Review Fineco Bank
Fineco Bank is an Italian stockbroker and lender regulated by the Bank of Italy, Consob, and subject to limited regulation by the top-tier FCA and PRA.
Listed on the FTSE MIB, the FinTech bank offers banking, credit, trading, and investment services from a single account, combining a network of financial advisors through platforms developed with proprietary technologies.
Fineco Bank offers low non-trading fees with no charges for inactivity, deposits, or withdrawals. Its mobile platform is user-friendly and secure, benefiting from its banking background. However, it only accepts bank transfers for deposits and provides limited educational materials. Also, its charting tools could be more intuitive.
Recommended to:
Fineco Bank is ideal for beginners and intermediates valuing safety, ease of use, and low fees. However, advanced traders may find its deposit methods, educational resources, and charting tools limited
Pros
- No Minimum deposit
- No inactivity fees
- Great trading platform
Cons
- Limited deposit options
- Basic educational offerings
Review’s Keypoints
Country of regulation
Italy, UK
Minimum deposit
$0
Time to open an account
1-3 days
Trading fees class
Average
Deposit with bank card
Yes
Number of base currencies supported
21
Products offered
Stocks
ETFs
Forex
Funds
Bonds
Options
Futures
CFDs
Depositing with electronic wallet
Not available
Demo account provided
Not available
Fineco Costs
Fineco Bank offers low fees for stocks and ETFs, but has high Forex fees and financing rates.For margin traders, checking Fineco Bank’s margin rates is crucial as they can significantly affect trading costs.
Pros
- Low cost for Stock and ETF trading
- Zero inactivity fees
Cons
- High forex and options rates
- High fees for CFD overnight positions
Fineco Costs
- ***1000 in EUR or USD for the stocks transaction
- *** Price per contract for Options & Futures
Account
Fineco Bank’s opening process is fully online and takes about 15 minutes.
Although opening a new account is quick and simple, with zero minimum requirements, the verification process can be slow, sometimes taking up to two business days.
You can also open an account by phoning.
Fineco Bank provides only individual and joint accounts. ISA/SIPP and corporate accounts for UK customers are not available.
Individual Account
Individual Account
Automatically comes with a Fineco bank account
Joint Account
Joint Account
Automatically comes with a Fineco bank account
Buisness Account
Buisness Account
Only for Italians. ISA/SIPP and corporate accounts are unavailable for UK customers.
Click on the card to see details
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01Provide personal details
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02Complete background questionnaire
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03Upload ID and accept T&Cs
Transfers
Fineco Bank doesn’t charge deposit fees, but deposits are limited to bank transfers, taking several business days. Domestic non-instant bank transfers and debit card withdrawals are free, while instant bank withdrawals and transfers have associated costs. Bank transfer withdrawals typically take around one business day.
Pros
- Lack of deposit fee
- Wide range of account base currencies
Cons
- Deposit via Credit/Debit card is not available
- Limited methods of free withdrawals
Trading Platforms
Web Trading Platform
Fineco Bank's web trading platform, available in English and Italian, includes useful search features, though initial navigation might feel complex, improving with familiarity. Yet, it lacks two-step verification and customization options for added security and personalization
Mobile Trading Platform
Fineco Bank's mobile trading platform is user-friendly, but lacks two-step verification and robust alert functions similar to the web platform
Desktop Trading Platform
Fineco Bank provides PowerDesk for professionals, but unlike the Web and Mobile platforms, its desktop version is less user-friendly. It's highly customizable but demands program installation and complex configuration, involving moving tabs around for the login process.
Offering
Tools
Trading Ideas
Fineco Bank offers trading ideas and opinions like analysts' buy/hold/sell recommendations. You can find these ideas under the 'Consensus' and 'Analysis' tabs.
Fundumental Data
Under the 'Reports' and 'Indicators' tabs, you can find extensive fundamental data, including the last five years financial statements, price and volume statistics, growth rates, and more.
Charting
The charting interface of PowerDesk that Fineco Bank uses could be more user-friendly and well-designed, as "scroll-back" features are complicated. More positively, investors can add many technical indicators.
News Feed
Though Visual elements in the news, such as graphs or tables, lags behind other brokers, the filter function is convenient, allowing filtering for asset classes or countries. It also has a great economic calendar and access to Twitter messages from third-party news providers.
Other Research Tools
Fineco Bank has a high-quality search tool for ETFs and bonds, and investors can filter through many criteria, like technical indicators and fundamental data.
Regulation
Fineco Bank, regulated by the Bank of Italy and Consob, holds a banking license and faces oversight by the UK’s FCA and PRA. It’s also listed on the Italian stock exchange (Borsa Italiana), providing financial statements regularly and offering investor protection for cash and securities to UK and Italian clients.
Bottom Line
With a solid background as a bank and its reputation further strengthened by its listing on the Borsa Italian stock exchange, Fineco Bank is an excellent option for traders and investors.
Non-trading fees are low and inactivity, deposits and withdrawals are free. Its mobile trading platform is easy to use, but deposit options, educational material, and charting tools are limited.