Scalable Capital Review (2026):
FREE vs PRIME+, ETF plans, taxes, and who it fits
Fees verified July 2026 against official pricing pages — see our methodology
Scalable Capital is a BaFin and ECB-licensed full bank with Europe’s deepest ETF savings plan catalogue — 2,700+ funds, free on both plans, with nine execution dates per month. For German and Austrian investors wanting automatic Abgeltungsteuer handling, the PRIME+ break-even is around five trades per month. Available in six European countries, though feature depth outside Germany and Austria is significantly narrower.
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TL;DR
- German and Austrian investors building ETF portfolios.
- Monthly savings plan investors who want the deepest catalogue (2,700+ ETFs).
- German residents who want automatic Abgeltungsteuer handling — no manual tax filing on broker gains.
- Investors who want a 2.50% p.a. Overnight account rate alongside their brokerage, on a full-bank platform.
- More active traders who make 5+ non-PRIME ETF trades per month and benefit from PRIME+ flat rate.
- Available in DE, AT, FR, IT, ES, NL — but not everywhere in Europe, and feature depth varies by country.
- EUR-only account — no multi-currency support.
- Xetra trades cost €3.99 + 0.01% on every plan, regardless of subscription.
- Fractional share purchases only via savings plans, not in direct lump-sum trades.
- Customer service delays and slow tax document turnaround are a known complaint in user reviews.
- Platform can slow down or become temporarily unresponsive during high-volatility sessions.
Scalable Capital at a glance
What is Scalable Capital?
Founded in Munich in 2014, Scalable Capital started as a robo-advisor and has since grown into a full-bank broker regulated by BaFin and the Deutsche Bundesbank — the same supervisory framework that governs Germany’s major banks. It now manages over €30 billion in assets and serves more than 1 million clients.
Stocks, ETFs, derivatives, crypto ETPs, bonds, and funds. Securities are held in custody at Scalable Capital Bank GmbH — Scalable’s own custody since November 2025. Two plans: FREE (no monthly fee) and PRIME+ (€4.99/month). Backed by BlackRock and Tencent as investors.
Fully automated ETF portfolios managed on your behalf using dynamic risk management. Charges 0.75% p.a. management fee. Available alongside the self-directed broker from a single account. Currently restricted to Germany and Austria only.
Scalable Capital Bank GmbH holds a full banking licence from the European Central Bank (ECB) — received in 2025 — and is additionally supervised by BaFin and the Deutsche Bundesbank. This makes it a full CRR credit institution, not just a fintech broker wrapper. Client cash distribution differs by plan. PRIME+ cash is held across Scalable Capital Bank and up to four partner banks — five institutions in total — giving up to €500,000 in statutory deposit protection (€100,000 per bank) plus additional voluntary guarantees from participating banks. FREE cash is distributed across banks and qualifying money market funds, each bank covered by the €100,000 statutory guarantee. Securities are held at Scalable Capital Bank GmbH in Scalable’s own custody (since November 2025) as segregated client assets, legally separate from the bank’s balance sheet.
Understanding the business model helps you evaluate the product honestly. Revenue comes from several sources: PRIME+ subscriptions (€4.99/month), €0.99 per trade on FREE, the 0.75% robo-advisor fee, and inducements from ETF providers — Amundi, iShares, Vanguard, and Xtrackers pay to be promoted as PRIME ETFs on the platform.
Trades are routed primarily through EIX (European Investor Exchange), Scalable’s own venue launched on 10 December 2024 and jointly operated with Börse Hannover — with Scalable providing both the technology and the liquidity as Single Market Maker. It is Scalable’s structural response to the EU-wide PFOF ban that came into effect on 30 June 2026: instead of selling order flow externally, Scalable earns inside its own closed market-making environment while keeping explicit commissions at zero. gettex remains available as a secondary venue, with Baader Bank as market maker there. For most passive ETF investors making monthly savings plan contributions, the spread impact is likely small. For active traders placing frequent large orders, it’s worth understanding that Scalable is both your broker and the market maker on its default venue.
