Your money can work for you, even while you sleep. But between hidden fees, broker limitations, and the fear of making the wrong choice, which broker should you choose? Here's a clear, jargon-free guide to investing in ETFs: Choosing the Right Broker 😉
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⚠️ Important : The rates and terms of the brokers mentioned are subject to change. The figures and information presented below are therefore indicative and should be verified on the broker's website before making an investment. Investing involves the risk of losing money.
Introduction
After analyzing several stock market accounts accessible to Swiss investors, I offer you a comparison of the stock brokers that seem to me the most interesting for investing in ETFs.
In reality, there is no "best" stock account in all situations.
The choice depends in particular on:
- of the amount you invest
- the frequency of your purchases
- of the type of ETF you want to buy
- of the ETF's currency
- exchange fees
- brokerage commissions
At the time of writing this article, I note four particularly interesting solutions for investors in Switzerland :
The four stock market accounts to compare
Before discussing costs, it is important to understand that these four solutions are not exactly comparable.
- Interactive Brokers And Saxo Bank are primarily brokerage and investment platforms offering access to a large number of markets.
- Neon Invest And Yuh are more of an assembly of bank account and stockbroker.
This can make a significant difference depending on your perception when investing.
| Interactive Brokers | Saxo Bank | neon Invest | Yuh | |
|---|---|---|---|---|
| Investment account | ✅ | ✅ | ✅ | ✅ |
| Bank account | ❌ | ❌ | ✅ | ✅ |
On this subject, Yuh and Neon Invest therefore have the advantage.
What happens if the broker goes bankrupt?
Before comparing only commissions, there is a much more important point: protecting your money and your securities.
Two things need to be distinguished:
- the liquid assets you hold in your account (the cash)
- the securities you bought, such as stocks or ETFs for example
It should be noted that these two categories do not necessarily benefit from the same protection mechanism.
Here are two tables concerning the protection in case of bankruptcy of the four brokers (Swiss investors).
| Broker | Protection Fund | Regulatory Authority |
|---|---|---|
| Yuh | esisuisse | FINMA (Switzerland) |
| Neon Invest | esisuisse | FINMA (Switzerland) |
| Saxo Bank | Danish Deposit Guarantee Fund | DFSA (Denmark) |
| Interactive Brokers (IBKR) | SIPC (United States), FSCS (United Kingdom) | SEC (United States), FCA (United Kingdom) |
| Broker | Amount covered (cash) | Asset segregation | Maximum redemption of securities |
|---|---|---|---|
| Yuh | CHF 100,000 per customer | ✅ Yes, separate client assets | Transfer of assets to another broker or restitution in kind |
| Neon Invest | CHF 100,000 per customer | ✅ Yes, assets managed by Hypothekarbank Lenzburg | Asset transfers or compensation via esisuisse |
| Saxo Bank | 100,000 EUR (≈ 105,000 CHF) | ✅ Yes, separate client assets | Asset transfers or compensation via the Danish fund |
| Interactive Brokers (IBKR) | $250,000 in cash | ✅ Yes, separate client assets | According to the identity of the Interactive brokers* – IB US (500,000 USD) Or – English IB (85,000 GBP) |
*In principle, an Interactive Brokers account for a Swiss resident is a US account, but this should be verified based on your IB account.
Having seen the previous table, you're probably wondering:
Does this mean asset segregation? And how am I protected by brokers?
In truth, the asset segregation is a protective measure which consists of separate client assets from those of the broker.
Here's what this means for each platform:
- Yuh, Neon and Saxo (Switzerland/EU) In Switzerland and the EU, asset segregation is a legal requirement. In the event of bankruptcy, your securities and cash must be returned. in full, subject to legal procedures and local safeguards.
In the case of Interactive Brokers, the situation is different, as IB is not under the jurisdiction of the European Union or Switzerland. Furthermore, the analysis must be conducted according to whether IB falls under English or American jurisdiction.
- Interactive Brokers (IB):
- IB UK (United Kingdom) Your assets are segregated and protected. In the event of bankruptcy, they must be returned to you. in its entirety, subject to the rules of the FSCS (British Financial Services Compensation Scheme).
- IB LLC (United States) Your assets are also segregated, but the Bankruptcy protection is limited to USD 500,000 (including USD 250,000 in cash) speak SIPC (Securities Investor Protection Corporation). This means that if your assets exceed this amount, you will not be able to recover the full amount in the event of bankruptcy.
