Introduction
Scalable Capital and Trade Republic are both German brokerage platforms that serve retail investors across multiple European markets. They offer trading in a range of asset classes via user-friendly interfaces and have become prominent players in the European fintech space. Both platforms operate under German regulatory oversight and serve millions of customers with tens of billions in assets under custody.
Platform Background and Scale
Trade Republic is based in Berlin and was founded in Munich. It serves customers in many European countries and holds approximately 8 million users with collective assets under management around €100 billion. It holds full banking status and has expanded its product range to include derivatives and cryptocurrency.
Scalable Capital is a German fintech originally launched in the mid-2010s. It combines brokerage services with wealth management (robo-advisor) and is backed by major institutional investors. It manages around €30 billion in assets and is expanding across Europe.
Asset Selection and Trading Products
Stocks and ETFs
- Trade Republic offers trading in approximately 7,500 stocks and about 1,500 ETFs. A substantial subset is available via fixed-rate savings plans.
- Scalable Capital provides access to around 8,000 global stocks and over 1,900 ETFs. Around 3,000 equities are available via savings plans. Some stocks and ETFs are restricted to paid subscription tiers.
Bonds and Derivatives
- Trade Republic enables trading in equities, ETFs, derivative products, bonds, and cryptocurrencies. Bond listings include both government and corporate instruments.
- Scalable Capital does not offer direct bond trading but provides access via bond ETFs and investment funds. It supports derivatives via exchange-traded products and its robo-advisor functionality.
Cryptocurrency
- Trade Republic offers trading in numerous cryptocurrencies, with custody handled by a German custodian. These digital assets cannot be transferred externally.
- Scalable Capital provides access to crypto through exchange-traded products (ETPs). Users cannot withdraw crypto to personal wallets.
Fees and Pricing Models
Per-Trade Fees
- Trade Republic charges a flat external fee of €1 per execution. Savings-plan purchases are exempt from this fee.
- Scalable Capital typically charges €0.99 per trade. Optional subscription plans allow unlimited trading above certain thresholds for a monthly fee.
Subscription and Volume Plans
- Trade Republic uses a standard model without a monthly subscription. Order fees remain flat regardless of trading frequency.
- Scalable Capital offers subscription tiers that allow zero-fee trades above a certain trade size and free ETF/stocks savings-plan execution.
Interest on Cash Balances
- Both platforms provide interest on uninvested cash balances. Reported interest rates are approximately 2 percent per annum.
Platform Features and User Experience
- Trade Republic is primarily mobile app–based. Its interface emphasizes simplicity and ease of use, suitable for beginners and passive investors. It includes savings plan setup, watchlists, and basic alerts.
- Scalable Capital offers both mobile and web interfaces. The platform includes advanced features like limit orders, stop-loss, take-profit orders, smart predictors for execution likelihood, and curated securities lists. Robo-advisor functionality is also integrated into its offering.
Geographic Reach and Language Support
- Both platforms operate in multiple European countries, including Germany, France, Spain, Italy, and the Netherlands.
- Both offer English-language app and website options to accommodate international users.
Corporate Structure and Financial Position
- Trade Republic is a Berlin-based private company with a full banking licence. It offers proprietary payment cards and cryptocurrency services. A deposit guarantee scheme protects customer funds.
- Scalable Capital is backed by private investors and institutional stakeholders. It has raised significant capital in recent funding rounds and continues expanding across Europe. It is in the process of obtaining a banking licence to broaden its service offerings.
Order Routing and Market Structure Considerations
- Both platforms rely on alternative trading venues such as Lang & Schwarz Exchange, Gettex, and European Investor Exchange rather than standard exchange order books.
- Regulatory scrutiny has increased around these market structures, focusing on whether they provide competitive pricing. Both firms maintain that their pricing mechanisms meet transparency and fairness standards.
Strengths and Limitations
Trade Republic
Strengths:
- Simplified user experience
- Low flat per-trade cost
- Access to a wide selection of stocks, ETFs, derivatives, bonds, and crypto
- Interest on idle cash
- Banking licence with deposit insurance
- Beginner-friendly design
Limitations:
- Limited advanced order types
- Savings-plan investors are restricted to select products
- App-only platform with no desktop interface
- Per-trade external fee applies regardless of trade size
Scalable Capital
Strengths:
- Web and mobile platform access
- Advanced trading tools and order types
- Subscription model with unlimited trades
- Integrated robo-advisor
- Broad ETF and stock selection
- Multi-channel execution venues
Limitations:
- €0.99 trade fee applies outside subscription
- Some securities are only accessible through premium tiers
- No direct bond trading
- Cryptocurrency access is limited to ETPs without wallet transfers
Summary Comparison Table
| Feature | Trade Republic | Scalable Capital |
|---|---|---|
| Stocks available | ~7,500 | ~8,000 |
| ETFs available | ~1,500 | ~1,900 (3,000 in savings plans) |
| Savings plans | Fee-free on eligible ETFs and stocks | Fee-free for eligible securities if subscribed |
| Per-trade fee | €1 | €0.99, or free under subscription |
| Crypto access | Yes (custodied crypto) | Yes (via ETPs only) |
| Bonds trading | Yes | Access via ETFs only |
| Platform types | Mobile app only | Mobile plus web interface |
| Robo-advisor service | No | Yes |
| Domestic deposit insurance | Yes | Yes (via partner bank) |
| Advanced order types | Limited | Limit, stop-loss, take-profit, Smart Predict |
Conclusions
Both platforms offer low-cost investment services across Europe. Trade Republic emphasizes simplicity, mobile-first design, and fixed-cost trades, making it well-suited for passive and beginner investors. Scalable Capital appeals to more active users who seek advanced tools, broader platform access, and subscription flexibility.
Trade Republic is optimal for users seeking straightforward investing without subscription commitments. Scalable Capital offers advantages for those prioritizing trading efficiency, feature richness, and long-term portfolio automation.