FREE vs PRIME+: the central decision
Both plans include free ETF savings plans. The difference is what happens when you make one-off trades outside the PRIME ETF range — and whether you hold a large cash balance above €100,000.
- All ETF savings plans free.
- PRIME ETFs (Amundi, iShares, Vanguard, Xtrackers) ≥€250 free.
- All other trades: €0.99.
- Overnight account: 2.50% p.a. (variable) on unlimited cash.
Best if: you invest exclusively via savings plans, or only buy PRIME ETFs in lump sums ≥€250. Pure savings plan investors save nothing by upgrading.
- All ETF savings plans free.
- All trades ≥€250 free (any ETF or stock, not just PRIME ETFs).
- Overnight account: 2.50% p.a. (variable) on unlimited cash, with up to €500,000 statutory deposit protection across up to five banks.
- Lower crypto spread fee (0.69% vs 0.99%).
- Advanced analytics and unlimited price alerts.
Best if: you make 5+ non-PRIME ETF trades per month, or hold a cash balance above €100,000.
Full fee schedule
All fees verified against Scalable Capital’s pricing page as of July 2026. Verify current rates before investing — cash interest rates are variable and change with ECB policy.
| Fee type | FREE | PRIME+ |
|---|---|---|
| Monthly fee | None | €4.99/month |
| ETF savings plans | Free | Free |
| PRIME ETFs ≥€250 (EIX/gettex) | Free | Free |
| All other trades ≥€250 (EIX/gettex) | €0.99 | Free |
| Trades below €250 (EIX/gettex) | €0.99 | €0.99 |
| Xetra trades | €3.99 + 0.01% venue fee (min. €1.50) | €3.99 + 0.01% venue fee (min. €1.50) |
| Broker cash interest p.a. | 0% | 0% |
| Overnight account p.a. | 2.50% (variable, unlimited) | 2.50% (variable, unlimited) |
| Crypto spread surcharge | 0.99% | 0.69% |
| Instant deposit fee | 0.99% | 0.69% |
| Custody fee | None | None |
| Inactivity fee | None | None |
| Withdrawal | Free | Free |
The deepest savings plan catalogue in Germany
Over 2,700 ETFs eligible for savings plans — more than any other German broker. All executions free on both plans. This is Scalable Capital’s single strongest feature for long-term passive investors.
- From €1 minimum per plan execution.
- Monthly, bi-monthly, quarterly, semi-annual, or annual.
- Nine execution date options per month (1st, 4th, 7th, 10th, 13th, 16th, 19th, 22nd, 25th).
- Dynamic inflation adjustment rate available.
- Fractional ETF amounts available via savings plans.
- 2,700+ ETFs — vs ~1,500 at Trade Republic.
- All major UCITS index trackers included.
- Can be funded from cash balance or direct debit.
- PRIME ETFs (Amundi, iShares, Vanguard, Xtrackers) have promoted placement — free regardless of order size.
In 2025, Scalable Capital co-launched its own UCITS world ETF with Xtrackers by DWS. Key facts:
- TER: 0.17% p.a. — the promotional 0% TER period ended June 2026. Still competitive with leading ACWI trackers.
- Replication: Hybrid — combines physical and synthetic replication in one fund. First UCITS ETF to use this structure at scale.
- Scale: Over €500 million in AUM as of mid-2026.
- Availability: Tradable on all major German brokers and exchanges — not exclusive to Scalable Capital’s platform.
The 0% TER promotional period has now ended — the ETF now charges 0.17% p.a., in line with other leading ACWI trackers. Evaluate it alongside established funds before committing; it has limited long-run track record compared to more mature alternatives.
