Swissquote vs Saxo vs Yuh · Broker comparison for beginners 2026
By Helga Baechler, certified wealth advisor IAF · Updated 1 November 2026 · Reading time approx. 12 minutes
You want to start investing and are wondering which broker is the right one? Here I compare Swissquote vs Saxo vs Yuh in simple words. You will see the fees, the pros and cons and two worked examples. By the end, you will know which broker suits you.
In a nutshell
Swissquote, Saxo or Yuh, which broker suits me?
- Yuh suits you if you are starting with small amounts. The savings plan starts at CHF 10 and there is no custody fee.
- Swissquote suits you if you want a larger portfolio, buy Swiss dividend stocks and want to be entered in the share register.
- Saxo suits you if you trade often and with large amounts. The fees are usually the lowest, but the app is less simple.
*Advertising, affiliate links. With my codes you get a welcome bonus, at no extra cost to you.
Swissquote
CHF 100in free trading credits
Tap the code to copy Go to Swissquote →Only for residents of Switzerland, after depositing at least CHF 1’000 within 30 days. *Advertising, affiliate link.
Yuh
CHF 50trading credits + 250 Swissqoins
Tap the code to copy Go to Yuh →After depositing at least CHF 500. *Advertising, affiliate link.
The key terms explained simply
Before we compare, here are the words you will come across again and again. Don’t worry, it is easier than it sounds.
| Term | What it means |
|---|---|
| Broker | The bank or app you use to buy shares and ETFs. |
| Portfolio (Depot) | Your securities account. This is where your shares and ETFs are held. |
| Custody fee | An ongoing fee for holding your securities. You pay it even if you don’t buy anything. |
| Trading fee | The fee you pay on every purchase or sale. It is also called the fee per trade. |
| Currency exchange fee | If you buy something in dollars or euros, the broker exchanges your francs. For this it charges a small percentage. |
| Stamp duty | A federal tax on every purchase and sale. 0.075 % on Swiss securities, 0.15 % on foreign ones. It is the same at every broker. |
| ETF | A basket of many shares. With a single purchase you own a slice of hundreds of companies. |
| Savings plan | You automatically invest a fixed amount every month, for example CHF 100 in an ETF. |
| Fractional trading | You buy fractions, so just a piece of a share. If an ETF costs CHF 120, you can still buy CHF 10 worth. |
| Share register | The list of a company’s shareholders. If you are on it, you may vote at the AGM. |
You will find more basics in my guide Investing for beginners in Switzerland.
Swissquote vs Saxo vs Yuh at a glance
The two most important rows are the custody fee and the trading fee. You pay the custody fee every year, no matter what you do. You only pay the trading fee when you buy or sell.
| Item | Swissquote | Saxo | Yuh |
|---|---|---|---|
| Custody fee | CHF 20 to 50 per quarter plus VAT | ✓ none | ✓ none |
| Buying a Swiss share for CHF 1’000 | CHF 5.85 | CHF 3 | CHF 5 |
| ETF trading fee | CHF 3 to 9 with ETF Leaders | 0.08 %, min. CHF 3 | 0.5 %, min. CHF 1 |
| Free ETF savings plan | ✗ only with fees | ✓ over 100 ETFs | ✓ 31 ETFs and ETPs |
| Buying fractions | ✓ switch on yourself | ✗ | ✓ from CHF 10 |
| Currency exchange fee | 0.95 % | 0.25 % | 0.95 % |
| Tax statement | CHF 85 digital | ✓ free | ✓ |
| Bank account with card | ✓ | ✗ | ✓ |
| Share register | ✓ | ✗ | ✗ |
| Buy crypto directly | ✓ | ✗ | ✓ |
| Deposit protection | up to CHF 100’000 | up to CHF 100’000 | up to CHF 100’000 |
| Bonus with code | CHF 100 | no code | CHF 50 + 250 Swissqoins |
As of 1 November 2026. Swissquote purchase CHF 5 fee plus CHF 0.85 per trade, excluding stamp duty. Sources are the price lists of Swissquote, Saxo Switzerland and Yuh. Fees can change, so check them directly with the provider before making a decision.
The three brokers at a glance
Swissquote
Who it’s for
For you if you are building a larger portfolio, buying Swiss shares and want to attend AGMs.
