Is Swissquote really free?

Swissquote does charge a commission for real stock trading on US markets, so in this sense it is not a free-to-trade broker. However, it might still be a reasonable choice for some of you, as there are many other aspects other than commissions that are important when you choose a broker. If you wish to stick with Swissquote though, then you will find the fees they charge below. Alternatively, you could check our article detailing the best zero commission brokers and how their apps scored in our test.

We should note that the payment-for-order-flow model, which is used by some zero-commission brokers to generate income (rather than relying on commissions), could potentially create a conflict of interest between you and your broker. This could result in trade execution (like routing your orders to specific market makers) that might be unfavorable for you under certain market conditions, especially when using market orders (as opposed to limit orders, which seem to be less affected).

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Swissquote fees
Overview of Swissquote fees and charges

Swissquote's fees are considered high. This is because of high fees across multiple fee types. It's important to be aware of this and to decide whether other advantages of Swissquote can still make it a good choice for you. Such features may include its research tools, education section or the general user experience you get on its trading platforms.

Here's a high-level overview of Swissquote's fees

Swissquote Fees snapshot
Assets Fee level Fee terms
US stock fee High Volume-tiered commission ranging between $15 and $190
EURUSD fee Average The fees are built into the spread, 1.6 pips is the average spread cost during peak trading hours.
US mutual fund fees Low $9 per trade from Prime Partners (BlackRock, Fidelity, HSBC, etc.) and $0 per trade for funds under Swissquote's custody
Inactivity fee Low No inactivity fee charged

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Swissquote fees
Swissquote fees explained

Online brokerages in general charge much lower brokerage fees than traditional brokerages do - this is largely because online brokerages' businesses can be much better scaled: from a purely technical standpoint, it doesn't make that much of a difference for them if they have 100 or 5,000 clients.

This is not to say, however, that they don't charge any fees at all. They make money by charging you various rates for various actions or events. Usually you need to keep an eye on the following three types of fees:

  • Trading fees - these are brokerage fees that you pay when you actually carry out a trade, like buying an Apple share or an ETF. What you pay is either a commission, a spread or a financing rate. Some brokers apply all of these.
    • A commission is either fixed or based on the traded volume.
    • A spread is the difference between the buy price and the sell price.
    • A financing rate or overnight rate is charged when you hold your leveraged positions for more than one day.
  • Non-trading fees. These are usually related to some operations you carry out in your account, such as depositing money, withdrawing money, or not trading for an extended period.

We compare Swissquote fees with its closest competitors, Saxo Bank and TradeStation Global.

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Swissquote fees
Swissquote trading fees

We consider Swissquote's trading fees high, as they exceed those of most competitors.

Let's break down trading fees according to the different asset classes available at Swissquote.

Trading fees

Swissquote's trading fees are high.

Stock fees and ETF fees

Swissquote has high stock trading fees.

Stock fees of a $2,000 trade
Swissquote Saxo Bank TradeStation Global
US stock $25.0 $10.0 $1.5
UK stock $32.5 $10.4 $2.4
German stock $30.0 $12.0 $2.4

Forex fees

Swissquote's forex fees are low.

Forex fees of a $20,000 30:1 position (open, 1-week-hold and close)
Swissquote Saxo Bank TradeStation Global
EURUSD benchmark fee $10.2 $7.8 $7.4
EURGBP benchmark fee $10.1 $8.9 $10.7

Fund fees

Swissquote fund fees are low.

Fees of a $2,000 fund purchase
Swissquote Saxo Bank TradeStation Global
Mutual fund $9.0 $0.0 $25.0
EU mutual fund $9.0 - $2.4

Bond fees

Swissquote has high bond fees.

Fees of a $10,000 bond trade
Swissquote Saxo Bank TradeStation Global
US Treasury bond $75.0 $96.0 $7.5
EU government bond $60.0 $96.0 $15.0

Options fees

Swissquote's options fees are average.

Options fees for 10 contracts
Swissquote Saxo Bank TradeStation Global
US stock options $14.9 $30.0 $15.0
US stock index options $19.9 $30.0 $15.0
UK stock index options - $39.0 $19.5
German stock index options $12.0 $48.0 $18.0

Futures fees

Swissquote's futures fees are average.

Stock index futures fees for 10 contracts
Swissquote Saxo Bank TradeStation Global
US micro e-mini stock index futures $19.9 $40.0 $5.0
UK stock index futures - $39.0 $12.4
German e-mini stock index futures $12.0 $48.0 $16.2

CFD fees

Swissquote has low CFD trading fees.

CFD fees and commissions on a $2,000 trade
Swissquote Saxo Bank TradeStation Global
Apple CFD - $10.2 $1.7
Vodafone CFD - $10.7 $6.2
Germany - $11.4 $15.0

Margin rates

Swissquote margin rates are average.

Swissquote margin rates
Swissquote Saxo Bank TradeStation Global
USD margin rate 4.4% - 4.1%
EUR margin rate 4.3% - 2.5%

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Swissquote fees
Swissquote non-trading fees

Some of Swissquote's non-trading fees are average.

Non-trading fees include various brokerage fees and charges at Swissquote that are not related to buying or selling assets. This can be a withdrawal fee, deposit fee, inactivity fee or account fee.

A high-level overview of how Swissquote stacks up in terms of non-trading fees
Swissquote Saxo Bank TradeStation Global
Withdrawal fee $10 $0 $0
Deposit fee $0 $0 $0
Inactivity fee No Yes No
Account fee No No No

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Swissquote fees
Swissquote deposit fee

Usually, brokers don't charge anything for deposits, and Swissquote is no different.

Swissquote deposit methods
Swissquote Saxo Bank TradeStation Global
Bank transfer Yes Yes Yes
Credit/debit card Yes Yes No
Electronic wallets No No No
Deposit fee $0 $0 $0

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Swissquote fees
Swissquote withdrawal fee

Unfortunately, Swissquote does charge a withdrawal fee of $10 for bank transfers. This means that you need to pay this amount when you transfer money from your brokerage account back to your bank account. Sometimes this is a flat fee, but a percentage charge may be applied in some cases. It's up to you to decide whether you can tolerate this, keeping in mind that flat fees can hurt more if you withdraw small amounts only.

Swissquote withdrawal fees and options compared
Swissquote Saxo Bank TradeStation Global
Bank transfer Yes Yes Yes
Credit/debit card Yes Yes No
Electronic wallets No No No
Withdrawal fee for bank transfer $10 $0 $0

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Swissquote fees
Swissquote inactivity fee

Swissquote does not apply an inactivity fee, which is great because your account won't be charged even if you do not trade for an extended period (like several months or years).

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Author of this article

Gergely Korpos

Author of this article

Gergely is the co-founder and CPO of Brokerchooser. His aim is to make personal investing crystal clear for everybody. Gergely has 10 years of experience in the financial markets. He concluded thousands of trades as a commodity trader and equity portfolio manager.

Gergely Korpos

Co-founder, CPO

Gergely is the co-founder and CPO of Brokerchooser. His aim is to make personal investing crystal clear for everybody. Gergely has 10 years of experience in the financial markets. He concluded thousands of trades as a commodity trader and equity portfolio manager.

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

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