Scalable Wealth FAQ
Find answers to the most frequently
asked questions about Scalable Wealth.
Account opening
Our service is aimed at persons residing in Germany or Austria. In addition, the following requirements must be met:
- You are at least 18 years old.
- You are not a taxpayer in the USA (not a "US person" according to US tax law).
- You have a current account that is held at a credit institution located in the SEPA area.
- You will invest the minimum amount.
Please also note that the custodian bank only pays taxes for you if you are taxable in Germany. If you are subject to tax abroad, you must carry out the correct taxation of all securities transactions yourself. We provide you a tax reporting for this purpose.
The Money Laundering Act (MLA) requires us to identify our clients. This identification is also in your interest, as it ensures a higher level of security in the client relationship.
An MLA-compliant identification is carried out conveniently via POSTIDENT video, online identification using your ID (eID), or in the traditional way at your post office.
The identification is done via the POSTIDENT identification procedure by by our partner, Deutsche Post. With POSTIDENT, you can choose between POSTIDENT video, online identification using your ID (eID), and identification in person at a post office branch.
Identification via the online ID function (eID) with your German ID card, electronic residence permit (eAT) or eID card for citizens of the European Union (EU) and the European Economic Area (EEA) is the fastest and easiest way to open an account with Scalable Capital. More information on the identification via online ID function.
You can also identify yourself through our partner POSTIDENT with your foreign identity card or passport. Download list of the ID cards supported by POSTIDENT-Video (German only).
If your ID document is not supported for POSTIDENT-Video, you can carry out identification in person at a post office. View list of the ID cards accepted in branch offices (German only).
You can start the identification process conveniently in our app or online by logging in to your Scalable Capital account after completing the registration.
Once you have successfully completed the identification, you do not need to do anything else. The identification data is transmitted to Scalable Capital, and the opening of both the clearing account and the securities account is initiated. It can take up to three working days to open the accounts. You will be informed automatically as soon as the account opening is completed.
If any questions arise from the transmitted identification data, we will contact you proactively.
The reference account that you register with us must be a current account (payment transaction account) in your name at a credit institution located in the SEPA area.
The use of a overnight deposit account is not permitted. If your reference account is a joint account, you must ensure that you are registered as the beneficial owner.
The minimum investment amount for Wealth starts from a monthly savings plan of 20 euros or a lump sum of 1,000 euros.
However, partial payouts that would reduce the investment amount below 1,000 euros are not possible. In this case, you would have to cancel your contract and have your entire investment amount paid out, this is possible at any time.
As a regulated financial services institution, we are legally obliged to form a picture of your financial situation and other relevant circumstances. Only then are we allowed to recommend an investment strategy that is suitable for you.
At the beginning of the registration process, we will guide you through a questionnaire. Based on the information you provide, we assess which investment strategy best meets your investment objectives. Of course, we also check whether the risks associated with a particular investment strategy are financially viable for you and whether you understand these risks based on your knowledge and experience.
From this information, we determine your risk profile, recommend an investment strategy that is suitable, and implement it for you.
In the case of a securities account transfer to Scalable Wealth, all transferred securities are sold during the process and the resulting liquid funds are added to the existing portfolio in accordance with your chosen investment strategy.
This is due to the fact that a transfer of securities does not allow for the transfer of the securities history. As a result, our algorithm would not be able to work appropriately with the securities in accordance with your chosen investment strategy.
If you are interested in a transfer or have further questions, please feel free to contact our team at service@scalable.capital.
We currently do not offer joint accounts with securities account management via Baader Bank.
If you already have a joint account with ING, you can use it as a reference account for a joint Scalable securities account. For this purpose, please use our registration via ING.
You can open children's accounts with Scalable Capital from a minimum investment of 20 euros per month. If you do not wish to set up a savings plan initially, the minimum investment amount is 1,000 euros. Please note that a children's account is currently only possible in the form of our wealth management at Baader Bank. Our brokerage offer is aimed exclusively at private individuals of full age.
To open a children's account, register your child for wealth management via our homepage. Please note that the account must be in your child's name. You will then receive an automated email with further information.
You can hold multiple portfolios with different investment strategies at Scalable Capital. You can add additional portfolios in the customer area under "Home". Please note that a new clearing account and securities account must be opened for each new portfolio and the minimum investment must be deposited.
