Swissquote Review 2024 – A great Swiss Broker
| Updated: |(Disclosure: Some of the links below may be affiliate links)
Are you wondering if Swissquote is any good?
Swissquote is one of the most well-known Swiss brokers, and many investors use it. It has many features that make it attractive for people looking to invest in the stock market.
But is Swissquote any good? Many people are asking this question, and we have the answer. We compare Swissquote to some of its competitors to see how it stacks up.
This in-depth review answers precisely that question. We see what Swissquote is, what you can do with it, how much it costs, and much more!
By the end of this review, you will know whether Swissquote is a good broker for you!
| Custody Fees | 0.10% per year |
|---|---|
| Inactivity Fees | 0 CHF |
| Buy Swiss ETF | 5-190 CHF |
| Buy American Stock | 5-190 USD |
| Currency Exchange Fee | 0.95% |
| Languages | English, French, German, and Italian |
| Mobile Application | Yes |
| Web Application | Yes |
| Custodian Bank | Swissquote |
| Established | 1996 |
| Headquarters | Zürich |
Swissquote
Everything you need to start investing in the stock market! Open an account with Swissquote and get 100 CHF in trading credits with my code MKT_THEPOORSWISS.
- Swiss broker
- Easy to use
The Swissquote broker is part of the Swissquote Group Holding SA company. It is a Swiss banking group operating in many countries. The Swissquote broker was founded in 1996, making it a well-established company. They have 722 employees at the time of this writing.
While the group offers services in many countries, this review will focus on its services in Switzerland. This service is regulated by the Swiss Financial Market Supervisory Authority (FINMA).
Swissquote has a banking license and is listed on the stock market. This listing makes Swissquote very transparent since it must reveal detailed financial reports.
At the time of this writing, Swissquote has more than 400’000 users. It offers access to stocks, bonds, funds, Contracts For Difference (CFDs), and more. They have access to 60 stock exchanges over the world. If you are a passive investor like me, they have more features than you would ever need.
They also offer some services outside of the stock market, like cryptocurrencies. But I do not cover this part in this review. Instead, I want to focus on their trading features. They have separated the two features on their tools too.
So, we will delve deeper into what Swissquote offers as a broker.
Swissquote Account Types
Swissquote has four different account types:
- Trading. This account is the one that interests us for this review since it offers access to trading in the stock market.
- Forex. An account for foreign exchange traders.
- Robo-Advisory. You can also use Swissquote as a Robo-Advisor.
- Crypto-Assets. A special account where you can trade many cryptocurrencies.
This review focuses solely on the Trading account type. As a passive investor in the stock market, this is the only account you need.
Swissquote Fees
In the long term, you need to reduce your fees. Investing fees are extremely important. Therefore, we must look at the fees of the Trading account at Swissquote.
You will pay 0.025% in custody fees for the account. This fee is charged each quarter, with a minimum fee of 20 CHF. Fortunately, there is a maximum of 50 CHF per quarter. So, the maximum fee you will pay is 200 CHF per year.
On assets above a million CHF, you will pay an extra 0.03% management fee per year. This extra fee is not negligible if you plan to retire on your investments, but it is still significantly lower than that of big Swiss brokers.
As far as Swiss brokers go, this is a reasonable fee, but it is still not negligible. This custody fee is the only fee you will pay outside of trading fees. There are no extra account management fees or inactivity fees.
We start with Exchange Traded Funds (ETFs) since they are the best instrument for passive investors in Switzerland. With most brokers, ETFs have the same trading fees as stocks since they are traded similarly.
However, with Swissquote, there is a slight difference. For some ETFs, called ETF Leaders, you will pay a flat fee of 9 CHF per trade on the Swiss Stock Exchange. If the ETF is listed in USD, you will pay 9 USD (and the same logic for GBP and EUR).
In the ETF leaders, you find many good ETFs by Vanguard, iShares, UBS, etc. So, as long as you buy your ETF on the Swiss Stock Exchange, you should be okay with the flat fee. For ETFs on other stock exchanges, the fees will be the same as for stocks.