Cash interest — standard rate and the Overnight account
Broker cash earns 0% on both plans. The yield product is the separate Overnight account, which pays 2.50% p.a. on unlimited cash on both FREE and PRIME+. The key structural difference between plans is not the rate — it’s deposit protection: PRIME+ stacks protection across up to five banks for up to €500,000 in total statutory coverage.
- 2.50% p.a. (variable) on unlimited cash — available on both FREE and PRIME+.
- Separate call-money (Tagesgeld) account with its own IBAN — activate once in the app or browser (under a minute, no re-identification); internal transfers to the clearing account are real-time.
- Rate is variable and benchmarked against ECB policy — check current rate on Scalable’s website.
- Broker cash itself earns 0% — the Overnight account is the yield product.
- PRIME+: cash distributed across up to five banks — up to €500,000 in statutory protection (€100k per bank), plus additional voluntary guarantee from participating banks.
- FREE: cash distributed across banks and qualifying money market funds — each bank covered by €100,000 statutory guarantee; money market funds covered under UCITS rules.
- The protection structure, not the rate, is the key cash-related difference between plans.
PRIME+ cash is distributed across Scalable Capital Bank and up to four partner banks — five institutions in total — each covered by the €100,000 statutory deposit guarantee, giving up to €500,000 in statutory protection. Participating banks also provide additional voluntary deposit guarantees on top. FREE cash is distributed across banks and qualifying UCITS money market funds, with each bank providing the standard €100,000 statutory protection.
This multi-bank structure is more robust than single-bank neobrokers. It doesn’t eliminate risk — no product does — but it stacks deposit protection rather than capping it.
| Broker | Cash rate | Structure | Max coverage |
|---|---|---|---|
| Scalable Capital | 2.50% p.a. (Overnight) | Deposit (multi-bank) + MMF (FREE) | Up to €500k PRIME+ / €100k+ FREE |
| Trade Republic | 2.25% Germany; ~3% most other EU (July 2026) | Deposit (single bank) | €100k |
| Lightyear | ~1.92% EUR | Money market fund | Not deposit-guaranteed |
| DEGIRO | None | — | €20k investor protection |
Automatic Abgeltungsteuer — no manual filing required
This is one of Scalable Capital’s most practically useful features for German-resident investors, and one that’s frequently overlooked in broker comparisons.
- Scalable automatically withholds and remits Abgeltungsteuer (25% flat capital gains tax) plus the solidarity surcharge to the Finanzamt.
- In the vast majority of standard cases, German investors do not need to report broker gains separately on their tax return.
- Tax certificates (Steuerbescheinigungen) are issued annually — though delays in delivery have been flagged in user reviews; allow extra time in tax season.
- Annual exemption orders (Freistellungsauftrag) up to the €1,000 personal allowance can be submitted directly through the platform.
- Automatic tax handling applies to German tax residents only.
- If you are resident in France, Italy, Spain, or the Netherlands, you are responsible for declaring your own gains under your local country’s rules.
- Scalable does not currently offer country-specific automated tax handling outside Germany.
- See the relevant country tax guide for your obligations: Germany · France · Italy · Spain.
App, platform, and the honest user experience
The app is generally well-regarded — clean, modern, and fast enough for typical monthly investing. But there are known limitations worth understanding before you commit.
- Clean interface — simple to set up savings plans and execute manual trades.
- Both mobile app and web platform available.
- Portfolio overview and performance analytics are clear and easy to read.
- Savings plan management (adjusting amounts, frequencies, dates) is straightforward.
- Freistellungsauftrag can be submitted directly through the app.
- Customer service delays: Trustpilot reviews flag slow response times — not ideal if you have an urgent account issue.
- Tax documents: Annual Steuerbescheinigungen are sometimes delayed, which can push back tax filings.
- Platform stability: During high-volatility periods, the platform can become slow or briefly unresponsive. For passive monthly investors this is rarely relevant; for active traders it matters more.
- No phone support: Support is via chat and email only — no direct phone line.
