Since it was founded in 1996 and is operating a bank in Switzerland, Swissquote is considered one of the most reputable brokers out there. This is further amplified by being publicly traded and regulated by top-tier financial institutions, such as FINMA, FCA, MAS, and SFC.
Most traders are drawn to Swissquote due to their forex trading features (MT4, MT5, indicators, advanced charts, etc.) but also because of the access to many other financial products. These include stocks, ETFs, funds, bonds, CFDs, options, futures, and physical cryptocurrencies. One of the cons of Swissquote is that not all of its features are equally available across different countries.
The impeccable reputation and the offer of various financial products have a price, though. We are, of course, speaking of the platform’s complex fee structure. Depending on your residency and chosen account type, the fees can vary wildly, but overall they tend to be significantly above the industry average. This includes fees for traditional asset classes such as stocks, bonds, and ETFs but also spreads on CFDs, forex, and more.
Reviews on Trustpilot are not stellar either (3.6 stars), which could also be a reason for concern. Often cited concerns are slow and poor customer service, limited tools, outdated interface, high fees, etc. Suppose we add the inactivity fee (10 units of the base currency) and high minimum deposits ($1000 and higher) to the list. In that case, it becomes obvious why you could be searching for an alternative.
Fortunately, we got you covered with our top picks for Swissquote alternatives:
- Interactive Brokers: Best global broker overall
- Trading 212: Best for commission-free stocks and ETFs
- eToro: Best for social and low-fee crypto trading
- Saxo Bank: Best for experienced traders
- Plus500: Ideal for CFD trading (Disclaimer: 82% of retail CFD accounts lose money.)
- IG: Best for forex trading
Best Swissquote Alternatives in 2023
Interactive Brokers | Best global broker overall
Founded in 1978, it is one of the world’s most trustworthy brokers. It offers a wide selection of financial products (stocks, bonds, ETFs, mutual funds, currencies, options, and futures) from more than 150 global markets at reasonable commissions and low currency exchange fees.
Trading 212 | Best for commission-free stocks and ETFs
A simple and intuitive platform from start to finish, commission-free stocks & ETFs trading, and fractional shares make Trading 212 ideal for beginner investors.
eToro | Best for social and low-fee crypto trading
Since being founded in 2007, eToro has amassed over 30 million users by offering commission-free stock trading. It also offers other financial products like cryptocurrencies and an innovative social investing feature (copying and following other investors’ trades and portfolios).
Disclaimer: eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
Saxo Bank | Best for experienced traders
This Danish broker offers experienced traders access to exchanges worldwide. It has a wide financial product selection, including stocks, ETFs, funds, options, forex options, commodities, futures, etc. It is most suitable for advanced investors because of its relatively high fees.
Plus500 | ideal for CFD trading
Primarily a CFD broker, Plus500 broker offers commission-free CFD trading (CFDs on Indices, Forex, Commodities, Cryptocurrencies, Shares, Options, and ETFs). It also offers a low-fee stock trading account (physical shares) named Plus500 Invest.
Disclaimer: 82% of retail CFD accounts lose money.
IG | Best for forex trading
Being primarily a forex and CFD broker, IG enables trading in shares, indices, commodities, futures, and ETF CFDs with moderate fees. A long track record (IG group established in 1974), being listed on the London Stock Exchange (index FTSE 250), and is regulated by multiple regulators make IG a well-renowned broker.
