1Yr

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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Barsten@Barsten

1Yr

@DonkeyInvestor six digits, mhhh i.e. you have max. 9.999,99€, interesting, extremely interesting 🤣

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1Yr

@Barsten so a vacuum cleaner content from you

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Barsten@Barsten

1Yr

@DonkeyInvestor yepp 🤣

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GeldmitKopf@cashwithhead

1Yr

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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Seventrader@7Trader

1Yr

@cashmitkopf you would really go to a new bank for every 100,000, so from one million you would already be at 11 banks? I think that's just a figure of speech....

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GeldmitKopf@cashwithhead

1Yr

@7Trader Well, at some point, of course, it would end. But so the first 400 to 500 K I would already distribute to 3 to 4 banks. After that you can sort according to bank balance sheets. But I myself already have more than 3 bank accounts. C24, Sparkasse, N26, Baader Bank because of the deposit at SC and Deutsche Bank because of the deposit at TR.

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GeldmitKopf@cashwithhead

1Yr

@7Trader why wouldn't you diversify?

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1Yr

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

1Yr

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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1Yr

@Wettyx91 TR is not a bank. They cooperate with Baader Bank and Deutsche Bank, but do not have their own full banking license!

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Wettyx@Wettyx91

1Yr

@Staatsmann this is what they declare online "Trade Republic holds a banking licence in Germany and is supervised by the Bundesbank and BaFin" if you hold a banking license it means your deposits are within the framework of a recognised European bank, that should mean all deposits under 100k are fully protected. But maybe they are twisting the truth to what they declare online

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1Yr

@Wettyx91 There are differences in the licenses. :) Full bank license belongs to the classic banks. TR, Scalable and Co are but not their own independent banks, which also fully manage corresponding deposits. The supervision by the Bundesbank and BaFin is mandatory anyway, if what happens with securities. A full bank license in the brokers has, for example, Flatex, if I still have it right in my head. They have their own bank and a broker in parallel. It is similar with DKB, ING or Deutsche Bank. I think that it would be too complicated for normal customers if they write "We have a brokerage license, but due to lack of authorization the banking transactions are carried out via Deutsche Bank and Baader Bank".

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Wettyx@Wettyx91

1Yr

@Staatsmann it would make it clearer if they would write that, we would understand. So, our deposits are not protected with a brokerage license?

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1Yr

@Wettyx91
The shares and ETF count as so-called "special assets" and do not belong to the insolvency estate, if the broker is insolvent. Decisive is only the 100k€ deposit protection, which concerns your settlement account and which are protected by law, as long as a full bank has to do there.
Your settlement account of TR is with Deutsche Bank, Solarisbank or Baader Bank, which are all fully licensed and therefore subject to deposit insurance. TR, Scalable and Co Provide you virtually only a user interface and forward the order. But have little to do directly with your money.

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yieldhunter@randomdude

1Yr

Small correction: TR does not work with Baader Bank, but with Deutsche Bank, Solaris, Citibank and JP Morgan. If you happen to get a clearing account with Citibank, that is covered by the Irish deposit insurance. Not that that is a security risk, but in case of a case it is certainly a bit more tricky from Germany than getting the money back from the German deposit insurance. Strangely enough, TR does not write anything about JP Morgan (https://traderepublic.com/de-de/about > FAQ > How is my money protected), but it should also be the German deposit insurance (https://bankenverband.de/banks/abfrage-jp-morgan-se/).

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1Yr

@randomdude Thanks! Had Baader Bank still in mind, but that is yes Scalable and partly Traders Place.

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Seventrader@7Trader

1Yr

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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1Yr

Thanks for your input!

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1Yr

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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1Yr

@julian5125 and what use is MFA to you then?

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1Yr

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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1Yr

@julian5125 you should reply to other comments. So no one reads it and the context is completely missing

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