Then, you pay a fee for each stock exchange based on the transaction value. The fees are the same for buy and sell operations. For instance, here are the fees for the Swiss Stock Exchange (SWX):
- 0 – 500: 5 CHF
- 500.01 – 1000: 10 CHF
- 1000.01 – 2000: 20 CHF
- 2000.01 – 10’000: 30 CHF
- 10’000.01 – 15’000: 55 CHF
- 15’000.01 – 25’000: 80 CHF
- 25’000.01 – 50’000: 135 CHF
- From 50’000.01: 190 CHF
And here are the fees for American stock exchanges (NYSE or Nasdaq):
- 0 – 500: 5 USD
- 500.01 – 1000: 10 USD
- 1000.01 – 2000: 20 USD
- 2000.01 – 10’000: 30 USD
- 10’000.01 – 15’000: 55 USD
- 15’000.01 – 25’000: 80 USD
- 25’000.01 – 50’000: 135 USD
- From 50’000.01: 190 USD
These fees are not cheap, especially for small transactions. For instance, if you buy 1000 CHF shares, you will pay a 2% fee! 2% is a huge fee, and you must be careful about it. But if you buy for 10’000 CHF, you will pay 0.3% in fees. 0.3%is still a considerable fee, but it is acceptable.
And when we compare Swissquote with other Swiss brokers, these fees are low.
We also have to consider the currency conversion fee. At Swissquote, you will pay 0.95% of the exchange value if you convert CHF to another common currency like EUR or USD. The fees may change if you use other, more exotic currencies.
Once again, this is a significant fee. You need to be careful about this fee. You pay this fee whenever you buy or sell an ETF in EUR or USD. Over time, this can quickly accumulate to a significant amount of money lost to fees.
Finally, the last fee we will examine is the Swiss Stamp Tax Duty fee. Since Swissquote is a Swiss broker, you must pay this fee for each stock market operation. The fee is 0.075% for Swiss shares and 0.15% for foreign shares, and it is the same for each Swiss broker.
Swissquote will provide a tax certificate and an e-tax certificate. However, these certificates will cost you 100 CHF each year. I am not sure you can file your taxes without them, so it is pretty much a mandatory fee.
Overall, Swissquote is not cheap. Several of its fees are relatively high, mainly currency exchange and trading fees for small transactions. However, compared with other Swiss brokers, these fees are affordable. Indeed, Most Swiss brokers are even more expensive than Swissquote.
In fact, for transactions on the Swiss Stock exchange, Swissquote is among the cheapest Swiss brokers. The only place where it does not shine is for foreign currency exchange.
Opening an account at Swissquote
We will see what it takes to open an account at Swissquote.
Opening an account at Swissquote can be done entirely online. However, depending on when you call, you may have to wait until you get someone on call for the video identification, which can take a while (more than 10 minutes).
Other than that, the account opening process is very straightforward. You must give your personal information and answer questions about your financial knowledge. These are the same questions every broker will ask you—nothing surprising.
There is no minimum for opening an account. So, you can start trading with very little money. It is good, but be careful about the 60 CHF per year minimum custody fee. If you invest with very little money, this could be expensive.
If you open an account, don’t forget to use my code MKT_THEPOORSWISS to get 100 CHF in trading credits (only for Swiss residents).
So, overall, opening an account at Swissquote should be pretty straightforward.
Trading with Swissquote
Swissquote offers several options to trade stocks:
- The web interface can be directly used and has all the necessary functions.
- A mobile application on iOS and Android.
- A desktop application primarily aimed at Forex trading.
Overall, there are enough options for everybody. The web interface should work for most people. Many people will also appreciate mobile applications that let you do everything you need.
The only downside is that the web interface is a little complicated because of all the crammed features. But once you find the features you need, you should be fine with using them. If you want to invest passively, you will only need a small fraction of the features available.
Is Swissquote safe?
If you invest a significant amount of money with a broker, you must ensure it is safe.
Swissquote is regulated in Switzerland by FINMA. Its other entities are also regulated in other countries.
Swissquote has been well-established since 1996 and profitable for several years, so its risks of going bankrupt are slim. But it is still important to know what would happen if your broker went bankrupt.
Since Swissquote has a banking license, your cash will be protected by Esisuisse for up to 100’000 CHF. Your securities should be fully guaranteed since they are supposed to be held in the custodian bank account in your name. It is a good level of protection.
As for technical security, you can opt for a second-factor authentication (2FA) for your account. I strongly recommend everybody to do that to improve the security of their account. I have not heard of any security issues within Swissquote, which is a good sign.
So, overall, investing with Swissquote is safe. As for investing in general, remember that investing involves risks of loss regardless of the platform.
Swissquote Reputation
Looking at a broker’s reputation before investing in the stock market is essential.
As a source of review, I always use TrustPilot. So, we look at the reviews of SQ on TrustPilot. On average, users are rating SQ at 3.2 stars, which is not a great result. So, here is what people are saying about this broker.
First, we should take a look at people complaining about the broker. We can group the complaints into several categories:
- Very long account opening. Several people had to wait several days to get their accounts opened.
- There are very high fees. This is somewhat true, but people should consider this before opening their accounts. The fees are reasonable compared with other Swiss brokers.
- Poor customer service. Many people had issues fixing their issues with customer service.
