FinecoBank Review
A new broker with great potential
Pros
- Low prices
- No monthly fee
- Good stock and CFD broker
- Wide range of trading instruments
- Regulated bank
Cons
- Not very known in the UK
50 commission-free trades
To be used in the first two months. You can either use the promo-code FINECO-FA or register by clicking the right button.
Contents
8.
10.
Introduction
Fineco has been a market leader in Europe in online trading since 1999, and is one of Europe's largest banks. After being in business for over 20 years, FinecoBank has accumulated 81.4 billion euro in financial assets and a growing customer base of over 1.3 million clients. Fineco has its origin in Italy and their goal is to bring users that one-of-a-kind online trading experience. This broker is known for its low prices and wide product range. You can trade CFDs, futures, stocks, currencies, bonds, ETFs, options, mutual funds and more. Fineco processes more than 30 million orders every year and offers multicurrency accounts.
Fineco is not just online trading. When you open an account you can also ask for a GBP or EUR Debit card without monthly costs on the first card and access smart banking services.
FinecoBank is new in the UK but has already won some interesting prices. The London Forex Show awarded Fineco as Best trading tools, Best trading platform and Best provider of the year. They were also awarded by the British Government for the UK-Italy Business Awards.
Stocks
Options
Forex
Futures
Funds
Bonds
ETFs
CFDs selection:
Forex
Stocks
Commodities
Indices
Bonds
FinecoBank has several innovative platforms available to offer a suitable platform for every device you use.
- PowerDesk: this is an advanced trading platform accessible on any browser. It is a free and customisable work station with a lot of options. It offers live prices, intuitive chart trading, real time news, push notifications, automatic orders, technical analyses & historical reports, multi-charts, economic calendar and many more. It is unique that you can trade CFDs, forex, shares, ETFs, futures, bonds and options on one platform.
- Web platform: this online platform makes it easy to access your account and trade the markets. This platform is more easy-to-use than PowerDesk, but offers less options. However it still offers interactive charts with customisable timeframes and over 90 technical indicators.
- Fineco App: you can easily trade on the go with the nice and innovative mobile app. Receive push notifications and customize interactive charts.
Fees and commissions
Below, common transactions with associated transaction costs from different brokers are compared. The amount of service fee or custody fee of different brokers is also compared. Check out the comparison page for a complete fee comparison of all brokers.
The rates for investing in shares at FinecoBank are lower than with other stock brokers, as you can see in the stock broker comparison table below. Only DEGIRO is cheaper in some cases. You also don't pay an inactivity fee, custody fee or a deposit and withdrawal fee.
Shares £1.000
Shares £10.000
Service fee £10.000
£2.95
£2.95
£0
£1.89
£3.15
£0
£11.95
£11.95
£0
£7.99
£7.99
€9.99 PM
£9
£19
£12 PM
CFD fees
Below are the costs of a number of common transactions with different CFD brokers. These are long 20:1 CFD and 30:1 forex positions held for 1 week (source: brokerchooser.com). For a complete cost comparison you can check out the CFD comparison page. The spreads on CFDs are low in general as you can see in the table below.
£2.000 Apple CFD
£2.000 Europe 50 Index CFD
£20.000 EUR/USD
£20.000 GBP/USD
£0.90
£1.60
£17.30
£18.20
£6.30
£2.70
£19.60
£16.20
£8.90
£1.30
£17.90
£14
£6.40
£2.50
£24.50
£25
£3.40
£2.40
£17.10
£13.80
In short
FinecoBank is quite comparable to IG Markets. They also offer CFDs and shares on one platform, and have a big product range. However the fees and commissions at FinecoBank are lower than they are at IG Markets. FinecoBank is a new broker in the United Kingdom and is therefore not very known. However, it is reliable, cheap, professional and therefore has great potential.
