Last Updated: 16.03.2026

Executive Summary

UBS AG

UBS AG is the largest bank in Switzerland. For private retail investors resident in Switzerland, UBS offers “UBS key4 gold” which lets you buy and sell physical gold from UBS ranging from 0.1 gram to 2kg.

The gold is held in a UBS vault in collective custody with co-ownership.

Custody Fees

UBS charges custody fees of 0.35% per year on the value of the physical gold.

Transaction Fees

UBS charges transaction fees of 1.4% per transaction for trade volume from CHF 0 - 25,000, 1.3% for 25,000 - 50,000, 1.1% for CHF 50,000 - 100,000 and 0.9% for CHF 100,000 - 250,000.

Counterparty Exposure

The counterparty exposure is very low. The physical gold is stored in collective custody that is segregated (i.e. it does not fall into the bank’s bankruptcy estate).

On their website UBS states: “Your gold is physically stored for you in a secure UBS vault. Rest assured that the gold belongs to you and not UBS. This means that, even if UBS went into liquidation, you are still the legal owner of any gold you have purchased.”

Physical Access

It is possible to access the physical gold bought within UBS subject to an additional fee. It will be sent to you by Swiss Post by registered mail.

Swissquote

Swissquote offers clients buy gold that is backed by physical bullion stored in high-security vaults located in Switzerland. Swissquote treats gold (XAU) as a currency-like asset in your multi-currency account (you can activate XAU alongside CHF, USD, etc., via online banking). You buy and sell fractional amounts starting at 0.01 oz in real time, with no need for physical handling.

Custody Fees

Swissquote charges custody fees of 0.25% per year on the value of the physical gold.

Transaction Fees

Swissquote charges transaction fees of 1.0% per transaction on trading volume.

Counterparty Exposure

There is counterparty exposure risk when investing in gold with Swissquote via their trading platform. It’s a pooled unallocated precious metals account. Your gold holdings are exposed to the same type of counterparty exposure risk as your cash holdings. You own an undivided fractional interest in the physical gold pool ultimately owned by Swissquote. Swissquote acts as the sole counterparty for Gold (XAU) holdings and related precious metals trading. This means you face the risk that Swissquote could default or fail to meet its obligations (e.g. in a hypothetical insolvency scenario), even though your positions are backed by physical gold.

It’s worth noting that as a regulated Swiss bank with FINMA oversight, gold assets are covered by the esisuisse deposit protection up to CHF 100,000 for cash equivalents.

Physical access

There is no physical delivery, retrieval, or transfer possible for your gold positions. Swissquote only facilitates buy/sell.

Sources

• https://www.ubs.com/ch/en/help/mobile-banking/ubs-gold.html

• https://www.swissquote.com/en-ch/private/trade/products/gold