The best broker for Swiss investors in 2025

How to choose a broker?

Choosing a broker is not very difficult but critical!

You are likely to use the same broker for many years. You can always switch to a new broker. But moving your shares to a new broker is neither free nor straightforward. So, it is better to start with the right decision directly. Ideally, you want to start with the best broker for your needs.

You first need to ensure that you only trade with a reputable broker. You will entrust your investments with this broker. So you want a broker with a good reputation and excellent security.

You must ensure the broker will hold your assets separately from the broker’s legal entity. You can reclaim your assets through the secondary entity if the broker defaults. This separation is called asset segregation, something that any proper broker will do.

Second, you should check whether the broker gives you access to the exchanges you need. For instance, you will need access to the Swiss Stock Exchange (SWX) if you want to trade in Swiss stocks.

For Swiss investors, US ETFs are the most efficient. They have a better tax efficiency (we save 15% of US dividends), lower fees and are larger and more stable.

However, due to a bad set of laws, it is currently challenging to access Exchange Traded Funds (ETFs) from the U.S. Indeed, European investors cannot currently invest in these funds. Only Interactive Brokers (among the affordable brokers) will offer Swiss investors access to these U.S. ETFs. So, your choice is highly limited if you want to invest in these funds.

Finally, you need to look at the prices of transactions. Price is the main issue with most Swiss brokers. They are expensive. As we will see later, there can be a vast difference in fees between different brokers. Most people do not realize this! When you compare brokers, you will see that the difference is too big to ignore!

Out of these three criteria, the third one is the one that requires the most research. Finding reputable and safe brokers is not very difficult. But, finding an affordable broker giving you access to the stock exchanges you need is not always easy. If you research correctly, you will directly start using the best broker for your needs.

The best brokers in Switzerland

As I said before, there are many options. You can probably trade directly with your bank. However, Swiss banks are costly for trading. It would be convenient to trade directly with your bank. Unfortunately, they are too expensive. So, you should not trade with your bank.

In Switzerland, we have a few good options for online brokers. My favorite Swiss online brokers are Swissquote (my review of Swissquote) and Saxo (my Saxo review).

These are already much more interesting than trading with your bank. But they are not cheap either. Finally, there are several international online brokers available for Swiss investors:

• Interactive Brokers (review)
• DEGIRO (review)

These two brokers are the best options available for Switzerland. They are significantly cheaper than most other options available in Switzerland. They may not be Swiss, but they offer their services to Swiss investors. This makes them the two best brokers in Switzerland.

To see if this is the case, we will compare the fees of the different brokers. We can also consider that you do not have to pay Swiss Stamp Tax with them.

Comparison of the brokerage fees

We can quickly compare the fees of some of these brokers for some operations.

I cannot compare all the brokers available because there are too many. So, I picked the most popular brokers in Switzerland. I included two bank brokers, three online Swiss brokers, and two international brokers.

This should be a good set of brokers for comparison. This should help to show what are the best brokers in Switzerland.

For information, I am using the tiered pricing of Interactive Brokers for this comparison. It is generally cheaper than the fixed pricing.

Here are the fees for these brokers for a few examples of Swiss and American stock exchange operations. I used the share prices of April 16th, 2022, for the comparison. Here is all the data I have collected:

As expected, the traditional bank brokers are in a poor position. Swiss online brokers are already significantly better. For instance, Saxo is quite affordable in most cases. The worst would be Migros since they do not have a maximum on their custody fees, which is a terrible drag once you have an extensive portfolio.

In all cases, Interactive Brokers is the cheapest broker. In most cases, DEGIRO follows quickly. However, DEGIRO can become expensive when you take currency conversion into account. So our two online foreign brokers are cheaper than the others. It is good to note that Saxo is often as cheap as DEGIRO. In the worst case, IB is hundreds of times more affordable than Swiss brokers! Saxo also has the advantage of not having any custody fee.

On average, if you are doing big enough transactions, IB will be much cheaper than the other brokers. They are consistently among the most affordable and are never among the most expensive options. These results indicate that IB is the best broker available in Switzerland. If you do not want a broker from the US, DEGIRO becomes interesting. And if you want a Swiss broker, Saxo is the cheapest one available.

If you want more brokers included in this comparison, please let me know. I can extend the list if many people are interested. I understand that some people want to have a Swiss broker. For them, I have an article comparing the best Swiss brokers.

Currency exchange fees

Brokerage fees are important, but many often forget about currency exchange fees. This is the fee you pay for exchanging one currency for another.

This fee is essential because most Swiss investors will invest in foreign products in a foreign currency. For instance, 80% of my portfolio is in US ETFs in USD. So, every time I invest, I need to convert my CHF to USD.

So, again, we can compare the currency exchange fees for all these brokers.

In the lead, we have Interactive Brokers, followed by Saxo and DEGIRO. Interactive Brokers is always cheaper than any other alternative. After it, both DEGIRO and Saxo have a 0.25% currency conversion fee. So, IB is the cheapest foreign broker, while Saxo is the cheapest Swiss broker.

So, we come to the same conclusion as for the previous tables. IB will be much cheaper than the other brokers. And Saxo is once again the cheapest Swiss broker.

Swiss Stamp Tax and brokers

Switzerland has a Swiss Stamp Tax (or Swiss Stamp Duty). This tax is also called the Swiss Securities Transfer Tax. The stamp duty is a federal tax.

