FinecoBank Review 2024
Website: www.finecobank.com
Min. Deposit: US$ 0
Leverage: 1:30 | 1:100
Trading Platforms: PowerDesk, Stock Screener, Fineco app
Regulation: Bank of Italy, CONSOB, ECB
Headquarters: Italy
Founded: 1999
Regulatory Licenses:
- FinecoBank S.p.A. - authorized by European Central Bank
- FinecoBank S.p.A. - authorized by Bank of Italy
- FinecoBank S.p.A. - authorized by CONSOB (Italy)
Updated on March 26, 2024
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FinecoBank stands as a paramount player in the realm of real stock trading, boasting robust trading solutions and a formidable technology base. As one of Europe's leading FinTech banks and a prominent figure on the FTSE MIB, FinecoBank presents a distinctive business model in Europe. This model skillfully merges top-tier platforms with a vast network of financial advisors, setting a high benchmark in the industry.
FinecoBank commands a high degree of trust and reliability, operating under a European Banking license. The trading conditions are favorable, and traders have access to a comprehensive range of trading instruments, including Stocks, Indices, ETFs, and thousands of other financial products. The platform itself is finely tuned, featuring robust research tools.
Pros
Highly reliable company with European Banking license
Favorable trading conditions
Extensive range of trading instruments
Well-developed platform with robust research
Cons
Lack of in-depth market research
Absence of the popular MT4 trading platform
Is FinecoBank Safe or a Scam? ▲
FinecoBank is a legitimate and reputable brokerage, not a scam. It operates as a reliable broker with the added credibility of holding a banking license, which typically involves stringent regulatory oversight and compliance with financial standards. This dual aspect of being both a broker and a bank often enhances the trustworthiness of a financial institution.
The low-risk nature of Fineco Stocks Trading is another key aspect of its reliability. This indicates that the company takes measures to mitigate risks associated with stock trading, which is a significant consideration for investors.
Regulatory compliance is a crucial factor in establishing the legitimacy of a broker. FinecoBank adheres to European strict laws, being regulated under the relevant European regulatory bodies. This compliance with European regulations ensures that FinecoBank follows high standards of operation and client protection. The European financial regulatory framework is known for its rigor and comprehensive approach to safeguarding investor interests.
FinecoBank Review Summary in 12 Points ▲
Headquarters: Italy
Regulation: Bank of Italy, CONSOB, ECB
Platforms: PowerDesk, Stock Screener, Fineco app
Trading Products: Forex, CFDs, Indices, Stock Shares, Futures, Options, Cryptocurrencies, and more
Stock Commission: $3.95
Paper Trading/ Demo Account: Provided
Minimum deposit: $0
Base currencies: Various currencies available
Education: Seminars, Webinars, Video Library
Customer Support: 24/5
FinecoBank has established a strong presence and commendable reputation in the trading world, offering secure and highly favorable trading conditions. The company extends a variety of online trading services, complemented by user-friendly platforms that feature automatically updated markets and news. Furthermore, FinecoBank's global accessibility ensures that traders can engage with the market under the most competitive spreads. Based on our comprehensive testing and comparison with over 1000 brokers, FinecoBank's Overall Ranking stands at 4.5 out of 5.
Being regulated by European standards as a bank and broker, FinecoBank adheres to the ESMA regulations. This includes specific leverage limits for different trading instruments. Retail traders are permitted a maximum leverage of 1:30 for major Forex pairs, 1:20 for minor currencies, and an impressive 1:100 for certain commodities. For traders classified as professionals, there's the option to request higher leverage, assuming they can prove their professional status.
FinecoBank simplifies account management by offering a unified account that provides seamless access to banking, brokerage, and investment services. This account facilitates global transactions, enabling clients to engage with major stock exchanges around the world using a single multicurrency account. For clients whose portfolios exceed 500,000 euros, FinecoBank elevates their status to Private, offering them bespoke services including dedicated rates for Credit Lombard and Mortgages, Advisory services, lower fees on securities trading, and a credit card exclusively for Private customers.
How to Open a FinecoBank Live Account ▲
Setting up a live account with FinecoBank is straightforward. Prospective clients can start by navigating to the "Open Account" section on the website. The process involves entering personal information such as name, email, and phone number, followed by the verification of these details through document uploads (proof of residence, ID, etc.). Applicants are also required to complete an electronic questionnaire to assess their trading experience. Following the approval and activation of the account, clients can proceed with funding their accounts to begin trading.
