Review of Fineco Bank

Fineco Bank is an Italian bank and broker that is regulated and insured, and counts over a million investment and banking clients. Through Fineco you can trade assets like forex pairs, stocks, ETFs, and mutual funds.
4/5 Star rating
16 min read
Written by: Theodor Tonca
Award-winning bank and exchange
Low trading fees and 50 commission-free trades in first two months
Visit site & Sign up

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

Pros:

Award-winning bank and exchange
Low trading fees and 50 commission-free trades in first two months
Regulated and insured broker

Cons:

Limited educational material
Forex spreads above the market average

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.

ProductOffering
Forex50+ pairs
Stocks
ETFs
Futures
Options
Bonds6,000+
See all available assets >

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 leverageMargin
Indices1:20 – 1:1001-5%
Options1:20 – 1:333-5%
Forex1:28 – 1:1001-3.50%
Stocks1:5 – 1:502-20%
ETFs1:5-1:502-20%
Bonds1:5 – 1:1001-20%
Funds
See all leverage trading options >

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.

ProductAverage spreadFixed or variable?
Indices0.6 pips Variable
Options$2.50 per trade
Forex0.8 pipsVariable
Futures$0.70 per trade or 0.40 pips for Futures CFDsVariable
Stocks$3.95 per trade
ETFs$2.95-$13.95 per year
Bonds$6.95 per trade
Funds0.25% per year
See all spreads >

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.

Payment methodDepositWithdraw
Debit/ Credit card
– min/max
– fees
– speed
Yes
None
Free
1-2 business days
Yes
None
Free
2-3 business days
Bank Transfer
– min/max
– fees
– speed
Yes
None
Bank fee
6-8 hours
Yes
None
Free
1-3 business days
See all deposit and withdrawal limits >

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 typeFee amountCommission
Indices0.60 pips
Options$2.50 per trade
Forex0.80 pips
Futures$0.70 per lot40 pips
Stocks$3.95 per trade
ETFs$2.95-$13.95 per year
Bonds$6.95 per trade
See all fees and commissions >

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. 

ProductMinimum tradeMaximum trade
Indices0.01 lotsN/A
Options0.01 lotsN/A
Forex0.01 lotsN/A
Futures0.01 lotsN/A
Stocks1 shareN/A
ETFs0.01 lotsN/A
Bonds0.01 lotsN/A
See all trading limits >

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
  • Tablet
  • 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.

Key features

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.

Multi-currency accounts

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.

Extra information

Educational resources 

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.

Customer support

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.

Our verdict

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

  1. Go to the main page and click on “Open an Account”
  2. Fill in the boxes with the information required – contact information, personal data, personal profile, and others. 
  3. Based on your indicated interests, Fineco will create the best type of account for your needs.
  4. 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!.
Who owns Fineco?
How does Fineco make money?
Do I have to pay tax on Fineco profits?
Does Fineco offer CFD trading?
How do I sell on Fineco?
How do I delete my Fineco account?
How can I short on Fineco?
What if I forget my account password?
Can I transfer from my Fineco account into my PayPal account?
What if Fineco closes down while I have open trades?
Can I access my full trading history on Fineco?
Can I pay in cryptocurrency with Fineco?
Does Fineco offer bonuses?

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