What are Recommended Online Investment Websites

Best online broker? Get to the depot for free, trade cheaply with certainty

Before you start buying stocks, you have to choose an online broker or bank for your custody account.

It has never been easier to be part of the global stock market. Basically there are only two requirements: of legal age and internet access. If you meet both conditions, all you have to do is choose an online broker, deposit money and start buying securities. The new price models increase the attractiveness of various online brokers: you can get hold of many of them free of charge, and trading itself is also becoming cheaper and cheaper. Good: The online broker security is still not neglected.

About the offer: trade shares for 1 euro via app on TRADE REPUBLIC *


Getting started is easy, but not entirely without risk. As is well known, a lot of money is made and a lot is lost on the stock markets. Our advice: don't start acting too quickly! Get to know the stock exchanges and the digital ways of trading carefully.

What is an online broker?

A broker is an intermediary or middleman. He works at the interface between investors and the securities market and is responsible for executing securities orders from investors, the so-called brokerage. In this work, the broker trades securities such as stocks, foreign exchange, goods or raw materials on stock exchanges, but also on over-the-counter trading venues, for the account of the customer. An online broker does essentially the same thing. The only difference: In contrast to brokers, online brokers enable brokerage predominantly or exclusively via the Internet.

»Warren Buffett: The star investor is buying these stocks

The place from which securities to be sold are taken and where those bought are placed is called a securities depository. A securities account is nothing more than an account for securities. In the following sections you will get to know popular online brokers: Trade Republic, eToro, Justtrade, Smartbroker, Flatex, Onvista, Captrader and Scalable Capital.

The app broker: Trade Republic

Trade Republic from Berlin has been on the market since 2019. At Trade Republic, each order has the same price: 1 euro. The deposit itself is free. The online broker works with the Solaris bank, which keeps customer funds in custody. Those who, like Trade Republic, make tight calculations, have to concentrate on the essentials. Anyone who wants to become a customer of the fintech from the German capital can therefore only do so via a mobile phone app; there is no desktop offer for securities trading. In addition, there is only one trading platform, the LS Exchange. This keeps Trade Republic's corporate structure lean without making trade more expensive for customers. Because the prices on this so-called market maker exchange must not differ from those on a recognized reference exchange. In the case of the LS Exchange, this is the electronic trading platform Xetra in Frankfurt. You can choose from around 7,500 stocks and ETFs and around 1,300 stock and ETF savings plans. For most, that's enough. Plus: There is no minimum order volume, so you can buy shares even for the smallest amounts.

About the offer: trade shares for 1 euro via app on TRADE REPUBLIC *


The copying concept: eToro

The company from Tel Aviv in Israel claims to have one million customers in Germany and 15 million worldwide. Stocks can be traded commission-free on eToro, but with around 2,000 different securities, the selection is quite limited. These are traded exclusively on US exchanges, which means exchange costs (foreign currency costs) for customers in the non-dollar area. So the trade is not entirely in vain. In essence, like many other providers, eToro earns its money with the difference between the buying and selling price of securities, the so-called spread. At first glance, these costs are barely visible to the customer. The highlight of eToro is the copy trading function: if you want, you can make your portfolio public - other users can then pick out the most successful traders and copy their trades. A demo account allows you to experience trading stocks without using real money. In addition to stocks & Co., eToro also offers 16 crypto currencies for buying and selling. If you want to invest not only in securities, but also in Bitcoin & Co., you get the opportunity here. EToro does not have any savings plans in its program for this

Trade for free: Justtrade

Justtrade is a start-up from the banking metropolis of Frankfurt am Main. The young company of the two founders and managing directors Ralf Oetting and Michael Bußhaus works with the Sutor Bank, which has clearing accounts and securities accounts, as well as the von der Heydt bank, which stores crypto assets. What's special: there are no order fees, flat-rate fees for third-party costs, trading venue fees and custody fees. Justtrade only charges 0.5 percent negative interest per year on the deposits in the clearing account. Example: If you have an average of 5,000 euros in your account per day, you have to pay 25 euros a year for it - that's manageable. Despite its slim costs, the young online broker shines with a very extensive range of products. In addition to the two trading partners LS Exchange and Quotrix for trading in domestic and foreign stocks, ETFs and ETCs, certificates, warrants and leverage products are offered via over-the-counter trading partners. Even five of the most important crypto currencies can be found in the program. To operate with small amounts in stock trading is not possible with Justtrade: The minimum order volume is 500 euros. Another disadvantage of the online broker: At Justtrade there are no savings plans.

