Here’s the detailed process to open an account on Scalable Capital:
- Start the Application: Go to the Scalable Capital website or download their app. You’ll need to provide your email address and set up a password. After confirming your email, you can proceed to fill in your personal details.
- Provide Personal Information: Enter your full name, date of birth, nationality, and address. You’ll also need to specify your tax residency and provide your Tax Identification Number (TIN).
- Identity Verification (KYC): To comply with regulatory requirements, you must verify your identity. You’ll be required to upload a valid ID (passport, national ID card) and possibly complete a video identification process. This step ensures you’re who you say you are.
- Choose Account Type: Scalable Capital offers different brokerage plans, including a free plan and a PRIME+ plan with additional features like a trading flat rate. Select the plan that best suits your investment needs.
- Link Your Bank Account: Finally, you’ll need to link a bank account for funding your Scalable Capital account. This involves making a small initial deposit to verify your bank account. Once verified, you can start investing immediately.
Different Types of Accounts on Scalable Capital
Scalable Capital offers different types of accounts tailored to various investment needs. Here’s a breakdown:
- FREE Account: This basic account comes with no monthly fees and charges €0.99 per trade. It’s a good option for those who don’t trade frequently and want to keep costs low. However, it lacks some of the premium features available in other plans.
- PRIME+ Account: This premium account costs €4.99 per month and includes unlimited free trades on gettex, one of the trading venues offered by Scalable Capital. It also offers a 2.6% interest rate on cash balances held in the account. This plan is ideal for more active investors who trade regularly and want to benefit from lower trading costs.
Minimum Deposit on Scalable Capital
Scalable Capital is quite flexible when it comes to the minimum deposit requirement. Here’s what you need to know:
- No Strict Minimum Deposit: Scalable Capital doesn’t enforce a specific minimum deposit to open an account. This makes it accessible to a wide range of investors, whether you want to start small or invest a larger sum.
- Savings Plan Minimum: If you choose to set up a savings plan, you can start with as little as €1 per plan. This is especially useful for those who want to invest regularly with smaller amounts.
- Initial Bank Verification: When you link your bank account, Scalable Capital may deduct a small amount (typically around €1) for verification purposes, which is later refunded.
Countries That Can and Cannot Open an Account on Scalable Capital
Scalable Capital is available to residents in several European countries, including Germany, Austria, the Netherlands, and the United Kingdom. However, there are restrictions on where you can open an account. Here’s a breakdown:
- Eligible Countries: You can open an account with Scalable Capital if you are a resident of the European Union, the UK, Switzerland, and some additional European countries. The service is widely accessible across Europe.
- Restricted Countries: Residents of the United States and other non-European countries are not eligible to open an account with Scalable Capital. This limitation is due to regulatory restrictions and compliance requirements.
- Tax Residency Requirement: You must be a tax resident of the country in which you are opening the account. During the sign-up process, you will be asked to provide your Tax Identification Number (TIN) to verify your tax residency.