Fineco Review 2023: Fees, Platforms, Apps, Safety, Pros & Con

Fineco is an online bank and a brokerage company that provides CFDs and other financial assets for investment. This Fineco review discusses the broker’s fees & commissions, spreads, account types, and safety protocols. We also explore some of the features of its trading platforms and apps, including their user interface and design.

Regulated By

CONSOB, PRA, & FCA

Used By

1,000,000+ users

Established in

1999

Visit Broker

62.02% of retail investor accounts lose money

Spreads From

EURUSD 0.8 pips

What Can You Trade on Fineco?

  • Stocks
  • ETFs
  • Forex
  • Commodities
  • Indices
  • Crypto

Fineco Platforms

DesktopMobile

Fineco Funding Methods

Wire Transfer

Fineco Review 2023: Fees, Platforms, Apps, Safety, Pros & Con

Fineco is an online bank and a brokerage company that provides CFDs and other financial assets for investment. This Fineco review discusses the broker’s fees & commissions, spreads, account types, and safety protocols. We also explore some of the features of its trading platforms and apps, including their user interface and design.

  • author Adesuwa Ebuehi
  • Last updated 20/09/2023

62.02% of retail investor accounts lose money

Regulated By

CONSOB, PRA, & FCA

Used By

1,000,000+ users

Established in

1999

Spreads From

EURUSD 89 Points

Platforms

DesktopMobile

What Can You Trade?

  • Stocks
  • ETFs
  • Forex
  • Commodities
  • Indices
  • Crypto

Funding Methods

Wire Transfer

Summary

Fineco is an Italian bank that also provides brokerage and investment services to its customers. Their headquarters is located at Piazza Durante 11, Milan 20131 and they currently provide services to clients resident in the United Kingdom and Italy. Overall, they offer 20,000+ financial assets. They offer 20,000+ financial instruments which comprises 50+ Forex pairs, as well as Stocks, Commodities, Indices, Funds, Bonds, Options, ETFs, and Futures. However, cryptocurrencies are presently unavailable on the platform. Fineco’s Stock offering consists of CFDs and Real Stocks. In addition, this broker allows clients to invest in Shares from over 26 markets, including NYSE, Nasdaq, OMX Helsinki, LSE,  and Euronext Paris.

Our Fineco review provides an in-depth overview of the broker’s services. We cover a large number of topics, including their available assets, stock trading, fees, account types, customer service, educational materials, and regulation. We also provide you with insight into user opinions about their services on Quora, Reddit, ForexPeaceArmy, and TrustPilot.

Pros

  • Well Regulated by the FCA and CONSOB
  • No Inactivity or Deposit Fees
  • No Minimum Deposit Amount
  • Excellent Trading Platform
  • Multi-Currency Trading Available

Cons

  • Limited Funding Options
  • Limited Educational Resources
  • Only Available to Italy and UK Residents

Available Assets

Fineco provides a very large range of financial assets compared to several other brokers. Their offerings consist of both CFDs and non-CFDs. Available financial instruments include Stocks, Forex Pairs, Commodities, Indices, Funds, Bonds, Options, ETFs, and Futures. Unfortunately, however, they do not list Cryptocurrencies on their platforms. Below, as part of our broker review, we discuss each of these assets in greater detail.

Stocks

Fineco provides Real Stocks and Stock CFDs from the US, UK, and other international markets such as France, Germany Switzerland, Finland, and Portugal. Clients of this investment company will be able to trade the Shares of leading companies in various sectors, including Utilities, Technology, and Energy.

Indices

Indices are included among this broker’s available financial offerings. Customers will be able to participate in trading Indices CFDs such as FTSE100, Germany 30, S&P 500, and Dow Jones.

Forex

This broker also provides a wide array of currency pairs for trading, including popular major pairs such as EUR/USD, GBP/USD, and EUR/GBP. Traders will be able to participate in the forex markets for 24 hours from Mondays to Fridays.