If you're already using our broker, you can also add an automated ETF-based wealth management portfolio.
To do so, log in to your account and click on the plus icon ("+") in the mobile app or on "Add product" in your web browser. Then, select the wealth portfolio option. In order to determine your risk profile, you will need to complete our questionnaire. You will not need to verify your identity again.
Please note that a new clearing account and a new securities account will be opened for each new portfolio. The minimum investment amount must be fulfilled for each portfolio as well.
Deposits and withdrawals
The reference account that you register with us must be a current account (payment transaction account) in your name at a credit institution located in the SEPA area.
The use of a overnight deposit account is not permitted. If your reference account is a joint account, you must ensure that you are registered as the beneficial owner.
Deposit
Via the item "Payments" you can instruct a one-time payment in the Scalable client area at any time, which will be debited from your reference account (current account) via SEPA direct debit.
Alternatively, you can also transfer the desired deposit to the clearing account belonging to the respective portfolio. You can find the IBAN in your web client area under "Profile" and "Products" or in the mailbox document "SEPA mandates" in the top right-hand corner.
Transfers to your clearing account must be made from your stored reference account. Deposits that cannot be clearly assigned to you (e.g. PayPal, Payward, Transferwise) are not permitted.
Regardless of when a deposit to your clearing account is received by the custodian bank, the amount will be invested immediately, at the latest with the next adjustment of the portfolio in accordance with your investment strategy.
Withdrawal
Withdrawals can be instructed via the Scalable client area on our website or via our app.
To do so, click on the "Payments" item and select "Payout." Enter the desired withdrawal amount and click on "Don't park, withdraw anyway". Check the details and confirm the payout.
Then create appropriate liquidity by selling securities in your portfolio. We will carry this out for you as quickly as possible, usually no later than the next banking day. After the proceeds of the sale have been received, we will transfer the payment to your checking account. The value date on your checking account will generally take five to seven banking days.
Your deposited balance will be invested after it is credited to the clearing account, but no later than the next rebalancing of your portfolio.
You can create a savings plan from a monthly savings amount of 20 euros. You can set the savings plan either during the account opening or subsequently in your personal client area.
The direct debits for monthly savings plans are instructed by us on the first banking day of each month. Your reference account will be debited on the second or third banking day of the month and the amount will be credited to your portfolio at Scalable Capital on the following banking day.
Note: If you open the account with a monthly savings plan only, then the direct debit for the first savings installment will be instructed immediately after the account opening.
You can easily set up a monthly withdrawal plan in your Scalable account. To do so, open the "Savings Plan" section, select "Withdrawal Plan" there and then set the desired amount.
The withdrawal will be initiated on the first banking day of each month. The securities sales required for the withdrawal will be ordered automatically.
A withdrawal that would reduce the investment amount of your portfolio below the minimum investment amount is not possible. Instead, your monthly withdrawal plan will be deactivated.
You can view every single transaction and every securities event (such as distributions) both in the login area on our website and on your smartphone using our app. In addition, the custodian bank will provide you with a monthly account statement where you can view a summary of all transactions and key figures that have taken place.
Investment Strategy
Scalable Capital is not an active asset manager in the conventional sense. We offer passive investment with active risk management. Within the various asset classes (e.g. equities or bonds), we invest exclusively in passive ETFs and, where applicable, ETCs that track a specific market at the lowest possible cost. The weighting of the various asset classes is carried out dynamically on the basis of our investment and risk management technology on the one hand - and strategically on the basis of the management of the equity quota in our sustainable strategies on the other - and is thus active in the strictest sense.
We thus only make adjustments to your portfolio if your risk of loss is forecast to exceed or fall below a higher probability (dynamic risk management strategies) or if your portfolio weights deviate from the target weights (sustainable strategies). In this way, your investment risk is always controlled.
Unlike an active asset manager, we do not make portfolio reallocations based on opinions about the price performance of specific asset classes. An active asset manager selects individual stocks based on expected value growth (so-called stock picking). However, countless empirical studies show that this is not effective.
We use leading technology and the latest findings from capital market research and financial econometrics to manage portfolios. Unlike an active asset manager, we do not make portfolio reallocations based on subjective opinions about price developments of specific asset classes. Portfolio adjustments are essentially the result of deviations in the loss risks or target weights of the current portfolios from our clients' chosen risk category.