Pros
- Widest selection
- Entry in the share register
- Full bank account with card and Twint
Cons
- Custody fee
- Savings plan not free
- Tax statement costs CHF 85
Saxo
Who it’s for
For you if you trade often, invest large amounts and low fees matter most to you.
Pros
- No custody fee
- Low trading fee and currency exchange fee
- Free savings plan and tax statement
Cons
- No bank account, no card
- Only whole units in the savings plan
- App more complicated for beginners
Yuh
Who it’s for
For you if you are new and want to start with small amounts like CHF 50 a month.
Pros
- No custody fee
- Free savings plan from CHF 10
- Very simple app with account and card
Cons
- 0.5 % trading fee on one-off purchases
- Smaller selection
- No share register
Swissquote vs Saxo vs Yuh: which broker suits you?
Decision guide
- You want to start with CHF 50 a monthYuh, thanks to the free savings plan from CHF 10 and fractions
- You want Swiss dividend stocks and a larger portfolioSwissquote, thanks to the share register and the wide selection
- You trade often and in large amountsSaxo, thanks to the low trading fee with no custody fee
- You want to save several hundred francs a month in iShares or Amundi ETFsSaxo with AutoInvest, free and with no custody fee
- You want to spend dividends directly or transfer money quicklySwissquote or Yuh, both with a real account and card
- A simple app matters most to youYuh, followed by Swissquote
- You want banking, Säule 3a (pillar 3a) and investing in one appneon, more on this further down
You don’t have to decide forever. Many people use two brokers, for example Yuh for the small savings plan and Swissquote for larger positions.
What does it really cost? Two worked examples
Example 1 for beginners
You invest CHF 100 a month with a savings plan in a global ETF. After one year you have paid in CHF 1’200. The ETF is domiciled abroad, so the stamp duty is 0.15 %.
| Costs over one year | Swissquote | Saxo | Yuh |
|---|---|---|---|
| Trading fee (12 purchases) | CHF 36.00 | CHF 0 | CHF 0 |
| Custody fee | CHF 86.48 | CHF 0 | CHF 0 |
| Currency exchange fee | CHF 0 | CHF 0 to 3.00 | CHF 0 |
| Stamp duty | CHF 1.80 | CHF 1.80 | CHF 1.80 |
| Total | CHF 124.28 | CHF 1.80 to 4.80 | CHF 1.80 |
Assumptions. Swissquote with a standing order on an ETF from the ETF Leaders programme at CHF 3 per purchase up to CHF 500, excluding any third-party fees, custody fee CHF 20 per quarter plus 8.1 % VAT. Yuh with an ETF from the free savings plan in CHF, for example VWRL. Saxo with AutoInvest, currency exchange fee of 0.25 % only if the chosen ETF is not traded in francs. Excluding ongoing fund costs (TER).
Remember
With small amounts, the Swissquote custody fee eats up a large share. Yuh and Saxo are clearly cheaper here. With Saxo there is a catch, though. AutoInvest only buys whole units. If one unit costs more than CHF 100, nothing is bought that month and your money waits in the account.
Example 2 for a larger portfolio
Your portfolio is worth CHF 50’000. You buy Swiss shares on SIX 6 times a year for CHF 5’000 each time. Stamp duty here is 0.075 %, so CHF 3.75 per purchase.
| Costs over one year | Swissquote | Saxo | Yuh |
|---|---|---|---|
| Fee per purchase | CHF 29.85 | CHF 4.00 | CHF 25.00 |
| Trading fees (6 purchases) | CHF 179.10 | CHF 24.00 | CHF 150.00 |
| Custody fee | CHF 86.48 | CHF 0 | CHF 0 |
| Stamp duty | CHF 22.50 | CHF 22.50 | CHF 22.50 |
| Total | CHF 288.08 | CHF 46.50 | CHF 172.50 |
Assumptions. Swissquote CHF 29 for purchases up to CHF 10’000 plus CHF 0.85 per trade, custody fee CHF 20 per quarter (portfolio up to CHF 50’000) plus 8.1 % VAT. Saxo 0.08 % of CHF 5’000. Yuh 0.5 % for purchases up to CHF 10’000. No currency exchange fee, as all purchases are in francs.
