It covers everything from stock and ETF trading to pillar 3a, a robo-advisor, debit card banking, and 52 cryptocurrencies. The question is always the same: do the custody fees, FX costs, and trading commissions make sense for your portfolio size and investing style?
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TL;DR
- Banking + brokerage in one FINMA-licensed Swiss institution.
- Custody fee is capped at CHF 200/year — proportionally cheap for large portfolios.
- ETF Leaders: 1,100+ ETFs at a flat CHF 9 on SIX, regardless of order size.
- Pillar 3a (3A Easy) and robo-advisory (Invest Easy) — rare in online brokers.
- Regulated by FINMA, FCA, CSSF, and five other top-tier authorities.
- Multi-currency banking: debit card, TWINT, Apple/Google Pay, CHF/EUR/USD accounts.
- Custody fee minimum CHF 20/quarter (CHF 80/year) — hits small portfolios hard.
- FX conversion at 0.95% — the highest drag in your fee stack for cross-currency buys.
- Standard trading commissions from CHF 9–25 per order — not zero.
- Swiss stamp duty: 0.075% (domestic) and 0.15% (foreign) on all trades.
- Tax statement costs CHF 100 excl. VAT — extra cost at tax time.
- Minimum deposit: CHF 1,000 — not accessible for very small starting amounts.
- Cash in trading account earns no interest automatically — savings account required.
What is Swissquote — and how is it different from a neobroker?
Swissquote is not a neobroker. It is a fully licensed Swiss bank that also offers brokerage services — a meaningful distinction when it comes to regulatory standing, product depth, cost structure, and what else you can do with the account.
Swissquote holds a full Swiss banking licence, regulated by FINMA. You get a real IBAN, multi-currency accounts (CHF, EUR, USD, GBP and more), and brokerage access through a single institution. This is fundamentally different from neobrokers like Trade Republic or Neon, which are either non-bank institutions or outsource custody functions to a third-party bank.
Swissquote was founded by Marc Bürki and Paolo Buzzi and has been listed on the SIX Swiss Exchange (ticker: SQN) since 2000. It is the largest online broker in Switzerland by client assets, with over 700,000 clients and more than 1,000 employees. The public listing means Swissquote publishes detailed financial reports — a meaningful transparency signal.
The four Swissquote account types
Swissquote is not one single product — it has four distinct account types. Most passive investors only ever need eTrading.
| Account type | What it does | Who it is for |
|---|---|---|
| eTrading | Stocks, ETFs, bonds, funds, options, futures, structured products | Passive and active investors — this review focuses here |
| Forex | FX spot trading, 80+ currency pairs | Active FX traders |
| Robo-Advisory | Invest Easy — three managed strategies, automated rebalancing | Investors who want fully automated portfolio management |
| Crypto-Assets | 52+ cryptocurrencies, spot trading | Crypto investors wanting regulated Swiss custody |
The full Swissquote fee stack
Swissquote charges at multiple layers — custody, trading commission, FX conversion, and Swiss stamp duty. Understanding each one is essential before deciding if the platform is cost-effective for your situation. The good news: the custody fee is capped, which changes the calculus entirely for large portfolios.
The custody fee is charged quarterly based on the value of your invested assets. Crucially, it is capped at CHF 50/quarter (CHF 200/year) for portfolios between CHF 150,000 and CHF 1 million — making Swissquote progressively cheaper as a percentage as your portfolio grows.
| Portfolio value | Quarterly fee | Annual fee | Effective annual % |
|---|---|---|---|
| CHF 0 – 50,000 | CHF 20 | CHF 80 | 0.16% (on CHF 50k) to higher on smaller |
| CHF 50,000 – 100,000 | CHF 25 | CHF 100 | 0.10%–0.20% |
| CHF 100,000 – 150,000 | CHF 37.50 | CHF 150 | 0.10%–0.15% |
| CHF 150,000 – 1,000,000 | CHF 50 (cap) | CHF 200 (cap) | 0.02%–0.13% |
| Above CHF 1,000,000 | CHF 50 + 0.0075% of excess | CHF 200 + 0.03% p.a. on excess | Very low at scale |
| Fee type | Rate | Impact |
|---|---|---|
| ETF Leaders (1,100+ ETFs on SIX) | CHF 9 flat per order, any size | Best value — use this for ETF buys where possible |
| Standard ETFs / stocks (Swiss) | From CHF 3 (under CHF 500) up to CHF 30+ (CHF 10k+) | Tiered — larger orders are more efficient |
| International stocks / ETFs | From CHF 25 per order | High for small or frequent purchases |
| FX conversion | 0.95% per currency conversion | Largest ongoing drag for cross-currency investors |
| Swiss stamp duty (domestic) | 0.075% per trade | Mandatory Swiss tax — applies to all Swiss brokers |
| Swiss stamp duty (foreign) | 0.15% per trade | Mandatory Swiss tax — applies to all Swiss brokers |
| Real-time data surcharge | CHF 0.85 per transaction | Small fixed add-on per order |
| Tax statement | CHF 100 excl. VAT | Annual cost for Swiss tax reporting — not free |
| Cash interest (trading account) | None — zero by default | Cash in eTrading account does NOT earn interest automatically |
| Minimum deposit | CHF 1,000 | Barrier for very small starting amounts |
ETF Leaders — Swissquote’s flat-fee ETF programme
If you are a passive ETF investor using Swissquote, the ETF Leaders programme is the most important cost lever available to you. Understanding how it works changes how you structure your buys.
