Fineco Bank Review 2023

How we ranked fees

We ranked Fineco Bank's fee levels as low, average or high based on how they compare to those of all reviewed brokers.

First, let's go over some basic terms related to broker fees. What you need to keep an eye on are trading fees and non-trading fees.

• Trading fees occur when you trade. These can be commissions, spreads, financing rates and conversion fees.
• Non-trading fees include charges not directly related to trading, like withdrawal fees or inactivity fees.

In the sections below, you will find the most relevant fees of Fineco Bank for each asset class. For example, in the case of stock investing the most important fees are commissions.

We also compared Fineco Bank's fees with those of two similar brokers we selected, Saxo Bank and Interactive Brokers. This selection is based on objective factors such as products offered, client profile, fee structure, etc. See a more detailed rundown of Fineco Bank alternatives.

To have a clear overview of Fineco Bank, let's start with the trading fees.

Fineco Bank trading fees

Fineco Bank trading fees are mixed, with low fees for stocks, ETFs, futures, funds, bonds and most CFDs, but high fees for forex and options. On a positive note, we were impressed by the transparent fee structure.

The fee structure is different for UK and Italian customers. In this review, we calculate UK fees but highlight fees for Italian customers as well.

Stock fees and ETF fees

Fineco Bank has generally low stock and ETF commissions. 

For UK customers, the commission is a flat fee and its value is fixed: 

For Italian customers, the commission is likewise flat, but its value depends on your commissions generated in a month, the value of your total assets, or your total savings with Fineco Bank. It means that if you trade more, or have more invested assets or bank savings with Fineco, your commissions will be lower (you need to meet only one of the three criteria to move up to the next tier).

If you prefer stock trading on margin, you should check Fineco Bank's margin rates.

Trading on margin basically means that you borrow money from your broker and can purchase more shares than you could with just the available cash in your account. You have to pay interest on this borrowed money – the interest rate is called the margin rate. It can account for a significant portion of your trading costs.

Fineco Bank margin rates are high.

Forex fees

Fineco Bank charges high forex fees. Fineco Bank's forex products are provided as CFDs.

To have a clear picture of forex fees we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads, and financing costs for all brokers.

The only costs Fineco charges are spread costs and multiday fees (the cost of holding your position overnight.

Spread costs are average, but multiday fees are high.

Multiday fees are the same for UK and Italian customers. This fee consists of a fixed and a floating part:

• Fixed part - 2.95% annual rate of trade value/total exposure in EUR. For example, the overnight fixed fee for 10,000 positions is €0.88 (10,000 *2.95% / 360).
• Floating interest rate - the average of bid-offer prices between 22:00 - 22:30 GMT.

Fund fees

Fineco Bank fund fees are low.

For UK customers, Fineco Bank charges a fee for holding the fund. This fee is volume-based.

If your holding is above the first tier, you will be charged 0.25% for the first £250k of holdings, 0.15% for your holdings above £250k but below £1 million, and so on. Holding volume is calculated at the end of each month, and the proportional part of the annual fee is charged monthly.

Italian customers can invest in ca. 700 no-load funds, which means that no fees are charged. Other mutual funds have a fixed €/$9 fee per subscription (purchase) and redemption (selling). 

Bond fees

Fineco Bank has generally low bond fees.

The commissions are £6.95 per trade for UK customers and 0.19% of trade value (min €5.95, max of €19) for Italian customers.

Options fees

Fineco Bank options fees are high.

Commission is charged per contract, and its value depends on how much commission you generate each month. This means that the more you trade, the lower your commission will be.

Futures fees

Fineco Bank futures fees are low.

For UK customers, Fineco Bank charges futures fees based on the number of contracts, and the value of these commissions is fixed.

For Italian customers, futures fees depend on how much commission you generate each month. This means that if you trade more, your commissions will be lower.

CFD fees

Fineco Bank has low CFD trading fees.

To have a clear understanding of CFD fees, we calculated a CFD benchmark fee for the selected products. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.

We calculated with 5:1 leverage for single stock CFDs and 20:1 leverage for stock index CFDs.

It's great and unique that Fineco Bank doesn't charge any spread mark-up or commission for stock CFDs. You have to calculate only with multiday fees, i.e. the cost of holding positions overnight, and the market spread. Multiday fees for stock CFDs are calculated as follows:

• For UK customers: one-month Euribor +/- 2.50% (long/short).
• For Italian customers: one-month Euribor +/- 5.95% (long/short).

