Julian (@julian5125) on getquin

7Mon·

Which #broker is the safest and why?

...may have been discussed here many times, but I wanted to ask the question deliberately for the following reasons:

▶️ IT security: Is MFA and / or TAN used? Are there certifications? Other mechanisms?

▶️ Risk of insolvency: How safe is the money or how flexible am I as a customer in case of insolvency? (I am aware of deposit insurance)

▶️ Dependencies: Are larger banks behind the broker or is it even directly a bank?

▶️ Customer support: Is there fast and personal customer support in case of urgent (security) incidents?

▶️ ... more

Example:

I have a securities account with #comdirect and with #traderepublic but I am seriously considering -despite the 1€ price policy- to go back to comdirect with increasing account size and the current consideration.

What do you think?

28 Comments

DonkeyInvestor@DonkeyInvestor

7Mon

I have a 6-digit account with Scalable. You are worrying too much. MFA doesn't matter, the most a hacker can do is buy/sell shares and transfer money to your account. Not worth it. Unless you've pissed off your ex or something and she happens to be a hacker. Insolvency doesn't matter, your ETF and shares are special assets and not part of the insolvency estate. Why would a bank be relevant behind that? Would go to Scalable. They already had an incident and have certainly learned from it 😜

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cashwithhead@cashwithhead

7Mon

What kind of question is that, are you not aware that your assets belong to you and not to the bank? As long as you own full shares, they are managed separately and do not end up on the balance sheet. It's different with money, there is the deposit protection up to 100,000 €, per bank. If you come close to it, I would distribute it to two banks. 2FA has each bank somehow ne own variant would look there yourself. Some have it some not. Customer service you get at the Neobroker of course a worse than at major banks. Do not know how it is at each bank but SC and TR are own companies that simply cooperate with banks. That would be Basder Bank and Deutsche Bank.

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Staatsmann@Staatsmann

7Mon

MFA or TAN are only a semblance of security, since most attacks are based on social engineering and not direct attacks on the banks. 100,000€ deposit protection are available anyway and shares and ETF are special assets, so not affected by insolvency. (100k€ are not on my clearing account anyway...) Dependencies are also always relative. A Deutsche Bank cannot go bankrupt, because it is one of the banks that are definitely saved by the state. A Baader Bank also offers the 100k€ deposit guarantee and the rest is special assets. customer service is always relative. I have already mentioned the topic of "hacking" above. If you let yourself be ripped off by social engineering, customer service won't help you either. (That being said, payment is only made to a pre-defined and verified reference account. I know and have many broker accounts. Nowhere is it possible to switch this account in minutes without going through further certification). As long as the approvals are there, I am not worried at all. 🤷🏼‍♂️ There I would look more closely at most, if I want a broker without a seat in the EU.

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Wettyx@Wettyx91

7Mon

Do you know TRADING212 apparently I find there many more stocks available to trade than in TradeRepubblic. – By the way TR is a bank so officially covered and protected up to 100k per deposit pro capita

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Seventrader@7Trader

7Mon

With the company I am with two major banks and privately with one of the two banks. For me it would be too much effort to divide on several banks. To your question, I can only say: "For convenience!" Divide would probably make sense, but causes just extra work, which I do not want to have.

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Julian@julian5125

7Mon

Thanks for your input!

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Julian@julian5125

7Mon

First of all, thank you for your assessment. I see it a little different with the view that MFA doesn't matter. There are different scenarios than just the attack on my personal account or the "ex" factor. For example, the app or the broker itself being hacked.

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Julian@julian5125

7Mon

I'll just jump in here for a moment. To say the least, I'm shocked that such indifference is devoted to the subject. And I am already aware that these are my "assets". Even if the comparison doesn't quite fit, but other assets have been stolen - the most recent example being cryptowallets that were robbed. And such a theft can have different scenarios/scales. I can basically do anything with the TradeRepublic pin (4 digit number). I would have to go through how easy it is to change my account details. At comdirect, I think the security level is much higher.

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Stockmarketbird@Stockmarketbird

7Mon

On the subject of deposit insurance, special assets, etc., I would like to refer to my post here :) https://app.getquin.com/activity/KGVzCRmhDP

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Maxim Lier@Maximm

7Mon

I currently use ZERO, price / performance I find quite good. Before that I always used Trade Republic.

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