Fineco Bank Review – Features, Fees, Pros and Cons Revealed

Fineco logoWhile Fineco Bank is likely to be a relatively new name to UK-based investors, it’s extremely well-established in continental Europe. In fact, this Milan-based financial services company claims to be Europe’s most used trading platform. And it’s easy to see why so many investors are drawn to Fineco – its fees are extremely competitive. So how does the platform measure up to the competition?

The following Fineco Bank review will take a close look at every aspect of Fineco share dealing to help you decide if it’s right for you, including the types of shares you can buy, fees and commissions, trading tools, payment methods, ease-of-use, regulation, and more.

What is Fineco Bank?

Founded in 1999, Fineco Bank began life as a subsidiary of Banca Popolare di Brescia (Bipop) and then Bipop Carire, Capitalia and UniCredit banking groups, before becoming a limited company in 2014. Fineco Bank – often billed as simply Fineco – specialises in brokerage and pitches itself to British clients as a platform with truly global reach. So, if you’re keen to extend the scope of your investing in stocks beyond the UK market, this might just be the broker for you.

In addition to share dealing, Fineco’s wide-ranging offering includes CFDs, futures, FX, options, funds and bonds – if you’re keen to pursue a diverse array of investments, you’ll struggle to find a broker that can match the sheer breadth of Fineco’s product portfolio.

What Shares Can You Buy on Fineco?

As we’ve already established, one of Fineco’s strengths is the diversity of its offering. Even if you’re only interested in share dealing, it certainly isn’t short of choice. The platform grants you access to thousands of international stocks across 26 global markets, including all the major markets (LSE, NYSE, NASDAQ etc) and many of the best shares to buy.

For breadth of access, FIneco Bank UK lives up to its billing as a haven for traders with a global outlook, enabling cost-effective, fuss-free share ordering (with no currency conversion fees) across all the major international markets, and plenty more besides.

Fineco Bank Fees and Commissions

Our Fineco Bank review found that the broker’s fixed price commission on share orders is both appealingly straightforward and extremely competitive. As the table below indicates, commission per order is set at £2.95 for UK shares. While some stock brokers have a tiered commission structure that varies according to your monthly stock trading activity, the Fineco share dealing fees are fixed, which makes life easier and removes the potential for nasty surprises.

Fee per order
UK shares£2.95
European shares€3.95
US shares$3.95
Canada TSXCAD 10

Of course, fixed commission pricing is especially appealing if the price is as low as Fineco’s. £2.95 per order comfortably undercuts most of the established competition, beating Hargreaves Lansdown (£11.95), AJ Bell (£9.95) and IG (£8) by a significant margin.

Fee per order on LSE stock
Fineco£2.95
Hargreaves Lansdown£11.95
AJ Bell£9.95
IG£8

Such competitive fees aren’t limited to UK trading. Fineco share dealing commission on European share orders is similarly low at just $3.95, compared to Hargreaves Lansdown (£11.95), AJ Bell (£9.95) and IG (€10) by a significant margin.

Fee per order on Xetra Stock

 

Fineco€3.95
Hargreaves Lansdown£11.95
AJ Bell£9.95
IG€10

The same goes for commission on US share orders. Fineco Bank account rates are hard to beat, whichever major market you’re trading in.

And the good news doesn’t end there, Fineco traders are spared additional commission fees, so you don’t have to worry about monthly fees, custody fees, market connectivity costs or inactivity charges.

Fineco Share Dealing Platform

mobile-trading-finecoFineco Bank UK offers three platforms: PowerDesk, which is designed to cater to the needs of advanced traders, a web platform that gives web users accessible but detailed trading functionality in their browser, and a mobile app (see below).

If you’re an experienced trader, PowerDesk offers a wealth of advanced tools and functionality. The platform is designed to enable detailed technical analysis (users have over 90 technical analysis indicators at their disposal) and allows you to optimise your performance by customising the trading space.

Built inhouse, Fineco’s trading platforms are undoubtedly powerful and thoroughly equipped with an abundance of tools and market information, but we found them rather more challenging to navigate than some competitors.

