By Aisling Finn on Wednesday 17 June 2020
The new platform will let users trade unlimited shares, ETFs and hold ETF savings accounts for a flat fee.
Digital wealth manager Scalable Capital has launched a ‘neo-broker’ service for its customers in Germany.
For a small fee, depending on which package they choose, German users will be able to trade an unlimited number of shares and ETFs as well as investing in an ETF saving account.
The new platform has three payment packages, ‘Free Broker’ costs €0.99 per trade, ‘Prime Broker’ costs €35.88 per year (or €2.99 per month) and ‘Prime Broker Flex’ costs €4.99 per month.
With the ‘Free Broker’ package, users will be charged per trade but also receive one ETF savings plan free of charge.
Under the ‘Prime Broker’ and ‘Prime Broker Flex’ users will be able to make an unlimited number of trades and savings plans, the only difference is the former is charged annually, compared to the latter’s monthly charge.
Erik Podzuweit, co-founder and CEO of Scalable Capital, said: "Our broker gives private investors the opportunity to manage their investments themselves. Similar to Netflix, our flat rate offers full transparency of the costs.”
“We help to make trading easier, better and cheaper for retail investors. This is a big step forward on the way to democratising investing.”
Until now Scalable has focused on using technology and its team to create managed portfolios for savers, but its broker platform means users can now directly pick and choose how to invest.
Scalable Capital’s new platform allows investors to trade shares, ETFs and funds from Monday to Friday between 8 am and 10 pm.
Florian Prucker, co-founder and managing director, said: "Trading has to be simple, there is no place where you can open an account, make your first deposit, set up your first savings plan and start trading faster and easier than in our apps, which were developed from the ground up.”
Founded in 2016, Scalable Capital is home to over 60,000 customers and manages more than €2bn in deposits.