Fineco Bank Review 2023
A leading FinTech firm in Europe, Fineco Bank offers trading services to EU and UK residents. The firm is built on the core values of efficiency, innovation, and transparency and offers a unique business model that combines the best platforms with a large network of financial advisors. It offers banking, credit, trading, and investment services from a single account through transactional and advisory platforms developed with proprietary technologies.
In this post, we reviewed the company’s brokerage services, examining its regulations, platforms, global access, registration, account options, leverage, trading fees, customer support, education, and reputation.
Regulation and Security
Fineco Bank is a trademark operated by FinecoBank SpA in Italy and the UK.
In Italy, Fineco Bank is authorized and regulated by the Bank of Italy and Consob (Italian Market Regulator) and the National Commission for Companies and the Stock Exchange in Italy.
In the UK, Fineco is regulated by the Financial Conduct Authority in the United Kingdom and is also subject to limited regulation by the Prudential Regulation Authority. FinecoBank is listed on the FTSE MIB.
Fineco Bank offers other levels of security, including the following:
- User code: This is a non-modifiable identification code assigned by Fineco, which is communicated to you immediately after opening the account.
- Web password: This is the secret code that you set the first time you access your private area — update it periodically without saving it in the browser or on your PC for greater security. A password that is difficult to guess and different from the ones you usually use is an additional form of protection.
- Voice password: This security service allows you to access phone support services faster and more securely with just the sound of your voice.
- Device PIN: This code allows you to make money movements, view account details, or confirm dispositions. For greater security, do not store it on your PC or browser; choose a code that is difficult to guess.
- SMS PIN: It is the “disposable” code sent to your mobile phone to be used in addition to the device PIN to confirm certain operations. The “SMS PIN Basic” function is already activated for free in your account.
Negative Balance Protection
This is a safety mechanism to ensure no client is responsible for paying back a negative balance when margin calls and stop-outs do not function correctly. It ensures you don’t lose more than you invested and won’t end up owing the broker.
As an FCA-licensed broker, Fineco Bank ensures negative balance protection.
Fineco Bank is mandated by the regulators to keep clients’ funds in fully segregated client trust accounts held at top banks. So, clients’ funds are kept separate from Fineco Bank’s funds. In the unlikely event that Fineco Bank were to become insolvent, the funds will not be used to pay back its creditors.
Is Fineco Bank available worldwide?
FinecoBank is a reputable multi-asset broker that offers forex and CFDs through its regulated brands in the United Kingdom and Italy. However, unless you visit a physical branch as an EU citizen or a resident of Italy or the United Kingdom, you will not be able to register an online account with FinecoBank. The broker basically serves citizens of the European Economic Area (EEA) and residents of Italy and the UK.
The broker provides traders with a good selection of advanced trading platforms, including the following:
The PowerDesk trading platform is reputed to be the most popular trading platform in Italy. It is easy to use and highly customizable. It gives investors access to over 250,000 total assets with five executions. The PowerDesk is an advanced platform, and it’s free and easy to use. It has one screen that forms a full trading suite. The PowerDesk has features like live prices, chart trading, over 6,000 news headlines per day, push notifications, dashboard personalization, automatic orders, and technical analysis. Historical reports, personalized listings, and an economic calendar are other features offered with PowerDesk.
Some of the important benefits of the trading platform include the following:
- Multiple tools: The platform comes with a lot of analysis tools that you can use to forecast the markets, as well as some helpful trading tools for quick trade execution.
- Account protection features for leveraged trading: It offers stop loss and conditional orders to protect your positions.
- Real-time market information: The platform follows over twenty-six global markets in push, over 6,000 real-time daily news, and a macroeconomic calendar.
- Maximum comfort: You can build your workspace by deciding the contents — you can move the windows where you want and even on multiple screens.
- Total customization: It allows you to access the Preferences menu and choose the background color, configure the charts and your stock lists, and save the settings.
- Trader-friendly access: Being a web-based platform, there is nothing to install — you launch PowerDesk from the browser and find your preset lists, even on other computers.
Fineco Bank has its in-house-developed web trading platform. It is available in English and Italian. It’s well-designed and offers many features, including a convenient search function. However, the platform is not customizable.
Fineco delivers a wide range of markets through its web platform. By bringing banking and investing together under one roof, Fineco has made it easy for traders to access everything they need – including forex, CFDs, and funds. The web platform eliminates the need to download or install any additional software since; it runs directly on modern web browsers, such as Chrome, Firefox, and Safari.
FinecoBank offers a proprietary mobile app for Android and iOS devices. The mobile apps allow traders to access their trading accounts and place trades from the convenience of their mobile devices.