»To the offer: Trade for free with JUSTTRADE *


Inexpensive and comprehensive: Smartbroker

Wallstreet Online is a stock exchange portal and, according to its own information, is Germany's largest online community. Since 2019, the “Smartbroker” brand has also been in business as an online broker. The customers' fund shares and clearing accounts are held by DAB, the former Direkt Anlage Bank, which is now part of BNP Paribas from France. Smartbroker is only the broker. However, this does not have to bother the customer much. More important are the costs: they are low. Like Trade Republic, Smartbroker has also been offering order processing via Lang & Schwarz since May 2020, also for 1 euro per order. It doesn't cost anything via the Gettex platform, but with Smartbroker both only apply to an order volume of at least 500 euros. With all other providers and with a lower order volume, 4 euros per order. Good: The best-known German trading venues are available for a share order, plus 25 others in Europe, Australia, Canada, Japan, Singapore and the USA. The selection of wet papers is therefore larger than, for example, at Trade Republic. However, you (still) have to do without a mobile phone app at Smartbroker. There is basically no deposit fee. But you shouldn't leave too much money in your clearing account. If the share of cash is higher than 15 percent of the deposit value, a fee of 0.5 percent applies to the year.

About the offer: Trade from 0 euros at SMARTBROKER *


Inexpensive options, free ETF savings plans: Flatex

Flatex is without a doubt aimed at the very large audience. Similar to the shooting star Trade Republic, the company from Kulmbach in Upper Franconia impresses with its stylish appearance and ease of use. That attracts beginners. However: The company, founded in 2006, has been charging a custody fee of 0.1 percent per year on the market value of the securities in custody since March 2020. In addition, as with Justtrade, 0.5 percent negative interest per year is incurred on the deposits in the clearing account. Otherwise, the costs are in the midfield, some things are particularly cheap: For new customers, share trading at selected trading venues (via Tradegate, Lang & Schwarz and Baader Bank) is free for the first six months, after which EUR 5.90 is due for a share order (plus the fees depending on the stock exchange; for Tradegate, L&S & Co. 2 euros). OTC trading has the same order fees. Good news: since April 2021, all of the 1,300 ETF savings plans have been permanently free of charge. Flatex also appreciates those who like to trade in certificates and warrants: For products from Goldman Sachs (0 euros per trade, from 500 euros), Morgan Stanley, Société Générale, UBS (1.90 euros, from 1,000 euros) and Vontobel, BNP , HSBC (EUR 3.90, from EUR 1,000) particularly favorable conditions apply.

»To the offer: Trade options and more at FLATEX *


Comprehensive information and options: Onvista

The Onvista Bank has existed since 2009 and has been part of the Comdirect since 2017. The transaction costs at Onvista are in the middle. Negative interest of 0.5 percent only accrues from 250,000 euros on the clearing account. The order commission is five euros plus two euros trading venue fee, with Xetra and the German regional exchanges there are additional costs. This means that Onvista Bank is cheaper than direct banks in share trading, but more expensive than the recently added online brokers. The administration of savings plans is a bit cumbersome: Customers can no longer adjust these afterwards, so you have to delete a plan if necessary and then create a new one with new conditions. However, this is quick and free. There is no longer a trading app, instead Onvista has also optimized its website for smartphones. The Onvista app, which is still available, offers a lot of useful information as well as current stock prices even without a trading function and is also a recommendation.

About the offer: Comprehensive trading options and stock information at ONVISTA *


For professionals: Captrader

Captrader is a brand of FXFlat Wertpapierhandelsbank based in Frankfurt am Main and has existed since 1997. In contrast to the start-up competition, the look of Captrader does not even give you the idea that securities trading is child's play. Captrader is therefore primarily aimed at experienced, professional investors. But you don't have to get started straight away: You can use a demo account at Captrader to practice without using real money. The product portfolio is extensive and the products themselves are sometimes highly complex. According to Captrader, investors can trade 1.2 million different securities. However, one looks in vain for savings plan offers. For the four well-known German exchanges, you pay 0.1 percent of the trading volume per trade, depending on the exchange with a different minimum and sometimes plus exchange fees: Xetra (4 euros), Frankfurt (5 plus at least 2.52 euros), Stuttgart (5 , 90 plus at least 0.63 euros) and Tradegate (2 euros). A similar model applies to the many foreign exchanges that Captrader offers. Shares on US exchanges cost 1 cent per share (a minimum of US $ 2, and a maximum of 1 percent of the trading volume). An API interface is available for external software. Since Captrader does not automatically pay the final withholding tax, the user has to take care of it himself in the following year. In return, he can use his speculative profits for investments throughout the year.