On stock index CFDs, Fineco Bank charges a spread mark-up and multiday fees, i.e. the cost of holding positions overnight. The spreads are much lower for UK customers.

Multiday fees for stock index CFDs are calculated as follows:

• For UK customers: one month Euribor +/- 2.50% (long/short).
• For Italian customers: one month Euribor +/-2.95% (long/short).

Non-trading fees

Fineco Bank has low non-trading fees.

Fineco Bank has low non-trading fees. It doesn't charge any account, inactivity or deposit fees.

There is no withdrawal fee for regular domestic bank and debit card transfers. If you use instant bank withdrawal, it will cost 0.20% (min €0.85, max €2.95). International bank transfer withdrawals cost £19.95.

Can you open an account?

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What is the minimum deposit at Fineco Bank?

The required Fineco Bank minimum deposit is $0. This is great if you want to start trading or investing with lower amounts only.

Account types

Fineco Bank provides only individual and joint accounts. ISA/SIPP and corporate accounts for UK customers are not available.

Whenever you open an account with Fineco Bank, you also automatically open a Fineco bank account. Therefore, you can use your account for payments in addition to trading or investing.

Italian customers can open a small-business account as well.

How to open your account

Fineco Bank's account opening process is fully online and takes around 15 minutes to complete. Account verification can take a bit longer, though, as our account was verified only after 2 business days.

In addition to online account opening, you can also open an account through the phone.

Fineco Bank account opening involves the following steps:

1. Enter your personal information, such as your name or date of birth.
2. Provide your permanent address and tax residence.
3. Add information about your citizenship, employment status and source of wealth.
4. Answer a few questions about your educational background and trading experience.
5. You have the option to choose a Fineco debit card.
6. Make a bank transfer in order to identify yourself.
7. You receive your 'Account opening password' by text message and your 'Contract number' via email.
8. Upload an ID copy as proof of identity, and accept the T&Cs.

Once you have completed these steps, you can already start exploring Fineco Bank's web trading platform, but you can't start trading until your account is verified.

Account base currencies

At Fineco Bank, you can choose from many account base currencies.

This great variety of account base currencies is similar to Saxo's selection and Interactive Brokers'.

Why does this matter? For two reasons. If you fund your trading account in the same currency as your bank account or you trade assets in the same currency as your trading account base currency, you don't have to pay a conversion fee.

A convenient way to save on currency conversion fees is by opening a multi-currency bank account at a digital bank. These usually offer bank accounts in several currencies with great currency exchange rates, as well as free or cheap international bank transfers. Opening an account only takes a few minutes on your phone.

Compare digital banks

Deposit fees and options

Fineco Bank charges no deposit fees. However, you can use only bank transfers for deposits.

A bank transfer can take several business days, while payment with a credit/debit card is instant.

You can only deposit money from accounts that are in your name.

Fineco Bank withdrawal fees and options

Fineco Bank charges no withdrawal fees for domestic non-instant bank transfer and debit card withdrawals. If you use instant bank withdrawal, it will cost 0.20% (min €0.85, max €2.95). International bank transfers cost £19.95.

As you can also order a debit card from Fineco Bank, debit card withdrawal can be a convenient withdrawal option besides bank transfer.

*For UK customers, only debit card withdrawal is available.

How long does it take to withdraw money from Fineco Bank? We tested the bank transfer withdrawal and it took 1 business day.

You can only withdraw money to accounts that are in your name.

Fineco Bank has its own in-house-developed web trading platform. It is available in English and Italian.

Look and feel

The Fineco Bank web trading platform is well-designed. We felt that the platform's navigation and menu structure is a bit complex, but after a few hours of use, you'll get the hang of the site and all of its features.

On the negative side, Fineco's web trading platform is not customizable.

Login and security

Fineco Bank requires only a one-step login. Two-step authentication would be more secure.

On a positive note, you can use an OTP (one-time-password) for transactions, bank transfers and digital signatures. We think it's a great security feature.

Search functions

The search functions are great on Fineco Bank's web trading platform.

If you start typing the asset's name into the search box, it lists search results for that specific asset grouped into asset class categories, like shares, CFDs, bonds, etc. We liked that the most relevant result is on top, and if you search for stocks, you can easily compare them with similar stocks.

Another search option is to click the 'Trading' section and start browsing the menu on the left. Assets are grouped according to asset class, country or exchange.

Placing orders

You can use the following order types:

• Market
• Limit
• Stop (take profit and stop-loss)
• Trailing Stop
• Conditional orders

To get a better understanding of these terms, read this overview of order types.

