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When evaluating a broker in Germany, the BaFin Unternehmensdatenbank lists which companies hold authorization and which activities they are permitted to conduct. Understanding how to read this public database is a practical first step in independent broker evaluation — but the database only works if you know what to look for.
To search, enter a broker's name into the search field; results show the company's name, address, and all individual authorizations or activities. The Category filter lets you restrict searches to specific company types, such as "Kreditinstitute" (credit institutions) or investment firms. This matters because a broker might operate under a holding company or subsidiary that does not appear in simple web searches.
The database distinguishes between two paths to operate in Germany. Banks and financial services providers need written authorization from BaFin; an exception applies to companies from EEA states, which simply notify BaFin of their intention to provide cross-border services or establish a branch — known as the "notification procedure" or "European Passport". A broker showing an active "Erlaubnis" (authorization) has undergone BaFin's formal approval process; one showing only notification has passed a lighter registration gate but is still under supervision.
Every authorization record lists specific activities — such as "Wertpapierhandel" (securities trading) or "Anlageberatung" (investment advice). The activities field tells you exactly what services the broker is legally permitted to offer. If a broker offers services not listed, that is a red flag: it may be operating outside its authorized scope, which violates German law.
The database classifies some institutions as "CRR-Kreditinstitute" — credit institutions under capital regulation (CRR) that are licensed to conduct banking business and may offer e-money services. Investment firms, by contrast, hold narrower permissions focused on securities services. This distinction affects deposit protection: CRR banks fall under the German deposit guarantee scheme (up to €100,000); investment firms' client assets may be protected through a different compensation mechanism. Checking this field reveals the legal structure and the type of investor protection you receive if the broker fails.
The database includes all institutes authorized by BaFin and all companies from another EEA member state that have notified BaFin. When you see a broker listed as "notified" with a home regulator elsewhere in the EU, the broker operates in Germany under EU passporting. Verify the home regulator on its own register before assuming equal protection — a Cyprus regulator and a German one apply different rules and may offer different compensation limits.
The BaFin Unternehmensdatenbank is updated daily. This means authorization changes, revocations, or enforcement actions are reflected promptly. A broker's status can shift if BaFin restricts activities or revokes a license — using an outdated screenshot for evaluation is unreliable. Check the live database shortly before opening an account.
BaFin states that great care has been taken in compiling the information; however, BaFin accepts no liability for the completeness and accuracy. The database confirms authorization and permitted scope, but does not rate quality, cost, or execution. It is a verification tool, not an evaluation tool — knowing a broker is authorized is necessary but not sufficient for choosing one.
Analysis, not investment advice.