»To the offer: The professional depot at CAPTRADER *


With flat rate: Scalable Capital

The provider Scalable Capital, already known as a robo-advisor, lures with a subscription model that includes any number of free orders: For 2.99 / 4.99 euros per month (annual / monthly payment method), unlimited securities purchases and sales as well as ETF Includes savings plan executions via the Gettex electronic trading system. Alternatively, you can use the "Free Broker" cost model without a base price to place securities orders and ETF savings plan executions for EUR 0.99 per trade at Gettex or via Xetra for EUR 3.99 per order plus 0.01 percent trading venue fee (at least EUR 1.50) . There are no custody fees. The ETF savings plan is particularly worth mentioning: even without a flat rate, around 600 savings plans from DWS Xtrackers, iShares and Invesco are free of charge. For other providers with the free broker model, the following applies: One savings plan per month is free, additional ones are charged at EUR 0.99 per execution. The savings rates are at least 25 euros. Good: You can use the price alert to get information about fixed rates. Disadvantages of Scalable Capital in addition to the small selection of trading venues: There is a minimum order volume for shares of 250 euros at Gettex; The broker does not have any certificates or warrants in its program. There are no modern order types such as trailing stop loss.

»To the offer: Depot at SCALABLE CAPITAL *


Who is the best online broker?

As the following table shows, online brokers aren't the only ones on the Internet who can trade stocks. (Online) banks also offer securities accounts and the purchase and sale of securities. Their advantage: You can also have a current account or a credit card at (online) banks. So the customer has everything from a single source. Usually, however, online brokers are significantly cheaper when trading stocks.

Portfolio comparison for stocks and ETFs: portfolio fees, costs for orders and more

Presentation

Order fees

Custody fees

Savings plan fees

Which trading venues are available?

Number of tradable stocks, ETFs, funds, savings plans, crypto assets

Stocks on weekends trade at Lang & Schwarz

What is the minimum order volume?

Web application / trading app

Demo account to practice

particularities

Per

Contra

Suitable for

Button link

intuitive app (no desktop offer available)

Stocks, ETFs and derivatives are traded without order commissions; only a flat rate of 1 euro for third-party costs

no

More than 4,000 stocks and ETFs can be saved permanently and free of charge

LS Exchange; for ETFs: iShares

8,500 stocks and ETFs, more than 4,000 stock and ETF savings plans, 40,000 warrants, knock-out products and factor certificates

only app

No

attractively priced

no web application available, just a trading platform for stocks

Mobile phone users who also want to invest little money

Design is reminiscent of social media platforms with social trading as a core feature

around 2,000 shares free of commission; Spread fees 0.09 percent; Conversion fees, as it is traded in US dollars; Withdrawal fee five US dollars

no custody fees; only those who do not log in for twelve months pay 10 US dollars per month

no savings plans available

There are 17 trading venues for stocks, such as the US stock exchanges Nasdaq (511 stocks) and NYSE (825), Frankfurt (119), London (367)

2,000 stocks, many ETFs, other stocks and many other products as derivatives, 16 crypto values

$ 50; Copy-Value $ 500

both

Yes

Social trading: investors exchange market and stock exchange information on request; 16 cryptocurrencies; Minimum deposit when opening an account 500 euros

learning from others is easy; Exercise function

somewhat confusing price structure, which is only available in detail in English; relatively few stocks; no savings plans

Trendsetters who want to try modern investment techniques

new on the market, therefore modern and fresh design

Free of charge for orders with a trading volume of at least 500 euros via Gettex and for derivatives in direct trading with four partners; 1 euro with the same conditions at Lang & Schwarz; Order volume below EUR 500 and at other German trading venues: EUR 4

Free custody account management, but negative interest (0.5 percent) on the clearing account if more than 15 percent of the investment is available as cash over the quarter

