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Fineco UK Review

Being an Italian Bank, Fineco Bank is regulated by the Bank of Italy, however, it is still subject to limited regulation by the Financial Conduct Authority and accepts customers from the UK as well as Italy, however, for the purposes of this Fineco UK review we are only looking at its service for UK customers.

Whilst reasonably new to the market, Fineco Bank has already secured a number of awards at the London Forex Show including Best Trading Tools, Trading Platform, and All Round Provider in 2020.

In this Fineco Bank review we will take an indepth look at the Fineco offering in the UK and why this low cost provider might be just what you’ve been looking for.

Fineco Rating Summary

Overall Rating: 8/10
80%
Fees: 7/10
70%
Account opening: 9/10
90%
Deposit and withdrawal: 7/10
70%
Trading platform: 9/10
90%
Markets and products: 7/10
70%
Research: 7/10
70%
Customer service: 9/10
90%
Education: 9/10
90%

Pros

Fineco offer an excellent mobile trading platform
Low fees for trading and offer 50 commission free trades in your first two months
Considered very safe due to its long standing, transparent record

Cons

Deposits are limited to bank transfer only
No ISA or SIPP offering
Slow on account verification in the UK

Finceo UK Review

Fineco Bank specialises in CFD products which can be traded across a vast number of asset classes including stocks and shares, currencies, hard metals, energies, futures and options.

Because the user is responsible for every trade placed at Fineco Bank it is probably more suited to experienced traders who are looking to take their trading to the next level. However, Fineco Bank also offers managed portfolios for novice users, which while they do come with a management fee, are a great alternative for those lacking in the confidence to go it alone yet. It is also worth noting that their comprehensive on site education makes it a great place for novice UK users to gain relevant experience.

Fineco Product Range Overview

You will be hard pressed to find a broker that can match the sheer variety of Fineco’s product portfolio within its multi currency trading platform from stocks, shares ETFs and CFDs, ideal for pursuing a diverse array of investments. It is important to note that 69.94% of retail investor accounts lose money when trading CFDs with this provider and you should be confident with how CFDs work before taking such risks with your money. Recognising that some retail investor accounts lose money, Fineco do provide helpful articles within their newsroom on common trading mistakes.

It would be misleading not to mention in this Fineco Bank review that Fineco don’t offer ISA, SIPPs or corporate accounts to their UK customers, making this a platform solely for commercial banking and trading.

Fineco Bank offers UK users access to 26 global markets and you can trade in:

  • UK shares and ETFs
  • US and EUR shares and ETFs
  • CFDs
  • Futures
  • Foreign exchange (forex)
  • Options
  • Funds
  • Bonds

Fineco UK Platform Review

PowerDesk, the advanced platform at Fineco Bank, was built in-house and designed to cater to advanced traders with a broad range of advanced tools and functionality including detailed technical analysis and the ability to optimise performance via customisation of the trading space.

We found the web trading platform at Fineco Bank to be really well designed with a sharp, modern feel to it, suited to both novice investors and seasoned professionals, with the ability to add several charts to a single screen allowing you to analyse multiple markets at the same time. However, the navigation on the Fineco Bank platform takes a bit of getting used to.

The mobile trading platform is where Fineco Bank really comes into its own. It is sharp, well designed, easy to use and has really handy search functionality called Stock Screener that allows you to explore the markets. It also has the ability to confirm transactions using touch or face ID which is a neat little security feature from Fineco Bank.

Research Service and Tools Review

We found the research offering at Fineco Bank to be pretty extensive, including trading ideas and screeners with more than 90 indicators. The trading ideas includes analyst’ opinions with regards to whether you should buy, hold or sell, as well as advanced charting that allows you to change timeframes, view multiple charts and personalise the charts.

In terms of education, Fineco Bank may be daunting to the novice with its vast array of asset classes, but Fineco Bank counter this with a really extensive education section which includes in depth videos to explain all the financial jargon, including elements such as stop losses, conditional orders, and trading books. Fineco Bank also offer webinars with in-house analysts discussing fundamental market changes as well as live events.

Fineco Investing Review

Fees and Charges Review

There is no denying that the fees at Fineco Bank are very competitive. Fineco Bank fees do vary depending on the asset class you choose to trade, but even so, customers enjoy low trading fees across the board when compared to similar brokers and Fineco Bank have a totally transparent fee structure which is also a bonus.

