Founded in 1999 and owned by Fineco Bank S.p.A., Fineco has been a pioneer in online trading since it was founded. With Fineco, you have access to twenty-six global markets, and traders can trade over twenty-thousand financial instruments worldwide. You can trade at Fineco with three powerful platforms on desktop, web, and mobile, and all platforms have wide ranges of news updates, analyses, and indicators.
The pricing is competitive. Low fees, commissions, and spreads on many Fineco products make it an attractive firm for traders looking to save money on additional, non-trade-related costs. The bank processes over 27 million trades each year, and it has become a one-stop solution for people who want to want to trade, bank and invest with the same account. Customers especially seem to like the mobile app, giving in a 4.6/5-star rating on the Google Play and Apple stores.
Fineco wants people to “trade without compromise.” They offers premium services with low fees, no monthly or custody fees, nor are there minimum deposit requirements, activity charges, or market connectivity costs. At the London Trader Show Awards in 2020, Fineco took home several wins, including “Best Provider of the Year,” “Best Trading Tools,” and “Best Trading Platform.”
Finally, this firm’s customer service deserves a mention, as it reports that over 90% of its customers are satisfied with their customer service experience. Read through our guide to learn more about this innovative firm.
FinecoBank Pros and Cons
Pros
- Low Fees
- Highly Regulated With A Long Track Record
- Excellent Mobile Platform
- Multi-asset trading platform
- Multi-Currency Trading Allowed
Cons
- Bank Wire Transfer Only
- Limited Educational Tools
Who Is FinecoBank Recommended For?
New traders might find Fineco a bit confusing, and the company is a little light on educational resources, so, if you’re a complete novice, you probably will be better off getting more of a base knowledge before you sign up for an account. However, mid-level to expert traders will appreciate much of what Fineco has to offer, particularly when it comes to its mobile app.
If you’re a trader looking for a firm with a different platform than the MetaTrader suite, Fineco might be the firm for you. The PowerDesk is the ultimate workstation, and it has intuitive charting, live prices, push notifications, real time news, and many more features that we discuss below.
It shouldn’t come as a surprise that Fineco is best for experienced traders, as the platform caters to people who trade CFDs, and those individuals are usually advanced. With Fineco, you can trade thousands of CFDs with no commission fees or additional spreads. Global CFD trading works in any direction with Fineco, and you can trade weekly, twenty-four hours a day through all the platforms.
Top FinecoBank Features
- One-Stop Solution. Fineco has a single, multi-currency account with over twenty currencies. This account includes not only brokerage products, but also investment and banking services. This “one-stop solution” model appeals to customers who want to manage all their financial needs through a single bank and a single brokerage account.
- ISA. If you live in the UK and want to trade stocks and shares, an ISA is available to you. This account has fund managers who will help you meet your investment goals. Fund managers come from companies like J.P. Morgan, Fidelity, Invesco, Robeco, and more. With the ISA, you can start investing with a minimum of 100GBP. There is an annual platform fee of 0.25%, maximum, depending on your account value. You don’t pay fees for exiting, withdrawing funds, holding, or dealing. ISA helps UK residents grow their money.
- Multiple Trading Markets Available. Just to name a few, the trading markets accessible from Fineco include LSE (London), NYSE-NASDAQ-AMEX (New York), XETRA (Frankfurt), EURONEXT (Paris and other markets), EQUIDUCT, BORSA ITALIANA (Milan), SMI (Zurich), BME (Madrid), CME, EUREX, and more. The available of the markets combines with the wide range of products you can trade, including indices, commodities, shares, CFDs, and Forex.
- Investing Platform. Fineco offers its customers an investing platform with over fifteen asset managers and more than 500 mutual funds. There are no hidden fees, transfer fees, exit costs, or other sneaky extra hits to your wallet. There is no dealing charge to buy or sell funds, nor will you be charged by Fineco to transfer funds from a different bank. If you want professional help to invest wisely, consider the Fineco investment account solutions.
- Multicurrency Account. The Fineco Multicurrency Account allows for transferring and holding liquidity in over twenty currencies. You can trade at convenient exchange rates in the market, and you can even transfer money broad in the currency of your choice. Again, all at a low fee.
