Review of Fineco Bank
Fineco’s investment platform gives you access to stock markets and forex trading around the world. It covers more than 20,000 financial instruments in total, including all the leading stock exchanges and indices. Keep reading to learn more about Fineco and whether you should sign up.
Pros & Cons
What can I do with Fineco?
Through Fineco you can trade 54 forex pairs along with indices, commodities and stocks. Since it’s primarily a bank, Fineco allows you to open multiple accounts in more than 20 fiat currencies, including GBP, EUR, and USD.
There are no account fees or currency conversion fees and you can exchange money between accounts in real time. Fineco is one of the largest banks in Europe and fully regulated in Italy. Alongside its million customers it holds more than 80 billion EUR in total assets.
Fineco markets, assets, and options
What assets and products can you trade on Fineco?
Fineco provides access to 26 global markets and over 20,000 financial instruments worldwide. These include indices, such as the NASDAQ and S&P 500, major forex pairs like EUR/USD and GBP/USD, and popular stocks, like Apple and Amazon.
What leverage trading options are there?
Fineco offers competitive leverage depending on the assets you want to trade. The maximum leverage is 1:100 on major forex pairs, but this also depends on the type of account you open. Being a regulated European bank and broker, Fineco falls under the ESMA regulatory requirements and regulations, which recently restricted the maximum allowed leverage.
As per the table below, margin sizes and maximum leverage vary whether you open a retail account or a professional account. For retail accounts, the margins required for leveraged trading are above the ones asked by other similar exchanges.
|Product (CFDs)||Maximum leverage||Margin|
|Indices||1:20 – 1:100||1-5%|
|Options||1:20 – 1:33||3-5%|
|Forex||1:28 – 1:100||1-3.50%|
|Stocks||1:5 – 1:50||2-20%|
|Bonds||1:5 – 1:100||1-20%|
What are the spreads?
Fineco charges variable spreads, depending on the assets you want to trade. For all traders who trade more than £500,000 per month, Fineco offers a 40% discount on spreads, whereas all traders with trading volumes over £1,000,000 receive a 50% discount on spreads.
|Product||Average spread||Fixed or variable?|
|Options||$2.50 per trade|
|Futures||$0.70 per trade or 0.40 pips for Futures CFDs||Variable|
|Stocks||$3.95 per trade||–|
|ETFs||$2.95-$13.95 per year||–|
|Bonds||$6.95 per trade||–|
|Funds||0.25% per year||–|
Fees, limits, and payment options on Fineco
What are the deposit and withdrawal fees, limits, and speeds?
Fineco allows automatic deposits through Fineco Bank ATMs and via their mobile app. However, there is no other way to deposit funds into your Fineco account without first opening an account with the bank. Clients who want to deposit or withdraw funds via credit/debit cards must have a debit/card issued by the bank.
There are no minimum deposit amounts required for any of the deposit methods, whereas maximum withdrawals may vary.
|Debit/ Credit card|
1-2 business days
2-3 business days
1-3 business days
How much are Fineco’s fees and commissions?
Some of the advantages of trading with Fineco include no custody or deposit fees, no market connectivity costs, no inactivity fees, and no portfolio transfer costs either. Fineco charges fees/spreads when trading, depending on the asset.
|Fee type||Fee amount||Commission|
|Options||$2.50 per trade||–|
|Futures||$0.70 per lot||40 pips|
|Stocks||$3.95 per trade||–|
|ETFs||$2.95-$13.95 per year||–|
|Bonds||$6.95 per trade||–|
Fineco trade sizes and limits
When it comes to trading sizes and limits, Fineco requires that the minimum trade size be 0.01 lots, no matter the asset you’re trading. And, even though there is no initial minimum deposit or account minimum to start trading, Fineco Bank requires a minimum $100 balance in your account before trading forex pairs.
|Product||Minimum trade||Maximum trade|
Fineco trading platform
What devices can I use Fineco on?
Fineco offers a proprietary trading platform to meet the needs of its clients. The desktop version is the most complex and comes with specific trading tools for large-volume traders, while the online and mobile platforms are designed for maximum flexibility and allow you to have instant access to your portfolio, wherever you are.
- Web browser
- iOS mobile devices
- Android mobile devices
Can I use Fineco in my country?
Fineco is available to all residents in the EU, as well as the United Kingdom. Select your country from the list below to see if it is available where you are.
Is Fineco available in my language?
Fineco’s main website is only available in English and Italian at the moment.
How easy is it to use Fineco?
Fineco’s trading interface is generally easy to use and intuitive as well, no matter which version of the platform you choose to trade on. The PowerDesk, browser-based platform is fast and customisable, offering features like automatic orders, personalised dashboards, push notifications, live prices, and more.
Overall, Fineco’s trading platform is accessible for both beginner and professional traders and available anywhere, anytime.
Fineco is one of the largest European-based brokers, with over 1.5 million clients across the continent and represents a good alternative to many startup brokerages given the depth and range of its offering. Here are some of its key features:
Zero trading fees
Part of Fineco’s strategy to attract more clients includes $0 fees and commissions for a series of assets traded, as well as for all deposits and withdrawals. There are no inactivity fees or exchange fees either when you choose to exchange different currencies from the same account.