With larger amounts and many purchases, Saxo is clearly the cheapest. If you buy ETFs from the ETF Leaders programme at Swissquote, you only pay CHF 9 per purchase for purchases over CHF 1’000. And some Swissquote advantages have no price tag, for example the share register.
Fees in detail
The costs depend on what you buy. Here are the four most important areas.
Swiss shares on SIX
| Broker | Trading fee | Plus |
|---|---|---|
| Swissquote | CHF 3 up to 500, CHF 5 up to 1’000, CHF 10 up to 2’000, CHF 29 up to 10’000, CHF 49 up to 15’000, CHF 79 up to 25’000, CHF 129 up to 50’000, above that CHF 190 | CHF 0.85 per trade, 0.075 % stamp duty |
| Saxo | 0.08 %, minimum CHF 3 | 0.075 % stamp duty |
| Yuh | 0.5 % up to CHF 10’000, 0.35 % up to CHF 20’000, above that 0.25 %, minimum CHF 1 | 0.075 % stamp duty |
US shares
| Broker | Trading fee | Plus |
|---|---|---|
| Swissquote | same rates as on SIX | 0.95 % currency exchange fee without a USD balance, 0.15 % stamp duty |
| Saxo | 0.08 %, minimum USD 1 | 0.25 % currency exchange fee, 0.15 % stamp duty |
| Yuh | 0.5 % to 0.25 %, minimum CHF 1 | 0.95 % currency exchange fee without a USD balance, 0.15 % stamp duty |
ETFs and savings plans
- Swissquote charges only CHF 3 up to 500, CHF 5 up to 1’000 and CHF 9 above that for over 1’000 ETFs from the ETF Leaders programme. An automatic standing order is possible, but each purchase costs the normal fee. I show you how to set it up in the guide Setting up a Swissquote savings plan.
- Saxo costs 0.08 % on one-off purchases, minimum CHF 3. With AutoInvest you buy over 100 ETFs from iShares and Amundi with no trading fee at all.
- Yuh costs 0.5 % on one-off purchases. In the savings plan you pay no trading fee on 31 ETFs and ETPs, starting from just CHF 10. You can find all the products in my Yuh ETF list, and the guide in the post Yuh free ETF savings plan.
Since 17 October 2026, Yuh has also offered the Vanguard FTSE Global All-Cap ETF, although not in the free savings plan. You can read which ETFs are good for getting started in Best ETFs in Switzerland.
Currency exchange fee and foreign currency accounts
If you buy something in dollars or euros, your francs are exchanged. This costs 0.95 % at Swissquote and Yuh and 0.25 % at Saxo. All three offer accounts in several currencies. This means you can, for example, leave a dividend in dollars and only exchange it later.
At Saxo you have to set up a foreign currency account yourself and fund it. There is no automatic offsetting against the franc account. The AutoInvest savings plan only runs in francs. If you choose an ETF in dollars there, you pay the currency exchange fee on every purchase.
Cryptocurrencies
- Swissquote offers over 50 coins through its own crypto exchange SQX. The fee is approx. 1.0 % up to CHF 10’000, 0.75 % up to CHF 50’000 and 0.5 % above that.
- Yuh offers direct purchases with a smaller selection, for 1.0 %.
- Saxo offers no coins, only crypto ETPs, which are traded like an ETF.
Crypto fees change more often than other fees. Check them in the app before you buy.
Securities lending
At Swissquote and Saxo you can lend your shares and ETFs to other institutions and get paid for it. At Saxo you receive 50 % of the income, at Swissquote 0.5 % to over 4 % a year depending on demand. You have to switch this on yourself. You still receive your dividends, but you lose your voting rights during the lending period. If the counterparty defaults, there is a risk. Yuh does not offer this.
Swissquote in detail
Swissquote is the largest independent online bank in Switzerland. It has been listed on the SIX stock exchange since 2000 and has been on the market for over 25 years. My own dividend portfolio is held here.
