Fineco Bank is a financial institution that has its headquarters in Italy. The bank was launched in 1999; hence, it is a relatively new institution as compared to the peers in the European banking sector. Currently, it is an independent company that is recognized in the blue-chip sector of the Italian stock exchange. Fineco’s growth has raised millions of Euros in recent years with public offerings. As much as Fineco is new to the UK market, it has a strong record and is regulated by the PRA and FCA. Also, it is authorized by the Bank of Italy.
Fineco Bank is looking to capitalize on the trading space that is multiplying. The CFD products which the company specializes in are significant trading assets. These assets are inclusive of stocks and shares, hard metals, futures, currencies, energies and many other options. Like other online active brokers in the trading space, Fineco Bank trades all the financial instruments available with leverage. If you are a retail trader in Europe, you are limited to a 30:1 cap on major currency pairs, whereas other assets become less.
What does Fineco offer?
- Banking. You can carry out transactions such as transfers, withdrawals, payments and saving. Accounts can either be in EUR or GBP; thus, it gives you the added flexibility that you need to pay bills either in the UK or in Europe.
- Investing. With an investment platform, you have to advantage of gaining profits regularly; hence, topping up your funds. There are a variety of options that you can open, ranging from bonds, funds and ETFs with a minimum investment level of 100 Euros.
- Trading. The online trading platform is advanced and helps you quickly trade in markets that are more complex like FX, futures and CFDs.
What are the Fineco Bank costs?
When it comes to banking, most services are available for free. Once you open a Fineco account, you will have your first debit card which qualifies for the Eurozone and UK ATM withdrawals. Moreover, other services like the unlimited UK/SEPA bank transfers and the online currency exchange have no charge. Luckily, you will not be limited to minimum deposits as well as incur commissions on your bank account.
Advantages
- You can make free EU and UK withdrawals.
- Fineco’s card allows you to do extra-large shopping and make purchases of up to 10,000 euros.
- You can set the unexpected outgoings in real-time via the Fineco App for Android and iOS.
- With the EUR direct debit card, you can speedily pay bills at no extra fees.
- The platform allows you to send money instantly and transfers reach the beneficiary within seconds.
- You get to send money worldwide and make online bank transfers in 20 different currencies to 250 destinations.
- The platform is easy to use, and you do not have to be an expert to manoeuvre around it.
- All relations to basic banking are free, and thus, the company guarantees you of low cost and value for your money when paying bills.
- In case you have an interest in investing, the small fees and low minimum amounts give you a better chance of directing your cash towards your futures.
Cons
The only negative feedback related to Fineco Bank is the fact that most people find it difficult to open an account via phone. In the beginning, you are asked if you would like to open online or via telephone. This could mean that some people choose the wrong option; hence, they end up being frustrated with the opening process.
How do you get started?
You can easily get started by opening an account online within no time. Once you click the open account option, you enter your necessary details and address information. At the start, you will be required to declare your interest, whether you would like to bank, invest or trade. The best suggestion is to choose the banking option because it does not limit you to banking, but you can also trade and invest.
More so, the banking option is free and flexible. Once you choose whether you want to open your account via mobile or online, you will continue with the process with no hassle. Take advantage of the live chat option and ask any questions because the service is available from 8 am to 7 pm, Monday to Friday.
Afterwards, you need to submit your verification documents. As a standard practice for all online trading platforms, the KYC process requires that you submit two separate documents. Firstly, provide a copy of your government ID. If you are a UK citizen, you can upload your driver’s license or a copy of your passport. Secondly, you will need to provide a utility bill or a bank account statement to show proof of residency.
Once your documents have passed the necessary validation, you can go ahead and deposit funds into your account. You will not need to meet any minimum deposit needs unless you want to invest in a fund that is managed. In this case, a minimum of 100 EUR is required. Finally, you can use the platform to place a trade.
Conclusion
As much as Fineco bank is still unpopular in the UK brokerage space, the platform has provided investment solutions for more than two decades now. At the click of a button, you can access a variety of financial instruments that allow you to invest and trade. Whether you are aspiring to purchase traditional shares and stocks, or you would like to trade CFDs even on a short term basis, Fineco Bank has you covered. Most importantly, the fact that the company follows strict regulations by the UK’s FCA makes your funds secure even while banking.