|Broker||Minimum deposit||Supported Products||Currency conversion fee||Available in||Trading fees (US stocks)|
|Interactive Brokers||€/$/£0||Stocks, bonds, ETFs, mutual funds, currencies, options, and futures||0.08-0.20 basis points x Trade Value per order ($1-$2)minimum per order)||Internationally (exceptions apply)||From $0.0005 (Tiered) to $0.005 (Fixed); Free to US investors|
|Trading 212||€/£1 (€/£10 for bank transfers)||Stocks, ETFs (Trading 212 Invest), CFDs (Trading 212 CFD)||0.15% (Invest account), 0.50% (CFD account)||Internationally (not available in the US, Canada, and some other countries)||Commission-free (other fees may apply)|
|eToro||$50 (varies across countries)||ETFs, stocks, cryptocurrencies, CFDs||Between 50 and 150 PIPs||Internationally (exceptions apply)||Commission-free (other fees may apply)|
|Saxo Bank||€/$2,000 (depending on your residency)||Stocks, ETFs, bonds, currencies, futures, options, mutual funds, CFDs||0.45% to 0.75%||Internationally (exceptions apply)||$5 minimum (Classic account)|
|Plus500||€/$/£100 (€/$/£500 for bank transfers)||Stocks (Plus500 Invest), CFDs (Plus500 CFD)||Spot rate ± 0.7%||Internationally (not available in the US and some other countries)||0.006$
per share (higher on other exchanges)
|IG||€/$/£0 (for bank transfers)||CFDs, forex, stocks, ETFs||0.5%||Internationally (exceptions apply)||Commission-free (other fees may apply)|
#1 Interactive Brokers
Interactive Brokers at a glance
Having been around since 1978 and publicly listed on the NASDAQ exchange, the Interactive Brokers’ major advantage is its reputation.
Other significant advantages of using Interactive Brokers are its wide selection of financial products from over 150 markets, solid trade execution (IB SmartRouting), and supporting 24 currencies in its account. There are also 100+ currency pairs available for exchange.
Some downsides of using Interactive Brokers are:
- The complex fee structure;
- Lengthier than average registration and fund deposit processes;
- Limited commission-free trading (only available to US investors).
Speaking of the fee structure, there are two distinct plans to choose from – Tiered and Fixed, with the former fees depending on the trade volume. The fees also vary across different markets. You can see the full fee structure here.
The IBKR GlobalTrader mobile app is a common choice for beginner investors, offering stocks, ETFs, and options trading in a user-friendly format. Other app features include automatic currency conversions and fractional shares (only for certain US stocks).
The Interactive Brokers Trader Workstation (TWS) is a desktop app that offers many basic and advanced features, but the downside is that the platform’s learning curve can be steep for beginners.
There is also a web-based application named Client Portal, which is halfway between TWS and Global Trader in terms of both the simplicity of the user experience and available features.
Overall, Interactive Brokers is a good choice for beginners and advanced investors looking for a secure broker and access to a wide choice of financial products. If you need more info about it, feel free to check out our more detailed review of Interactive Brokers.
- Reputable, publicly listed, and well-regulated broker
- Wide choice of financial products and global markets
- Low commissions, currency exchange fees, and trading spreads
#2 Trading 212
Investing involves risk of loss.
Trading 212 at a glance
Founded in 2004, Trading 212 claims the title of the first-ever commission-free broker in both the U.K. and Europe. As of 2023, it has over 2 million users with over €3.5 billion in assets under management (AUM).
It offers two distinct account types: Trading 212 Invest, which offers commission-free stocks and ETFs trading, and Trading 212 CFD, which offers CFD trading only.
The Trading212 Invest account has been rapidly gaining popularity with beginner investors especially, and with good reasons:
- The minimum deposit is just €/£1 (€/£10 for bank transfers);
- Commission-free stocks and ETFs trading is available (along with fractional shares);
- The platform is very simple to use (for both account opening and trading).
The account opening and fund depositing process is one of the simplest on the market. Trading is also easy and intuitive when using the platform on mobile and web-based apps.
It is important to note that a big part of the reason why Trading 212 can offer commission-free trading is due to its share lending program, which is mandatory for Trading 212 users. You can read more about it here.
However, that doesn’t mean there are no other fees on Trading 212. Some of the fees that Trading 212 charges are:
- 0.7% for deposit methods other than bank transfers (free up to the first €2,000);
- Currency exchange fees of 0.15% (Trading 212 Invest) or 0.50% (Trading 212 CFD);
- Overnight fees on CFDs.