Over 1,100 ETFs traded on the SIX Swiss Exchange are classified as ETF Leaders. These ETFs can be bought and sold at a flat fee of CHF 9 per order, regardless of order size. A CHF 5,000 purchase costs the same as a CHF 100,000 purchase — CHF 9.
The ETF Leaders catalogue includes the main UCITS index trackers most passive investors need: MSCI World, S&P 500, FTSE All-World, and emerging markets ETFs from major providers like iShares, Vanguard, and Xtrackers.
Because the CHF 9 fee is flat, the per-unit cost drops sharply with order size. Buying CHF 500/month costs CHF 9 = 1.8% commission. Buying CHF 2,000 at once costs CHF 9 = 0.45%. Building up a monthly contribution and investing quarterly can be meaningfully more cost-efficient than buying monthly.
Note: FX conversion at 0.95% still applies if you are buying USD or EUR-denominated ETFs from a CHF account. Keep this in mind when selecting ETF share classes.
Invest Easy and 3A Easy — the products most competitors don’t have
Two features that Swissquote offers and most online brokers in Europe cannot match: a built-in robo-advisory portfolio and a regulated pillar 3a pension solution under the same login.
- Three strategies: Cautious, Balanced, and Ambitious.
- Minimum investment: CHF 500.
- Annual management fee: 0.6% plus product fees of 0.14–0.21% depending on strategy.
- The Ambitious strategy includes cryptocurrency exposure.
- Invest Easy also has a fee-free savings option — but that account earns interest, not capital growth.
- Automatic rebalancing — no manual intervention needed.
- Three investment strategies: Balanced, Dynamic, and Ambitious.
- Also includes a fee-free interest-only strategy (capital preserved).
- Minimum investment: CHF 100.
- Annual management fee: 0.6% — no additional product fees (unlike Invest Easy).
- Tax-advantaged: contributions deductible from Swiss taxable income within annual limits.
- Managed within the same Swissquote account — no separate institution needed.
Banking features — what you get beyond the brokerage
The banking layer is what separates Swissquote from every EU neobroker on this site. For Swiss residents who want to consolidate banking and investing in one place, this is the value proposition in practice.
Swiss franc, Euro, US dollar, and British pound clearing accounts are opened automatically when you open a custody account. Incoming dividends in foreign currencies are posted directly to the corresponding sub-account — helping you avoid paying the 0.95% FX conversion fee on dividend reinvestment if you plan to redeploy in the same currency.
You can also fund foreign currency sub-accounts directly from an external bank to sidestep the in-app FX fee entirely for large transfers.
- Virtual Debit Mastercard: free.
- Physical Debit Mastercard: CHF 6.90/month after a 6-month free trial. Multi-currency (13 currencies), free ATM withdrawals in Switzerland.
- Mobile payments: Apple Pay, Google Pay, Samsung Pay, TWINT, eBill.
- Swissquote was the first Swiss bank to enable payments in cryptocurrency.
- Cashback on card spending paid as trading credit — 0.25% (virtual) or 0.5% (physical) for standard purchases; doubled for crypto payments.
Swissquote offers an optional securities lending programme for eTrading account holders. This allows you to lend your securities to other market participants in exchange for a fee, which partially offsets custody costs. Participation is opt-in and adds counterparty risk — worth understanding before enabling.
Swissquote offers demo accounts across its CFXD platform and MetaTrader 4/5, allowing you to test the platform and order entry workflow before committing real funds. This is not available at all competitors and is useful for evaluating the interface before you transfer a portfolio.
What you can invest in — and the platform
Swissquote’s product breadth is one of its strongest cards. It covers more asset classes than any EU neobroker and most EU-focused brokers serving retail investors.
- Stocks — Swiss, European, US, and 60+ international exchanges.
- UCITS ETFs — 1,100+ on ETF Leaders programme; broad index tracker coverage.
- Bonds — government and corporate across multiple markets.
- Options and futures.
