I tightened down the m5 that pinches it around the spindle, but looks like there's a part missing. Is this just a dust cover or is it unsafe to ride without it?
You are missing the preload cap. It puts a small load on the bearings, then torque the pinch bolts to 10- 13 nm. Is it unsafe without it? No but you won’t get a preload on the bearings without it. You can probably get a new cap for a few bucks. Also, there is a little tool you can buy that inserts into the cap to set preload. If ya don’t wanna do that, your LBS can probably hook you up fairly cheap.
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You’re missing the preload cap. [Example](https://parliament.cycle-solutions.com/shimano-road-hollowtech-ii-crank-preload-cap.html). You’ll want to get that. It’s what preloads the bearings before you tighten down the crankset.
You are missing the preload cap. It puts a small load on the bearings, then torque the pinch bolts to 10- 13 nm. Is it unsafe without it? No but you won’t get a preload on the bearings without it. You can probably get a new cap for a few bucks. Also, there is a little tool you can buy that inserts into the cap to set preload. If ya don’t wanna do that, your LBS can probably hook you up fairly cheap.