280 ETFs eligible for savings plan free of charge; 351 ETFs eligible for savings plan with 0.2 percent (at least 0.80 euros) per execution

all German regional exchanges, Xetra, Tradegate, Quotrix, Gettex, Lang & Schwarz; another 16 partners for over-the-counter trading; 23 foreign stock exchanges

all stocks, funds, ETFs, certificates, leverage products, bonds that are listed on German stock exchanges; additional shares abroad; more than 600 ETFs are also eligible for savings plans

Saturday 10 a.m. to 1 p.m., Sunday 5 p.m. to 7 p.m.

web application only

No

Comprehensive range of securities with low order fees, some of which are even free of charge

Fees for clearing account (0.5 percent per year) as soon as the total exceeds 15 percent of the deposit value

Bargain hunters who can do without trading via mobile phone

tidy application despite a large selection of products

commission-free; no flat rate for third-party costs

free custody account management, but negative credit interest of 0.5 percent

no savings plans available

Tradegate, LS Exchange, Quotrix; 4 over-the-counter partners

more than 500,000 securities, including 7,300 stocks from 52 countries, approx. 1,000 ETFs and ETCs as well as certificates, warrants, leverage products; also crypto values: Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash

500 euro; 50 euros for cryptocurrencies

both

No

5 cryptocurrencies

free stock trading, cheap crypto trading

Minimum order volume, only three trading venues, negative interest on clearing account, no savings plans

Price-conscious investors who don't want to put any change

The app and desktop version are understandable and seem like a single piece

in the first year EUR 3.90 per order on all German stock exchanges; then 4.90 euros plus 0.25 percent on the order volume (min. 9.90, max. 59.90 euros); plus trading venue fee (min. 1.50 or 2.50 euros) and third-party fees

free deposit for three years; then linked to activities; otherwise 1.95 euros per month

For ETF, share and certificate savings plans, there is no issue surcharge, but a commission of 1.5 percent of the order volume per security and execution

all German trading venues; 16 partners for OTC trading; 12 foreign exchanges

14,500 stocks, 1,500 ETFs, 32,500 funds, 629,000 warrants, 1,085,000 certificates and 62,500 bonds

Saturday 10 a.m. to 1 p.m., Sunday 5 p.m. to 7 p.m.

both

No

free trading software (Pro-Trader); API interface for external software

many trading venues with a large product portfolio and extras

high order fees from the second year

Comfort-oriented investors who appreciate many options

simple and clear

no order fees in the first six months at Tradegate, L&S, Baader Bank, thereafter 5.90 euros per order plus trading venue fee (for the above 2 euros) and third-party fees; Minimum total costs on German stock exchanges between EUR 7.90 and EUR 11.32 per order

Custody fee of 0.1 percent on the market value of the securities in custody; negative credit interest of 0.5 percent

250 selected ETF savings plans free of charge; additional savings plans per execution 1.50 euros

all German regional exchanges, Xetra, Tradegate, Gettex, L&S Exchange; another 16 partners for over-the-counter trading; 11 foreign trading venues

8,500 stocks and ETSs, more than 1,000 ETF savings plans, 5,000 funds (including ETFs); also derivatives and CFDs

both

No

Favorable conditions (0 to 3.90 euros per trade) for certificates and warrants from seven partners; many training videos

makes securities trading easy and understandable for beginners

Deposit fees, negative interest on clearing account

Fans of warrants and beginners who start trading cheaply

Easy to understand desktop application; App a little confusing because it is not a pure trading app

Stock orders EUR 3.95 in the first year when trading via Tradegate; otherwise at least 9.95 euros per trade, max. 69 euros; many funds and ETFs with no fees

no

270 ETF savings plans for free; all other ETF savings plans: 1.5 percent per savings plan execution; for equity funds: 1.5 percent plus mostly issuing fee

all German regional exchanges, Xetra, Tradegate; more than 20 foreign exchanges, more than 20 partners for over-the-counter trading

20,000 stocks and 7,000 funds (including ETFs); in addition, numerous bonds, currencies and commodities

Saturday 10 a.m. to 1 p.m., Sunday 5 p.m. to 7 p.m.