FinecoBank Overview
- Type of Broker Agency Broker, Market Maker (CFDs)
- Regulation & Licensing The Financial Conduct Authority (United Kingdom), National Commission for Companies and the Stock Exchange (Italy), National Commission for Companies and the Stock Exchange (Italy)
- Clients Accepted from Italy, UK
- Assets Offered Foreign Exchange (FX), Commodities, Indices, Shares/Stocks, Bonds, Futures/Forwards, CFDs, Options
- Platforms Available Web, Mobile
- Mobile Compatibility iOS, Android
- Payment Types Accepted Bank Wire Transfer
FinecoBank Account Types
|
Features |
One Stop Solution |
ISA Account |
|
Account Currencies |
Multicurrency |
GBP |
|
Available Leverage |
100:1 |
100:1 |
|
Minimum Deposit |
$0 |
$0 |
|
Starting Spreads |
Depends on Market |
Depends on Market |
|
Commission Per Trade |
$2-$2.5 per trade |
Varies |
|
Decimal Pricing |
Up to 4 |
Up to 4 |
|
Trading Instruments |
Foreign Exchange (FX), Commodities, Indices, Shares/Stocks, Bonds, Futures/Forwards, CFDs, Options |
Stocks, Shares |
|
Min. Lot Size Per Trade |
0.01 |
0.01 |
|
Max Lot Size Per Trade |
500 |
500 |
|
Demo Account |
Yes |
Yes |
|
Swap/Rollover Free |
No |
No |
|
Copy Trading Support |
No |
No |
FinecoBank Compliance & Regulation
Fineco is regulated by the Financial Conduct Authority (United Kingdom), the National Commission for Companies and the Stock Exchange (Italy), and the National Commission for Companies and the Stock Exchange (Italy). The Fondo Interbancario di Tutela dei Depositi insures certain accounts up to predetermined amounts.
FinecoBank Pricing
A highlight of Fineco is how transparent it is about its pricing. The firm lists its prices right on its website; there’s no account required to see how it conducts business. Fineco’s commissions vary based on the product in question. While you’ll be able to learn the ins and outs of pricing for each of the sub-categories within these asset classes, this is a brief overview of how pricing works on Fineco.
For example, for US and EUR stocks/ETFs, there is a fixed commission of $3.95 per trade on European and US exchanges. UK shares and ETFs start at 2.95GBP. For CFDs, there are no commissions on US, UK, and EU shares, nor is there an additional spread. Futures’ commissions run as low as $0.70 on CME Micro Futures. They also run as low as 0.75 euro on Mini DAX.
For indices, there are spreads as low as 0.4 pips on S&P 500 and 0.6 pips on FTSE 100 and NASDAQ 100. Forex has spreads starting at 0.8 pips on EUR/USD, and you’re able to trade over fifty Forex pairs. Commissions on options start at $1.95 per lot on VIX, Russel, DJ, NASDAQ, and S&P indices.
As aforementioned, the maximum annual platform fee for funds is 0.25%. The fee you pay depends on what you have in your portfolio. The more you hold, the lower your fee. When it comes to bonds, there is a fixed commission of 6.95GBP on EuroTLX, HI-MTF, MOT/EuroMOT, and Euronext. Finally, when you trade with Fineco, there are no custody or administration fees, so you don’t need to add those when you’re calculating the totals above.
FinecoBank Reliability & Security
When it comes to reliability, one way to know whether a firm is reliable (i.e. glitch-free, smooth, no hiccups, etc.) is to look at the trading platform available. At Fineco, the platforms are built in-house, and they handle over 75,000 orders daily (which works out to more than 27 million per year).
The PowerDesk is an advanced platform. It’s free, and Fineco says it’s easy to use. It is customizable, and the workstation has one screen that forms a full trading suite. The PowerDesk has features like live prices, chart trading, over 6,000 news headlines per day, push notifications, dashboard personalization, automatic orders, and technical analysis. Historical reports, personalized listings, and an economic calendar are other features offered with PowerDesk.
Next up is the web platform, which you can access directly from your Internet browser. The trading room comes up right on your home screen, and features like interactive charts, free quotes, stock screeners, and overviews all add elements of interactivity to your trading.
The mobile platforms, available on iOS and Android, are Fineco’s most well-liked. Their best feature is the fact that you can trade all Fineco products anywhere using the app. You can also get mobile streaming quotes, P&L updates (live), customizable interactive charts, and news updates. All in all, the quality of these platforms indicates a reliable firm.
FinecoBank User Experience
It appears that users have a good experience when it comes to Fineco’s customer service. The institution says that it can “solve problems over the phone,” and it reports that, based on surveys, 94% of its customers are satisfied with the help they receive. Customer support hours are from 8AM to 10PM during the week and 9AM to 8PM on weekends.
Final Thoughts on FinecoBank
Fineco Bank is an excellent financial institution and firm. Its fees and prices are competitive, and it allows you to trade and bank from one account, a convenience that its many customers appreciate. These features, in addition to Fineco’s award-winning track record, make this a solid choice for residents in the UK or Italy.
Contact Info
Piazza Francesco Durante 11, 20131 Milan – ITALY