Cash balances are deposited in accounts with partner banks and in money market funds. Initially, these are Deutsche Bank, J.P. Morgan Asset Management, DWS and BlackRock. The statutory deposit guarantee of the partner banks is €100,000 per client. For money market funds European investor protection rules (UCITS) apply regardless of the amount. 

In case of insolvency of Scalable Capital, you are entitled to the return of your securities. These are not part of the bankruptcy estate and are therefore protected.