Fees at Fineco Bank start at just £2.95 per trade with the added bonus of forex and commodities being traded on a commission free basis. As a comparison Interactive Investor charges £7.99 per trade on the Investor Service Plan in the UK and Hargreaves Lansdown will set you back £11.95 per trade in the UK.

Fineco also doesn’t charge any platform fees, unlike Interactive Investor who charge £9.99 a month on the Investor Service Plan.

Trading fees of £2.95 per trade makes Fineco one of the cheapest share trading platforms available in the UK.

Guide to opening a Fineco UK account

Generally speaking, opening a Fineco Bank account was fairly straightforward and can all be done digitally with no minimum deposit in the UK. However, we did find that Fineco dragged their heels a bit with their verification process which in our instance took two working days.

You will automatically be assigned a multi currency current bank account with Fineco, which enables you to use this to make payments in the UK as well as trading and investing and gives you access to a Fineco debit card. The entire process of opening a bank account took around 15 minutes as Fineco wanted a bit more information than some of the other trading platforms out there but that is to be expected as Fineco operates as a commercial bank account and not just a trading platform.

Guide to transferring your investments to Fineco

Transferring existing bonds and funds into your Fineco account is quick and easy and free of any fees. You can complete your transfer online in just a few seconds, although you should check with your current provider if you will be charged an exit fee.

Your investments should be in your account within 45 days of your transfer request.

Fineco UK Trading Platform

Fineco Customer Service

Fineco Bank has a good customer service offering in the UK, with live chat, email and telephone all available. Whilst it is not 24/7 Fineco do offer support Monday to Friday between 8am and 9pm.

We did find the live chat a little bit slow to respond but this will obviously vary depending on the time of your enquiry.

Fineco does offer a 24/7 emergency service for a lost or stolen debit card.

Who is Fineco Bank Suitable For?

Seasoned investors who are looking for a large variety of asset classes won’t be disappointed at Fineco Bank. Equally, with their managed portfolios and no minimum deposit, we feel that Fineco Bank are also relevant for novice traders who are looking to get a toe in the water and want to start with a platform that offers a great level of education.

Ready to Join Fineco Bank?

With its excellent mobile trading platform, low fees for trading and over 50 commission free trades in your first two months, it’s worth considering.

Fineco Bank FAQs

How do I contact Fineco Bank?

Fineco Bank can be contacted via live chat, email or telephone. The telephone number for UK enquiries is 8088 640 6465.

Is Fineco Bank any good?

One of the strengths behind Fineco Bank is the diversity of its offering and for traders looking to extend beyond the scope of the UK market, this might be the broker you’ve been looking for. You will certainly struggle to find another broker that can match Finecos product portfolio and a quick glance at Fineco Bank reviews will reveal many positives including their low cost fees.

How do I withdraw my money from Fineco Bank?

Happily, Fineco does not charge for domestic and non-instant bank transfer and debit card withdrawals. However, should you require your withdrawal instantly expect to be charged 0.20% with a max of 0.85 Euro and a maximum of 2.95 Euro. International transfers cost £19.95. Of course, as with any debit card, withdrawals can be made at an ATM or used for purchases.

How do I close my account at Fineco Bank?

Fineco asks their clients at Finecobank UK to sign, scan, and email back a 2 page form to close their account. However, experiences on this tend to be varied and it may be easier to simply empty your account and leave it dormant especially during COVID when service is bound to be a little slower.

How safe is Fineco Bank?

Fineco is well established in Italy where it has become a banking giant in the last two decades, it is regulated by the Bank of Italy, managing more than 70 billion Euro worth of assets for more than 13 million clients.
UK customers of Fineco can also be reassured that as a trading platform, Fineco is subject to extra regulation due to the fact that it is also a commercial bank.

Who owns Fineco Bank?

Fineco is a well established bank in Italy which began life as a subsidiary of Banca Popolare di Brescia before becoming a limited company in 2014.

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Peter Field – CFA

As a financial analyst and the chief editor at InvestingReviews.co.uk, I write about how accessible investing can be for everyone. I hope you find my guides and reviews helpful.

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