Where Scalable Capital is available — and what “available” means
| Country | Broker access | Robo-advisor | Tax auto-handling |
|---|---|---|---|
| 🇩🇪 Germany | Yes — full | Yes (Scalable Wealth) | Yes — automatic |
| 🇦🇹 Austria | Yes — full | Yes (Scalable Wealth) | Partial — verify |
| 🇫🇷 France | Yes — broker only | Not available | Not automatic |
| 🇮🇹 Italy | Yes — broker only | Not available | Not automatic |
| 🇪🇸 Spain | Yes — broker only | Not available | Not automatic |
| 🇳🇱 Netherlands | Yes — broker only | Not available | Not automatic |
| Other EU | Not available | Not available | Not available |
Scalable Capital belongs firmly in your shortlist. Full feature access, automatic tax handling, and robo-advisor — this is one of the strongest broker choices available in these markets for passive ETF investors.
Broker access is available but narrower. No robo-advisor, no automatic local tax handling. For a cleaner cross-European alternative, consider Trade Republic (17+ countries, broader EU integration) or IBKR (deepest access, best FX workflow).
Scalable Capital vs Trade Republic vs DEGIRO vs IBKR
| Feature | Scalable Capital | Trade Republic | DEGIRO | IBKR |
|---|---|---|---|---|
| ETF trade fee | Free (PRIME ETFs ≥€250) / €0.99 | €1 flat | €1 + handling | €1.25 min (Fixed) |
| ETF savings plans | Free — 2,700+ ETFs | Free | Not available | Not available |
| Flat-rate option | €4.99/month (all trades free) | None | None | None |
| Cash interest | 2.50% p.a. (Overnight) | 2.25% Germany; ~3% most other EU (July 2026) | None | Variable (on USD balances) |
| Auto German tax | Yes | Yes | No | No |
| Banking licence | Yes (BaFin / CRR) | Yes (BaFin) | No | No |
| Deposit protection | €100k per bank (multi-bank) | €100k | €20k | SIPC / regulatory coverage |
| Fractional shares | Via savings plans only | Yes (from €1) | No | Yes (stocks and ETFs) |
| Multi-currency | No (EUR only) | No (EUR only) | No | Yes — best in class |
| Exchange access | EIX, gettex, Xetra | Best Price (own system) or 30 exchanges via Direct Price (€2) | 15+ European exchanges | 150+ global exchanges |
| Debit card | No | Yes (Visa) | No | No |
| Countries available | DE, AT + FR, IT, ES, NL (broker only) | 17+ European | 18+ European | Pan-European, global |
| Robo-advisor | Yes (Scalable Wealth) | No | No | No |
For German investors, Scalable outperforms Trade Republic on cash interest, savings plan catalogue depth, and the PRIME+ flat-rate model. Trade Republic wins on debit card, fractional direct shares, and pan-European reach. DEGIRO suits multi-exchange access but lacks savings plans entirely. IBKR wins on FX workflow, global access, and multi-currency — but at the cost of more setup complexity. See the full Scalable Capital vs Trade Republic comparison →
Scalable Capital vs Baader Bank: not competitors
Baader Bank is not a retail broker you can choose instead of Scalable Capital. It was the custodian Scalable was built on — until November 2025, when Scalable migrated all client securities to its own custody. The relationship still matters for understanding where your assets sit today, and where they used to.
Baader Bank is a Munich-based bank founded in 1983. Its core business is capital markets infrastructure — custody, settlement, and market-making — not retail brokerage. You cannot open a consumer account directly with Baader Bank as a private investor.
It was Scalable Capital’s custodian until November 2025, when all client securities were migrated to Scalable’s own custody. Its only remaining role in the Scalable setup is market maker on gettex, under a multi-year cooperation.
Scalable Capital is the retail-facing broker — the app, the account, the savings plan interface, the PRIME+ subscription, and the cash interest product. It is the entity you contract with, the brand you see, and the firm BaFin licences as a credit institution.