- Poor investing platform. Some investors are not satisfied with the features offered by the platform, especially on the cryptocurrency side.
Overall, I am a little worried about the reviews on the customer service and account opening. The other complaints do not worry me since they come from people who have not researched properly before opening an account at Swissquote. And we must remember that most internet comments come from unsatisfied people. So, negative comments have to be taken with a pinch of salt even though they still come from some truth.
The good point is that most reviews (36%) are rated five-star. Overall, positive reviews are saying:
- Simple to trade with the platform
- A very stable platform and company
Interestingly, positive reviews strongly focus on the platform itself and its usability. It is good that many people report that the platform is easy to use.
Overall, I would say that the user reviews of Swissquote are good but not great.
Alternatives to Swissquote
It is essential to compare a broker to its alternatives. Many brokers are available to Swiss investors. I think it is important to mention Interactive Brokers as the best alternative to Swissquote.
Swissquote vs Interactive Brokers
For transparency, it is important to mention that I do not use Swissquote.
I believe Swissquote is the best Swiss broker available. If you are looking for a Swiss broker, I would recommend them.
However, I use Interactive Brokers, a broker from the United States. So, we can compare both platforms.
Both brokers are very well-established and regulated. The protection is good on both sides, with a slight advantage for Interactive Brokers protected by U.S. SIPC.
Where everything starts to differ very strongly is in the fees.
We can start with the custody fees. Swissquote has a 200 CHF yearly custody fee for an extensive portfolio. At IB, you will pay 0 CHF in custody fees! You can save 200 CHF per year with IB. And Swissquote has an extra custody fee on assets above 1’000’000 CHF, which IB does not have.
For trading on the Swiss stock exchanges, Interactive Brokers is slightly cheaper than Swissquote, but not by a large margin. Where IB shines is in American stock exchanges. For instance, if I buy 10’000 USD of Microsoft shares, I will pay about 0.40 USD on IB (yes, 40 cents!). On Swissquote, this would cost 30 USD. In this example, IB is 75 times cheaper than Swissquote!
In addition, since IB is a foreign broker, you will not pay the Swiss Stamp tax. With IB, you save 0.075% on each Swiss operation and 0.15% on each foreign operation.
Finally, currency exchange at IB costs about 2 USD, while they cost 0.95% at Swissquote. So, unless you convert less than 200 USD, IB will be much cheaper for converting money.
So, if you are ready to use a broker that is not Swiss, you should consider Interactive Brokers. You can read my review of IB to know more. But as far as Swiss brokers go, Swissquote is excellent.
For more details, read my full comparison of Swissquote vs Interactive Brokers.
FAQ
Is Swissquote safe?
Swissquote is a well-established broker, regulated by the FINMA. In case of bankruptcy, your assets are segregated and will be available to you.
Can you convert currency with Swissquote?
Yes, you can convert between many different currency pairs.
Who is Swissquote good for?
Swissquote is good for people that want a well-established Swiss broker with good fees and many features.
Who is Swissquote not good for?
Swissquote is not great for people that often trade in foreign currencies, because of its high currency conversion fees.
Swissquote Summary
Swissquote is a great Swiss broker. It has excellent fees and a good reputation. It provides you with all the features you need to start investing.
Product Brand: Swissquote
4.5
Swissquote Pros
Let's summarize the main advantages of Swissquote:
- Cheap compared to other Swiss brokers
- Relatively fast account opening
- A very vast range of investments
- Long experience
- Well-established company
- Good security
- Easy to use
Swissquote Cons
Let's summarize the main disadvantages of Swissquote:
- Expensive currency exchange fees
- Expensive when compared to foreign brokers
- Video identification can take a while to complete
Conclusion
Everything you need to start investing in the stock market! Open an account with Swissquote and get 100 CHF in trading credits with my code MKT_THEPOORSWISS.
- Swiss broker
- Easy to use
Overall, Swissquote is a good, well-established, and affordable Swiss broker. They offer access to many stock exchanges and many investing instruments. And they compare well with other Swiss brokers.
So, Swissquote is the best Swiss broker. If you want to invest with a Swiss broker, I recommend going with Swissquote. Swissquote will be a great platform for growing your money with the stock market.
If you use my code MKT_THEPOORSWISS when you open an account, you will get 100 CHF in trading credits. So you are saving 100 CHF in fees! However, this code is only valid for Swiss residents.
If you are interested in Swiss brokers, in particular, I compared the best brokers. This article should help you choose, but you need to know the cost differences between Swiss and foreign brokers.
If you are also considering foreign brokers, I recommend Interactive Brokers as the best broker for Swiss investors.
What about you? What do you think of Swissquote?
