In the Federal Republic of Germany, a securities account (brokerage account) may only be run by banks or financial service providers. There are laws for this. In general, opening a securities account is subject to the general rules that apply to opening a bank account. The rules on tax requirements and the German Money Laundering Act are clearly defined here. The documentation of the securities account, the registration, takes place through the so-called account retrieval procedure.

The credit institution or financial service provider therefore stores the following data:

  • the opening date of the securities account
  • Name 
    </li><li>Date of birth
</li><li>Account number
</li><li>Names of other authorized persons
with date of birth etc. 

</li><li>Persons authorized to dispose of an
account
</li><li>Closing of an account

These are, for now, the basic legal requirements for a securities account in Germany.

The account as a joint account?

Among married couples in particular, the question of a joint account arises. In Germany this is usually an "Oder-Depot" (an "either/or" account). It specifies whether the account holders should have joint authority, i.e. may only act together, or each on their own. There are further legal details to note here, which the credit institution or financial service provider will explain.

An either/or account, like a joint checking account, is not uncritical. As long as everything happens by mutual agreement there are no problems, but someone who is a friend today can be an enemy tomorrow. This should be kept in mind, especially in good times.

Act for the future!

An old market maxim says: buy stocks and go to sleep! Over the long term in particular, stocks are an interesting investment. With so-called stop-loss orders, an account can be well protected over time. If the price falls to a certain level, the stocks are sold automatically. That level should be chosen carefully, though.

It is definitely a safeguard if you don't want to watch your holdings every day or too often. Trading stocks privately can cause a stress factor that is far from negligible. Many people carry anxieties, especially when it comes to their own financial security. Not caring at all when you trade stocks is bad advice, but following share prices every day is very nerve-racking.

Alternatively, you can also put funds in your account. A good addition, and you don't have to worry about anything. The profits are of course not as high as with individual stocks, but it is an interesting and usually safe addition.

Personal interest should be present in all financial matters. Handing this over to strangers without gaining any knowledge of the business yourself is definitely not advisable.