You can also use order time limits, like GTC (Good 'til canceled) or IOC (immediate or cancel).

Alerts and notifications

You can set alerts and notifications. However, only price alerts are available. We missed other options such as alerts about corporate events.

You can set up to receive notifications via email or SMS.

Portfolio and fee reports

Fineco Bank has clear portfolio and fee reports. You can find these if you go to the 'Portfolio' section and click 'Reporting'.

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Fineco Bank has its own in-house-developed mobile trading platform, which is available for both Android and iOS. In this review, we tested the app on Android.

Look and feel

The Fineco Bank mobile trading platform is user-friendly and well-designed. We easily found all the features we were looking for.

Login and security

Fineco Bank provides only a one-step login, and you can't set biometric authentication. Having these features would create a more secure login experience.

On the other hand, you can use Mobile Code, which allows you to confirm transactions either through a mobile code or by using Touch/Face ID. We think it's a great security feature.

Search functions

Similarly to the web trading platform, the search functions work well. When you search for an asset, search results are grouped according to asset class.

Placing orders

You can use the following order types:

• Market
• Limit
• Stop
• Trailing Stop

There are also order time limits you can use: GTC (Good 'til cancelled) or GTD (Good 'till date).

Alerts and notifications

Similarly to the web trading platform, you can set only price alerts. You can choose to get notifications via email or SMS.

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Fineco Bank offers PowerDesk as a trading platform for professionals. This platform is available in English and Italian.

Look and feel

Fineco Bank's PowerDesk is highly customizable. However, the platform is not user-friendly. We think the font types are hard to read; and configuring your workspace, such as moving the various tabs around, is not that easy.

Login and security

The setup and login process is not entirely seamless. First, you have to download and install the program. Once you have installed Powerdesk, you can only log in from Fineco Bank's web trading platform. It would be easier if you could open Powerdesk directly from your computer.

Search functions

The search functions are good. You can search for an asset by typing its name or browsing among the asset class categories.

Placing orders

You can use the following order types:

• Market
• Limit
• Stop
• Trailing stop

There are also order time limits you can use: Day, GTC (Good 'til canceled), or IOC (Immediate or cancel).

Alerts and notifications

Similarly to Fineco Bank's web and mobile trading platform, you can set only price alerts on PowerDesk.

Portfolio and fee reports

Fineco Bank's PowerDesk has a clear portfolio report; you can find it in the 'Monitor' or 'P&L' sections. However, we couldn't find a fee report.

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Fineco has great stock and ETF selections, while the range of products available in other asset classes is average or limited compared with similar brokers.

Stocks and ETFs

Fineco Bank covers many stock and ETF markets.

You can trade stocks and ETFs on the biggest European and North American exchanges, plus some smaller European stock exchanges.

You can also trade on the following markets via phone: Austria, Denmark, Greece, Ireland, Norway, Sweden, Australia, Hong Kong, Japan, Singapore and South Africa.

Forex

Fineco Bank's currency pair selection is average compared with similar brokers.

Fineco Bank offers forex assets in the form of forex CFDs.

Funds

Fineco Bank's mutual fund selection is limited. It does include some of the biggest fund providers though, such as Fidelity International.

UK customers can invest in only about 200 funds from 4 providers. On the other hand, Italian customers can invest in approximately 4,000 funds from several fund providers, including some 700 no-load funds.

Bonds

The number of available bonds is average compared with other brokers.

You can invest in bonds traded on the EuroMOT, ETLX, Euronext or OTC markets.

Options and futures

Fineco Bank has an average options and futures selection.

You can trade options and futures listed on the IDEM, EUREX, CBOE or CME markets.

CFDs

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66.43% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Fineco Bank has a well-developed CFD spectrum with stock, index-tracking, commodity, forex and bond CFDs. The total number of these assets lags behind the company's closest competitors, however.

You can find research tools both on Fineco Bank's web-based and on its PowerDesk trading platforms. We tested research tools on Fineco Bank's web trading platform, except for charting tools, which we tested on PowerDesk, as this platform has more advanced charting than the web trading platform.

Trading ideas

Fineco Bank provides trading ideas. For example, you can view analysts' buy/hold/sell recommendations, although it's not clear which institutions the analysts represent. You can find these ideas if you click 'Consensus'.

Additionally, you can find technical analysts' opinions under the 'Analysis' tab.

Fundamental data

Fineco Bank also offers fundamental data. These are quite extensive, including financial statements for the last 5 years, price and volume statistics, growth rates, and so on.