Commodities

Fineco lists two types of Commodities. A much larger version with its size and value similar to the ticks of Futures contracts listed on regulated markets and another version with largely reduced margins. Customers will have access to assets such as Gold, Platinum, Silver, Palladium, and Natural Gas.

ETFs

Just like with real shares, Fineco provides ETFs from several markets in the US, UK, and parts of Europe such as Germany, France, Canada, and Switzerland.

Bonds

Individuals who have an investment ISA will have access to bonds. Some of the bonds listed by this broker include Euronext, MOT, Euro-MOT, Hi-MTF, and EuroTLX.

Futures

There are several types of Futures available. They include CME Futures such as Indices Futures, US Treasures, Micro E-mini Futures, Nikkei Index, and Commodities Futures. The broker also has Eurex and Idem Futures, including DAX, MicroFib, and MicroDax.

Options

The broker lists Options on its several trading platforms. Traders will be able to find and invest in instruments such as S&P, DJ, Nasdaq, Russell, and VIX.

Funds

Fineco also allows its customers to invest in funds with as little as $50 per month. With this broker, clients will have access to a variety of funds, including M&G Episode Allocation GBP I Inc and M&G Property Portfolio GBP I Inc.

Stock Trading at Fineco

Fineco offers both real Stocks and Stock CFDs on their trading platforms. Customers will enjoy access to shares from over 26 global markets at relatively reduced prices. In this section of our Fineco review, we will talk about all you need to know about Stock trading with this broker. We will also list all the available Stock exchanges they provide and cover their Stock trading fees for CFD and non-CFD shares. Finally, we will discuss the margin on stock CFDs on this broker.

Available Stock Exchanges at Fineco

Fineco’s financial instrument offerings are broad and expand to include both real shares and shares CFDs. Below, we list all the available stock exchanges that customers of this broker can trade with.

Country Available Stock Exchange
United States NASDAQ
New York Stock Exchange (NYSE)
American Exchange
France Euronext Paris
Germany Deutsche Borse Xetra
United Kingdom London Stock Exchange
Switzerland SIX Swiss Exchange
Finland OMX Helsinki
Netherlands Euronext Amsterdam
Portugal Euronext Lisbon
Spain Bolsa de Madrid
Italy Borsa Italiana

Stock Trading Fees & Commission at Fineco

Fineco does not charge commission or include any additional pips to the original spread of US and UK stock CFDs. However, stock CFDs of FTSE250 have a 0.06% markup fee.

Traders who invest in real Stocks will be charged a fixed commission. Furthermore, this figure is dependent on the specific exchange that the customer engages with. Clients of this broker who trade US Stocks are charged $3.95 per order. UK Stocks attract a fee of £3.95 per order while Germany, Italy, and France Stocks cost €3.95 per order. Other markets such as Spain, Switzerland, and Finland are charged 0.19%. However, Finland Stocks aso have a €9 per order charge attached.

Stock Trading Leverage at Fineco

Fineco only offers leverage on its share CFDs. Customers of this broker who wish to invest in real Stocks will not have access to margin trading. The specific leverage on the broker’s stock CFDs varies. Retail and Professional clients have access to different leverage on FineCo. Retail customers can use leverage up to 1:5 on Stock CFDs while professional clients have access to 1:50 maximum leverage.

Regulations

Fineco is an investment company that is licensed by top-tier financial and investment regulatory bodies. This broker is authorised and regulated by the Bank of Italy and the Commissione Nazionale per le Società e la Borsa (CONSOB). In addition to this, they are also authorised and regulated by the UK’s Financial Conduct Authority and the Prudential Regulation Authority (PRA). Here are all the licensing information of the broker, its office address, and regulatory details.

Fineco Bank: This entity is a subsidiary of FinecoBank S.p.A. It is located at Piazza Durante 11, Milan 20131. They are regulated by the Bank of Italy, CONSOB, the FCA, and the PRA.

