Fineco Review ⭐⭐⭐⭐⭐
What does Fineco do?
Fineco is an Italian bank that offers CFD trading and investing as well as currency transfer services. For trading and investing Fineco offers CFD trading and online share dealing in stocks, funds, ETFs and bonds. For more experienced traders Fineco provides direct market access to futures and options trading.
How much does Fineco cost?
As Fineco is new to the UK market they are extremely competitive on price. Fineco offers zero commission and zero spread widening on UK CFD trading. Futures trading from $0.7 per lot, an industry-leading 0.4 pips on index CFDs and 0.25% annual fees on holding funds on account. There is no minimum deposit and standard US and European shares can be bought and sold for £/€3.95.
Are Fineco a good broker?
Our experts rate Fineco as a five-star broker because they offer traders one of the widest selections of markets to trade with OTC and DMA platforms. As a listed Italian bank the company is well capitalised, expanding in the UK with full FCA regulation and FSCS deposit protection. Fineco also scored very highly in our 2020 client satisfaction survey due to offering very good customer service. Our 2020 review explains in detail what makes Fineco stand out from other brokers.
Fineco Review Scores: Expert Ratings
What do clients think of Fineco?
The below data is taken from the average weighted scores of over 250 traders and 3,200 investors who completed our Good Money Guide Awards survey in which brokers asked their clients to rank their services against peers.
Fineco 2020 Review Client Satisfaction Levels
Fineco Customer Reviews
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Who are Fineco?
Fineco are one of the newer players in the London CFD market and not such a well-known name in the UK. However, they are a major player in Europe with a strong banking heritage as a former subsidiary of UniCredit. The business has been running for 20 years and the parent group, headquartered in Italy, has a full banking license, is a listed company, and a MIB, and Stoxx 600 constituent, with a market cap of €7.90 billion.
Fineco offers both retail and professional trading accounts alongside a range of banking and investment services. Account applications are generally made online though there is an option to use the phone instead. To apply you simply provide contact details and select the services that you are interested in. The application process can be completed in 15 minutes according to the bank. One of the attractions to opening an account at Fineco is the ability to send money or pay bills in Europe online and to be able to change money into one of 20 other currencies.
Fineco offer their customers the ability to trade in FX, CFDs on shares, indices, and commodities. They also offer on-exchange futures and options trading, as well as bonds and ETFs. You can also choose to take advantage of the bank’s investment services either on a self-directed basis trading physical shares, ETFs, etc or by using their fund management products and services.
Fineco has its own proprietary trading platforms, developed in-house, the platforms are multi-asset and the web-based platform can be customized by the end client. The platforms offer live prices and charts as, well as integrated news feeds and a configurable dashboard, alongside a built-in stock screener.
There are free streaming quotes from UK, US, and Europen markets, as well as order book views. There are also mobile versions of the platform for iOS and Android users to complement the web-based and desktop versions.
Spread Costs & Margin Rates
Fineco offers a very clear charging template most products are traded on a flat fee commission basis for example futures trading from 70 US cents per lot. Index CFDs have spreads of 4 pips and up UK share trades including ETFS are variable at a flat £2.95. You can find more information about charges here.
Fineco operates a tiered margining system with intraday margin requirements set much lower than their overnight rates. On the face of it, this innovation could be a useful tool for traders. However, you will probably want to guard against overtrading intraday if you like to hold positions open overnight. However, if you are a disciplined and committed day trader who goes home flat very night then this may well be the account for you.
Ease of Use
Fineco’s web trader is very clearly laid out with easy to read fonts and clear graphics, navigation around the platform is intuitive with tab-based menus at the top of the page and drop-down menus in sidebars, on the left of the trading screen. You can easily search for instruments and the search engine returns results including any bonds, CFDs, and shares related to the ticker, company name, or other search terms used.
Order tickets are laid out in the same uncluttered style with limit, stop-loss, and take profit fields set out on the front page making order entry very straightforward, there is a tab at the top of the ticket for conditional order types and instructions.
The layout of the dedicated desktop app looks somewhat cramped, crowded, and rather dull by comparison and you will probably find yourself migrating back to the web trading setup in preference to the desktop version.
History & Reliability
A long pedigree as part of the larger Unicredit banking group Fineco was spun out in 2019, though it had been quoted on the Italian stock exchange since 2014 and joined the Stoxx 600 Europe index in 2017. The group has some 1.350 million customers and in 2019 it generated revenues of €5.80 bln. Fineco’s website tells us that the bank’s assets are in the order of €81.0 billion so its a substantial business with a twenty-year track record.
Safety & Regulation
As a bank Fineco’s UK office is partially regulated by both the PRA and FCA. The parent company is regulated by the Bank of Italy. However, because the bank is an Italian institution passporting into the UK, customers deposits are not covered by the UK’s FSCS rather they are protected to the value of €100,000 by the equivalent scheme in Italy the FITD
Customer Support & Satisfaction
Fineco’s customer support is based online and is accessed through a webchat facility. We found them to be quick to respond, very helpful, and happy to provide information. Though some technical points may get lost in translation as they appear to be based in Europe and not the UK. However overall the customer service is very good.
Account Opening & Funding
Account opening with Fineco may take longer than with some of its peers as you are effectively opening a multi-currency bank account when you set up shop with them because they are a bank funding the account and withdrawing funds as required is very straight forward, in fact, you can even get a debit card with your account that allows you to withdraw cash at an ATMs subject of course to having free funds in your account ton drawdown against.
Research & Tools
The stock screener and charting packages, apart Fineco do not offer much in the way of research to clients. However, they do offer analysts ratings and technical opinions of stocks and other instruments, alongside fundamental data, and the free newsfeeds on the platforms and accompanying economic calendar are useful additions for research purposes.
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