Here is a summary regarding asset segregation and repayment limits per broker.
| Broker | Jurisdiction | Asset segregation | Refund limit (Securities) | Reimbursement limit (Cash) |
|---|---|---|---|---|
| Yuh, Neon, Saxo | Switzerland/EU | Yes | Entirety | Entirety |
| Interactive Brokers UK | United Kingdom | Yes | Entirety | 85,000 GBP (FSCS) |
| Interactive Brokers LLC | UNITED STATES | Yes | USD 500,000 (SIPC) | USD 250,000 (SIPC) |
This leads us to two important conclusions:
- Never exceed USD 500,000 in securities with US IB
- do not exceed CHF 100,000 in cash with Saxo, Yuh or Neon
ETF Pricing
When you buy an ETF, you shouldn't just look at the broker's commission. The total cost includes, for example:
- the brokerage commission
- federal stamp duty
- the exchange rate fee
Let's analyze the overall pricing of the four brokers:
Interactive Brokers
Interactive Brokers is particularly attractive for large orders thanks to its low brokerage commissions and reasonable exchange rate (2 USD).
Saxo Bank
Saxo Bank currently indicates that it offers commissions between 1 and 5 CHF (depending on the country of the ETF) and an acceptable exchange rate commission (0.25%).
Neon Invest and Yuh
Neon Investi and Yuh use a simple purchase price pricing system.
Both are good options for Swiss ETFs, but less so for foreign ETFs.
Here is the ETF pricing by broker (2026)
To simplify, I activated the tiered pricing on Interactive broker and I activated the classic pricing on Saxo.
| Broker | Swiss ETF (CHF) | Irish ETF (EUR) | US ETF (USD) |
|---|---|---|---|
| Interactive Brokers | 0,05 % (min. 1.5 CHF) | 0,05 % (min. 0.35 USD) + exchange fee (2 USD) | 0.05 USD/share (min. 1 USD) + exchange fee (2 USD) |
| Saxo Bank | 0,08 % (min. 3 CHF) | 0,12% (minimum 5 EUR) + conversion fee up to 0.25 % | 0,08 % (min. 1 USD) + conversion fee up to 0.25 % |
| neon Invest | 0,5 % (min. 1 CHF) + stamp duty (0.075 to 0.15%) | 1 % (min. 1 CHF) + stamp duty | Not available |
| Yuh | 0,5 % (min. 1 CHF) + stamp duty (0.075 to 0.15%) | 0,5 % (min. 1 CHF) + stamp duty (0.075 to 0.15%) + exchange rate of 0.95% | Not available |
Example of pricing
Here are 3 pricing examples with a different currency and a different amount (estimated amounts). Note that the investor's initial currency is CHF.
| Broker | Case 1: 100 CHF Swiss ETF | Case 2: 500 EUR Irish ETF | Case 3: USD 1,000 American ETF |
|---|---|---|---|
| Interactive Brokers | 1.50 CHF | 2.35 USD | 3 USD |
| Saxo Bank | 3 CHF | 6.25 EUR | 3.5 USD |
| neon Invest | 1.07 CHF | 5.75 EUR | ❌ US ETF Not available |
| Yuh | 1.07 CHF | 8.00 EUR | ❌ US ETF Not available |
ETF Pricing Conclusion
Several conclusions can be drawn from these examples:
- Yuh and Neon should be avoided if you're investing in a currency other than CHF, but they are very good choices for Swiss ETFs, especially for amounts under 400 CHF.
- Interactive Brokers is the most economical for European (Irish) and US ETFs
- Interactive Brokers is generally the cheapest broker, but not always
- Saxo has competitive prices in every case and a very wide selection of ETFs, but it's rarely the most economical option.
"Free" ETFs”
Some brokers offer ”free” ETFs.
In truth, these are more like discounted ETFs, as they are very rarely 100% free.
Here is a table summarizing the 4 brokers:
| Broker | Number of free ETFs | Terms | Example of an eligible ETF |
|---|---|---|---|
| Interactive Brokers | No free % 100 ETFs | ||
| Sax | 100+ ETF | Regular investment (e.g., monthly) | iShares Core MSCI World, Amundi MSCI World |
| Neon | ETF Selection | Regular investment (e.g., monthly) | Invesco ETF (formerly MSCI World) |
| Yuh | 6 ETF | Regular investment (e.g., monthly) | iShares Core S&P 500, Vanguard FTSE All-World |
Note that depending on the "free" ETF and the broker, it is possible to buy an ETF for less than 2 CHF.
With Yuh and the Xtrackers Core S&P 500 ETF for example, you can buy 120 CHF of ETF each month in recurring investment mode, with a commission of around 0.20 CHF.
Neon, Yuh and Saxo offer a considerable advantage with their cheap ETFs which are very competitive for monthly investments.
Which account should you choose based on your strategy?
