Fineco Bank offers a diverse range of investment products, including forex, stocks, shares, commodities, and indices. The bank's impressive market reach, regulatory oversight, and established client base lend credibility to its legitimacy and safety. While it boasts competitive features and low non-trading fees, some drawbacks include high commissions on certain assets and the lack of support for cryptocurrencies and fractional shares.
Who is it best for?
With an option to hold multiple currencies in the brokerage account, Fineco Bank offers an excellent tool for those who wish to invest in international markets. Besides multicurrency accounts, Fineco also offers a diverse range of investment products as well as an array of mobile banking features.
| Name | Score | Visit | Disclaimer | |
|---|---|---|---|---|
 | 8.7 | Visitfinecobank.com |
Investment Products – 8/10
To kickstart our Fineco Bank review, let’s take a look at their investment products.
- Impressive catalogue of tradable assets
- No commissions on forex trades
- No commissions on commodities and indices
- High commissions on most assets
- Overnight fees apply
- Cryptocurrencies not supported
Asset Classes Available
Fineco offers an impressive range of assets for traders. These include;
Forex: With over 50 currency pairs, Fineco provides the flexibility of Forex trading using CFDs from Monday through Friday for 21 hours each day, even during nighttime. With a minimum margin of 3.5%, Fineco charges no commission for forex but they charge spreads which, fortunately, start as low as 0.8 points.
Stocks and Shares: With thousands of shares available, Fineco does not apply any commission or spread on CFDs for FTSE100, US, and EU shares, making investments in these stock markets more cost-effective. However, fixed commissions apply to other shares outside these markets.
Commodities and Indices: Widely traded commodities and indices are available, with no commissions charged per trade.
ETFs and Funds: When it comes to exchange-traded funds, Fineco offers a catalogue of US and EU ETFs. US ETFs attract a $3.95 (£3) fee while EU ETFs cost €3.95 (£3.39). You also get access to managed funds from 20 other providers including Invesco, JP Morgan, and Jupiter.
Bonds: Fineco offers access to an extensive selection of more than 6,000 securities, including Gilts, Government bonds, and structured corporate securities, all in real-time and with direct market access.
It is important to note that 68.03% of retail investor accounts lose money when trading CFDs with this provider.
Trading Contracts for Difference (CFDs) involves a high level of risk and may not be suitable for all investors. The leveraged nature of CFDs means that you could potentially lose more than your initial investment. Before deciding to trade CFDs, you should carefully consider your investment objectives, level of experience, and risk appetite.
Derivative Products
The bank provides access to various derivatives, including futures and options contracts. While dealing in options, customers can speculate in the CBOE market, US stocks and the Volatility Index (VIX), as well as options on various indices such as S&P, DJ, Nasdaq, and Russell.
For those interested in futures, Fineco offers Intraday & Overnight trades on CME, EUREX, and IDEM. Moreover, you can increase the leverage up to 20 times with Micro E-Mini Futures.
Market Reach
Fineco, a juggernaut in the European banking sector, provides banking and investment services to clients in the UK and Italy. Managing financial assets exceeding £98.4 billion, it provides its UK customers with trading access to 26 major global markets besides the London Stock Exchange.
There are over 20,000 financial instruments available to trade on the Fineco platform, and international transfers charge just 0.20% of the transfer, with a min of €0.85 (£0.73) and a maximum of €2.95 (£2.53).
Account Types
There are two main account types associated with Fineco Bank; General investment accounts and Stocks and shares ISAs. Let's take a closer look;
- DIY and Managed investment options available
- No account fees
- Wide range of investment options
- General investment account fees apply
- Platform fee of 0.25% for ISAs
- There are no SIPPs
General Investment Accounts
A general Investment account is suitable for a wide range of investments. With this account, you get access to thousands of stocks and shares, CFDs, futures, options and funds available on Fineco's trading platform.
If you don't want the DIY approach, there is an option to choose from funds managed by fund managers and start investing with as little as £100. The notable addition here is that your fees generally decrease as your portfolio size increases.
Finally, Fineco's regular investment plan, as the name suggests, lets you invest at set intervals by automating the investment process starting with as little as £50 per month. Since there are no lump sum deposits needed, this plan is quite flexible and the go-to for many new investors as it only costs £2.95.
Stocks and Shares ISA
A stocks and shares ISA allow you to make tax-efficient investments with no capital gains tax or income tax. With this account, you can invest in a wide range of stocks and shares as well as funds managed by other providers.
Fineco Bank provides an ISA that grants access to a broad variety of investment opportunities. For the tax year of 2022/23, deposits up to £20,000 into the ISA are tax-exempt. Until the end of the 2023/24 tax year, if you open your ISA by 29 September 2023, there is a 0% platform fee, otherwise, it would be 0.25% after that.