- Low prices
- No monthly fees
- Solid background
- Not very known in the UK
# Active investors
1,300,000
Money guaranteed
£85,000
Reliability
Securities lending
No
Mobile app
Demo account
Minimum deposit
£1
Fees
Shares
£2.95 – $/€3.95
Options
$2.50
Leveraged products
Futures
$0.70
Funds or trusts
0.25%
ETFs
£2.95 – $/€3.95
Telephone order
£0
Service fee
£0
Forex
CFDs
Cryptocurrencies
Customer service
Education
Usability
Trading platform
Bank transfer
Credit card
PayPal
- Low fees
- Investment product range
- Analysis functionalities
- Securities lending
# Active investors
400,000
Money guaranteed
£20,000
Reliability
Securities lending
Yes
Mobile app
Demo account
Minimum deposit
£1
Fees
Shares
£1.75 + 0.014%
Options
€0,75
Leveraged products
£1.75 + 0.014%
Futures
€0.75
Funds or trusts
€0-€7,50+0,10%
ETFs
€2 + 0.03%
Telephone order
£8.50
Service fee
€0
Forex
CFDs
Cryptocurrencies
Customer service
Education
Usability
Trading platform
Bank transfer
Credit card
PayPal
- Ideal for fund investments
- Fundamental research
- Limited technical research
- Monthly fee
# Active investors
300,000
Money guaranteed
£85,000
Reliability
Securities lending
No
Mobile app
Minimum deposit
£1
Fees
Shares
£7.99
Options
Leveraged products
Futures
Funds or trusts
£7.99
ETFs
£7.99
Telephone order
£49
Service fee
£9.99 PM
Forex
CFDs
Cryptocurrencies
Customer service
Education
Usability
Trading platform
Bank transfer
Credit card
PayPal
- Professional platform
- Good education
- Customer service
- High minimum deposit
# Active investors
178,000
Money guaranteed
£85,000
Reliability
Securities lending
No
Mobile app
Minimum deposit
£450
Fees
Shares
£3 – £8
Options
£0.10
Leveraged products
Futures
Funds or trusts
£8
ETFs
£8
Telephone order
£40
Service fee
£24 PQ – paid commissions
Forex
CFDs
Cryptocurrencies
Customer service
Education
Usability
Trading platform
Bank transfer
Credit card
PayPal
- Low prices
- No monthly fees
- Solid background
- Not very known in the UK
# Active investors
1,300,000
Money guaranteed
£85,000
Reliability
Securities lending
No
Mobile app
Demo account
Minimum deposit
£1
Fees
Shares
£2.95 – $/€3.95
Options
$2.50
Leveraged products
Futures
$0.70
Funds or trusts
0.25%
ETFs
£2.95 – $/€3.95
Telephone order
£0
Service fee
£0
Forex
CFDs
Cryptocurrencies
Customer service
Education
Usability
Trading platform
Bank transfer
Credit card
PayPal
* Estimated annual costs with £10,000 one-time investment, £100 monthly investment and an average investment profile. Investing involves risks of losses.
- Excellent platform
- Low spreads
- Also share dealing
- High trading fees
# Active investors
Unknown
Reliability
Trading platform
- MetaTrader 4
- MetaTrader 5
- Social platform
- Type of investor
Active
- Functions
Professio-nal
- Mobile app
Spreads
Low
Spread EUR/USD*
0.5
Tradable assets
2,200
CFDs in shares
2,000
CFDs in forex
67 pairs
CFDs in cryptos
6
CFDs in commodities
26
CFDs in indices
43
CFDs in ETFs
57
Loss-making investors
75%
Customer service
Education
Usability
Inactivity fee
£10 PM after 3 months
Bank transfer
Credit card
PayPal
- Very user-friendly
- Competitive spreads
- No MetaTrader platform
- Fewer analysis tools
# Active investors
200,000
Reliability
Trading platform
- MetaTrader 4
- MetaTrader 5
- Social platform
- Type of investor
Beginner
- Functions
Average
- Mobile app
Spreads
Low
Spread EUR/USD*
0.6
Tradable assets
2,000
CFDs in shares
1,900
CFDs in forex
50 pairs
CFDs in cryptos
14
CFDs in commodities
22
CFDs in indices
30
CFDs in ETFs
95
Loss-making investors
76.4%
Customer service
Education
Usability
Inactivity fee
£10 PM after 3 months
Bankoverschrijving
Creditcard
PayPal
- Social trading platform
- Copy professionals
- No MetaTrader platform
- High spreads on crypto
# Active investors
400,000
Reliability
Trading platform
- MetaTrader 4
- MetaTrader 5
- Social platform
- Type of investor
Allround
- Functions
Average
- Mobile app
Spreads
Average
Spread EUR/USD*
3
Tradable assets
1,200
CFDs in shares
1,000
CFDs in forex
57 pairs
CFDs in cryptos
92
CFDs in commodities
13
CFDs in indices
13
CFDs in ETFs
21
Loss-making investors
75%
Customer service
Education
Usability
Inactivity fee
£10 PM after 1 year
Bankoverschrijving
Creditcard
PayPal
- Low spreads
- No inactivity fee
- No cryptos
- High overnight fees
# Active investors
300,000
Reliability
Trading platform
- MetaTrader 4
- MetaTrader 5
- Social platform
- Type of investor
Allround
- Functions
Average
- Mobile app
- Demo account
Spreads
Low
Spread EUR/USD*
0.8
Tradable assets
700
CFDs in shares
540
CFDs in forex
54 pairs
CFDs in cryptos
CFDs in commodities
10
CFDs in indices
16
CFDs in ETFs
?
Loss-making investors
69.7%
Customer service
Education
Usability
Inactivity fee
£0
Bankoverschrijving
Creditcard
PayPal
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.