After comparing the different characteristics, here is a table to summarize the four solutions.
| Your situation | Solution to look at first |
|---|---|
| More comprehensive platform | Interactive Brokers |
| Easier to use platform | Yuh or Neon |
| Overall the most economical platform | Interactive Brokers |
| Availability of US ETFs | Interactive Brokers or Saxo Bank |
| Availability of Swiss or European ETFs | All |
| Investing in a CHF ETF | Neon / Yuh |
| Investing in Euro ETFs (Ireland) | Interactive Brokers |
| Invest in Euro ETFs (Ireland) with a free ETF | Saxo, Yuh or Neon |
| Investing in USD (USA) ETFs | Interactive Brokers or Saxo Bank |
| Banking solution + investment | Neon Invest or Yuh |
| Automate your ETF investments | Possible with all |
Summary of each stock market account
Interactive Brokers: for investors who want to optimize costs
Interactive Brokers is particularly interesting if your priority is:
- to invest significant amounts
- to access numerous markets
- to work with multiple currencies
This is the most comprehensive option and overall has the most attractive pricing.
Saxo Bank: for regular and inexpensive investment
Saxo is particularly interesting for an investor looking for a compromise between:
- a relatively simple platform
- access to numerous markets
- competitive fees
It's an option that balances European jurisdiction, reasonable prices, a simple user interface, and a fairly wide selection.
Not forgetting, the fact that Saxo offers more than 100 ETFs with no purchase commission in AutoInvest also deserves to be taken into account.
Neon Invest and Yuh: Simplicity and practicality above all
Neon Invest and Yuh may be of interest to investors who wish to:
- a simple-to-use application
- a Swiss bank account + a simple trading account
- Investing in a Swiss ETF worth less than CHF 500
Their list of free ETFs should also be taken into account!
However, these are fairly expensive options for non-Swiss ETFs (except for those on the free ETF list). Furthermore, there is no option to invest in a US ETF.
Conclusion
All four brokers are very reliable and have reasonable prices.
In my opinion, I would summarize it as follows:
- Your strategy is primarily focused on US ETFs or Irish ETFs -> Interactive Brokers
- Your strategy is primarily focused on Swiss ETFs -> Yuh or Neon
- Looking for a broker that combines US and Swiss ETFs at reasonable prices? -> Saxo
However, if you are looking for a European or Swiss ETF, analyze the pricing on the free ETFs of each platform.
For safety reasons, you should never exceed:
- 100,000 CHF in cash
- CHF 500,000 in securities with American IB
Each broker has advantages and disadvantages. Therefore, choose the one that best suits your investment strategy.
FAQ: Investing in ETFs: Choosing the Right Broker
Which broker is the cheapest for buying ETFs in Switzerland?
Interactive Brokers is generally the cheapest for one-off purchases, with fees starting from 0,05 % (min. USD 0.35) or a fixed rate at 0,05 % (min. 3 CHF). Saxo, Neon and Yuh offer ETF savings plans with no transaction fees, but only for a limited selection of ETFs.
Can I buy US ETFs with these brokers?
Yes, but only with Interactive Brokers And Sax. Neon and Yuh do not allow the purchase of US ETFs (such as those from Vanguard or iShares US).
What are the free or discounted ETFs at Saxo, Neon and Yuh?
- Sax : 100+ ETF eligible for savings plans no transaction fees (e.g. iShares Core MSCI World).
- Neon And Yuh Some ETFs no trading fees.
- Interactive Brokers No free % 100 ETF, but fees apply. ultra low for all ETFs.
Are there any hidden fees to be aware of?
Yes, beware of:
- Stamp duties In Switzerland, 0,075 % for transactions on Swiss stock exchanges and 0,15 % for foreign scholarships (applicable at Yuh and sometimes Saxo).
- Exchange fees : If you buy an ETF denominated in USD or EUR, some brokers (like Yuh) apply conversion fees (e.g. 0,95 % at Yuh's).
- TER (Total Expense Ratio) : Annual fees of the ETF itself (e.g. 0.20 % for an iShares ETF), independent of the broker.
Which broker is the easiest to start with?
In reality, Yuh and Neon are the most intuitive for beginners, with simple mobile apps and ETF savings plans with no transaction fees. Note that Sax is a good compromise for those who want more choice, while’Interactive Brokers is ideal for experienced investors seeking low fees and global access.
Are my assets safe with these brokers?
Yes, all 4 brokers separate your assets of their own (asset segregation). In case of bankruptcy:
- Yuh, Neon, Saxo (Switzerland/EU) Your securities and cash must be fully restored.
- Interactive Brokers UK Protection up to 85,000 GBP (FSCS).
- Interactive Brokers LLC (US) Protection up to 500,000 USD (including USD 250,000 in cash) via the SIPC.
Can I invest in Irish ETFs with all brokers?
Yes, all 4 brokers allow you to invest in Irish ETF (e.g., iShares, Vanguard, based in Ireland).
How to avoid exchange fees?
You need to buy ETFs in the currency you add to your brokerage account (that is, the currency in which you receive your income).
Can I transfer my ETFs from one broker to another?
Yes indeed, but this can lead to transfer fees (varies depending on the broker) and administrative deadlines, which can be expensive. Check the conditions before transferring.
Investing in ETFs: Choosing the Right Broker
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