Fineco Bank Review UK 2023 | Investment appraisals (2023)

Who is Fineco Bank?

Fineco Bank is a financial institution originally from Italy. In 2017, they opened their services to UK retail investors, offering access to thousands of financial instruments including CFDs, currency pairs, options, commodities and futures through their online multi-currency trading platform.

For investors whose first question would be "Is Fineco Bank safe?" The answer is definitely yes. As Fineco also operates as a UK merchant bank, it is subject to additional regulations designed to protect your Fineco multi-currency bank account. Fineco is also regulated by the Financial Conduct Authority in the United Kingdom and the Prudential Regulation Authority.

As for protection, clients of Fineco Bank are also acceptableYou are covered by FSCS up to £85,000 per claim.

Who owns Fineco Bank?

Fineco Bank is an established bank in Italy that started as a subsidiary of Banca Popolare di Brescia before becoming a limited liability company in 2014.

Fineco Bank specializes in trading CFDswhich can be traded in a variety of asset classes including equities, currencies, hard metals, stocks, futures and options.

Fineco Bank Review UK 2023 | Investment appraisals (1)

Overview of the Fineco product range

You will be hard-pressed to find a broker that can cover Fineco's extensive product portfolio on its multi-currency investment platform of stocks, shares, exchange-traded funds, futures, forex, CFDs and other financial instruments ideal for tracking a variety of investments. suitable.

As in everything, it is important to noteCFD trading platforms, you should be surehow CFDs workbefore you take such a big risk with your money. Recognizing that some small investors are losing money, Fineco offers helpful articles in its editorial office on common trading mistakes.

It would be remiss not to mention it in this FinecoBank reviewFineco does not offer SIPPsor corporate accounts to its UK customers, making the platform dedicated exclusively to commercial banking and multi-currency transactions.

Fineco Bank offers UK customers access to 26 global markets including the London Stock Exchange and the Toronto Stock Exchange, and you can trade over 20,000 financial instruments including:

  • Shares and ETFs in the UK
  • US and Euro stocks and ETFs
  • CFD
  • Future
  • Devize (Forex)
  • of choice
  • Capital city
  • binding

Please note that CFDs are complex instruments and carry a high risk of losing all or part of your money.

Among the benefits you'll experience when trading with Finec is the ability to trade in your local currency with £0 commission and no margin on the FTSE100, US and EU share CFDs.

find out moreoneCFD trading on Finecoin my independent review.

Fineco Bank Review UK 2023 | Investment appraisals (2)In addition to its existing multi-currency bank accounts, Fineco Bank has recently added shares ISAs to its account options, offering retail investors a simple and affordable way to invest free of income and capital gains tax.

0% fee for the ISA platform until the end of 2021/22. if you open your ISA platform by September 30, 2021.

The Fineco Bank ISA offers access to their wide range of investment options, and for the tax year 2022/23. you won't pay tax on up to £20,000 of money deposited into an ISA.

The annual platform can be found atlow rate 0.25%. While this may not be the cheapest option, it is very competitive.

How does it compare to some of Finec's main competitors?

Annual management feeminimal investment
Fineco ISA0,25 %0 £
InvestEngineFREE100 £
Nutmeg ONE0,25 % – 0,75 %500 £
enrich ISA0,6 %1 £
Vanguard ISA0,15 %500 £
I LEFT£24 per quarter500 £

This table clearly shows that Fineco is the lowest priced in the market. Another benefit is thatFineco currently accepts transfers of all existing ISAstransfer to your Fineco ISA via the "Transfer securities to your ISA" link on the home page of your ISA account.

The main problem I noticed while testing the Fineco Stocks and Shares ISA is that it can only hold UK stocks and bonds and mutual funds traded in GBP. So, if you want to trade shares in foreign stocks, you better consider another provider.

Are you ready to join Finec?

Fineco UK platform overview

PowerDesk, Fineco Bank's advanced platform, was developed in-house and aims to offer advanced traders a wide range of advanced tools and features, including detailed technical analysis and the ability to optimize performance by customizing the online trading room.

I find Fineco Bank's online platform very well designed with a clean, modern look and feel, suitable for both beginners and experienced professionals.Ability to add multiple charts to one screenThis allows you to analyze multiple markets at the same time. However, navigating Fineco Bank's online platform takes some getting used to.

