Letztes Update: 3. May 2024
Saxo Bank has massively reduced its fees at the beginning of 2024. The inactivity fee was abolished and the order fees for the most important stock exchanges and custody account fees were reduced. So it’s time to make a detailed comparison between Swissquote and Saxo with “Swissquote vs Saxo” to help you find the best Swiss online broker for you.
Both Swissquote Bank Ltd and Saxo Bank (Switzerland) Ltd are licensed as banks and securities dealers and are subject to FINMA supervision. This means that cash holdings of up to CHF 100,000 are covered by deposit protection.
The main difference is that Saxo has three account levels with different fees. No minimum deposit is required for the “Classic” level, from assets of CHF 250,000 you are assigned to the “Platinum” level with up to 30% more favorable rates and from 1 million you are considered a “VIP” with the best conditions and extended services. At Swissquote, on the other hand, prices are only dependent on the trading or custody account volume. In the comparison Swissquote vs Saxo Bank we use the “Classic” level in each case
Inhaltsverzeichnis
- Ownership structure
- Buying ETFs on SIX
- Buying shares on SIX
- Buying shares on the Nyse and Nasdaq
- Buy Swiss index funds
- Buy Swiss bonds
- Cryptocurrencies
- Custody fees
- Product range
- Savings plans
- Currency conversion fee
- Entry in the share register
- Interest on cash balances
- Tax statement
- Customer service
- Conclusion Swissquote vs Saxo: Find the best Swiss online broker
Ownership structure
Swissquote was founded in 1996 as a financial platform and received a banking license in 2000. Swissquote Bank Ltd – Switzerland is a wholly owned subsidiary of Swissquote Group Holding Ltd, also based in Switzerland. The founder of Swissquote, Marc Bürki, has been CEO of Swissquote Group Holding Ltd. since 1999.
Saxo Bank (Switzerland) Ltd. is a wholly owned subsidiary of Saxo Bank A/S, Denmark, which was founded in 1992. The three main shareholders are Geely Holding Group, Saxo Bank founder and CEO Kim Fournais and Sampo Plc. Geely is primarily known as a car manufacturer. Geely’s subsidiaries include Volvo Cars, Polestar, Lynk & Co, Proton and Lotus.
Buying ETFs on SIX
ETFs that fall into the ETF Leader category cost CHF/EUR/USD 9.00 per online trade on the SIX Swiss Exchange flat at Swissquote. Third-party fees such as stamp duty, stock exchange fees and real-time fees are charged additionally. In my view, the ETF leaders should be more prominently labeled in the app and on the online trading platform. For all other ETFs, the same prices apply as for shares. The amount of the fee depends on the size of the transaction and starts at CHF 5. The ETF Leader prices are particularly attractive for larger purchases because they are flat and are not charged as a percentage.
Saxo charges 0.08% per purchase with a minimum fee of CHF 3. As with Swissquote and all other Swiss brokers, there is an additional stamp duty, otherwise there are no further fees. Pricing is therefore much simpler and more transparent than with Swissquote.
| CHF | up to 500 | 500 – 1’000 | 1’000 – 2’000 | 2’000 – 3’750 | 3’750 – 10’000 |
|---|---|---|---|---|---|
| Swissquote* | CHF 5 | CHF 10 | CHF 20 | CHF 30 | CHF 30 |
| Swissquote ETF Leader* | CHF 5 | CHF 9 | CHF 9 | CHF 9 | CHF 9 |
| Saxo | CHF 3 | CHF 3 | CHF 3 | CHF 3 | 0.08% (CHF 3 – 8) |
Buying shares on SIX
As with ETFs, Swissquote also charges stock exchange and real-time fees for share trading. The fees again depend on the amount of the transaction.
Saxo applies exactly the same prices as the ETFs.
| CHF | up to 500 | 500 – 1’000 | 1’000 – 2’000 | 2’000 – 3’750 | 3’750 – 10’000 |
|---|---|---|---|---|---|
| Swissquote* | CHF 5 | CHF 10 | CHF 20 | CHF 30 | CHF 30 |
| Saxo | CHF 3 | CHF 3 | CHF 3 | CHF 3 | 0.08% (CHF 3 – 8) |
Buying shares on the Nyse and Nasdaq
The same can be said for Swissquote as for trading on SIX. However, Swissquote is still significantly more expensive than Saxo on the American stock exchanges.
Saxo’s fees are even more attractive for trading on the two major American stock exchanges, Nyse and Nasdaq. Saxo charges 0.08% per purchase with a minimum fee of CHF 1.
| USD | up to 500 | 500 – 1’000 | 1’000 – 1’250 | 1’250- 2’000 | 2’000 – 10’000 |
|---|---|---|---|---|---|
| Swissquote* | USD 5 | USD 10 | USD 20 | USD 20 | USD 30 |
| Saxo | USD 1 | USD 1 | USD 3 | 0.08% (USD 1 – 1.60) | 0.08% (USD 1.60 – 8) |
Buy Swiss index funds
Swissquote offers a wide range of Swiss index funds, and since renowned fund providers such as UBS, BlackRock, Credit Suisse, Zürcher Kantonalbank and Pictet are among the Prime Partners, their funds can be traded from as little as CHF 9 flat. As the funds are not traded on the stock exchange, there are of course no stock exchange or real-time fees. Vanilla funds that are not Prime Partners cost 0.5%, but at least CHF 50.
