FinecoBank is an Italian bank that offers online trading services, asset management, and banking services to clients across the globe. The bank was founded in 1999 in Milan but now has an office in London from where it serves a global client base, offering online trading in multiple asset classes, including forex, indices, stocks, commodities, bonds, futures, options, and ETFs.
FinecoBank Review, Pros & Cons
- Regulated in multiple jurisdictions
- Advanced proprietary trading platform
- Some educational resources
- Competitive trading conditions & fees
- Limited account types
- Limited account funding & withdrawal options
- No MetaTrader platforms
- Platform fees
- No cryptocurrency trading
In this detailed FinecoBank review, our online broker research team has covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
Established in 1999 in Milan, FinecoBank has grown to become one of the biggest banks that offer online trading services in Europe, and it now has an office in London. With more than 20 years of experience in the financial markets, FinecoBank’s offerings include globally accessible banking services, asset management, and online financial trading in a wide range of assets, such as forex, indices, stocks, commodities, bonds, futures, options, and ETFs.
As one of the pioneers of online trading services since 1999, the broker offers very competitive trading conditions, combining premium services with competitive pricing, including free-commission trades on shares CFDs and no additional hidden charges on stock prices.
The bank is publicly traded, and as one of Europe’s biggest banks, it is part of the Stoxx 600 companies. It has over 1.3 million clients in Italy alone and has over €70 billion in total financial assets, and it is regulated by the relevant authorities in Italy, Ireland, and the UK.
On the trading aspect, it processes close to 30 million orders every year through its advanced trading platforms and mobile trading app. There are no minimum deposit requirement and no custody or admin fees.
The brokerage arm has won several awards over the years, including the Best Forex Provider of the Year 2018 and 2020 at the London Forex Show Award 2018 and 2020 respectively. World Finance 100 magazine listed Fineco in the top 100 corporations of 2015.
FinecoBank is a trademark licensed for use by FinecoBank S.p.A., which is authorized by the Bank of Italy and subject to limited regulation by the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA).
Whilst the broker does not provide the details about the extent of their regulation by the FCA and PRA, they do state that the details can be made available on request. The asset management arm, Fineco Asset Management D.A.C, is regulated by the Central Bank of Ireland.
FinecoBank is a member of the National Compensation Fund and the National Interbank Deposit Guarantee Fund. The bank is listed on the Stoxx Europe 600, the index of large-cap European companies.
FinecoBank offers its services to Italian and UK clients, as well as traders from other European Union member states. The broker also accepts traders from different parts of the world, provided the trader’s country of residence allows online trading with an international brokerage firm. FinecoBank does not accept clients from the USA.
Some FinecoBank features and products mentioned within this FinecoBank review may not be available to traders from specific countries due to legal restrictions.
FinecoBank provides their clients with an advanced and sophisticated trading platform designed and built in-house to satisfy the special needs of both retail and institutional traders alike. Currently handling more than 75,000 executed orders on a daily basis, the platform is a powerful, fast, and customizable work station that is easy to use for traders of all experience levels.
The PowerDesk trading platform is available as a web platform that runs directly on any modern web browser, such as Google Chrome, Firefox, Edge, and Safari, which makes it accessible at any time without the need to download any additional software.
With this innovative trading platform, you can access your account to trade the markets from anywhere in the world, with any device that is connected to the internet.
The platform offers a full suite of important features on one screen to make your trading easier. Some of the platforms key features include:
- Live prices
- Intuitive chart trading
- +6,000 real-time news per day
- Push notifications
- Automatic orders
- Personalized dashboards
- Technical analyses & historical reports
- Personalized listings
- Multiple charts
- Economic calendar
The platform also offers a detailed snapshot of every security, with live quotes, main figures, detailed reports, datasheets, and analyst’s recommendations. There are also free streaming quotes for UK, EU, and US markets with 5-levels order book. It also features a stock screener that helps you find the right stock to trade by searching with your preferred parameters.
Fineco Mobile Trading App
The broker also provides the mobile app version of their trading platform. The app can be downloaded from the relevant app stores for different mobile devices, and they are highly rated by users. With the Fineco App, you can trade all products on the go, from anywhere you are provided you have an internet connection. The trading app features mobile streaming quotes and news, live P&L updates, and customizable interactive charts.