However, the actual trading, i.e., the execution of securities orders, takes place by a real investment team, which reviews and bundles the securities orders and finally passes them on to our trading bank.
In this way, we ensure that there is still a human control instance, which, however, does not actively intervene in portfolio management, but rather further develops, monitors and checks the system.
You can choose from the following investment strategies:
- Climate
- Megatrends
- Dynamic Risk Management
- Allweather
- Value
- GDP Global
- InterestInvest
- World Classic
- World ESG
- World ESG+Gold.
Get detailed information on all available investment strategies.
Even though we at Scalable Wealth attach great importance to selecting products according to sustainable criteria (Learn more on this in the Sustainability-related disclosures), the products available on the market currently generally do not yet fulfill the specified sustainability criteria according to EU regulation 2021/1253. This is due in particular to the fact that the fulfillment of sustainability preferences is usually unclear due to a lack of data. Scalable Capital will monitor the ongoing development of the availability and resilience of the data basis and, in the event of a corresponding positive finding, will reclassify the ESG (Environmental, Social und Governance) investment strategies within the framework of ESG preferences.
The investment strategy can be changed after registration.
We have determined suitable investment strategies for you based on your investment objectives, knowledge and experience and financial circumstances. If there have been any changes, you can carry out the suitability check again and adjust your investment strategy.
To do so, log in to your client area and open the "Profile" section. Under the item "Products", then select "Change investment strategy", where you can carry out the suitability check again and adjust your investment strategy.
We would like to point out that in your interest, a change of investment strategy should really only be made if your circumstances have changed. For long-term wealth accumulation, it is important that you pursue your investment strategy consistently and do not allow yourself to be tempted into short-term action by daily events on the capital market.
Your portfolio is constantly monitored and if the weighting of the asset classes and ETFs no longer matches the target weighting of your chosen investment strategy, your portfolio is automatically adjusted. For example, if you choose an investment strategy with a 60 % equity allocation, 60 % of your investment amount will be invested in equities. If share prices rise sharply due to market movements, shares are sold and bonds are bought so that the target weighting of shares of 60 % is restored.
Depending on the investment strategy, risk is managed differently and accordingly your portfolio is adjusted differently depending on the investment strategy.
For the "dynamic risk management" investment strategy, we continuously calculate the risk of your portfolio with the help of simulations. If your previously defined risk of loss (measured by value at risk - VaR) deviates from the current risk of loss, your portfolio will also be adjusted.
Distributions ( for example, from dividends or interest) from the ETFs we use are credited to your clearing account and automatically reinvested in accordance to your investment strategy.
For the calculation of the percentage return, which is displayed in your personal client area, we use the time-weighted method. The time-weighted return is adjusted for deposits and withdrawals and thus allows a direct comparison with a benchmark or an alternative portfolio.
To calculate the time-weighted return, the entire investment period is broken down into different time periods. Whenever a deposit or withdrawal occurs, the return up to that point is calculated and a new period begins. To obtain the time-weighted return for the entire investment period, the returns of the individual periods are multiplicatively linked.
The time-weighted return shown in the account summary is adjusted for deposits and withdrawals. Therefore, your portfolio may have a positive or negative percentage return because the underlying portfolio has moved positively or negatively over time, but your absolute return may still be negative or positive. This occurs especially if the majority of your portfolio was deposited and invested at a relative market high or low.
Two extreme examples to illustrate:
You have an initial investment amount of 10,000 euros invested with us. Subsequently, the market rises by 50 % and your portfolio increases to a value of 15,000 euros. Now let's assume you were to deposit an additional 1,000,000 euros into your portfolio and the market immediately fell by 10 %. In this case, your portfolio would lose over 100,000 euros in value (significantly more than your initial gain of 5,000 euros). Nevertheless, the percentage performance of your portfolio would be positive (50 % increased and only 10 % decreased).
You have invested an initial amount of 10,000 euros with us. Subsequently, the market crashes by 50 % and your portfolio drops to a value of 5,000 euros. Now let's assume you were to deposit an additional 1,000,000 euros into your portfolio and the market immediately rose by 10 %. In this case, your portfolio would gain over 100,000 euros in value (significantly more than your initial loss of 5,000 euros). Nevertheless, the percentage performance of your portfolio would be negative (50 % down and only 10 % up).