You can find these data under the 'Reports' or 'Indicators' tabs.

Charting

Fineco Bank's PowerDesk has poor charting tools. The charting interface is not very user-friendly or well-designed. For example, we couldn't figure out how to scroll back the chart in time. As a plus, you can add a lot of technical indicators.

News feed

Fineco Bank's news feeds are OK. We liked the news filter function, which allows filtering for asset classes or countries. On the other hand, we missed visual elements in the news, such as graphs or tables.

You can also read Twitter messages from prominent third-party news providers such as Financial Times or Seeking Alpha.

Lastly, there is a great economic calendar. You can filter upcoming events or news according to country or impact.

Other research tools you may enjoy

Fineco Bank has a great screener for stocks, as well as advanced, high-quality search tools for ETFs and bonds. You can choose among many criteria for filtering, including technical indicators or fundamental data.

Compare research pros and cons

You can contact Fineco Bank via:

• telephone
• email
• live chat

Fineco Bank phone support works well. It's fast; we had to wait less than 15 seconds to be connected to an agent. The answers we received were relevant and helpful. For example, the agent clearly explained how multiday fees work for CFDs.

Similarly to phone support, we received fast and relevant answers via email, getting a reply within 24 hours.

Fineco Bank's live chat is OK. We received helpful answers, but we had to wait several minutes until an agent became available to reply to our questions.

We missed 24/7 availability. If you're a UK customer, you can contact Fineco Bank from Monday to Friday between 8 am and 9 pm. Italian customers can contact Fineco Bank from Monday to Friday between 8 am and 10 pm, and between 9 am and 8 pm during weekends.

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At Fineco Bank, you can learn in the following ways:

• Platform tutorial videos
• General educational videos
• 'Help' articles
• Webinars

Fineco Bank's educational videos cover only a few topics, such as the basics of various asset classes.

Unfortunately, there is no demo account, which we think is usually the best tool for learning the basics of trading.

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Is Fineco Bank regulated?

Yes, Fineco Bank is regulated by the Bank of Italy and the Commissione Nazionale per le Società e la Borsa (Consob), and is subject to limited regulation by the UK's Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA). Fineco Bank is also a member of Italy's National Interbank Deposit Guarantee Fund and National Guarantee Fund.

Is Fineco Bank safe?

To be certain, we highly advise that you check two facts:

• how you are protected if something goes wrong
• what the background of the broker is

How you are protected

Fineco Bank serves all of its clients through the same legal entity:

Background

Fineco Bank was established in 1999. The longer track record a broker has, the more proof we have that it has successfully weathered previous financial crises.

Fineco Bank has a banking license, and as such, it is subject to tougher regulations than brokers.

Fineco Bank is listed on the Italian stock exchange (Borsa Italiana), which is a big plus for safety as Fineco Bank is required to release financial statements regularly and transparently.

Having a banking license, being listed on a stock exchange and disclosing financial statements are all great signs for Fineco Bank's safety.

Find your safe broker

We recommend Fineco Bank for traders and investors looking for a great trading platform and a broker with a solid background.

Below you can find links to all aspects of Fineco Bank in this comprehensive collection.

Lower fees, lower costs?

We detailed this in our Fineco Bank fees article.

What about the minimum deposit?

Our ultimate guide to the Fineco Bank minimum deposit is updated regularly.

How to start your Fineco Bank account?

Look no further than our evaluation of the Fineco Bank account opening.

How's their trading app?

Here's our expert view after checking the Fineco Bank trading app.

Is the quality of customer service satisfactory?

All you need to know about the Fineco Bank customer service.

Legit or scam?

Is Fineco Bank legit features all the key aspects you need to look at to see if a broker is safe and legit.

Free or premium? Or both?

A glance at actual costs and whether Fineco Bank is really free.

Is this broker good for beginners?

We checked it in Is Fineco Bank good for beginners.

Should you buy your silver bullets on Fineco Bank?

Research for silver bugs in the Silver buy on Fineco Bank guide

I want to trade options, are they available at Fineco Bank?

We explored the topic in Can you trade options on Fineco Bank?

What is the minimum account balance at Fineco Bank?

Check out the current account balance requirements at Fineco Bank in our What is the minimum account balance at Fineco Bank article.

Looking for commission and fees data for Fineco Bank?

We collected them in Fineco Bank commission and fees.

How do you withdraw money from Fineco Bank?

We tested it and collected the options and costs in How to withdraw money on Fineco Bank.