both

No

free trading software (ActiveTrader); API interface for external software

many trading venues with a huge product portfolio and extras

high order fees from the second year

Comfort-oriented investors who appreciate many options

Understandable texts, airy design

4.90 euros plus 0.25 percent of the market value, a maximum of 69.90 euros

no

all ETF savings plans for 0 euros; many share and fund savings plans from 1 euro, otherwise usually 1.75 percent of the market value

all German regional exchanges, Xetra and Tradegate; Stocks can also be traded in the US and Canada; Certificates & Co. also over the counter with 12 partners

all stocks, funds, ETFs, certificates, leverage products, bonds that are listed on German stock exchanges; additional shares abroad (USA, Canada); Number of savings plans: 720 ETFs, 640 funds, 480 stocks, five commodity certificates

both

No

inexpensive savings plans, all ETF variants free of charge

Trading on stock exchanges outside Germany is limited to a few trading venues

Savings plan lovers and shareholders without exotic country preferences

somewhat dusty design, the owner Commerzbank looks much fresher

5 euros for all securities on German trading venues plus 2 euros trading venue fee (plus costs for Xetra and regional exchanges); for US trading venues 10 euros plus 5 euros trading venue fee

negative credit interest of 0.5 percent for more than 250,000 euros on the clearing account

all available savings plans (around 200) for an execution fee of 1 euro; 50 to 500 euros savings rate

all German regional exchanges, Xetra, Tradegate, Quotrix, Lang & Schwarz; another 14 off-exchange partners US stock exchanges NYSE, Nasdaq, AMEX

all stocks, funds, ETFs, certificates, leverage products, bonds that are listed on German stock exchanges; additionally all securities of the three major US stock exchanges

web application only

No

simple price overview, comprehensive range of securities

no trading via app

Onvista fans who have cherished the website for a long time

is more aimed at professionals and offers many analysis tools

Usually 0.1 percent on the order volume with a minimum (examples: Tradegate 2 euros; Frankfurt: 5 plus at least 2.52 euros), shares on US stock exchanges cost 1 cent per share (at least 2 US dollars, maximum 1 percent of the trading volume )

only in the case of inactivity for more than a month and a deposit value below EUR 1,000: EUR 1 per month

Savings plans only through partner ebase (registration required)

Xetra, Frankfurt, Stuttgart, Tradegate and around 130 foreign stock exchanges; over-the-counter trading on the US stock market

More than 1.2 million tradable securities, stocks, ETFs, futures, options, warrants and many more exchange-traded securities and derivatives

both

Yes

expandable with external software; Minimum deposit when opening an account 2,000 euros; only one payment / month free of charge (otherwise 1 or 8 euros), no automated tax transfer

extensive security selection; various tools and order options for professionals

Real-time prices are chargeable, no separate savings plan offer, over-the-counter trading is very limited

Ambitious investors and professionals

manageable even for beginners

Gettex: EUR 0.99 per order or flat rate from EUR 2.99 per month with an unlimited number of securities purchases and sales as well as ETF savings plan executions; 3.99 euros per order for Xetra trading

no

if you opt for the flat rate fee of 2.99 euros per month, you will receive all savings plans free of charge; otherwise only one savings plan is free, each additional one costs 99 cents

Gettex, Xetra

4,000 stocks, 1,300 ETFs and ETF savings plans, 2,000 managed funds

Gettex only: 250 euros; Savings plans from 25 euros per month

both

No

low costs, attractive price model for active traders (only Gettex)

Minimum order volume at Gettex, only two trading venues, no derivatives

Cost-conscious high-volume traders who limit themselves to traditional investments

renounces design finesse, the focus is on the information

4.99 euros plus 0.25 percent of the order value (min. 8.99 euros to max. 54.99 euros); plus EUR 0.99 trading platform fee in Germany; Discount depending on the number of annual transactions from ten percent for 100 transactions to 80 percent for 5,000 transactions

Free custody account management for at least one transaction per quarter or assets of at least 10,000 euros, otherwise 11.97 euros per quarter

Many Deka ETF savings plans and 16 UBS ETF savings plans free of charge, all others and share savings plans: order fee of 2.5 percent per savings plan rate

all German regional exchanges, Xetra, Quotrix, Tradegate, Lang & Schwarz, L&S Exchange; another 17 over-the-counter partners; 29 foreign stock exchanges

9,000 stocks, 12,000 funds, 2,000 ETFs, 20,000 bonds, 1.3 million leverage products, plus stock savings plans, ETFs eligible for savings plans, funds and certificates

Saturday 10 a.m. to 1 p.m., Sunday 5 p.m. to 7 p.m.