Investment universe & ETF selection
Depending on the investment strategy, we invest for you with different focus in asset classes or thematic areas. The investment universe includes all major asset classes: Equities, government bonds, secured bonds (Pfandbriefe and covered bonds), corporate bonds, real estate, commodities and money market.
To realise your investment strategy, we invest exclusively in ETFs (exchange-traded funds or exchange-traded index funds), ETCs (exchange-traded commodities) or other ETPs (exchange-traded products), each of which also fits your preferences, investment objectives and other characteristics when considered individually. Eight asset classes with up to 8,700 individual securities from up to 80 countries are covered.
The ETFs are selected in an extensive, multi-stage process. The most important quantitative and qualitative selection criteria here are:
- Low costs
- High liquidity
- Low tracking error
- Appropriate diversification
- Safe replication methods.
Investing in the capital market comes with risks. We therefore advise you to keep an immediately available emergency reserve for unforeseen events which should cover all of your current expenses and obligations for at least six months.
There is no minimum holding period or minimum term. Our service can be cancelled at any time. We invest exclusively in ETFs with exchange day tradability to provide you with the best possible liquidity.
However, a longer investment horizon can be advantageous for the investment and reduce investment risks. Especially in the case of negative performance, a longer holding period increases the likelihood that the portfolio can recover.
Tax criteria are also taken into account when selecting ETFs. As we also explain here, the tax treatment of ETFs for private investors has been significantly simplified by the Investment Tax Act (InvStG) 2018. Domestic and foreign funds are now taxed according to the same system, so since the beginning of 2018, unlike under the old tax regime, foreign accumulating funds are now also used.
The tax burden is paid directly by the custodian bank. This means that there is no additional expense for private investors in the tax return.
If Scalable Capital identifies a more suitable ETF in an asset class, the exchange is carried out gradually for you. In contrast to a one-time sale of all old shares, an additional tax expense can be reduced in this way, if necessary.
Additional purchases in the event of further deposits or a higher target weighting of these asset classes are made exclusively in the new ETF, while sales always first reduce the holdings of the old product. The old fund is indicated to you by the marking "Phase-Out".
Should an ETF provider become insolvent, the assets managed by the ETF are protected from insolvency by their status as special assets. In the course of the insolvency proceedings, the insolvency estate as well as the claims of the creditors against this insolvency estate are determined and the creditors are served according to their claim. The assets managed by ETFs do not become part of the insolvency estate and are thus protected from access by the creditors of the investment company. Only the holders of the unit certificates of the ETFs are entitled to their pro rata share of the assets managed by the ETF.
Costs
The costs of the investment services consist of the remuneration of the wealth manager Scalable Capital and the transaction fee for the securities trading of the custodian bank and add up to 0.75 % p.a. until September 2022.
Since 1 October 2022, investment services fees are charged depending on the amount of the investment per portfolio.
The fee varies as follows:
- 0.75 % p.a. for a portfolio value up to and including 100,000 euros
- 0.69 % p.a. for the portfolio value above 100,000 euros up to and including 500,000 euros
- 0.49 % p.a. for the portfolio value above 500,000 euros
Please note that the minimum fee for wealth management via ING is 75 euros p.a.
The calculation is made on a daily basis on the basis of the average client assets under management, and the asset manager and the custodian bank are invoiced separately on a monthly basis. The debit is made from your clearing account at the custodian bank. There are no further costs, e.g. for account and securities account management. There are also no hidden costs, front-end loads or other commissions. For details, please refer to our list of prices and services.
The costs of the financial instruments (ETFs) add up to 0.18 % p.a. on average. Due to changes in the weighting, fees and costs of the financial instruments as well as the exchange of financial instruments, the product costs are subject to fluctuations. The costs for the Megatrends investment strategy are shown separately and amount to 0,43 %.
The costs mentioned are already included in the market prices and would therefore also be borne by investors who trade in securities themselves.
The costs for investment services are calculated in stages depending on the amount of the investment. The amount of the investment per portfolio is decisive. If you have investments in different portfolios, these will be considered separately for the management fee.
The management fees are calculated in the following stages:
- 0.75 % p.a. for the portfolio value up to and including 100,000 euros
- 0.69 % p.a. for the portfolio value above 100,000 euros and up to 500,000 euros
- 0.49 % p.a. for the portfolio value above 500,000 Euro
Please note that the minimum fee for wealth management via ING is 75 euros p.a.