For those of you who are thinking about joining Trading 212, you can even claim a free share when you sign up by following this link. After you verify your identity and fund the account, be sure to include promo code “IITW” to claim one free share worth up to €100.
To sum it all up, Trading 212 is a good choice for beginner investors who want a simple, effective, and cheap way to buy stocks and ETFs. If you need more info, feel free to check out our more detailed review of Trading 212.
- Commission-free stocks and ETFs trading
- Intuitive and simple platform
- Free stock upon signup
- Limited offer of financial products
- Share lending
- Credit/debit card fee (after the first deposited €2,000)
74% of retail CFD accounts lose money.
eToro at a glance
Established in 2007, regulated by top-tier financial institutions, and having over 30 million global users, eToro is a well-renowned broker. The platform is perhaps best known for its social trading feature (Copy Trader), which you can use to follow and copy other investors’ trades and portfolios. There is also a wide selection of markets and financial products when investing by yourself, including stocks, ETFs, cryptocurrencies, and CFDs (on stocks, ETFs, commodities, currencies, indices, and cryptocurrencies).
Another unique feature of eToro is an automated investing tool named Smart Portfolios. Most Smart Portfolios are created and managed by the eToro Investment Team, but there are also portfolios managed by their partners (Partner Portfolios).
The platform is intuitive and well-suited even for beginners and also offers trading with virtual funds through its demo account. Account opening and depositing funds are both easy and fast. Zero commission trading is available, and the minimum deposit is set at $50 (varies across countries).
Low and transparent fees are one of the main pros of using eToro. There are no fees for account management or when trading stocks. The most common fees are:
- Currency exchange fees when depositing in currencies other than the USD;
- A fixed withdrawal fee of $5 (minimum withdrawal amount is $30);
- $10 monthly inactivity fee after 1 year of inactivity;
- 1% fee on buying and selling cryptocurrencies.
The most important cons when using eToro other than the mentioned fees are supporting only one currency for trading (USD) and having high spreads on certain products.
Overall, eToro is a good choice for most beginner investors looking for a simple and low-cost way to start investing through a reputable broker who offers access to a wide selection of financial products. If you need more info, feel free to check out our more detailed review of eToro.
- Intuitive, easy-to-use, and beginner-friendly platform
- Low fees, including commission-free stock trading
- Innovative features such as social trading (CopyTrader), Smart Portfolios, etc.
- Only one currency is accepted for trading (USD)
- Withdrawal fee ($5)
- High spreads on certain products
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
#4 Saxo Bank
Saxo Bank at a glance
Founded in 1992, Saxo Bank is one of the longest existing global brokers. It is known for its wide variety of financial products (over 60,000), access to a large number of market exchanges (over 120), and a large number of base currencies (18).
Saxo Bank has, more than anything, been trying to appeal to professional investors. It has done so by offering advanced tools, such as its integration with the Trading View charting platform. The apps SaxoTraderGO and SaxoTraderPRO have also been tailored to the professional user by the number of features and their relative complexity.
Those are probably some reasons why Saxo Bank has one of the highest initial deposit requirements in the industry (£500 for the UK and €2,000 for most European countries). It is important to note that Saxo Bank is unavailable in some big global markets outside Europe, such as the US.
Three distinct account levels are available: Classic, Platinum ($200,000 minimum), and VIP ($1,000,000 minimum), each with its fee structure.
Speaking of fees, they are one of the biggest cons of using Saxo Bank. Fees for trading US stocks and ETFs start at just $1, but only for VIP accounts. These fees will be much higher for Platinum and Classic accounts, starting at $4 and $5, respectively.
The fee structure is fairly complex, and there are also some additional fees to be aware of. Just to name a few most common ones:
- Minimum monthly custody fee: €5;
- Inactivity fee (after not logging in for 6 months): €100;
- Currency conversion fees: between 0.45% and 0.75%.
In a nutshell, Saxo Bank is tailored to professional investors because of its advanced tools, higher-than-average fees, and complex interface. Those are also reasons why it may not be suitable for beginner or even intermediate investors.