  • Milan Chamber of Commerce Registration Number: 01392970404

Fees and Commission

Fineco fees are of two types, trading and non-trading fees. Clients incur these fees as they trade various financial assets on the broker’s platforms. In addition to the subjects covered above, our review also takes a look at all the charges incurred by users of the broker.

Trading Fees

Trading fees on Fineco vary depending on the instrument traded. Generally, users of this broker are expected to pay commissions, spreads, and overnight fees or swaps. We examine each of these fees in greater detail below.

Commissions

Fineco charges a commission on some of its financial instruments. The nature of the commission costs with this broker largely differ. While some instruments attract fixed commissions, others tend to fluctuate based on a number of factors.

The broker does not charge a commission on FTSE 100, US & UK stock CFDs. However, for FTSE250 stock CFDs, there is a 0.06% markup per side applied. Commissions on Bonds are fixed at £6.95. Options and Futures have variable commissions which could be as low as $1.95 and $0.7 per lot, respectively.

Finally, there are different charges for real Shares depending on the exchange. UK and US shares cost £2.95 and $3.95 per order, respectively. Also, Germany, Italy, and France Stocks have a fixed commission of €3.95.

Spreads

There are spreads on the broker’s CFD instruments. Clients that trade Forex pairs can enjoy spreads as low as 0.8 pips on major currency pairs such as EUR/USD.

Overnight Fees

Trades held overnight will attract a swap fee. This amount varies depending on the value of the trade and the duration. Long and short forex positions both attract a charge of 2.95% + a variable amount which is calculated based on the currency’s TOM Next Rates.

Share CFDs attract an overnight fee of Mid TOM Next Rate of the relevant currency + 2.50% for long non-Euro traded positions. Also, long Euro traded positions are calculated as Euribor 1m 360 + 2.50%. Finally, short positions have a 2.50% flat fee.

Non-Trading Fees

Fineco offers relatively low non-trading fees as they do not charge inactivity, custody, portfolio transfer, or deposit fees. However, clients are expected to pay an Annual ISA Platform fee.

ISA Platform Fee

Fineco charges customers who own an ISA account a fee of 0.25% max. However, customers who open ISA accounts by April 2023 will enjoy 0% platform fees until the end of the 2023/2024 tax year.

Account Types

Fineco account types include a demo account and a standard account. The broker also offers a professional trading account and a Stocks and Shares ISA. However, these options are all available under the standard account type. Finally, they do not offer swap-free or Islamic accounts. Here in our review, we explore the features of each of these account types.

Demo Account

The Fineco Demo Account allows customers to get familiar with its trading platform and perfect their trading strategies without risking real money. Traders who register a demo account will be provided with a virtual trading balance of up to £15,000 for practice until they are willing to switch to a standard account and start trading with actual funds.

Standard Account

Opening a standard account with this broker provides customers with access to all its available features. Traders will have access to the entire repertoire of trading instruments, including CFDs, Shares and ETFs, Bonds, and Options. Standard Account owners will be able to enjoy leverage up to 1:30 on CFD assets. They will also be able to apply to open a Stocks and Shares ISA or switch to a Professional Trading Account. Unfortunately, this broker’s Standard Account currently does not offer applications for other types of ISAs such as Lifetime ISAs, Innovative Finance ISAs, or Cash ISAs.

Traders with this account type that meet Fineco’s eligibility requirements can engage in Pro-Trading. Professional traders with this broker are allowed access to much higher leverage up to 1:100 on CFDs, more trading tools, a larger range of bonds, and order callback services.

Trading Platforms

Fineco provides several trading platforms for its clients to begin their trading and investment journey. Customers of this broker can make use of FinecoX or Powerdesk,  proprietary trading apps designed to offer an intuitive online trading experience, which is also available on desktop browsers. They can also download the Fineco app for iOS and Android to trade and invest on mobile. Unfortunately, this broker is not compatible with well-known third-party platforms such as MetaTrader and cTrader. We will explore the features of their trading platforms on mobile and desktop. We also outline a step-by-step process for opening an account on these trading platforms.

