Trading 212

Trading 212 charges no commission on stocks and ETFs, and no custody or inactivity fee either. What you pay is the 0.15% currency conversion whenever your francs buy something in USD or EUR. That's why our starter profile costs about CHF 9 a year and the ETF investor about CHF 30. No Swiss stamp duty applies, since it isn't a Swiss broker.

Active traders don't get a free ride, though: our active profile pays about CHF 504 a year, almost all of it FX. That's still cheaper than Saxo's CHF 1,013, but far above Interactive Brokers at CHF 149, whose 0.002% conversion fee barely registers. Commission-free brokers make their money elsewhere, and currency is the main lever.

Pies make regular investing almost effortless: you set target weights and Trading 212 buys fractional shares automatically. Since 2024 you can also transfer positions in and out, which removes the old lock-in criticism. A multi-currency account and a demo account round out a genuinely beginner-friendly app.

The range is narrow, though. No bonds, no funds, no options. CFDs are available, but that's a high-risk product most long-term investors should leave alone. For a simple portfolio of ETFs and stocks, it's enough. For anything more ambitious, you'll outgrow it quickly and end up at a broker like IBKR anyway.

Your shares are lent out by default. Trading 212 runs a securities lending programme and enrols you automatically unless you opt out in the settings. It's legal and common, but it adds a counterparty risk you never actively chose. If that bothers you, switch it off on day one.

There's no Swiss eTax statement and no Swiss share register entry. At tax time you look up every position's tax value in the federal ICTax course list and claim US withholding tax with the DA-1 form yourself. Protection is the weakest in our table: Swiss clients contract with the Cyprus entity, with EU investor compensation up to EUR 20,000.

Trading 212 is a decent first broker for small monthly amounts, if you can live with a Cyprus contract and DIY taxes. Once your portfolio grows, the safety gap matters more than the fee gap. Our Interactive Brokers review covers the low-cost alternative with far more markets and a UK-regulated entity.

Verdict: Commission-free and beginner-friendly, but the weakest safety and tax setup among the 10 brokers we rank.