Three professional trading platforms
All of Fineco’s trading platforms are built in-house and designed to meet the requirements of even large-volume, professional traders, with their large pool of tradable assets and sophisticated trading tools. Together these platforms execute over 75,000 orders daily and over 30 million per year.
Manage your day-to-day banking and investments all from a single, multi-currency account with no exchange fees, saving you both time and money.
Security and regulation
Is Fineco safe?
Fineco is considered a safe trading platform and bank because it has a long track record and it is also a publicly traded entity, listed on the Italian Stock Exchange and part of the Euro Stoxx 600 index. It provides advanced bank level 256-bit AES encryption and all of its transactions are closely monitored by a dedicated in-house compliance team.
Am I and my funds protected?
Under European Union laws, every account opened at a financial institution, including Fineco Bank, is protected. Clients’ assets are insured up to 500,000 EUR, while the bank applies a segregated account policy which means your assets cannot be accessed by anyone else except you.
Is Fineco regulated?
Yes, Fineco is regulated by the Bank of Italy, the Commissione Nazionale per le Societa e la Borsa, and it is also subjected to limited regulation by the UK’s Financial Conduct Authority (FCA) and the PRA.
Do I have to verify my account with Fineco?
Yes, Fineco follows a KYC (Know Your Customer) policy that requires all clients to submit personal information, including your full, legal name as it appears on your ID, address, and other identification elements. All information provided is confidential and protected under the European Union’s Data Protection protocol.
As opposed to other similar brokers, Fineco Bank doesn’t seem to spend a lot of time on or invest in the educational resources it offers. The educational element remains substandard and it is only provided through its Newsroom section.
Newsroom hosts third-party content about financial markets and supports live events, webinars, and a video library. The free webinars are available to both beginner and advanced traders and are held on a weekly basis.
Tools and charting
Fineco Bank’s proprietary trading platform provides three primary tools to traders – the Powerdesk charting software, a custom stock screener, and the Fineco mobile trading app. The Powerdesk charts are fully integrated within the trading platform, which means you can place an order directly from your charts, providing increased flexibility and execution speed for all your trades.
The customer screener lets you quickly source and select stocks, currencies, and futures using custom parameters, while the app provides a pocket-sized version of its award winning trading platform.
Fineco ranks high in terms of customer support even though it doesn’t offer a 24/7 live chat. Non-customers have one Whatsapp number, one UK landline number, and one international number you can contact for any questions, anytime from Monday-Friday, 8 AM – 9 PM CET.
The live chat is also available Monday-Friday, from 8 AM until 9 PM or you can choose to get in touch with a member of the support team via the bank’s official social media accounts on Facebook, LinkedIn, and Twitter.
Fineco is one of the largest banks in Italy and its proprietary trading platforms are user-oriented, intuitive, and make it easy to place a trade. The zero-fee policy is definitely a positive aspect, as well as the large number of instruments and asset classes that you can trade, which again you would be hard-pressed to find at other, newer pure-play brokers.
The only drawbacks of Fineco would include the limited number of educational resources as well as the lack of cryptocurrencies, which is somewhat to be expected from a highly regulated banking institution.
If you are looking to access global markets at relatively low costs, with a regulated and insured broker, then Fineco Bank may be just what you have been looking for.
How to open an account with Fineco
- Go to the main page and click on “Open an Account”
- Fill in the boxes with the information required – contact information, personal data, personal profile, and others.
- Based on your indicated interests, Fineco will create the best type of account for your needs.
- It may take up to 4-5 business days to verify your personal information and validate your account, but once you are verified you can deposit funds and start trading!.
Fineco Bank is owned by the FinecoBank Banking Group, which is a publicly traded company on the Italian Stock Exchange.
Fineco makes money from the fees and spreads it charges on every transaction. It also charges an annual platform fee of 0.25%, which is payable monthly based on the value of your trading account on the last day of each month.
Based on your country of residence, you may be required to pay taxes on any Fineco profits you make above a certain amount. We suggest checking your local tax legislation to determine the limits and what may apply to you.
Yes, Fineco offers the option to trade a wide series of CFDs.
- Go to your Fineco account and log in
- Go to “Portfolio” and select the shares or instrument you want to sell
- Complete all the details about your order, including the price and the quantity
- Choose the shares and click on the orange “Sell Order” button
There is no information regarding closing/deleting an account with Fineco but you can contact customer support via phone, chat or email and make a formal request to close your account.
Simply go to your Portfolio section once you are logged into the trading dashboard, select the asset you want to short and fill in the order information, including the limit price and the quantity, and click on the “Sell Order” button to go short.
You can contact customer support to guide you with any problems you might have regarding logging in to your account, as we did not see the option to reset a password on its website.
No, PayPal is not listed as a payment method with Fineco.
If Fineco shuts down unexpectedly, any order will remain pending until you can log into your account again and complete it.
In the event that Finceco ceases operations altogether, it is regulated as a bank under European Union laws, meaning every account opened at a financial institution, including Fineco Bank is protected, with clients’ assets insured up to 500,000 EUR.
Yes, you can see your full trading history on your Fineco trading dashboard after you log into your account.
No, at the moment you cannot use cryptocurrency to pay on Fineco.
No, Fineco doesn’t offer any trading bonuses at the moment.