In favour
- Widest selection of shares, ETFs and stock exchanges
- Entry in the share register, giving you voting rights and access to shareholder perks
- Full bank account with debit card, Twint and e-banking
- Own crypto exchange with direct purchase of coins
- Fractions from CHF 3 if you switch on fractional trading
Against
- Custody fee CHF 20 per quarter up to CHF 50’000, CHF 25 up to 100’000, CHF 37.50 up to 150’000, max. CHF 50, each plus 8.1 % VAT
- Tax statement costs CHF 85 digital or CHF 100 printed
- Savings plan not free
- Fractions give no voting rights and are only held on a fiduciary basis
- Transferring securities to another bank costs approx. CHF 54 per security
Why Swissquote scores with Swiss shares. For many securities you are automatically entered in the company’s register. You may vote at the AGM and receive perks, for example at Nestlé, Lindt or Swatch. Swiss shares trade in francs, so there is no currency exchange fee. Saxo and Yuh do not offer registration.
You can read more in Swissquote fees and My Swissquote experience. I show you how to open an account with a bonus in Opening a Swissquote account, and your first purchase in Buying shares with Swissquote. I explain how to move shares from another bank in Transferring shares to Swissquote.
Saxo in detail
Saxo was originally a Danish bank. In Switzerland it is its own entity, Saxo Bank (Schweiz) AG, based in Zurich with a Swiss banking licence. Saxo charges no custody fee and is one of the cheapest brokers in Switzerland.
In favour
- No custody fee and no inactivity fee
- Trading fee 0.08 %, minimum CHF 3 or USD 1
- Currency exchange fee only 0.25 %
- Free AutoInvest savings plan with over 100 ETFs and no minimum amount
- Free tax statement for residents of Switzerland
- Accounts in several currencies, US ETFs such as VT can also be traded
Against
- No bank account with card, Twint or everyday payments
- No share register, no AGMs
- AutoInvest only buys whole units, only in francs and only once a month on the 5th
- Only iShares and Amundi ETFs in the savings plan, Vanguard ETFs such as VWRL only outside it
- In my view, the platform and app are more complicated for beginners
- Transferring securities to another bank costs CHF 50 per position
Good to know about deposits and withdrawals
Saxo does not make payments to third parties. Money only flows from and to an account in your own name. According to user reports, withdrawals also only go to an account you have previously paid in from. You then register a new IBAN by making a deposit from exactly that account. According to Saxo, incoming and outgoing transfers are free of charge. If you want to spend a dividend directly, you have to go via your main bank.
Who owns Saxo and can you buy ETFs in francs?
Who owns Saxo? From 2018 until the sale, the Chinese car group Geely (known for Volvo and Zeekr) held approx. 52 % of the shares. In March 2026 the Swiss private bank J. Safra Sarasin took over approx. 71 % of the shares, with the approval of FINMA and the Danish regulator. In July 2026 it was announced that J. Safra Sarasin is also taking over the remaining approx. 29 % from founder Kim Fournais. Nothing changes for you as a customer, Saxo Bank (Schweiz) AG remains a Swiss bank with deposit protection up to CHF 100’000.
Can I buy ETFs in francs at Saxo? Yes, some. On SIX there are a few ETFs in CHF, for example the Vanguard FTSE All-World (VWRL). Then you pay no currency exchange fee. Many other ETFs are only available on SIX in USD or EUR. So check which currency an ETF trades in before you buy.
I describe all the weak points in Saxo Bank disadvantages. You can find the direct comparison with a 10-year calculation in Swissquote vs Saxo Bank, and the difference between a bank and a broker is explained here.
Not an affiliate link, I don’t have a code for Saxo.
Yuh in detail
Yuh is the app for anyone who wants to start simply and with small amounts. Since July 2025, Yuh has been 100 % owned by Swissquote. Before that, Yuh was a joint project of Swissquote and PostFinance. I have been using Yuh for small savings plans since May 2021.
In favour
- No custody fee
- Savings plan from CHF 10, with no trading fee on 31 ETFs and ETPs
- Fractions from CHF 10, even for expensive ETFs
- Account, card and investing in one simple app
- Accounts in CHF, USD and EUR, account opening in just a few minutes
Against
- One-off purchases cost 0.5 % up to CHF 10’000, 0.35 % up to CHF 20’000 and 0.25 % above that, so more than at Saxo
- Currency exchange fee 0.95 %
- Smaller selection than at Swissquote or Saxo
- No share register
- Customer service is sometimes described in reviews as slow with special cases
You can find the comparison of the two Swissquote brands in Yuh vs Swissquote, and my review in My Yuh experience.