Features – 9/10
Fineco provides a few unique features to make your trading and investment journey easier. Let's take a quick look at them.
- Lots of guides and educational content
- A versatile trading platform available for free
- A free screener for easy research and navigation
- No academy for beginners
- Limited live events
- Some guides are outdated
Trading Tools
FinecoX
FinecoX is Fineco Bank's innovative, fully customisable investment platform and it's a breeze to use. It lets users trade more than 20,000 financial assets with transparent conditions across 26 global stock exchanges, all from one multi-currency Fineco account. It's extremely simple to buy or sell, with instant confirmations to keep you in the loop.
PowerDesk
PowerDesk is an intuitive platform that lets users gain access to real-time prices across 17 markets and thousands of securities. With PowerDesk, you can enjoy advanced order options and the ability to trade directly from charts. While FinecoX is more suited for beginners, PowerDesk is best for professional traders who need sophisticated customisations.
Screener
With thousands of securities to analyse, Fineco provides a screener tool that lets users filter the available assets based on the criteria they choose. The assets can be filtered based on the exchange, technicals, fundamentals and overall performance.
All in all, both beginners and advanced traders can benefit from these tools due to their flexibility and range of customisations.
Market Research
Fineco Bank provides useful guides on investing, asset management, and market research for customers who want to get started in the financial markets. The guides on the website are classified into different categories including trading, investing, banking and market themes. This makes it easier for customers to find the most suitable guides for themselves.
The bank also provides in-depth reviews, comparisons and market commentary, though these are limited to selected topics. Its online dashboard gives customers an insight into global markets, asset allocation, sector performance and real-time news.
One thing that can be improved though, is the recency of the market information. At the time of writing this article, the latest guide was published four months ago.
Educational Materials
Fineco’s educational materials are three-fold; live events, webinars, and a video library. The website lets you access the extensive video library that currently features 10 videos covering the fundamentals of trading and investing.
One shortcoming here is that there is no academy and the live events are only held in London. However, clients can join the free webinars which typically last less than 2 hours.
Fees – 9/10
Fineco Bank offers a diverse range of financial instruments for trading, each with its own fixed commission fee:
- Fixed commissions make it easy to manage investments
- Low non-trading fees
- No commissions on forex CFDs
- Commissions are relatively high
- High spreads on forex CFDs
- Complex fee structure
Trading Fees
Trading fees are the charges associated with buying and selling financial assets. Let's dive into what Fineco Bank charges for transactions.
US and UK Shares
You can trade US shares at a flat fee of $3.95 (£3) per trade. For UK shares, the fixed commission is £2.95 per trade, regardless of the order size, and there are no hidden fees or minimum deposit requirements.
Shares CFDs
Fineco Bank provides commission-free trading on FTSE100, US, and EU share CFDs. Additionally, there are no additional spreads applied by the bank on these instruments. However, for FTSE250 CFDs, there is a 0.06% markup per side.
EU Shares
For trading German, French, and Italian shares, the commission fee is €3.95 (£3.39) per trade, offering a flat fee structure with no hidden costs.
US and EUR ETFs
US ETFs can be traded at a fixed commission of $3.95 (£3) per trade while EUR ETFs attract a flat commission rate of €3.95 (£3.39) per trade.
Futures
Fineco Bank offers competitive commission rates on futures trading, as low as $0.7 (£0.55) on CME Micro Futures and €0.75 (£0.55) on Mini DAX.
Options
Customers can access options trading with commission rates as low as $1.95 (£1.53) per lot on S&P, Nasdaq, D.J. Russell, VIX Indices, and US Stock Options.
Funds and Bonds
Clients can trade funds at 0.25% of the max annual platform fee, providing a straightforward approach to trading.
Spreads
Spreads are defined as the difference between the bid (buy) and ask (sell) prices of an asset. Fineco Bank’s spreads are within the industry average as clients can trade major indices with low spreads, starting as low as 0.4 points on S&P 500, 0.6 points on Nasdaq 100 & FTSE 100.
Forex spreads are fairly competitive too, starting from as low as 0.8 pips on EUR/USD.
For comparison, IG starts from 0.6 pips while interactive brokers start from as low as 0.2 pips. Of course, Fineco’s spreads are slightly higher than its competitors as the broker doesn't charge any commission and offers a more generous selection of trading instruments.
Non-Trading Fees
Non-trading fees are not related to your trading activities. These include account opening and closing fees, deposit/withdrawal fees and inactivity fees. Fineco does not charge any of these so you don't have to worry about additional charges.