Example 1:
You invest 650,000 euros in a portfolio.
The first 100,000 euros are charged a fee of 0.75 % p.a., the following 400,000 euros are charged a fee of 0.69 % p.a. and the 150,000 euros above that are charged a fee of 0.49% p.a.
Example 2:
You invest a total of 120,000 euros, 60,000 euros of which are invested in each portfolio.
A fee of 0.75 % p.a. is charged for both portfolios, as the investment value per portfolio is decisive.
The calculation is made on a daily basis on the basis of the average client assets under management, the settlement is made monthly separately for the asset manager and the custodian bank.
In the respective portfolio you can view your paid fees and taxes under the menu item "Performance". For a display of the absolute values, you must first change the display from percent to euro.
We believe that only a truly independent asset management company can act in the best interests of its clients. That is why we do not accept any hidden costs or issue surcharges. If we receive such inducements, we undertake under the asset management agreement to pay you these inducements.
We only accept non-monetary benefits if they improve the quality of asset management and do not conflict with our clients' interests. These are, for example, financial analyses, information material, training or technical services. We will, of course, disclose the acceptance of these types of inducements to you.
Reporting & Taxes
You will receive a quarterly report on the performance of your portfolio in your Scalable mailbox. The report includes an overview of performance, benchmark, trades made, distributions, and other metrics related to your portfolio.
In addition, at the end of each year, you will receive an annual account statement. This contains the holdings in your securities account, but not the assets in your clearing account.
You can obtain an overview of your portfolio, including cash holdings, in your personal client area. All relevant information about your account and securities account is provided there.
If your portfolio shows profits before the end of the year, we realise these in the amount of the exemption order you have placed. This puts you in a better tax position than if all income was only taxed at the end of the investment period.
Tax optimisation may affect your broker portfolio. Dividends, coupons and sales in the broker may result in taxable events after the wealth tax optimisation in mid-December.
However, before the tax optimisation - between the end of November and mid-December - you still have the option to opt out of the tax optimisation by phone or email at service@scalable.capital.
The final withholding tax on investment income (capital gains tax, solidarity tax, and, where applicable, church tax) is paid on a transaction-by-transaction basis. The respective levies are withheld by the custodian bank after each sale, taking into account tax allowance and loss pots where applicable, and forwarded to the tax office.
This only applies if you are subject to taxation in Germany. If you have a tax residence outside of Germany, you are obliged to determine and pay the applicable taxes yourself. Please note that Scalable Capital can not provide tax advice in this regard. If you have any questions regarding your individual tax situation, please contact your tax advisor or your tax office.
You can find the amount of withholding tax paid by you in your personal client area. To do this, please log into your Scalable Capital account on our website, open the menu item "Profile" and click on "Taxes".
Please note that crypto ETPs classified according to §23 are not subject to capital gains tax. You can find more information on this below under "How are crypto ETPs treated for tax purposes?".
After your registration, Baader Bank automatically queries your church tax status at the Federal Central Tax Office (Bundeszentralamt für Steuern). If you are liable to pay church tax, the church tax will be paid directly to the tax office together with the capital gains tax and the solidarity tax on a transaction basis.
Please note that Baader Bank only checks your church tax status once a year in September for the following year. If your religious affiliation changes after this date, the change cannot be made during the year. The change will not be made until the next check in the following tax year. However, you can claim back any excess church taxes that have been paid when you file for your tax return. Please contact your tax advisor for this.
You can find the amount of church tax paid by you in your personal client area. To do this, please log into your Scalable Capital account on our website, open the menu item "Profile" and click on "Taxes".
With an exemption order, you instruct your bank to exempt accruing investment income from automatic tax deduction. Without this order, the bank will pay 25 % capital gains tax as well as 5.5 % solidarity surcharge and, if applicable, church tax to the tax office.
From 2023, the statutory maximum limits for an exemption order of an individual will be increased to 1,000 euros and 2,000 euros for joint exemption order of a married couple or registered partner.
To set up or change an exemption order, please log into your personal client area on our website and open the "Profile" menu item. In the "Taxes" section, you can set up or change your exemption order.
The exemption order applies at bank level. So, for example, if you have asset management with us with securities account management at Baader Bank, the exemption order set up for this also applies to the Scalable Broker.
