MyInvestor vs Scalable Capital — which broker is better?

Pros

• More than 2,400 funds with no MyInvestor purchase, custody, redemption or transfer fee, and tax-neutral fund switches
• Shares and ETFs at 0.12% per order (EUR 3 minimum on shares, EUR 1 on ETFs, EUR 25 maximum) with no custody, inactivity or dividend-collection fee
• Spanish bank licence (Banco de España code 1544, CNMV) with FGD cover of EUR 100,000 for cash and a separate EUR 100,000 for securities
• Reports clients' operations to the AEAT; MyInvestor states that holdings kept there need no modelo 720
• Index robo-advisor portfolios from EUR 150 at 0.15% management plus 0.15% custody a year, with weekly to half-yearly contributions
• More than 100 pension plans, including MyInvestor's own indexed plans, in the same app
• Free current account with SEPA transfers, Bizum and free cards; accounts opened from 1 September 2026 earn 2.50% AER for six months on up to EUR 70,000 (terms read 02.11.2026)
• Handles the W-8BEN form, so US dividends are withheld at 15% instead of 30%

Cons

• Only for residents of Spain and Spanish nationals living in another EU country or the UK, and an existing account at another Spanish bank is required
• Quotes in the app are delayed 15 minutes; only limit and market orders, and stop-losses only on NYSE, Nasdaq and Xetra
• 0.30% currency fee on foreign trades and dividends; Premium (EUR 7.99 a month) waives it only for US-dollar trades and dividends in its USD account and charges 0.25% on other currencies
• No fractional shares, and options and futures do not appear in the broker's product list
• Under the terms for accounts opened from 1 September 2026 (read 02.11.2026), idle cash earns 0.30% AER after the six-month welcome rate unless you invest EUR 300 to EUR 900 a month in selected products or hold an AXA policy taken out through MyInvestor
• Corporate actions, takeover offers and FIFO lots run through a separate Inversis website, and account activation can take up to a month

Pros

• Free savings-plan executions from EUR 1 with fractional amounts, across more than 2,700 ETFs, 4,500 shares and 3,800 funds - the deepest catalogue in Europe.
• PRIME+ at EUR 4.99 a month makes trading a fixed cost rather than a variable one; commission-free orders from EUR 250 on EIX break even at roughly five trades a month. Purchases of PRIME ETFs (Amundi, iShares, Vanguard, Xtrackers) from EUR 250 on EIX are free on the FREE Broker as well, so they do not count towards that.
• Holds its own full ECB banking licence since September 2025 and custodies client securities itself, with cash covered to EUR 100,000 and PRIME+ balances spread across partner banks for wider statutory coverage.
• 2.60% p.a. on the Scalable Overnight cash account, paid monthly - on unlimited cash, with or without PRIME+.
• More than 3,800 mutual funds tradable without the front-end load, which is unusual at a flat-fee broker and useful for anyone holding legacy fund positions.
• German residents get Abgeltungsteuer, solidarity surcharge and church tax withheld and remitted automatically, with annual tax certificates issued.
• Broker, cash account, robo-advisor (Scalable Wealth) and a securities-backed credit line all sit behind one login, which is a genuine consolidation argument.

Cons

• Since 1 September 2026 gettex orders cost up to EUR 1.99 on every plan, up from EUR 0.99, which wiped out the PRIME+ commission-free advantage that made the subscription compelling on that venue.
• Only three trading venues - EIX, gettex and Xetra - with no direct access to US or other foreign exchanges, so you buy foreign shares through a German quote rather than on their home market.
• On EIX, Scalable is the single market maker on the venue it routes you to by default, which is the same broker-as-counterparty conflict the post-PFOF industry inherited.
• Euro-only accounts with no multi-currency balances and no itemised FX charge, so the true cost of a foreign share purchase is not visible on the contract note.
• No telephone support: chat and email only, with slow replies and delayed tax documents the most common complaint in user reviews.
• Fractional trading works in savings plans but not in ordinary lump-sum orders, and there is no demo account.