And what about neon?
neon is first and foremost an everyday account. With neon invest you can also buy ETFs and shares in the app. It suits you if you want banking, pillar 3a and investing in one place.
neon explained briefly
- Swiss shares and all ETFs cost 0.5 % per purchase or sale, minimum CHF 1 outside the savings plan
- You can buy selected partner products in the savings plan with no trading fee
- No extra fee for currency exchange
- International shares cost 1.0 %
- Only whole units, smaller selection
Code liebefinanzen for CHF 10 starting credit. Go to neon → *Advertising, affiliate link.
You can read more about the savings plan in neon invest free ETF savings plan, and my review in My neon experience. You will find other accounts such as Zak in the Swiss neobank comparison.
Is my money safe?
Yes, all three are Swiss banks supervised by FINMA. Cash is protected up to CHF 100’000 per person through deposit protection. Your shares and ETFs belong to you. If a bank goes bust, they are not part of the bankruptcy estate.
| Item | Swissquote | Saxo | Yuh |
|---|---|---|---|
| Supervision | FINMA | FINMA | FINMA, via Swissquote |
| Deposit protection | up to CHF 100’000 | up to CHF 100’000 | up to CHF 100’000 |
| Owner | listed on SIX, many shareholders | J. Safra Sarasin | 100 % Swissquote |
As a listed company, Swissquote publishes quarterly figures and annual reports. That way, anyone can form their own opinion.
My experience
I have been running my dividend portfolio at Swissquote since June 2020. To date it has paid me CHF 43’921 in gross dividends. Two things matter to me. I find it easy to use, and I get entered in the share register.
I have been using Yuh for small savings plans since May 2021. That doesn’t mean Saxo is bad. For my needs, it simply isn’t the first choice.
Helga Baechler, certified wealth advisor IAF
Checklist for getting started
Checklist
- Your emergency fund is in place, and you won’t need the invested money for at least five to ten years
- You know how much you want to invest each month
- You have looked at your broker’s custody fee, trading fee and currency exchange fee
- You have checked whether your ETF is in the free savings plan
- You know your ETF’s ISIN, so you can be sure to buy the right one
- You entered the bonus code when opening your account
Common mistakes
- Only looking at the trading feeWith small amounts, the custody fee is often the biggest cost. Always calculate all the costs for a full year.
- Choosing the wrong ETF in the savings planThe savings plan is only free for selected products. For all others you pay the normal fee.
- Forgetting the currencyAn ETF in dollars costs a currency exchange fee on every purchase. Choose the franc version where possible.
- Amounts too small at SaxoAutoInvest only buys whole units. If your amount is smaller than one unit, the money just sits there.
- Constantly switchingA portfolio transfer often costs CHF 50 or more per position at the old broker. Better to decide once, calmly.
I show you how a purchase works step by step in How to buy ETFs for beginners and How to buy shares. I explain which stock exchange you should buy on in Which stock exchange to buy on. If you would rather not choose yourself at all, take a look at the robo-advisor comparison.
Transferring your portfolio between Swissquote, Saxo and Yuh
You are with the wrong broker? No problem. Your securities can be transferred without you having to sell. That way you stay invested the whole time.
Open a new account. The new portfolio has to be ready first.
Request the transfer at the new broker. You state the old broker, the portfolio number and the securities. The banks take care of the rest.
Wait. In Switzerland this usually takes 1 to 3 weeks.
Add the purchase prices. The original purchase prices are often not sent along. Note them down beforehand from your old portfolio statement.
Incoming transfers are usually free. However, the old broker often charges a fee per position, typically approx. CHF 50 to 100 per security. Fractions, for example at Yuh, cannot be transferred. Sell them beforehand, in Switzerland the gain is tax-free for private individuals. Also check whether the new broker offers all your securities. For tax purposes, a transfer is not a sale.
*Advertising, affiliate links. At no extra cost to you.
Swissquote
CHF 100in free trading credits
Tap the code to copy Go to Swissquote →Only for residents of Switzerland, after depositing at least CHF 1’000 within 30 days. *Advertising, affiliate link.
Yuh
CHF 50trading credits + 250 Swissqoins
Tap the code to copy Go to Yuh →After depositing at least CHF 500. *Advertising, affiliate link.
Swissquote vs Saxo vs Yuh: frequently asked questions
Which broker is best for beginners, Swissquote, Saxo or Yuh?