- Very wide selection of financial products
- Advanced trading tools and data
- Reputable broker with a long track record
- Higher than average fees
- High minimum initial deposit
- Not available in most big markets outside Europe
82% of retail CFD accounts lose money.
Plus500 at a glance
Founded in 2008, Plus500 is a trading platform best known for its commission-free trading of a wide choice of CFDs in its Plus500 CFD account. However, it also offers low-fee stock trading (physical shares) in the Plus500 Invest account.
The company is also listed on the London Stock Exchange and is available in over 50 countries. There are 16 different base currencies to choose from (including USD, EUR, and GBP, to name a few).
The web platform (WebTrader) offers an intuitive interface with access from multiple devices, including a mobile app. There is also a demo account option to test the features and trade with virtual funds.
Plus500 CFD fees come mainly from the buy/sell (Bid/Ask) spreads, which vary widely across financial products. When using Plus500 Invest, each trade has a fee, depending on the exchange you’re using. It could be as low as 0.006$ per share for US stocks but can be significantly higher for EU stocks (the minimum is between €2 and €6 per trade).
Keep in mind that there is also a currency conversion fee (up to 0.7% of the trade’s realized net profit and loss) and a $10 monthly inactivity fee (following three months of not logging in to the platform).
- Low fees and wide choice for CFD trading
- Available in 50+ countries and supports 16 different currencies
- Intuitive interface with a demo account option
- Primarily a CFD broker
- The inactivity fee
- Relatively high fees for non-US stocks and conversion fees
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
75% of retail CFD accounts lose money.
IG at a glance
IG is a well-renowned broker, offering a wide choice and low commissions in primarily CFDs and forex trading. The IG Group (established in 1974) is one of the most valuable UK public companies (included in the FTSE 250 index), has over 300,000 clients worldwide, and covers 18,000+ markets in total.
The user-friendly platform is available internationally (with some exceptions) and offers 6 base currencies: USD, GBP, AUD, EUR, SGD, and HKD. If you are a resident of the UK (or its territories), you can also open a share dealing account which offers access to real shares, ETFs, and automated ETF portfolios (IG Smart Portfolio). You can find more info about it here.
However, most traders will be drawn to IG because of its CFD and Forex trading capabilities.
Some of the features of the platform include:
- Extensive educational materials;
- 24 hour a day support;
- Weekend trading and extended hours trading;
- Fast execution times;
- Access to Meta Trader 4 (a leading forex trading application);
- Advanced tools: customizable screener, recommended news based on your account…
They offer commission-free trading for most CFDs but charge their own spread on top of the market spread. The exception is share CFDs, which are offered at the real market price without added spread, but there is a commission when opening and closing a position.
Other fees include:
- FX conversion fee of 0.5%;
- Overnight fees (depending on the product);
- Inactivity fee ($18 monthly after 2 years of inactivity);
- Custody fee for less than 3 quarterly trades on the UK share dealing account (£24).
You can learn more about their fees at this link.
In a nutshell, IG is a broker that primarily offers CFD and Forex trading in a user-friendly interface and with competitive fees. It is tailored to both beginner and advanced traders due to a mix of educational materials and advanced trading tools.
- User-friendly trading platform
- Competitive fees and spreads
- Additional features: 24 hours a day support, educational materials, extended trading hours, etc.
- High inactivity and share CFD fees
- Share dealing account available only to UK residents
- Limited offer of financial products
The bottom line
To summarize, here’s our list of Swissquote Alternatives:
Choosing a broker among numerous options can be a daunting task. The key is to choose a broker that best suits your investing needs because there is no such thing as one broker tailored to all customers.
They all have certain pros and cons which may be more or less important to you. Examples include the simplicity of the platform’s interface or the offer of different financial products. Fees also play a big role, or as we like to say: “The only thing that’s 100% certain in investing are the fees”.
Hopefully, we made it easier for you to choose an alternative to Swissquote with this article. Let us know what you think about the article and if you have any suggestions in the comments below!