This system levies a tax on each transfer of securities when a Swiss securities dealer is involved. By “Swiss securities dealers”, the tax means Swiss banks and brokers.

The amount of the tax depends on the exchange:

• Swiss securities: 0.075% fee
• Foreign securities: 0.15% fee

This tax only applies to Swiss securities dealers, not foreign securities dealers! Choosing a non-Swiss broker will save on the Swiss Stamp Tax! Since this tax is levied in both directions (buy and sell), you are effectively losing 0.30% of your transactions by using a Swiss Broker! Over the years, this can quickly add up to a large amount!

This tax effectively moves people away from Swiss brokers. This law officially makes foreign brokers the best brokers for Swiss investors.

For more information, read my article on the Swiss Stamp Tax Duty.

The best broker in Switzerland is not Swiss

As we can see from the comparison, the choice is relatively easy. From a fee perspective, only Interactive Brokers and DEGIRO are good choices. All the others are too expensive. Interactive Brokers is the cheapest of the available brokers.

For me, Interactive Brokers is the best broker available in Switzerland. Even though DEGIRO is cheap, it cannot compare with IB. Moreover, Saxo is almost as cheap as DEGIRO, so it would make more sense to use Saxo instead of DEGIRO.

There is one big difference currently between these two brokers. Only Interactive Brokers currently offer access to U.S. ETF. So, if you want to invest in U.S. ETF, you must use IB. This is only the case for ETFs. Both brokers provide access to all other U.S. securities.

IB is cheaper and offers excellent foreign exchange trading. And it provides tons of features and analysis tools. This comes at the price of complexity. At first sight, Interactive Brokers is quite intimidating. But it has become better and better over the years. As a simple investor, you will only need a small portion of all the features of IB.

If you want more data points, you can use my broker comparison tool. This comparison tool will let you compare brokers for your needs exactly.

Interactive Brokers – The best broker

The best broker

Interactive Brokers

5.0

No custody fees

The broker you need to buy stocks and ETFs reliably and at extremely affordable prices. Trade U.S. stocks for as little as 0.5 USD!

Pros:

• Extremely affordable
• Wide range of investing instruments

Invest your money Read My Review

As mentioned before, Interactive Brokers is the only one of the two best brokers to provide you with access to U.S. ETFs. So, if you plan to invest in them, IB should be your choice. It is my favorite broker, the one I use and recommend!

Interactive Brokers is a broker from the United States. But if you are in Europe, you will use its United Kingdom subsidiary. But this remains the same broker. It is a very well-established broker founded in 1978. It has many customers all over the world.

Although it is a low-cost broker, it offers many features. They offer access to almost all instruments available in many stock exchanges. You can trade in stocks, contracts, options, and other derivatives. And they have an excellent platform for FOREX trading. For passive investors, you will have many more features than you need.

The most significant disadvantage of IB is that it is sometimes a little obscure to use. IB has many user interfaces. Initially, it is unclear which one you should use.

Other than that, IB is an exceptional broker!

If you are interested, I have a guide on opening an account at Interactive Brokers and a guide on trading ETFs with Interactive Brokers.

What if you want to use a Swiss broker?

Cheapest Swiss Broker	Best Swiss Broker
Invest with Saxo	Invest with MKT_THEPOORSWISS code
Read Our review	Read Our Review

Cheapest Swiss Broker

Invest with Saxo

Read Our review

Best Swiss Broker

Invest with MKT_THEPOORSWISS code

Read Our Review

As you can see, Swiss brokers cannot compare with IB. Using Interactive Brokers will let you save some money. And I do not think we will see any Swiss broker cheaper than IB soon.

However, Swiss brokers are not all bad. Some Swiss brokers are bad. But that is not the case for every Swiss broker. They are pricier for several reasons:

1. They have to obey different regulations.
2. They have to pay Swiss employees (they cost more).
3. They have to deal with Swiss banks (they cost more).

There are several good Swiss brokers. So, if you are uncomfortable having your shares in a foreign broker, you can check out the best Swiss brokers. I would personally use Saxo or Swissquote if I were to use a Swiss broker.

You can still invest successfully with a Swiss broker, which will be more costly. If this brings you peace of mind, you should accept the price. Peace of mind is better than optimization!

Conclusion

Interactive Brokers is the best broker available in Switzerland. They are a reputable and safe broker. And it is the cheapest broker available in Switzerland. Moreover, you will save on the Swiss Stamp Duty that you only have to pay with Swiss brokers.

Swiss brokers are working fine, and they have nothing fundamentally wrong. But they are much pricier than online foreign brokers.

And when you add the Swiss Stamp Duty, the difference is significant. You do not want to waste your returns on fees when you invest. So, you need to minimize the fees. And for that, you need to choose the best brokers.

I firmly believe that Interactive Brokers is the best broker for Swiss investors in all cases. I currently use it as my main broker (and use Saxo as my secondary broker).

And IB is a much more complete solution for investors. It also has a great reputation. Finally, given that they offer access to U.S. ETFs, IB can help you save a lot of money. If you like, here is a guide on how to get started with Interactive Brokers.

And again, if you want a Swiss broker, I got you covered with my comparison of the best Swiss brokers.

What about you? What is the best broker for you?