Fineco Bank is a stockbroker and multi-currency bank that offers low non-trading fees and no inactivity fees to customers in the United Kingdom and Italy. It has introduced low-cost investment trading in the UK with a wide range of investment options. Fineco is suited for long-term investors and regular traders and it comes with a tax-free ISA.
How Fineco Bank Works
Fineco being a bank and an investment platform offers a multi-currency account and an investment platform. Fineco’s trading platform is best suited for regular traders such as day traders and long-term investors. Regular traders can use the platform to buy assets such as (CFD) Contract For Difference while long-term investors can buy assets such as shares ad investment funds. Long-term investors can hold such assets for as long as they want to.
Fineco’s multi-currency account can save you lots of costs especially when you are trading global assets. Since Fineco is a bank and a trading platform, we are going to look at its features as a trading platform and as a bank.
Fineco Trading Platform Features
When investing in Fineco Bank, you can any of the three account options:
- Trading account. It is best suited for traders wishing to trade CFDs
- General Investment account. It is best suited for those who wish to buy investments themselves
- Stocks and Shares ISA. It is best for buying investments tax-free.
Fineco has the following investment features:
- PowerDesk. Fineco has a trading feature known as PowerDesk available on their website and mobile app. PowerDesk helps investors trade a dull range of investment options like shares, currencies, bonds, CFDs and ETFs.
- Stop loss and take profit orders. With Fineco, you can set take profit orders to automatically buy assets when the prices are favorable and stop loss orders to automatically sell assets to avoid incurring further losses.
Instruments to Trade on Fineco
Fineco can help investors trade a variety of assets. Some of the assets you can trade on the Fineco trading platform include:
- Foreign exchange. Fineco trading platform allows traders to trade 21 hours per day during weekdays. There are over 50 currency pairs you can trade.
- Stocks and shares. You can also use the Fineco trading platform to trade stocks and shares. The platform offers a wide range of stocks and shares from across the world you can invest in.
- Exchange-traded funds. ETFs are a basket of securities you can buy or sell through a brokerage firm on a stock exchange. Fineco makes it easy and cheap to invest in a wide range of security options.
- Indices. Indices are a group of shares from an exchange. Fineco helps invest in a group of shares from across the world.
- Commodities. You can also trade a wide variety of commodities such as gold, silver, and other precious metals through Fineco.
- Bonds. Bonds represent government and corporations borrowing from the public. As such, you can lend money to government and corporations and earn interest through Fineco.
Fineco ISA: Any investment growth or interest earned within the ISA is free from UK Income or Capital Gains Tax.
How to Open Fineco Account
You can easily get started by opening an account on the website or Fineco bank app 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 and banks, 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.
Fineco Business Account
Fineco business account is a turnkey solution designed for small businesses or professional service companies. Account holders have 50 free-of-charge transactions per quarter, a monthly fee of 5.95 euros, SEPA bank transfers and unlimited free ATM withdrawals above 99 euros at UniCredit ATMs.
The Fineco multi-currency account is the service accessory to the euro current account that allows you to invest in foreign currencies. Activation of the Fineco multicurrency service is free of charge and requires authorization for US dollar (USD), British pound (GBP), and Swiss franc (CHF). The multicurrency service may be expanded with new currencies by accessing the Account and Cards> Multicurrency> My currencies section.
You can use the different currencies in your account to trade global assets which can help you save lots of costs when trading global assets. As such, you don’t have to convert currency whenever you want to trade. You can convert your money into other currencies commission-free using the current market exchange rate. However, there is a small fee included in the exchange rate. The multi-currency account also helps you send and receive currencies outside of the platform. the multicurrency account also helps you hold currencies for long-term investments and diversification.
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. Fineco bank trading incurs transparent fees/commissions as shown below.
Fineco Trading Fees for Shares and ETFs:
|UK shares||£2.95 per order|
|USA shares/ETFs||$3.95 per order|
|EU shares/ETFs||€3.95 per order|
|Bonds||£6.95 fixed commision|
Fineco Savings Plans Fees
|Plan||Monthly Fee (£)||Number of Savings Accounts|
Fineco Bank Fees
|Contactless card||No monthly fee on the first GBP or EUR Card. £9.95/year (optional) for a second card|
|UK ATM withdrawals and payments||Free and unlimited with GBP card|
|ATM withdrawals and payments||Free in the Euro zone|
|UK bank transfers||Free and unlimited|
|SEPA transfers||Free and unlimited|
|EUR SEPA debit card||Free and unlimited|
|Maxi-purchase (up to £10,000 at a time)||Free|
Fineco Supported Currencies
Fineco allows its customers to manage money in different currencies. As such, you can hold, invest and transact in major currencies such as US dollars, British Pounds, Euros, and Swiss Francs.
Fineco Customer Support
Fineco has responsive customer care support. You can reach them via a call or email. You can call them on weekdays from 8 am to 9 pm. Fineco does not have a live chat.
Advantages of Fineco Bank
- 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 maneuver 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.
Disadvantages of Fineco
- Limited customer support: Fineco Bank is primarily an online bank, so its customer support is limited to phone and email. This can be inconvenient if you need face-to-face support.
- High fees for some transactions: Fineco Bank charges high fees for some transactions, such as international wire transfers and ATM withdrawals.
- Limited product range: Fineco Bank offers a limited range of products and services compared to some other banks. For example, it does not offer mortgages or loans.
- Complex platform: Fineco Bank’s platform can be complex and difficult to use for beginners.
Is Fineco Bank Safe?
Fineco bank is not a scam. FinecoBank S.p.A is a part of the UniCredit Banking Group based in Milan, Italy. It is also a member of the National Interbank Deposit Guarantee Fund in Italy. The bank is regulated by the European Central Bank, Bank of Italy, the National Commission for Companies and the Stock Exchange in Italy, the Financial Conduct Authority and the Financial Intelligence Center (FIC) in the UK as a bank and trading company. Moreover, clients’ funds are kept in segregated accounts for maximum protection.
Fineco Bank Alternatives
In case Fineco bank does not meet your specific banking and trading needs, these are Fineco alternatives you can look into:
Fineco Bank has an average of 4.8 stars rating out of 5 on Trustpilot. Many people have commended Fineco for its fast customer service.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. With Fineco online banking, you can access a variety of financial instruments that allow you to invest, trade and bank. 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 Italy and Fineco Bank UK has you covered. Most importantly, the fact that the bank is regulated in Italy and the UK makes your funds secure even while banking.