FinecoBank Trading Tools
FinecoBank does not offer any standalone trading tools. However, their sophisticated trading platform has a wide range of built-in advanced trading tools that can help both new and experienced traders get the best out of their trading. Some of the useful trading tools built into the PowerDesk platform include an economic calendar, numerous technical indicators, a stock screener, and many more.
FinecoBank provides a number of educational and research materials for their clients to help them improve their knowledge of the financial markets and their overall trading skills. Some of the educational resources that they currently provide or intend to provide soon include video tutorials, online trading courses, and weekly live webinars.
Each week, their expert analyst takes traders through the trends and patterns in the markets to reveal potential trade setups. In each webinar, the analyst reveals emerging trading opportunities by cutting through the information overload to:
- Provide real-time technical analysis and fundamental insights in the forex markets
- Filter out the most important macro-economic events listed on the economic calendar
- Provide in-depth investor and trader training on the Fineco Advanced Platform, with live trades and follow-up
FinecoBank offers a wide variety of tradable instruments across multiple asset classes, such as the following:
- Forex: You can trade over 50 major and minor forex currency pairs.
- Stocks: There are thousands of UK, EU, and US stocks to choose from.
- Indices: With the broker, you can trade CFDs on multiple market indices, such as the S&P, Dow, Dax, and others
- Commodities: You can also trade CFDs on several commodities, including metals, energies, and softs.
- Bonds: Many government bonds and over 6,000 sovereign, corporate, and structured securities are available
- Futures: There are standard, E-mini, and micro E-mini futures contracts on CME, Eurex, and IDEM available for trading with up to x20 leverage.
- Options: You can trade options on S&P, Dow Jones, Nasdaq, Russell, and the Volatility Index (VIX), which are traded on the CBOE markets.
- ETFs: There is a range of ETFs and ETCs available for trading.
FinecoBank Accounts & Fees
FinecoBank offers three major services: banking, asset management, and online trading. The kind of account you open will probably depend on the services that you want to use. For the online trading services, you can open a trading account, which gives you access to all the instruments offered by the broker and allow you to use their advanced trading platforms.
There are no minimum deposits, no market connectivity costs, no inactivity charges, no portfolio transfer costs, and no conversion fees. The spreads and commissions vary with the instruments traded. Depending on the market, you can use up to 1:20 or more leverage.
If you are interested in their asset management services, you can open the investing account. It requires a £100 minimum deposit. The annual management fees (platform fees) depend on your portfolio size — the more you hold in your portfolio, the less you pay.
As broker fees can vary and change, there may be additional fees that are not listed in this FinecoBank review. It is imperative to ensure that you check and understand all of the latest information before you open a FinecoBank broker account for online trading.
FinecoBank has a knowledgeable customer support team that responds promptly to general, technical, and account-related questions. They are available from Monday to Friday, from 8:00 a.m. to 9:00 p.m CET. You can reach them via email, telephone, and online chat. They are also available on Facebook, LinkedIn, and Twitter.
FinecoBank Deposit & Withdrawal
FinecoBank allows limited account funding and withdrawal options. To fund your trading account, you can do a wire transfer to your FinecoBank account. For withdrawals, the broker will issue you a Visa debit card. Transaction fees and card maintenance fees may apply. The trading brokers review team found these deposit and withdrawal options to be limited when compared to many other online brokers.
FinecoBank Account Opening
Opening an account with FinecoBank takes a few minutes and involves only a few steps. Simply click on the “Open Account” button on the top right corner of the broker’s website and fill the displayed form.
You will have to tick the type of account you wish to open and input your promo code if you have one. They will request for your proof of identity and address. You will also be asked to provide your Tax Identification Number (e.g. NINo or UTR for UK resident).
Once your account has been verified, you can fund it and start trading. It is imperative to ensure that when you are going through a broker application, you clearly read all of the brokers terms, conditions and policies. Only proceed if you fully understand and agree to them.
FinecoBank is an all-in-one financial servicing firm that offers banking services, online brokerage services, and asset management services. For their online trading services, they provide clients with an advanced web trading platform and mobile app while offering competitive spreads and commissions.
However, FinecoBank have limited account funding options, charge platform fees and do not offer trading via the popular MetaTrader platforms. They also do not currently support cryptocurrency trading.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69.31% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. All trading involves risks, losses can exceed deposits.