FinecoBank Review

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FinecoBank is an Italian bank that offers online trading services, asset management, and banking services. The bank was founded back in 1999 in Milan, but now has an office in London from where it serves a global client base. You can get access to trade online across a good choice of asset classes, including forex, indices, stocks, commodities, bonds, futures, options, and ETFs. They combine premium services with competitive pricing. I am impressed with the history of the group and believe that they have a solid trading service if you are looking to buy and sell financial instruments in a professional and regulated environment.

Summary

Established in Italy way back in 1999, they are one of the true pioneers of online trading services back when the industry was just getting started. They have since grown to become one of the biggest banks to provide online trading services in Europe. There are not many brokers out there who can compare in terms of experience in the financial markets, IG being amongst those who can.

FinecoBank’s wide range of products and services include globally accessible banking, asset management, and online financial trading in a wide range of assets, such as forex, indices, stocks, commodities, bonds, futures, options, and ETFs. You can trade with very competitive conditions, including commission free trades on share 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 millions of clients in Italy alone and has billions in total financial assets. The brokerage arm has won several awards over the years which is testament to the quality they provide. On the trading aspect, the bank processes millions of orders every year through its advanced trading platforms and mobile trading app.

I personally think it is great that you can do everything under one roof. I find that this makes it easier to manage funds and investments, without needing the complications and fees when moving between institutions. If you are looking for an all in one solution based in Europe, I would certainly consider them as viable option. I also like that there is no minimum deposit requirement and no custody or admin fees.

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Regulation

You can trade with confidence knowing that they are regulated by the relevant authorities in Italy, Ireland, and the UK. This means that they must adhere to strict rules and operate in a transparent manner.

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.

Countries

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. If you are looking for a broker in another part of the world, feel free to browse our broker reviews for alternative options.

Platforms

FinecoBank provides you 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, I found the platform to be a powerful, fast, and customizable work station that is easy to use, regardless of your experience level.

FinecoBank Platforms

PowerDesk Platform

The PowerDesk trading platform is available as a web platform that runs directly in your web browser, such as Google Chrome, Firefox, Edge, and Safari. This is good because it means that you can access the platform at any time without having to download or install 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. It can easily be opened from your computer, laptop or mobile devices.

FinecoBank PowerDesk Trading Platform

The platform offers a full suite of important features on one screen to make your trading easier. Some of these standout features for me include the following:

• 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

PowerDesk also gives you 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. This makes it a breeze to follow the markets and stay informed with any breaking news. It also features a stock screener that helps you find the right stock to trade by searching with your preferred parameters.

PowerDesk Overview

Fineco Mobile Trading App

You can also trade using the mobile app version of the FinecoBank 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 Mobile Trading App

I am a big fan of the app as it allows you to keep track of any open trades and take new positions directly from your mobile phone. I don’t always want to power up my computer to access my account. Plus, this takes time and sometimes we need to act quickly on market news.

Tools

Unfortunately, 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. I think that the built-in tools should be more than enough for most traders and certainly meet my needs. They have everything I need for market analysis and order management. If you want lots of extra tools to experiment with, BlackBull Markets have an excellent selection.

Stock Screener

Education

FinecoBank provides a number of educational and research materials to help you improve your knowledge of the financial markets and your 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.

I enjoyed the market analysis aspect as I felt that it can help to inspire trade ideas. Each week, their expert analysts guide you 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

It seems as though they are constantly working on adding new content which is great as it helps make sure clients are making informed trading decisions. Whilst I did find a decent amount of trading guides, they don’t quite compare to Admirals who I consider a leader when it comes to educating traders.

Markets

I am really impressed by the generous selection of financial instruments available and would put them up there with the best in class when it comes to the markets you can trade. TMGM also have a great variety of more than 15,000 instruments, putting them amongst our best stock brokers. However, if you want to trade cryptos then you will need to look elsewhere. I would consider XTB as an alternative as they have a good range of cryptocurrencies for you to choose from. You can choose to trade on a wide variety of financial instruments that span multiple asset classes, including the following:

Forex

You can trade forex with 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 futures 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.

Accounts

FinecoBank has three main components to their services: banking, asset management, and online trading. The type of account that you opt for will probably depend on the services that you want to use. For the online trading services, you will need to open a trading account, which gives you access to all the instruments offered and allows you to use their advanced trading platforms.

I really like that 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. I found the forex spreads to be reasonable, especially considering there is no commission. However, they do not have zero spreads like XM Group do.

If you are primarily a forex trader who needs the lowest spreads for your strategies, then you might want to consider looking elsewhere. If you are not fussed about spreads then all other instruments have really competitive commissions.

Depending on the market, you can use up to 1:20 or more leverage. I think this is satisfactory as I find using too much leverage to be risky. If you are experienced and want access to higher leverage, Traders Way offer 1:1000. They just don’t have the same regulation as FinecoBank, so you will need to weigh up the pros and cons of each.

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. I think it is great that they reward you for your loyalty as not all brokers do this unless you ask them directly.

Support

I found the company to have 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. I personally prefer live chat support as it means I can get a quick answer to my questions. I don’t always want to wait around hours on end for an email, especially if I have a time sensitive question that I need to act on.

Funding

They have a limited choice of 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. I found these deposit and withdrawal options limited compared to many other brokers such as FXPRIMUS who support a larger range of payments.

I would like to see them add some digital wallet payment options but I understand that they may not want to as they are also a bank themselves, so there could be some conflict of interest there. Nevertheless, if you are happy with wire transfers and card payment, you can’t really go wrong.

Conclusion

I am really impressed with FinecoBank for many reasons. I like how they are an all-in-one financial servicing firm that offers a great combination of banking services, online brokerage services, and asset management services. For their online trading service, they provide you with an advanced web trading platform and convenient trading app that makes trading an enjoyable experience. You can trade thousands of financial instruments with low fees and tight spreads, up there with some of the very best in the industry. The regulation and history of the company is also a huge selling point from my perspective.

However, they are lagging behind in some areas. I would like to see some more funding options provided and they do charge platform fees. On the other hand, there are a majority of brokers who will let you trade on the MetaTrader platforms free of charge – unfortunately, they do not have this platform. If you are a MetaTrader user then you may want to consider Pepperstone instead. They have the MT4 & MT5 platforms. FinecoBank also do not currently support crypto trading but if that is not an issue for you, then they are certainly ranking amongst the top European brokers I have reviewed.

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FinecoBank is an Italian bank that offers online trading services, asset management and banking services to a global clientele. They offer online trading in multiple asset classes including Forex, Stocks and CFDs.

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.

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