For starting with small amounts, Yuh is the easiest. The savings plan starts at CHF 10, there is no custody fee and the app is very clear. Saxo is cheaper for large amounts, Swissquote offers the widest selection and the share register.
Which broker is the cheapest?
For large amounts and many purchases, Saxo is usually the cheapest, thanks to its 0.08 % trading fee and no custody fee. For a small savings plan, Yuh and Saxo are almost equally cheap, because both offer free savings plans. Swissquote is the most expensive for small portfolios because of the custody fee.
What is a custody fee?
The custody fee is an ongoing fee for holding your shares and ETFs. At Swissquote it is CHF 20 per quarter for a portfolio value up to CHF 50’000, max. CHF 50 per quarter, plus 8.1 % VAT. Saxo and Yuh charge no custody fee.
What does it cost to buy a Swiss share for CHF 2’000?
At Saxo you pay approx. CHF 4.50, i.e. CHF 3 minimum fee plus CHF 1.50 stamp duty. At Yuh it is CHF 11.50, i.e. 0.5 % plus stamp duty. At Swissquote it is CHF 12.35, i.e. CHF 10 fee, CHF 0.85 per trade and stamp duty.
Which brokers offer a free ETF savings plan?
Saxo and Yuh. At Saxo you buy over 100 ETFs from iShares and Amundi with AutoInvest with no trading fee, once a month on the 5th and only whole units. Yuh offers 31 ETFs and ETPs from CHF 10, with fractions. At Swissquote every savings plan purchase costs the normal fee.
Is Saxo safe in Switzerland?
Yes. Saxo Bank (Schweiz) AG has a Swiss banking licence, is supervised by FINMA and offers deposit protection up to CHF 100’000. Since March 2026, Saxo has been majority-owned by the Swiss private bank J. Safra Sarasin.
More questions about fees, safety and transfers
Do I get a card for everyday banking at Saxo?
No. Saxo is a pure broker without a debit card, Twint or everyday payments. Money only flows from and to an account in your own name. Swissquote and Yuh offer an account with a card.
Do Yuh and Swissquote belong together?
Yes. Since July 2025, Yuh has been 100 % owned by Swissquote. Before that, Yuh was a joint project of Swissquote and PostFinance.
Where can I buy fractions of shares and ETFs?
At Yuh from CHF 10 and at Swissquote from CHF 3 if you switch on fractional trading in the settings. At Swissquote, fractions give no voting rights. Saxo only buys whole units.
How high is the currency exchange fee?
0.95 % at Swissquote and Yuh, 0.25 % at Saxo. It applies when you exchange francs into dollars or euros, for example when buying US shares.
Can I use several brokers at the same time?
Yes, easily. Many people use, for example, Yuh or Saxo for the low-cost savings plan and Swissquote for Swiss shares with entry in the share register.
Why is Swissquote popular for Swiss shares?
At Swissquote you are automatically entered in the share register for many securities. You may vote at the AGM and receive shareholder perks, for example at Nestlé, Lindt or Swatch. Saxo and Yuh do not offer this.
Where can I do securities lending?
At Swissquote and at Saxo. You have to switch it on yourself. At Saxo you receive 50 % of the income, at Swissquote 0.5 % to over 4 % a year depending on demand. Yuh does not offer this.
What about neon?
neon charges no custody fee and no currency exchange fee. Swiss shares and ETFs cost 0.5 %, international shares 1.0 %. Selected partner products are available in the savings plan with no trading fee.
Conclusion: Swissquote vs Saxo vs Yuh
There is no single best broker for everyone. If you are starting with small amounts, Yuh is the easiest way. For large sums and frequent trading, Saxo is usually the cheapest. If you want the widest selection, a real bank account and the share register, Swissquote is the right place for you. What matters in the end is that you get started at all and stick with it.
Further reading
About the author. Helga Baechler is a certified wealth advisor IAF. She invests in Swiss dividend stocks and ETFs herself and has been writing about brokers, ETFs, dividends and pillar 3a on liebefinanzen.ch since 2020.
*Advertising, affiliate links. This post contains affiliate links and codes. If you open an account through them, I receive a commission, at no extra cost to you. This is not investment advice but my personal assessment. Information provided without guarantee, fees as of 1 November 2026. Check the current terms directly with the providers.
