M1 takes security very seriously and account protection is one of our top priorities. We are a registered broker/dealer with FINRA and a member of SIPC.
All data transferred and stored within our systems is protected with military-grade 4096-bit encryption. For additional protection, we offer two-factor authentication to keep your account extra secure. You can enable two-factor authentication in the Settings of M1.
SIPC (Securities Investor Protection Corporation) protects against the loss of cash and securities held by a customer. SIPC protection is up to $500,000 which includes a $250,000 limit for cash. SIPC does not protect you for any decline in the value of your securities. Our clearing firm has also purchased supplemental insurance in the event that SIPC limits are exhausted.
M1 Spend and M1 Plus accounts are FDIC insured up to $250,000 and further insured through Lincoln Savings Bank.