I did a random search for Swiss index funds at Saxo, but didn’t find any – the fund offering at Saxo is generally smaller. The screener lists just over 30 investment funds in CHF. Investment funds can be purchased from Saxo for an attractive flat fee of CHF 8.
Buy Swiss bonds
Swissquote also offers a wide range of Swiss bonds. The fees depend on the order volume.
At Saxo, the commission for all issuers and currencies (incl. CHF) is 0.2% of the order value (min. EUR 20). Here, too, the offer is smaller than at Swissquote.
| CHF | up to 500 | 500 – 2’000 | 2’000 – 10’000 | 10’000 – 15’000 | 15’000 – 25’000 |
|---|---|---|---|---|---|
| Swissquote | CHF 9 | CHF 20 | CHF 30 | CHF 55 | CHF 80 |
| Saxo | EUR 20 | EUR 20 | EUR 20 | EUR 20 – 30 | EUR 30 – 50 |
Cryptocurrencies
At Swissquote, you can trade 35 real cryptos via the specially developed crypto exchange SQX, which offers competitive bid and ask prices. Swissquote offers staking for certain cryptos. You can store the cryptos with the wallet function. Incoming and outgoing transfers are possible.
At Saxo, crypto trading is only possible via derivatives and crypto ETFs and ETNs.
Custody fees
The custody account fee at Swissquote depends on the custody account volume, which includes all assets except cash, and is charged quarterly. The maximum deposit fee is CHF 50 per quarter. For assets over CHF 1 million, an additional quarterly fee of 0.0075% is charged. Value added tax will be charged additionally.
A custody account fee is charged for equity and ETF positions, which is based on the value of the securities portfolio. No custody account fee is charged for investments in investment funds or bonds. The custody account fee is calculated daily on the basis of the position values at the end of the day and invoiced monthly plus VAT. There is no minimum monthly deposit fee and the inactivity fee has also been abolished. The maximum fee is limited to CHF 10 per month.
| CHF | up to 50’000 | 50’000 – 100’000 | 100’000 – 150’000 | over 150’000 |
|---|---|---|---|---|
| Swissquote | CHF 80 | CHF 100 | CHF 150 | CHF 200 |
| Saxo | 0.22% (CHF 0 – 110) | 0.22% (CHF 110 – 120) | CHF 120 | CHF 120 |
Product range
Swissquote has a much broader range of products. According to the Swissquote website, there are over 3 million products. There is hardly a product that I have not found in a random sample. ETFs that were only recently launched were also tradable at Swissquote a short time later.
At Saxo, on the other hand, the product range is smaller, although there are 71,000 instruments tradable, but I did not find some ETFs, and if so, then only on foreign exchanges. The range of Swiss funds and Swiss bonds is less extensive for Swiss clients.
If you are a Classic or Platinum customer and want to add a new instrument, a fee of 200 USD will be charged. VIP customers can apply for new instruments at no additional charge.
Savings plans
Swissquote offers the option of setting up “recurring orders”. For example, ETFs are automatically purchased monthly for a fixed amount.
Saxo does not currently offer any savings plans. However, a corresponding offer is in preparation.
Currency conversion fee
Swissquote charges an exchange rate fee of a high 0.95% for major currencies. To avoid this fee, I always look for ETFs that are available in the trading currency CHF.
At Saxo, the currency conversion fee is almost four times cheaper at just 0.25%.
Entry in the share register
Entry in the share register is free of charge at Swissquote and can be done online. This is particularly important for fans of dividends in kind, as the entry is a prerequisite for receiving dividends in kind.
Saxo does not offer registration, as this service is not relevant for the vast majority of its customers. It remains to be seen whether this will remain the case, as Saxo will tap into a different market segment with its new pricing strategy.
Interest on cash balances
Cash deposits of up to CHF 200,000 earn an unattractive 0.10% interest at Swissquote.
With Saxo it is a little more complicated, as the interest rate depends not only on the balance, but also on the account level and currency. For CHF 50,000, for example, there is 0.381% in the “Classic” account level. For CHF 100,000 it is already 1.016%. On Saxo’s website you will find a calculator that you can use to calculate the interest you will receive each month. There is no minimum holding period or upper limit. Interest rates are most attractive for balances of CHF/EUR/USD 100,000 or more
Tax statement
A detailed tax statement can be ordered from Swissquote for CHF 100.
The e-tax statement from Saxo costs CHF 100 and the delivery time is around three weeks, depending on when the order is placed.
Customer service
Swissquote’s customer service generally responds quickly and can usually be reached by telephone without long waiting times. For simpler questions I like to use the chat. The competent answers usually come very quickly.
I have hardly had any contact with Saxo’s customer service. The increased volume of customers must first be dealt with and so there may be slightly longer waiting times at the moment. I will continue to report on my experiences here.
Conclusion Swissquote vs Saxo: Find the best Swiss online broker
Saxo has become massively cheaper, so foreign online brokers are no longer necessarily more attractive. However, Swissquote’s offering and range of functions is many times greater, especially as Swissquote is developing more and more in the direction of an everyday bank and now also offers a debit card. So if you are looking for the lowest possible price from a Swiss online broker, Saxo is the right choice. If you are looking for a wide range of products and a fully-fledged bank for your day-to-day financial transactions and are prepared to pay something for it, you will find what you are looking for at Swissquote.
It will be interesting to see whether Saxo can build up enough market power to force other players to react to the low prices.
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