Fineco Share Dealing Research and Analysis

Our Fineco Bank review found that the broker is clearly keen to develop its research and analysis offering and create a knowledge building hub for traders. Clients can access regular webinars and explore a broad range of learning resources, including some quite niche market insights.

If you’re struggling to identify promising stocks, there are tools and resources available to clients that should help narrow down the hunt for prospects. The aforementioned PowerDesk is undoubtedly something of a powerhouse, if you’re able to make the most of it, and grants access to a formidable toolkit, including advanced charting and listing functionality and a vast array of technical analysis indicators.

Fineco powerdesk

Fineco Trading App

Available for Android and iOS, the Fineco trading app does a solid job of transposing the desktop trading experience to mobile. Even so, we found that the mobile investment app was perhaps better for monitoring your investments than actually trading. While the app does feature live notifications and customisable charts it lacks the detail and advanced functionality of the desktop platform. Which isn’t to say it isn’t a useful addition to the Fineco trading experience

Payments at Fineco Bank

Unusually for a broker, Fineco Bank UK doesn’t have a minimum account balance, so you can deposit as little as you like. This should suit newcomers who prefer to dip their toes in before depositing large sums.

Deposits

Our Fineco review found the platform doesn’t charge a deposit fee but does limit your deposit options to a bank transfer, so you can’t deposit funds using a credit card or electronic wallet.

Withdrawals

Withdrawals are also free unless you want to expedite the process. Instant bank withdrawals will set you back 0.20%, with €0.85 min and €2.95 max.

Withdrawals should take about one working day if you choose to use a bank transfer.You can also withdraw funds to a Fineco debit card if you have one.

Fineco Bank Login

If you are already a Fineco Bank customer and hold a share dealing account, you can click here to login. You will find all your share dealing account details once you login. If you are unable to login, below are Fineco Bank’s contact and customer support details.

Fineco Bank Contact and Customer Service

As one of the biggest names in Italian banking, Fineco share dealing offers dependable, well-staffed customer service. There’s a live chat facility on the website (8am-7pm, Monday to Friday) and customer service phone line, available from 8am to 9pm Monday to Friday.

If In the event that your Fineco card is lost or stolen, a 24/7 Client Services Team is on hand to offer urgent assistance and block the card.

Our Fineco Bank review found the customer service to be helpful and attentive, an opinion that seems to tally with the majority of Trustpilot reviewers.

Fineco Bank contact number: 0800 640 6667 (UK Fineco Bank account holders)

Fineco Bank email: support@finecobank.com

Fineco Bank address: Piazza Durante 11, Milan 20131 – Headquarters: Via Rivoluzione d’Ottobre 16, Reggio Emilia 42123.

Is Fineco Safe?

Fineco is a relatively new name in UK trading circles, which means it may be viewed with suspicion by some. Fear not though, it may be new and unfamiliar here, but Fineco is well established in Italy, where it was founded over 20 years ago. In fact, it’s something of a banking giant in Italy, serving 13 million clients and managing more than €70 billion worth of assets.

Because Fineco is a commercial bank as well as a trading platform, it’s subject to an extra level of regulation, which can only be good news from a safety point of view. In addition to FCA regulation, which you should always look for in the UK, Fineco is regulated by the Bank of Italy. It’s also a publicly listed company, so it’s required to disclose its financials.

Fineco Share Dealing Pros and Cons

Pros

  • Low commissions and fees
  • No deposit fee
  • Thoroughly regulated
  • Comprehensive product portfolio
  • Free withdrawals
  • No minimum deposit
  • Grants access to a huge choice of international markets
  • Multi-currency accounts will suit global traders

Cons

  • Design and UX could be sharper
  • Platforms can be challenging to use
  • Doesn’t offer 24/7 support
  • No demo account
  • Relatively new to the UK market

Fineco Bank vs. eToro

We’ve established that the Fineco share dealing commission fees are among the cheapest on the market but, while the Fineco trading fees look appealing when stacked up against the likes of Hargreaves Lansdown and AJ Bell, they can’t compete with zero commission trading platforms like eToro.

eToro has redefined the online trading experience over the last decade by redesigning the traditional brokerage to match the demands of a new generation of online investors. While brokers like Fineco are increasingly influenced by the Fintech revolution and offer slick, UX-driven online trading platforms, they still struggle to match eToro’s no commission model.