Please submit your exemption order before the end of the current year. Exemption orders are always valid from 1 January of the current year or from the beginning of the business relationship.
At the turn of the year from 2022 to 2023, the custodian bank, Baader Bank, will automatically increase all deposited exemption orders of Scalable clients by 24.844 %. This change will, for example, increase exemption orders in the amount of 801 euros for individuals to 1,000 euros.
The decimal places of the exemption order will be rounded up by 24.844 % after rounding. Thus, an exemption order of 500 euros is changed to 625 euros instead of 624.24 euros.
As soon as the modified exemption order is deposited in your securities account on 2 January, you can initiate a change to the exemption order in the client area of your Scalable account.
To see how much of your tax allowance has already been used, please log into your Scalable Capital account on our app or online and go to "Profile." In the "Taxes" section, you can find all relevant information.
If an exemption order is set up retrospectively, taxes already paid (capital gains tax, solidarity surcharge and church tax, if applicable) will be refunded. Please note that the exemption order must still be set up in the current calendar year.
If you are liable to pay tax in Germany, you will receive an annual tax certificate for your securities account and your clearing account, on condition that you have carried out tax-relevant transactions in the year.
This will usually be provided to you electronically for the respective past year by the end of April of the following year. You will find it in the mailbox of your Scalable client area.
If you're using our wealth management with securities account management via ING, you will receive your annual tax certificate by the end of April in your mailbox in ING's internet banking.
To apply for a loss statement for an existing securities account, please complete the form "Application for the issue of a loss statement" in the Baader Bank form center. Please send the completed form directly to Baader Bank.
Please note that the application must be received by 15 December of the current year in order for the loss certificate to be issued.
For a securities account that has already been closed, a possible loss statement will be provided to you automatically in the spring of the following year.
Broker: The advance fee is debited by the custodian bank at the beginning of the year. The debit will be made from your clearing account. Please ensure that there are sufficient funds in your account. If the booking of an advance fee results in a negative balance, the custodian bank may charge interest of 6.00 % p.a. in accordance with the "List of Prices and Services" (p. 65).
Wealth management: The advance fee is debited by the custodian bank at the beginning of the year. The debit will be made from your clearing account. We will ensure that there are sufficient funds for you. You do not have to worry about anything in this regard.
Kündigung
You can request a cancellation via your personal client area. To do so, open the menu item "Profile". The "Products" submenu takes you to a list of your portfolios. Via the button "Cancel portfolio" you can order the cancellation for the corresponding portfolio.
We will then sell the securities in your portfolio. Pending transactions will be brought to settlement beforehand. We will carry this out for you as quickly as possible, usually on the next banking day at the latest. Please note that even on trading days, same-day execution cannot be guaranteed.
We will then instruct the custodian bank to transfer your credit balance to the current account on deposit and close the account and securities account. The value date on your current account is usually within 6 to 9 banking days after the value date of the sales.
If you have your securities account management at ING, you have the additional option to cancel only the wealth management (keep securities). If you choose this option, ING will convert your Scalable securities account into a Direct securities account and your Scalable account into an Extra account. The securities will not be sold and will remain in the direct securities account. Your cash balance remains in the Extra account (after deduction of outstanding compensation claims).
After your cancellation, you can still log in to your personal area and retrieve documents in your mailbox. There you will receive important documents, such as your annual tax certificate. However, if necessary, access to your personal area can also be deactivated. To do so, please send us an email at service@scalable.capital.
Cancellation is free of charge and possible at any time.
In case of a termination of Scalable Wealth, the managed securities account will be closed.
However, a transfer of the securities or ETFs held at the time of termination into a securities account of another provider is possible.
If you are interested in a transfer or have further questions, please contact our team at service@scalable.capital.
There are risks associated with investing. The value of your investment may fall or rise. Losses of the capital invested may occur. Past performance, simulations or forecasts are not a reliable indicator of future performance. Please refer to our risk information.
2.6% p.a. Interest. Interest for PRIME+. Cash account at Baader Bank AG. Variable rate up to €100,000. Learn more.
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INFORMATION
Scalable Capital GmbH
Seitzstraße 8e, 80538 Munich | Legal information
Responsible supervision: BaFin, Deutsche Bundesbank
Copyright © Scalable Capital GmbH | All rights reserved.