FinecoBank's trading environment is enriched by an extensive variety of instruments, all accessible from a single multicurrency account, including their website, mobile app, and the PowerDesk platform. The lineup includes CFDs, Forex CFDs, Indices, Stocks, Futures, Options, Bonds, ETFs, ETCs, and Cryptocurrency CFDs. Offering such a comprehensive range earns FinecoBank a high score of 9.2 out of 10 for its diverse selection of trading products covering Forex, Stocks, Indices, and more.
FinecoBank's fee structure is competitive and transparent, focusing primarily on commission charges across various asset classes. Traders can expect to pay less than €10 per trade or as low as €2.95 for making 10 orders per month, presenting a cost-effective solution for both novice and experienced traders. The platform offers options and futures trading at €1.95 per batch and commission-free trading on CFDs, FX CFDs, and Super CFDs, only incurring costs through spreads. In the UK, FinecoBank offers exceptionally low pricing, including £0 commission on FTSE100, US, and EU Shares CFDs, with only the market spread applied and no additional markups. After a thorough comparison with over 1000 other brokers, FinecoBank's fees are considered low to average, with an overall rating of 8.5 out of 10.
FinecoBank presents competitive, commission-free trading with tight spreads, beginning as low as 0.8 points on EUR/USD for UK traders. For Italian and European traders, the average CFD Forex spread hovers around 1 pip. After comprehensive analysis and comparison with over 1000 brokers, FinecoBank's commission structure is deemed favorable, receiving a commendable score of 4.3 out of 5. The fee model is appealing, incorporating costs within the commission charge, thus offering advantageous pricing.
FinecoBank distinguishes itself by offering straightforward and efficient options for fund transfers, facilitated by automatic deposit features via UniCredit or Fineco Bank ATMs. Additionally, the Fineco app enables cardless cash withdrawals through its Smart Withdrawal service, free of charge. The bank's funding methods are rated highly, achieving a score of 4.3 out of 5, with negligible or no fees and the flexibility to choose from various account currencies.
Pros
Seamless deposit and withdrawal process
Diverse payment methods including Apple/Google Pay, Fitbit Pay, and Garmin Pay
No minimum deposit requirement, offering flexibility
Cons
International transfers outside the UK, Italy, and Europe may incur fees, necessitating verification with customer service
Withdrawals are executed smoothly, following a simple step-by-step process accessible within the user account, and allowing selection from multiple withdrawal methods. This efficient system ensures a hassle-free experience for clients.
FinecoBank's online trading platform is among the most sought-after in Europe, noted for its ease of access and the use of proprietary technology. The PowerDesk platform, along with the Stock Screener tool and mobile applications, offers a robust technical solution, characterized by efficient order execution, tight spreads, and direct liquidity access. Rated at 4.3 out of 5, FinecoBank's trading platform is recognized for its professional-grade capabilities.
The platform boasts PowerDesk, an innovative trading software featuring an intuitive interface, advanced charting, and various trading tools for a personalized trading experience. Additionally, the Stock Screener aids in investing decisions, while the Fineco App ensures trading tools are readily accessible.
Customer Support
FinecoBank prides itself on delivering exceptional customer support, with over 96% of clients satisfied thanks to the efforts of more than 200 operators and 2,600 personal financial advisors. Support channels include live chat, phone, and email, ensuring easy access to assistance. The bank's customer service quality is highly regarded, with a score of 4.4 out of 5, based on our evaluation.
FinecoBank Education
FinecoBank's commitment to client education is evident through its offering of live seminars, webinars, and classroom courses, complemented by a video library covering a wide range of trading and investment topics. Market insights and analyses are provided in collaboration with leading data providers. The educational content and resources are rated at 4.4 out of 5, reflecting their quality and comprehensiveness.
In conclusion, FinecoBank stands out as a top-tier Italian bank, offering reliable trading and financial solutions underpinned by stringent regulatory standards. The platform's extensive functionalities facilitate effective trading, making it particularly suitable for active and professional traders. While the PowerDesk platform may incur a monthly fee for clients not meeting certain trading volumes, FinecoBank's competitive pricing, commission-free trading, and a wide array of trading strategies make it a worthy consideration for a diverse range of traders. The bank's robust trading propositions, coupled with comprehensive banking services, solidify its reputation as a preferred choice.
Drawing on our analysis and expert opinions, FinecoBank is highly recommended for:
Advanced traders
Investment focused clients
Italian and European traders
Professional Trading
Currency and CFD trading
ETF and Stock Trading
Commission based trading
Competitive trading fees
Tight spreads
A variety of trading strategies
Supportive customer support
A strong educational and market analysis offering