Fineco | Interactive brokers | IG | |
|---|---|---|---|
Deposit fee | No | No | No |
Withdrawal fee | No | No | No |
Inactivity fee | No | No | Yes |
Maintenance fee | No | No | No |
However, Fineco charges an annual platform fee for funds with a maximum annual platform fee of 0.25%. The more you hold in your portfolio, the lower the platform fee you pay. IG charges a deposit fee of 0.5-1% for card deposits.
Fineco Bank generates revenue through a variety of channels. As an online trading platform, it charges trading commissions on transactions, allowing clients to buy and sell financial instruments like stocks, bonds, and ETFs.
Secondly, the bank offers its own investment products, earning income through management and performance fees. In addition, it provides foreign exchange services, profiting from the difference between buying and selling exchange rates.
Usability – 9/10
If you’re wondering how easy it is to use the Fineco bank app or web trading platform, here is all you need to know.
- Organised design and intuitive navigation make account info and market research easily accessible
- Provides prompts and guides, especially helpful for beginners navigating online trading complexities
- Offers live prices from 26 markets, enabling users to monitor preferred assets in real time
- Despite guidance, there’s still a learning curve to the platform
- Portfolio management is limited
- Some advanced trading features available on the web platform might not be as robust in the app
Fineco Bank Web Platform Review
The web trading platform is easily accessible and comprises proprietary platforms like PowerDesk and FinecoX.
Fineco Bank offers a comprehensive web trading platform that caters to traders of all levels. The platform provides useful prompts and guides, which can be particularly beneficial for beginners as they navigate the complexities of online trading. Additionally, Fineco Bank presents multiple trading options and various trading platforms, accommodating users' preferences and levels of expertise.
Fineco Bank Design and Navigation
The platform's interface is organised and visually appealing, making key elements easily locatable. Users can efficiently access account information and perform market research with ease.
Login and Security Features
The web trading platform offers secure login options, including touch and face ID features, providing an additional layer of protection against unauthorised access.
Alerts and Notifications
Fineco Bank provides a comprehensive alerts and notifications system. Traders can set price alerts to receive real-time notifications when specific stocks reach certain price levels. Web notifications keep users updated with market news and account activities, facilitating timely decision-making.
Portfolio Management
The web trading platform offers hassle-free portfolio management. Users can easily access portfolio information, including holdings, performance, and asset allocation. Additionally, the Bank offers access to expert-managed funds and Individual Savings Accounts (ISAs), catering to investors with varying preferences.
Fineco Bank App Review
The app is freely available on Appstore or Google Play Store and offers useful banking and investment features. Here are some you should know;
Live Prices and Market Access
The Fineco Bank app offers a significant advantage with its access to real-time prices from 26 markets. The availability of live prices for various financial instruments, including stocks, bonds, ETFs, CFDs, and forex, ensures that users can monitor their preferred assets in real-time.
Versatility and Diverse Product Range
The app stands out for its versatility, providing a wide range of products for trading. Users can access various financial instruments, including Stocks, Bonds, ETFs, CFDs, Forex, and more, within a single app. This diverse offering allows traders to explore different assets and adapt to varying market conditions.
Efficient Portfolio Management
The Fineco Bank app excels in portfolio management, offering live Profit and Loss (P&L) updates and account monitoring. The ‘portfolio’ section of the app shows you the summary of your investments which are grouped according to asset classes. You also see your recent investments and activities with the option to edit and update your portfolio.
Real-Time News and Market Insights
The Fineco Bank app keeps users informed with financial tweets and economic data, providing valuable market insights. The ‘markets’ section of the app shows a summary of the daily movers with a graph depicting the market trend and percentage price change. With this, users can access real-time news updates, enabling them to respond quickly to market-moving events.
Mobile Banking
The app has robust mobile banking features that are mostly accessed via the ‘account’ section of the dashboard. It features your latest transactions and expenses as well as the total portfolio and liquidity (account balance) on your account. You can also set up direct debits and manage your cards/payments via the app.
Customer Satisfaction & Reputation – 7.5/10
In the realm of financial services, customer satisfaction and regulatory adherence are paramount considerations. Fineco Bank has established a notable reputation, achieving a customer satisfaction rating of 7.5/10.
- Originally a bank, Fineco has an impeccable industry reputation
- Strong emphasis on regulatory compliance assures customers of a secure and trustworthy environment
- Overall positive customer reviews from various platforms
- Occasional reports of technical glitches, app stability issues, and customer support response problems may impact overall user experience
- Phone support being available during specific hours on weekdays might inconvenience some users, especially those in different time zones
Safety & Regulations
When it comes to your hard-earned money, safety and regulations are of utmost importance. Let’s take a closer look at the measures Fineco Bank has in place to ensure the security of your funds.
Is Fineco Bank Regulated and Safe?