Desktop Trading Platforms

Clients can trade or invest in their preferred financial assets on desktop with FinecoX or Powedesk. Both trading platforms are intuitive and give customers the opportunity to enjoy all the benefits they offer. Below, we review some of the features of the FinecoX app.

User Interface

The FinecoX user interface is very intuitive and straightforward. Clients can easily customise their workspace based on their unique preferences and start trading.

Design

The design of the app is excellent. It has a great colour scheme and a top-notch display that shows only the essential trading features. There are a reasonable number of tabs and the default view is not overcrowded.

Charts and Indicators

There are over 90 indicators on the Fineco trading app for desktop. Users of this broker will be able to use popular charting tools such as Aroon, Alligator, and Bollinger Bands.

Watchlist

This feature allows Fineco customers to create up to 20 watchlists and monitor their preferred assets. It also provides four different views – Spreadsheet, Trend, Heatmap, and Quote Panel – which offer unique insights into the current performance of financial instruments.

News

With the news feature, clients can stay informed on the latest happenings in the global economy. Here, users can receive useful information that will enable them to make better-informed trading decisions.

How to Open an Account on Fineco Desktop Trading Platform

  1. Visit the Fineco website and select Open an Account.
  2. Start the account opening process by specifying if you are creating an individual or a joint account.
  3. Enter your phone number.
  4. After verifying your phone number, provide your email address.
  5. Provide your citizenship information.
  6. Upload a picture of your ID with your mobile phone.
  7. Once your ID validation is complete, proceed to fill out the other requested information, including your personal profile and investment history.

Mobile Apps

The Fineco mobile app is available on iOS and Android and provides a convenient way for users of this broker to monitor their trades and also place orders. This section of the review takes a look at some of the features of the broker’s mobile trading app.

User Interface

The mobile app has an easy-to-understand user interface that allows clients to easily navigate between tabs and view essential information related to their accounts and assets.

Design

Fineco mobile app is well designed. Customers can navigate between the Accounts, Markets, Portfolio, and Funds tabs, and other useful features via the dropdown menu at the bottom right corner.

Markets

The Markets tab allows customers to have a general overview of assets available on the mobile trading app. Here, clients can see a brief survey of the performance of instruments over a few days as well as the percentage change in value.

News

Clients can have access to vital financial market information conveniently on their mobile devices by visiting the Markets tab and taking a look at the news section. This feature provides real-time updates to enable clients to have up-to-date details to make trading and investment decisions.

How to Open an Account on Fineco Mobile Trading App

  1. Download the Fineco App on the iOS app store or Android PlayStore.
  2. Select “Open Account” on the app’s homepage.
  3. Enter and verify your name and phone number.
  4. Upload a clear picture of your international passport for identity verification.
  5. Once your identity is verified, you can proceed to fill out all the other requested personal information and details about your employment and financial history

Payment Methods

Deposits and withdrawals at Fineco are relatively limited compared to many other brokers. In this section of the review, we discuss the available options for customers to fund and withdraw money from their accounts. We also mention additional details such as minimum deposit amounts and the presence or absence of any withdrawal fees.

Deposit

Unlike most other financial investment companies, Fineco only allows customers to fund their accounts via bank transfers, which take between 1 to 3 business days to reflect. They do not accept e-wallets such as Skrill, Neteller, or PayPal nor do they support payments with cryptocurrencies. Fortunately, there is no minimum deposit with this broker. This means that clients can begin their trading with any amount.

Deposit Method Transaction Time
Bank Transfer 1 – 3 business days

Withdrawals

Fineco customers can withdraw their funds via a bank transfer. In addition, the broker also provides clients with a debit card, which they can use to make withdrawals wherever they are. The broker doesn’t charge withdrawal fees, however, debit card maintenance charges and other bank-related costs may apply. Finally, processing requests for withdrawals via bank transfer typically takes less than 24 hours.

Account Base Currency

Clients can have their accounts in up to 20+ currencies. Available account base currencies are GBP, EUR, USD, CHF, JPY, TRY, CAD, AUD, NXN, RUB, ZAR, SEK, CNY, DKK, NOK, HKD, SCD, PLN, NZD, CZK, and HNF.