- Structured products, warrants, and certificates.
- Forex (FX spot trading, 80+ pairs).
- 52+ cryptocurrencies via regulated crypto account (separate).
- Funds and unit trusts.
- Themes Trading — pre-built thematic baskets (AI, clean energy, etc.).
- eTrading web platform — well-structured, full-featured, handles research and order placement well.
- Mobile app (iOS and Android) — functional and stable; advanced filters are deeper than on most neobroker apps.
- CFXD (formerly Advanced Trader) — Swissquote’s own advanced trading platform with Autochartist integration and TradingView chart connectivity.
- MetaTrader 4 and 5 — available for active traders.
- Real-time market news from Dow Jones; Market Talk video analysis.
- 9ms average execution speed, 98% fill ratio — relevant for active traders.
Regulation and investor protection
This is Swissquote’s strongest card against any competitor. The combination of a Swiss banking licence, multi-jurisdiction regulation, and segregated asset protection gives it a safety profile most online brokers cannot match.
Swissquote Bank Ltd holds a full Swiss banking licence, supervised by FINMA (Swiss Financial Market Supervisory Authority). FINMA is one of the world’s most stringent financial regulators. This is a meaningfully higher bar than most EU brokers operating under lighter national frameworks, and means Swissquote is subject to full capital adequacy, liquidity, and conduct requirements as a bank.
Cash deposits at Swissquote are covered by the Swiss esisuisse deposit guarantee scheme up to CHF 100,000 per client. Securities (stocks, ETFs, bonds) are held as legally segregated client assets — they do not form part of Swissquote’s balance sheet and are returned to clients in an insolvency regardless of the deposit guarantee limit.
Beyond FINMA, Swissquote operates under eight additional regulatory bodies — relevant for expats and international clients:
| Jurisdiction | Regulator | Entity |
|---|---|---|
| Switzerland | FINMA (banking licence) | Swissquote Bank Ltd |
| United Kingdom | FCA | Swissquote Ltd |
| Luxembourg / EU | CSSF + ECB oversight | Swissquote Bank Europe |
| Dubai | DFSA | Swissquote MEA Ltd |
| Hong Kong | SFC | Swissquote Asia Ltd |
| Singapore | MAS | Swissquote Pte Ltd |
| Malta | MFSA | Swissquote Financial Services (Malta) |
| Cyprus | CySEC | Swissquote Capital Markets Ltd |
Who Swissquote fits — and who it doesn’t
- Swiss residents wanting banking and brokerage in one FINMA-regulated institution.
- Expats in Switzerland who need a reputable, English-supported account.
- Investors with portfolios above CHF 150,000 — the CHF 200/year custody cap makes the effective rate very low.
- Anyone contributing to pillar 3a — 3A Easy is a convenient integrated solution.
- Hands-off investors who want a robo-advisor — Invest Easy handles allocation and rebalancing.
- Active investors who need options, futures, structured products, or crypto alongside ETFs.
- Anyone who values the Swiss banking safety layer and the FINMA licence above all else.
- Beginners with small portfolios — CHF 80/year minimum custody plus CHF 1,000 minimum deposit is prohibitive below CHF 25,000.
- Monthly ETF investors — CHF 9 per ETF Leaders trade is fine quarterly but expensive monthly on small contributions.
- Cost-first passive investors — IBKR wins on total annual drag at any portfolio size.
- EU-based investors — FX conversion costs and custody fee structure make local EU brokers more efficient.
- Anyone who wants zero-effort interest on idle cash — the trading account does not pay interest automatically.
Most Swiss-based investors are deciding between these three. Here is the core trade-off:
| Broker | Custody fee | FX conversion | 3a / pension | Best for |
|---|---|---|---|---|
| Swissquote | CHF 80–200/yr (tiered, capped) | 0.95% | Yes (3A Easy) | Large portfolios, banking integration, 3a |
| IBKR | None | ~0.01–0.03% | No | Cost-first passive investors at any size |
| Neon | None | None (CHF only) | No | Small CHF-only ETF investors, simplicity |
| Yuh | None | 0.95% (international) | No | Banking + basic investing, Swissquote infrastructure |
IBKR wins on total cost: no custody fee, institutional FX rates via IdealPro (0.01–0.03% versus Swissquote’s 0.95%), lower per-trade commissions at larger order sizes, and access to every major global market. For a Swiss-resident passive investor comfortable with more setup complexity, IBKR saves meaningful money — especially on FX.
The trade-off: IBKR is not a bank. No integrated CHF savings account, no TWINT, no pillar 3a, and more initial setup effort. If the banking integration and 3a solution are the point, Swissquote’s value proposition holds at larger portfolio sizes.
Ready to open an account?