The platform is regulated by the Financial Conduct Authority, Prudential Regulation Authority and the Bank of Italy.
Besides the regulatory oversight, Fineco Bank has also implemented various security measures such as secure login protocols and encryption. These are combined with the face/touch ID features which can help prevent unauthorised access.
If you're worried about data protection, know that all sensitive data is secured by 128-bit SSL encryption, which provides an additional layer of protection against cyber threats and malicious activities.
Fineco Bank Background
Initially established in Italy, Fineco Bank has been delivering financial services since 1999 when it launched its Fineco Online service aimed at retail traders. The bank expanded its reach to retail investors in the UK in 2017, offering a plethora of financial instruments such as CFDs, forex pairs, options, commodities, and futures through its online multi-currency trading platform.
Fineco Bank gained its independence from the UniCredit banking group in 2019 and went public in 2014. It has a robust client base of over 1.5 million in Italy and manages more than £98.4 billion in total financial assets. The bank's track record includes more than 20 years in brokerage, processing over 30 million orders annually.
Besides the safety features provided by the bank’s platforms, customers are protected by the Financial Services Compensation Scheme (FSCS) up to £85,000 per person.
Customer Reviews
Here’s a summary of the customer reviews for Fineco Bank;
Trustpilot | 3.9 out of 5 stars |
|---|---|
Play Store | 4.3 out of 5 stars |
Appstore | 4.5 out of 5 stars |
Fineco Bank Trustpilot Review
Fineco Bank's app garnered positive reviews on Trustpilot, praised for its user-friendly interface and comprehensive investing features. Users found their accounts are easy to manage and it's even easy to execute trades with its intuitive navigation.
However, occasional technical glitches, slow loading times, and customer support response issues were reported. Despite these concerns, Fineco Bank's transparent pricing structure and competitive trading fees were widely appreciated.
Fineco Bank Google Play Store Review
The Fineco Bank app received favourable reviews on the Google Play Store, applauded for its user-friendly interface and robust investing capabilities. The real-time market data and research tools were highly valued for informed decision-making.
Yet, some users experienced app stability issues like occasional crashes and freezing. A few clients suggested adding more educational resources..
Fineco Bank App Store Review
The App Store reviews for Fineco Bank's app were largely positive, highlighting its comprehensive financial services and investment opportunities. The smooth onboarding process and secure login procedures instilled confidence among users.
However, some clients faced delays in updating real-time stock prices, impacting time-sensitive trades. A few users requested improvements in the app's design and layout.
Customer Service
Ticket system | |
Phone | 0800 640 6667 - For UK clients+44 (0)20 7065 7557 - For clients abroad |
Like most banks, you can contact Fineco via email, Phone and live chat. However, the phone support service is only available from Monday to Friday, 8 am to 9 pm. The email support service typically responds in less than 24 hours while the phone specialists tend to be more prompt.
Fineco Bank Alternatives
Freetrade
Freetrade is a low-cost trading platform tailored to investors seeking commission-free trading for shares and ETFs. The platform offers three plans:
Basic Plan: It has no monthly fees, providing access to over 1,500 shares;
Standard Plan (£4.99/month): This includes an ISA and over 6,000 shares, plus a broader range of ETFs
Plus Plan (£9.99/month): It comes with all the features of the Standard Plan, along with a SIPP and dedicated customer service.
Investors can buy fractional shares, especially beneficial for high-priced US shares, and enjoy competitive foreign exchange fees for non-UK share trading. The best part is that any uninvested cash can earn interest of 1%-3% if the customer has any of the paid plans.
Who is it for: Best for those who want to trade with no commission and earn interest on spare cash.
Interactive Investor
Interactive Investor offers investors over 40,000 investments, including shares, funds, investment trusts, and ETFs. They provide three main plans:
Investor Essentials (£4.99/month) with a trading account and ISA
Investor (£9.99/month) with Junior ISAs
Super Investor (£19.99/month) with lower fees and additional free trades.
For those interested in SIPPs, there's a separate Pension Builder plan for £12.99/month, or it can be added to the Investor and Super Investor plans for an extra £10/month. The available products include general trading accounts, ISAs, SIPPs, Junior ISAs, and cash savings accounts.
Who is it for: Best for investors looking for more account types and investment products than Fineco Bank has to offer.
Should You Invest With Fineco Bank?
Fineco Bank offers a wide range of investment products, including forex, stocks, shares, commodities, and indices, making it an attractive choice for traders. The platform's extensive catalogue of assets and access to derivatives like futures and options contracts provide investors with flexibility.
Overall, the bank stands out as a great option for anyone looking to enjoy mobile banking while taking advantage of financial trading and investment opportunities.