Research and Education

Fineco’s research and educational materials are relatively limited compared to other financial investment platforms. They do not have e-books or podcasts for customers who enjoy such learning methods. This broker’s primary method of training consists of video lessons offered as rewatchable webinars or live events. Their video library has several videos for customers to get better informed about different topics. Some of the subjects covered include, How to Trade, Investment Tips, Trading Tips, and Financial Products. In addition to these video lessons, clients can also book a free demo session with one of Fineco’s experts. In this session, the customer will have access to a live demo of the platform and receive tutoring on how to maximise their account features and start trading or investing. Finally, the broker has a newsroom with short articles relating to banking, market themes, investing, and trading.

Customer Services

Customers who wish to lay a complaint can do so by contacting the broker via email, phone call, or live chat. To reach the customer support via email, clients are required to visit the website and type their complaint in the query box provided in the ‘Contact Us’ section. Also, this broker offers different contact numbers for its users, depending on their location. Clients residing in the United Kingdom can receive customer support by dialing 0800-640-6465. However, those based in other countries can call +44-(0)-20-7065-7555. These call lines are active from Mondays to Fridays between 8 am and 9 pm. For individuals who wish to opt for the live chat feature, it is also accessible only at this time as well.

Fineco has pages on social media platforms where they interact with their clients. Users of this broker can file a complaint by reaching out via Facebook, Linkedin, or Twitter. They can also find answers to commonly asked questions by visiting the FAQ section of the broker’s website.

Online Reviews

In this section, we will examine what users of this broker are saying about its services on discussion websites and broker review forums. We have explored several comments on Reddit, Quora, TrustPilot, and ForexPeaceArmy. Below, we provide you with a summary of client opinions about this broker across these platforms. We outline all the positive features as well as drawbacks that are commonly mentioned and state the overall rating of Fineco on these platforms.

What Reddit Users Say About Fineco

A quick survey of user comments on Reddit shows that most users have positive things to say about this broker’s services, products, and features. A common positive mentioned in several posts was that Fineco offers a debit card. One person cited the availability of foreign stock exchanges as their major attraction to the broker. Another account also praised them for their low currency conversion charges compared to competitors. In addition, this broker’s ISA account and its affordable fees also stood out as noteworthy mentions.

However, there were also a few negatives pointed out on the Reddit platform. One of them was that several users claimed that the account opening process at Fineco is extremely cumbersome and lengthy. Another complaint stated that the UK assets available to ISA accounts were relatively limited.

What Quora Users Say About Fineco

Unfortunately, there are currently no responses to queries about Fineco on Quora. However, one post does mention the broker, pointing out its excellent pricing when compared to other UK trading exchanges.

TrustPilot Users’ Review About Fineco

On TrustPilot, Fineco has an overall rating of 4.7/5 from 32,278 reviews. Most of the comments about Fineco on this platform praised the customer support for being very responsive and efficient. There were also many positive remarks about the broker’s app, especially from non-English users. Despite these pros, there were also a fair number of complaints about the broker’s services. One user expressed their dissatisfaction with the account opening process of the broker, calling it tedious and long. Another person also claimed that Fineco does not send texts to American cell phones, which makes the process of registration more complicated. Finally, some users also claimed that the English version of the broker’s website is poorly translated and sometimes redirects customers to the Italian option.

ForexPeaceArmy Users’ Review About Fineco

There are 9 reviews of Fineco on ForexPeaceArmy, generating a low average rating of 1.538/5. Unfortunately, the majority of these comments do not provide a favourable outlook. The most common cause for concern shared by users of this broker on this platform is that they offer high, non-transparent spreads. A number of comments also mentioned regular software glitches and consistent freezing of the trading platform delaying customers from closing their positions.

Other Products and Services

In addition to its regular trading and investment services, the broker also offers additional products. In this section of our Fineco review, we take a look at these products and outline their benefits to potential users and clients of this broker.