Stock brokerFee per tradeAnnual feeInactivity feeDeposit/ withdrawal fees
Fineco£2.95£0£0£0
eToro£0£0$10 per month (after one year)$5

Fineco has created a highly competitive share dealing platform that’s well-designed, well-priced and brimming with international investment opportunities. In most respects it’s a highly competitive brokerage that’s worthy of your consideration, but there are certainly areas in which eToro outperforms eToro.

Apart from undercutting Fineco share dealing on fees, eToro offers a smoother, more innovative trading experience with plenty of smart touches, like social and copy trading, that should appeal to beginners. It also offers a top tier stock investment app, a wide range of payment methods that include PayPal, and a $100,000 demo account.

On top of that, eToro also offers stock CFDs as well as traditional share ownership. This means you can short sell stocks and apply leverage to make larger trades, so you have a lot more flexibility over your investments when using eToro.

Fineco Bank UK is far from a bad broker and has lots to offer, but for us, eToro is a far superior platform.

The Verdict

Fineco may be relatively new to the UK broker market but its formidably low commission fees ensure it’s a tempting option. The commission structure is also appealingly straightforward, especially if you’re only interested in share dealing, which also negates Fineco’s disappointing margins for leveraged trading.

The broker’s minimal commission fees (£2.95 per order on UK stocks) are fixed, regardless of the size of your order or monthly activity, and Investors should appreciate the lack of add-on charges (monthly fees, custody fees, market connectivity costs or inactivity charges) that can lead to traders facing unanticipated costs.

Given Fineco’s standing in the European market, any safety concerns are unfounded – the company is well-established and thoroughly regulated by the FCA, ESMA and the Bank of Italy.

However, while Fineco Bank is a decent share dealing broker, if you’re looking for the best platform around we recommend eToro. This is due to eToro’s zero commission, innovative social platform and excellent copy trading tools. Simply click the link below to get started on eToro today.

eToro – Buy Shares With No Commission

 

75% of retail investor accounts lose money when trading CFDs with this provider.

FAQs

When was Fineco launched?

Fineco Bank was formed in 1999 as a subsidiary of Banca Popolare di Brescia (Bipop) and then Bipop Carire, Capitalia and UniCredit banking group

Does Fineco Bank UK offer access to MetaTrader?

Fineco doesn’t offer traders access to MetaTrader software. Fineco’s own PowerDesk platform - free as long as you place at least five trades per month - has been developed to offer a similar level of functionality.

Is Fineco regulated?

Yes, Fineco is regulated by the FCA (Financial Conduct Authority) and the Bank of Italy.

Does Fienco offer a mobile app?

Yes, alongside its advanced PowerDesk and web platforms, Fineco trading offers an easy to use mobile app for trading on the go.

What is the minimum deposit at Fineco?

Fineco Bank UK doesn’t have a minimum deposit, so traders can sign up and scope out the platform before stumping up trading funds.

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Harry Atkins

About Harry Atkins

Drawing on more than a decade of digital marketing experience, including five years running a digital content agency, Harry has written and edited extensively within the finance sector. Starting as a copywriter at a London-based marketing agency, Harry quickly gained exposure to a wide range of industries, working on campaigns for a diverse client base that included high street banks and financial service companies like Santander and Legal & General. Working on content for tightly regulated finance companies brought with it a burgeoning understanding of the finance sector and the specific demands of FCA compliant content. Rising to the role of Lead Editor, Harry continued to oversee content projects for an increasingly broad variety of finance companies, including insurance brands and trading platforms, such as CMC Markets and City Index, gaining a detailed knowledge of various forms of derivative trading and investing in the process. Harry went on to launch and run a content agency, project managing bespoke content solutions for a varied client base, including Saxo Bank, and forging collaborative partnerships with digital agencies to help them create better content – both precisely tailored and high volume – for their clients. Recently Harry has worked as a freelance writer and editor, writing editorial and sales copy across numerous sectors and overseeing high-profile content projects for blue-chip companies. He continues to specialize in finance writing and, in 2019, headed up the editorial team of a popular investing website.

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