Swiss resident or expat who needs banking, pillar 3a, and brokerage in one FINMA-licensed institution — Swissquote is the clear choice. For cost-first passive ETF investing, also compare IBKR and Neon.
Go deeper
Frequently asked questions
How much does Swissquote charge in custody fees?
The custody fee is tiered and charged quarterly. Portfolios up to CHF 50,000 pay CHF 20/quarter (CHF 80/year). Portfolios between CHF 50,000 and 100,000 pay CHF 25/quarter (CHF 100/year). The fee rises to CHF 37.50/quarter for CHF 100,000–150,000 portfolios, and then caps at CHF 50/quarter (CHF 200/year) for all portfolios between CHF 150,000 and CHF 1 million. Portfolios above CHF 1 million pay an additional 0.0075% per quarter on the excess. The cap means the effective annual custody rate falls well below 0.1% for large portfolios — meaningfully cheaper than it appears at first glance.
What is Swissquote’s ETF Leaders programme?
ETF Leaders is Swissquote’s discounted ETF trading programme. Over 1,100 ETFs traded on the SIX Swiss Exchange can be bought and sold at a flat fee of CHF 9 per order, regardless of order size. A CHF 1,000 purchase and a CHF 100,000 purchase cost exactly the same — CHF 9. The catalogue covers the core UCITS index trackers most passive investors need: MSCI World, S&P 500, FTSE All-World, and others from major providers. Because the fee is flat, investing in larger tranches rather than small monthly amounts significantly reduces the commission-as-a-percentage-of-trade figure.
Does Swissquote offer a pillar 3a account?
Yes. Swissquote’s 3A Easy is a full pillar 3a pension solution available within the same account login. It offers three investment strategies (Balanced, Dynamic, Ambitious) starting from a minimum of CHF 100, plus a fee-free interest-only strategy for capital preservation. The annual management fee is 0.6% with no additional product fees. Contributions are tax-deductible from Swiss taxable income within the annual limits set by Swiss law. This makes Swissquote one of the very few Swiss online brokers to offer a complete pension solution alongside standard brokerage — a genuine advantage for Swiss residents who want to consolidate financial accounts.
Is Swissquote safe?
Yes. Swissquote is a fully licensed Swiss bank regulated by FINMA, one of the world’s most stringent financial regulators. Cash deposits are protected up to CHF 100,000 per client under the esisuisse deposit guarantee scheme. Securities (stocks, ETFs, bonds) are held as legally segregated client assets — they are not part of Swissquote’s balance sheet and would be returned to clients in an insolvency regardless of the deposit guarantee limit. Beyond FINMA, Swissquote is also regulated in the UK (FCA), Luxembourg (CSSF), Dubai (DFSA), Singapore (MAS), Hong Kong (SFC), Malta (MFSA), and Cyprus (CySEC).
Can EU investors use Swissquote?
EU residents can access Swissquote through its Luxembourg entity, Swissquote Bank Europe, which is regulated by the CSSF and operates under European Central Bank oversight for banking activities. This is a legitimate EU-regulated access path. That said, EU residents still encounter CHF-denominated custody fees and 0.95% FX conversion costs that a local EU broker avoids entirely. For a purely EU-based passive ETF investor, IBKR or a local EU-regulated neobroker is typically more cost-efficient unless the banking integration, 3a, or Swissquote’s specific product range justifies the premium. Always confirm eligibility and account terms directly with Swissquote before applying.
Does Swissquote pay interest on uninvested cash?
Not automatically. Cash held in the standard eTrading account does not earn interest by default — unlike many neobrokers that credit interest on all idle balances. To earn interest with Swissquote, you need to transfer funds into a separate savings account. The Invest Easy savings strategy pays approximately 0.75%. If you regularly hold a significant cash buffer between ETF purchases, factor the absence of automatic interest into your total cost comparison, especially versus Trade Republic or Trading 212 which pay interest on idle cash without any separate account setup.
When does Interactive Brokers make more sense than Swissquote?
IBKR is better when total annual cost is the priority. It charges no custody fee, offers institutional FX conversion rates via IdealPro (typically 0.01–0.03% versus Swissquote’s 0.95%), and lower per-trade commissions at scale. For a passive investor regularly converting CHF to EUR or USD to buy UCITS ETFs, the 0.95% FX difference alone can exceed Swissquote’s entire custody fee on a moderately sized portfolio. IBKR also provides access to a wider range of global markets. The trade-offs are significant though: IBKR is not a bank, has no TWINT, no integrated CHF savings account, no debit card, no pillar 3a, and requires more initial setup effort. If banking integration and 3A Easy matter to you, Swissquote’s value proposition holds — particularly for larger portfolios where the CHF 200/year custody cap becomes very competitive as a percentage.
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