both

No

Discount model for order fees

Trading on numerous stock exchanges

relatively high order fees, expensive savings plans

Sparkasse customers and users who appreciate many options

slightly outdated optics

10 euros per domestic order up to 10,000 euros, above 25 euros; for foreign execution venues, the cost per order is EUR 20 or EUR 35; Third-party fees are added to orders that are not processed via the Tradegate trading center

no

1.50 euros per savings plan execution, less or free of charge for special offers for a certain period of time

all German regional exchanges, Xetra, Quotrix, Tradegate; another 12 partners for over-the-counter trading; 31 foreign stock exchanges

More than 1.5 million tradable securities, including 22,000 funds and 2,000 securities savings plans, including 115 ETF savings plans

both

No

Trading on numerous stock exchanges, simple fee structure

high order fees

DKB customers and users who appreciate many options

Most likely, one thing is most important to you when trading on the stock exchange: making money. As is well known, whether this succeeds depends on buying a security at a lower price than you will sell it later. But there is a second factor: the cost of trading itself. It is therefore of great importance to look at the costs when choosing an online broker. But what are the actual costs? Basically they are:

  • Order fees: For example, a percentage of the order amount, sometimes with a minimum price and / or a maximum price per trade.
  • Third-party fees: These are costs that are not incurred by the online broker, but rather when buying shares on a stock exchange, for example. For example, when trading on the Frankfurt stock exchange, prices are 0.04 percent for DAX stocks and 0.08 percent for all other stocks.
  • Custody account fees: These are mainly required by financial institutions for the provision of a securities account. The fierce competition means that online brokers now mostly offer free custody accounts.

Which Online Broker For Beginners?

Service, security and low prices: this triad defines a good online broker. Ease of use and supporting information are especially important for beginners. The now low order prices are positive on the one hand, but on the other hand they encourage frequent trading. But a lot of trade doesn't have to bring much. Especially not if you are inexperienced: It takes time to build up wealth, it is not a 100-meter run, but a marathon. So take your time! Watch the market. Do not start until you are convinced that you understand how it works. Our tip: When choosing an online broker, make sure that it does not tempt you to trade a lot. And always keep in mind: The broker usually earns from trading, but whether they ultimately make a profit is a completely different story.

»Dividend ETFs: You get regular cash here

Also important: help with problem solving. Beginners in particular have a lot of questions and get stuck in some places. Does the online broker provide fast and competent online help? Is a contact available in a chat or by phone? A good hotline can make it easier for newbies to get started. Our tip: Before signing a contract, activate all the help functions on the website or app and test them. Do they work? Do you get understandable answers? How long is the delay in written inquiries?

We recommend: Take the time right at the beginning and surf for 30 minutes each on the websites of the popular online brokers or download the relevant apps. What's your impression? Do you feel overwhelmed or picked up? Is the address the way you want it? Our experience: The big players are now trying hard not to overwhelm potential new customers. The competition has also stimulated business here.

About the offer: Simply copy the most successful traders (including crypto trading) at ETORO *


Online broker: safety first

Clear recommendation from COMPUTER BILD regarding security: Choose a provider from the European Union. The EU area is well positioned. The MiFID II financial market guideline, which came into force in 2018, also regulates online brokers. The investors' custody accounts have the legal status of special assets and are kept separate from the online broker's assets. That means: In the event of the provider's bankruptcy, the securities accounts do not move into the bankruptcy estate.

The following applies to the money in the clearing account: You are fully insured up to an amount of 100,000 euros. Whether there is additional protection depends on whether the online broker or its affiliated bank participates in a voluntary deposit protection scheme. Most online brokers in Germany - but not all of them - are voluntary members of the deposit protection fund of private banks in Germany. For example, Solaris Bank is not protected by the private banks' deposit insurance fund. In an emergency, for example at Trade Republic, customer funds are only protected by the statutory deposit protection of up to 100,000 euros per investor. The same applies to Flatex and the Flatex Bank behind it.

The situation is different if the bank or broker does not buy shares directly on behalf of the customer, but instead deals with CFDs, i.e. derivatives. Then, in the event of bankruptcy, the customer has so-called "claims from securities transactions" against the bank or broker. The compensation scheme of the securities trading company (EdW) then applies to all companies approved in Germany. The amount of the compensation claim is limited to 90 percent of the claim, but only amounts to a maximum of 20,000 euros. For example, eToro explains to its customers: “Please remember that if you have a CFD position on a stock, you do not actually own the stock. CFD trades are marked as 'CFD' in the trade line. ”Accordingly, the eToro website only guarantees a security of 20,000 euros per customer.