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My experience with Swissquote was an absolute disaster. It takes too long to open an account, is too cumbersome, to paper-loaded (several times they did not accept emails, you have to send them physical mail). Eventually, they executed a trade which I did not want executed once I learned of the fees they charge (it was a hedge fund investment in Luxembourg and they charged CHF 150 I think to do a simple wire transfer which should have been free or less than CHF 10). When I pointed out to them that they I did not want to go ahead with the transfer once I learned of the fees they did it anyway, and refuse to refund later one. A total scam in my eyes and I will move my last remaining position with them as soon as possible and close my account.
I have had some poor experiences with IB but never nearly as bad. I would recommend IB over Swissquote any minute.
Hi Daniel,
Thanks for sharing your experience and sorry to hear about your issues!
Thanks for the great article! Do you have an opinion on Yuh? I recently started using it to start getting into saving through ETFs and because Yuh is built on top of PF and SQ it seemed legit to me. So far good experience but it has been only a couple of months for me.
Hi Michal,
You can read my opinion on yuh :)
Hi!
Thanks for the article, it was exactly what I was looking for.
Best regards from a newcomer in Switzerland:)
You are welcome :) And welcome!
This company is a total scam, they stopped paying out my money and give no reason, no answer, no I have to sue them them for nothing. Do not open account here they try take your money!
Do you mind sharing what happened? I would be surprised if Swissquote were to steal money.
I completely agree with the comments of small_potato. I joined Swissquote over ten years ago, when I didn’t know any better. The platform has hardly evolved over that time and now seems very limited and, above all, ridiculously expensive when compared with IBKR, where I moved most of my investments four years ago. SQ customer service is by telephone during Swiss office hours only and many processes require the sending of paper forms by post. In this day and age, I ask: WTF?
I guess some people feel safer with a Swiss broker, owning only Swiss securities and Swiss Francs, paying with cash that they withdraw at the post office counter.
Thanks for sharing your thoughts on SQ!
It’s interesting because some people have a good experience with SQ while others have a terrible one. Their platform probably does not work the same for everybody, which makes sense.
But some people feel much safer indeed with Swiss services. Some of it makes sense and I prefer to have my cash in Switzerland, but I don’t think it matters much for securities.
Hi Baptiste – What do you think about TradeDirect? They have comparable prices, and are backed by the Kantonalbank Vaud.
Best
Hi,
It seems they have relatively good fees, but I have no set opinion on them, I have never done full research on them.
For transparency, please confirm you received no reward or benefit i(n any form) from SwissQuote or related parties for this post. Thanks.
Hi,
The beginning of each article in my blog indicates that links can be affiliate links. Each article reflects only what I think but affiliate links are helping me make money at no cost to my readers, sometimes even with benefits like the code for Swissquote.
Hi TPS,
I’m try to use you code promotion code.
Which is the correct field where to put it?
Either “Promotional code” or “Sponsorship number”? Thx
Hi Gabriele,
It should be in promotional code I believe.
Cornertrader?
Hi Babtiste, have you checked out Cornertrader? Having searched a while for the lowest-cost online broker in 2019 I have found it to be even better than Swissquote. Albeit they might offer less services (e.g. no cryptocurrencies) and a simpler online experience, it might be worth to consider for those looking for the least-cost broker platform under FINMA regulation in Switzerland.
I did cover it in detail already: CornerTrader Review
hi Baptiste, super interesting blog post.
Wanted to ask you.
I am trying to start with some ETF and I am trying to check all the ETF in IB right now and i remember you mentioned a lot.
I would like to ask you:
– What are you best pick in ETF?
– where do I find the ETFs in IB
– Is there any resource/blog/video that you did re ETF in IB or something else?
Just getting started here
Best
Francesco
Hi Francesco,
You can read about my ETF Portfolio.
I don’t think you can find the list of all ETFs on IB and that list would be way too long anyway, there are thousands of ETFs out there.
I have a full review of IB.
Don;t forget to update this part – now you don’t pay any 10 CHF fee even if youare below 100 000 at IBKR. “If you have a small portfolio at IB (less than 100’000 CHF), you will pay 120 CHF per year, but this 120 CHF can count towards your trading fees”. And I personally think one must be not well in his mind to choose ANY Swiss broker over IBKR, the difference in fees can come into thousands francs, if you operate bigger sums. I don’t get it, I think most people are not aware that they can use foreign broker.
Thanks, small_potato, I have updated it!
Many people are not aware we can use them indeed. However, many people are just afraid about having their money outside of Switzeralnd. I can understand that if you can’t sleep with money in a foreign broker, it’s much better to invest with a Swiss broker than not to invest.