Since the November 2025 migration there is no division of labour left: Scalable handles the customer relationship, trading, clearing, settlement, and custody on its own vertically integrated platform.
| Asset type | Who holds it | Protection |
|---|---|---|
| Stocks and ETFs | Scalable Capital Bank GmbH (own custody since Nov 2025) | Segregated client assets — not part of the bank’s balance sheet |
| Uninvested cash | Scalable Capital Bank + partner banks (PRIME+) / banks and MMF (FREE) | Up to €500k statutory (PRIME+, 5 banks × €100k); €100k+ FREE; plus voluntary guarantee (PRIME+) |
Who Scalable Capital fits — and who it doesn’t
- German or Austrian investors building passive ETF portfolios with monthly savings plans.
- German residents who want automatic Abgeltungsteuer handling without touching their tax return for broker gains.
- Investors who want the deepest ETF savings plan catalogue with nine execution dates per month.
- Investors in DE/AT who also want a robo-advisor alongside a self-directed account.
- More active traders making 5+ non-PRIME ETF trades per month under PRIME+.
- Investors with large cash balances who want the multi-bank protection structure.
- Investors outside DE, AT, FR, IT, ES, NL — Scalable is not available.
- FR, IT, ES, NL investors who want a full-featured broker without the German-market limitations — Trade Republic or IBKR serve those markets better.
- Anyone needing multi-currency workflows or international exchange access beyond German markets.
- Investors who want fractional share purchases in direct lump-sum trades (not just via savings plans).
- Those who need responsive customer support or fast tax document turnaround.
- Portfolios that have outgrown a EUR-only, German-exchange-focused platform.
Interactive Brokers wins when you need multi-currency accounts (deposit EUR, convert once at institutional FX rates, hold USD), access to global exchanges and instruments beyond German markets, and a platform that scales with your portfolio without geographic restriction.
The trade-off: more setup complexity upfront. If you’re willing to spend a couple of hours on account setup, IBKR saves real money at scale via the FX workflow alone, and is available pan-European without the country limitations Scalable has outside Germany and Austria.
Ready to open an account?
Set up a savings plan on the FREE broker, leave it on autopilot, and let compounding do the work. If you need broader access, multi-currency support, or aren’t based in Germany or Austria, IBKR is the natural next step.
Go deeper
Frequently asked questions
What countries is Scalable Capital available in?
Scalable Capital’s broker is available in Germany, Austria, France, Italy, Spain, and the Netherlands. Germany and Austria have the fullest feature access, including the robo-advisor (Scalable Wealth) and automatic Abgeltungsteuer handling. In France, Italy, Spain, and the Netherlands, only the self-directed broker is available — no robo-advisor and no automatic local tax handling. Always verify your country’s current eligibility on Scalable Capital’s website before opening an account, as product availability can change.
What is the difference between FREE and PRIME+ at Scalable Capital?
The FREE plan has no monthly fee. ETF savings plans are always free. PRIME ETFs (Amundi, iShares, Vanguard, Xtrackers) bought in trades of €250 or more are also free; all other trades cost €0.99. The PRIME+ plan costs €4.99/month and makes all trades from €250 free — not just PRIME ETFs. PRIME+ also unlocks a stronger deposit protection structure (up to €500,000 across five banks versus the mixed bank/money market fund structure on FREE) and reduces the crypto spread fee from 0.99% to 0.69%. The break-even point is roughly five non-PRIME trades per month; pure savings plan investors gain nothing by upgrading.
Does Scalable Capital handle German taxes automatically?
Yes, for German tax residents. Scalable Capital automatically calculates, withholds, and remits Abgeltungsteuer (25% capital gains tax plus solidarity surcharge) directly to the Finanzamt. In most standard cases, German investors do not need to declare broker gains manually on their annual tax return. You can also submit an exemption order (Freistellungsauftrag) up to the €1,000 annual allowance directly through the platform, which is applied automatically to future gains. Annual tax certificates are issued — though delivery can be slow during peak tax season, so allow extra time if you’re filing early.