You can easily download the apps from the relevant app stores to access your trading accounts and check trading positions on the go.
Other trading tools
The broker also provides traders with some other helpful trading tools, including the following:
Fineco Stock Screener allows you to search for companies among those available on the platform by setting your search criteria or using our search ideas (packages of pre-composed filters based on specific company performance and indicators).
Fineco Bank provides only individual and joint accounts. Whenever you open an account with Fineco Bank, you also automatically open a Fineco bank account. Therefore, you can use your account for payments and trading or investing. Fineco Bank UK also offers a tax-free Individual Savings Account (ISA) for retirement savings.
To open a trading account with Fineco Bank, click the “Open Account” button at the top right corner of the broker’s website. You will be directed to the online application page, where you will be required to key in your name; provide your email, phone number, and date of birth; and create a password, as you can see in the form below:
After completing the form, click the “CONTINUA” or “CONTINUE” button to continue to the next page. The broker will require you to submit your means of identification (a government-issued ID) and proof of address (a utility bill or bank statement not more than three months old) to verify your account.
Deposit and Withdrawals
Fineco Bank allows traders to deposit and withdraw funds to and from their online trading accounts using various secure payment options, including bank transfers, credit/debit cards, and more.
Due to anti-money laundering regulations worldwide, deposits and withdrawals must be made from and paid to the same person as the trading account holder. No third-party payments are allowed.
The transaction fees vary with the payment methods, and some of the methods may not be available in your particular country. So, you have to contact the support team for more details.
Fineco offers thousands of financial assets to trade, including stocks, bonds, CFDs, Forex CFDs, Futures and Options, ETFs and ETCs, Certificates and Covered Warrants, and investment funds.
The broker offers CFDs with underlying shares, cross currencies, and futures on indices and commodities. There are more than 7,000 bonds and over 50 currency exchanges.
You may invest in top world markets with just a few clicks, aided by the most powerful tools and real-time access to the newest news, which means you’re constantly up to speed and can analyze the patterns of each security in detail.
Commissions and Fees
As with other brokers, Fineco Bank charge both trading and non-trading fees. The trading fees include trading spreads, commissions, and overnight swap charges. The commission charges vary with assets, and in the case of stocks, the amount may vary with the country where the stock trades.
For CFD positions that are held open for more than 1 trading day, overnight charges apply based on value (net of the margin paid) and duration.
Fineco Bank’s non-trading fees are low, and there are no deposit or withdrawal fees and no inactivity fees.
Fineco Bank offers a leverage of up to 1:100 on all live trading accounts.
Leverage enables you to increase your position size by borrowing from the broker, but while it helps you increase your potential profits, it can also magnify losses if misused.
Analysis and Education
The broker offers traders a wide range of educational tools, including market analysis, learning articles, ebooks, FAQs, and market news, keeping traders up to date with the latest developments in the financial markets.
There is a reliable customer support team to help traders with their inquiries. The support team can be reached via various contact channels, including live chat, email, and telephone. You can also request a callback from their contact page or reach them via social media channels — Twitter, Facebook, or Instagram.
Reputation amongst Traders
The broker has received many positive reviews on multiple trading forums and websites. On Trustpilot, for example, it got 4 out of 5 based on 433 reviews. Many traders applauded it as an excellent broker for the ease of buying and selling company shares.
Fineco Bank has won several reputable awards, including the following:
BEST BROKER FOR GLOBAL TRADING 2022-2021
ADVFN International Financial Awards awarded Fineco:
- The best broker for global trading
- The best in live trading events
BEST PROVIDER OF THE YEAR 2020
The London Forex Show awarded Fineco:
- The best for trading tools
- The best for trading platform
- The best provider of the year
BEST LIVE TRADING EVENTS 2020
AdvFn awarded Fineco:
- The Best Live Trading Events Company
THE LONDON FOREX SHOW AWARDS 2018
The London Forex Show awarded Fineco:
- The Best Forex Provider of the Year 2018
- The Best Forex Trading Platform
- The Best Forex New Entrants 2018
- The Best Forex Trading Tools
Can beginners trade with Fineco Bank?
Beginners can trade with Fineco Bank because the broker provides training materials. Furthermore, a $1 minimum deposit is suitable for amateurs.
Fineco Bank is a regulated fintech bank that offers trading services to UK and EU residents. With the broker, you have a choice of thousands of trading instruments to diversify your portfolio. The broker provides an intuitive trading platform that is available in desktop, web, and mobile versions. The minimum deposit required to start trading with Fineco bank is $1.