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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

Assets
Costs Level
Fee Costs
Assets
US Stocks
Costs Level
High
Fee Costs
$12.95
Assets
EU Stocks
Costs Level
Fee Costs
€19
Assets
US Options
Costs Level
Low
Fee Costs
$3.95
Assets
EU Options
Costs Level
Low
Fee Costs
€3.95
Assets
US Futures
Costs Level
Low
Fee Costs
$3.95
  • ***1000 in EUR or USD for the stocks transaction
  • *** Price per contract for Options & Futures

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

Fineco in Numbers:

0
Markets
0
Currency pairs
0
ETFs

Stocks & ETFs

Investors have access to many stock and ETF markets, including the most prominent European and North American exchanges, as well as smaller stock exchanges.

Forex

Fineco Bank's currency pairs selection is average, primarily offered as Forex CFDs compared to similar brokers.

Funds

Fineco Bank's mutual fund selection is limited as major providers like Fidelity International are unavailable.

Bonds

Fineco Bank offers bonds traded on the EuroMOT, ETLX, Euronext, or OTC markets.

Options & Futures

Fineco Bank offers options and futures listed on the IDEM, EUREX, CBOE, and CME markets.

CFDs

Fineco Bank offers a wide range of CFDs covering stocks, indices, commodities, forex, and bonds, but its total assets are behind its closest competitors.

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.

 

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