Are ETF savings plans free on Scalable Capital?
Yes. All ETF savings plan executions are free on both the FREE and PRIME+ plans. Scalable Capital offers savings plans on over 2,700 ETFs from as little as €1, with flexible execution frequencies (monthly, bi-monthly, quarterly, semi-annual, or annual) and nine execution dates per month to choose from. Fractional amounts are available via savings plans, though fractional lump-sum purchases are not supported in direct trades.
How does Scalable Capital pay interest on cash?
Broker cash earns 0% p.a. on both FREE and PRIME+. The yield product is the Overnight account, which pays 2.50% p.a. (variable) on unlimited cash on both plans. It is a separate call-money (Tagesgeld) account with its own IBAN: activate it once in the app or browser (under a minute, no re-identification), and internal transfers to the clearing account are real-time, so cash is instantly available for the next trade. The key difference between plans is deposit protection: PRIME+ cash is distributed across up to five banks (Scalable Capital Bank plus up to four partners), giving up to €500,000 in statutory deposit protection plus additional voluntary guarantees from participating banks. FREE cash is held across banks and qualifying UCITS money market funds, with each bank covered by the standard €100,000 statutory guarantee. Always verify the current Overnight account rate on Scalable’s website, as it tracks ECB policy and will change over time.
Does Scalable Capital have a banking licence?
Yes. Scalable Capital Bank GmbH holds a full banking licence from the European Central Bank (ECB) — received in 2025 — making it a CRR credit institution under EU regulation, additionally supervised by BaFin and the Deutsche Bundesbank. This means Scalable Capital is subject to the same capital adequacy, solvency, and supervisory requirements as regulated German banks. Securities are held at Scalable Capital Bank GmbH in Scalable’s own custody (since November 2025) as segregated client assets. Cash is covered by statutory deposit protection of up to €100,000 per bank across the multi-bank distribution structure.
What exchanges does Scalable Capital trade on?
Scalable Capital executes orders on the European Investor Exchange (EIX, Hanover), gettex (Munich), and Xetra (Frankfurt). EIX and gettex trades are free from €250 on PRIME+, or free for PRIME ETFs on the FREE plan. Xetra carries a €3.99 order fee plus a 0.01% venue fee (minimum €1.50) on all orders regardless of plan. EIX — launched 10 December 2024 and jointly operated with Börse Hannover — is the primary venue, with Scalable itself providing the technology and the liquidity as Single Market Maker. On gettex, Baader Bank acts as market maker under a multi-year cooperation. This structure is worth understanding if you trade frequently or in large sizes.
What is the relationship between Scalable Capital and Baader Bank?
Baader Bank was Scalable Capital’s custodian until November 2025 — never a competing retail broker. Scalable launched its own vertically integrated platform in December 2024, received a full ECB banking licence in September 2025, and migrated all existing clients’ securities (including fractions) to its own custody over the weekend of 8-9 November 2025. Since then, securities are held at Scalable Capital Bank GmbH as segregated client assets, legally in your name and separate from the bank’s balance sheet. Baader Bank’s only remaining role is market maker on gettex under a multi-year cooperation. Uninvested cash sits within the Scalable Capital Bank deposit structure and is covered by the German statutory deposit guarantee of up to €100,000 per bank.
What is the Scalable Capital World ETF?
The Scalable Capital World ETF is a UCITS ETF launched in 2025, co-created by Scalable Capital with Xtrackers by DWS. It uses a hybrid replication method — combining physical and synthetic replication — which is the first implementation of this structure at scale in the European ETF market. It carries a TER of 0.17% p.a. (the promotional 0% TER period ended June 2026), in line with other leading ACWI trackers. It has grown to over €500 million in assets under management. It is available across all major German brokers and exchanges — not exclusively through Scalable Capital’s platform. Investors should evaluate it alongside more established trackers before committing, given its limited long-run track record.
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