Fineco Banking

Fineco also provides banking solutions to interested clients. This banking service offers smart payments, easy transfers, and a simplified user experience. Customers will be able to send money to over 250 countries and make online transfers in 20 different currencies. Furthermore, European users will also be able to pay their recurrent bills with no charges, thanks to the EUR Direct Debit.

Fineco Investing

Fineco Investing is a platform that provides clients with access to top-tier fund managers such as Invesco, Nordea Asset Management, Capital Group, Jupiter Asset Management, and JP Morgan Asset Management. They also offer solutions to meet your investment objectives. Customers can get started with as little as £100.

Money Map

Money Map is a feature on the Fineco Mobile App that allows users to apply artificial intelligence in defining a budget, monitoring savings, and managing their finances. With Money Map, clients can categorise all their expenses and group them so that they stay within a predetermined budget. This service keeps track of a user’s expenses and alerts them when they exceed their spending limits.

Is Fineco Safe?

Fineco safety measures help guarantee user funds’ safety in the event that anything happens to the company. This broker is generally viewed as a trustworthy option as it is licensed and regulated by the Bank of Italy, Financial Conduct Authority, the Prudential Regulation Authority, Commissione Nazionale per le Società e la Borsa (CONSOB). Furthermore, they are also a member of the National Compensation Fund (FNG) and the National Interbank Deposit Guarantee Fund (FITD). Their FITD membership ensures a guarantee on customer liquidity deposits up to a maximum of €100,000 for each depositor. Similarly, the FNG guarantees a maximum amount of €20,000 for credits that arise due to a failure of the company to return all or part of a client’s funds. It also covers financial instruments or their equivalents claimed for the provision of investment services and activities.

Bottom Line

Our Fineco review shows that the broker is safe due to its regulation by the FCA, PRA, CONSOB, and Bank of Italy. They also do not charge inactivity or deposit fees. However, despite the fact that this broker does not have a minimum deposit amount, they present very limited deposit options. Furthermore, their educational materials listing is poor compared to other brokerage companies. Their asset listing includes Shares, Indices, Forex, Commodities, Futures, Bonds, Options, and ETFs.

Stock trading with this broker attracts a fee depending on the stock exchange. Also, while leverage is not available for real stocks, CFD instruments allow for margin trading. Charges expected of Fineco customers include Commissions, Spreads, Overnight Fees, and ISA Platform Fees. Users will also be able to trade with the broker’s proprietary apps on desktop and mobile. Thanks to multi-currency trading, clients can have accounts in up to 20+ currency denominations, including GBP, USD, EUR, CAD, and JPY.

Q & A

Yes, it is. Fineco is regulated by multiple reputable regulatory bodies, including the FCA, PRA, CONSOB, and Bank of Italy.

Yes, it is. The company has been in existence for over 20 years.

They were founded in 1999.

Their headquarters is located at Reggio Emilia, Italy.

Fineco is owned by BlackRock, an investment company with its headquarters in New York.

Yes, it is. The company became publicly listed in 2014.

Yes, Fineco is a Fintech company.

Visit their website, click on Log In, and type your User ID and password.

Go to https://uk.finecobank.com/banking/, select “Open an Account” and follow the prompts to create an account and start using Fineco Bank.

Yes, they are regulated in the UK by the FCA.

There are over 20,000 tradable assets listed by this broker.

This broker lists hundreds of stock CFDs.

Yes, you can invest in real shares on Fineco.

The maximum leverage on Stock CFDs is 1:5. However, there is no leverage on real stocks.

Yes, the broker offers an asset management program.

Compared to many other brokers, Fineco’s fees are relatively low.

Yes. The broker offers a proprietary trading platform.

Search for Fineco on your Apple App Store (for iOS users) or the Google Play Store (Android).

There is no minimum deposit amount on the broker.

No, there is no withdrawal fee on the broker.

Withdrawals take approximately 24 hours to be processed.

Reviews of this company on most websites are largely positive.