Fineco mobile application

The mobile application is where Fineco Bank can fully demonstrate its strengths. It's sharp, well designed, easy to use and has a really handy search feature called Stock Screener to help you research the market. It also has the ability to confirm transactions via Touch or Face ID, which is a nice little security feature from Fineco Bank.

Fineco Bank Review UK 2023 | Investment appraisals (3)

Overview of service and research tools

I found Fineco Bank's research offering to be quite comprehensive, covering trade ideas and stock reviews for more than 90 indices. Trading ideas include analyst opinions on whether to buy, hold or sell, as well as advanced charts that allow you to change timeframes, view multiple charts and customize charts.

When it comes to education, Fineco Bank can be intimidating for beginners with its wide range of asset classes, but Fineco Bank counters this with an extensive education section that includes in-depth videos that explain all the financial jargon, including topics such as stop-losses, conditional orders and books trading. Fineco Bank also offers webinars with in-house analysts, discussing fundamental market changes, as well as live events.

Fineco Bank Review UK 2023 | Investment appraisals (4)

Overview of Fees and Charges

There is no doubt thatFees for trading shares in Fineco Bank are very competitive. Fineco bank commissions vary depending on the asset class you trade. However, clients consistently enjoy low commissions for online trading compared to similar brokers, and Fineco Bank has a fully transparent commission structure, which is also a plus.

At the time of this Fineco UK stock trading reviewFees at Fineco Bank start from just £2.95 per transactionwith the additional bonus of trading forex and commodities without commission. This compares to Interactive Investor charging £7.99 per trade in the UK Investor Service Program and Hargreaves Lansdown giving you a rebate of £11.95 per trade in the UK.

Outside the UK, European shares and ETFs can be traded for €35 per trade, which is also extremely competitive.

In contrast, Fineco also does not charge platform feesAn interactive investor that charges £9.99 per monthto the investor service plan.

Transaction fees £2.95 per transactionThis makes Fineco one of the cheapest stock trading platforms in the UKAnd since there is no minimum deposit amount and no minimum account balance, this is definitely an attractive proposition for investors who want to start trading.

Guide to opening a Fineco UK account

In general, opening a share trading account with Fineco Bank is quite simple and can be done digitally in the UK with no minimum deposit. However, I found that Fineco took a bit longer with the verification process, which in my case took two business days.

You will automatically be assigned a multi-currency current account with Fineco, which allows you to make UK payments, online transactions and investments and access to a Fineco debit card. The whole process of opening a stock trading account took about 15 minutes as Fineco required more information than some other trading platforms, but this is to be expected as Fineco acts as a multi-currency trading bank account and not just an trading platform.

A guide to transferring your investments to Fineco

Transferring existing bonds and funds to your Fineco account is quick, easy and free. You can complete your transfer online in seconds. However, you should check with your current service provider whether you will be charged a redemption fee.

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

Fineco Bank Review UK 2023 | Investment appraisals (5)

Fineco customer service

Fineco Bank offers excellent customer service in the UK via live chat, email and telephone. Although not open 24 hours a day, Fineco offers support Monday through Friday between 8:00 a.m. and 8:00 a.m. and 21:00 My call was immediately answered by a knowledgeable and friendly agent.

I have found the live chat to be a bit slow to respond and sometimes not working at all, but of course this depends on when your question is asked.

Fineco offers a 24/7 emergency service for lost or stolen cards.

A review of FinecoBank on Trustpilot gave it a score of 4.3 out of 5, and from reading the reviews it is clear that this is largely due to the level of service experienced by existing customers. The Fineco Bank Trustpilot review states:“Since opening I have been very impressed with the ease of use and the amount of information available on both the website and the app. Inquiries about ISA operation and processing were dealt with quickly by phone and email.

Fineco bank also offers a Fineco personal financial advisor who gives clients investment advice in accordance with their professional financial planning system. Since this is a paid service, it is important to determine the price before using the services.

Who is Fineco bank suitable for?

Experienced investors looking for a wide range of asset classes will not be disappointed with FinecoBank. Likewise, I think Fineco Bank, with its already managed portfolios and no minimum deposit, is also important for novice traders who want to start with a platform that offers an excellent level of training, as well as a full range of banking services.

Useful information about FinecoBank

Important and useful information for Fineco customers.

How to get to Fineco Bank

You can contact Fineco Bank via live chat, e-mail or phone. The telephone number for inquiries in the UK is 8088 640 6465.

How to withdraw money from Fineco Bank

Fortunately, Fineco does not charge fees for domestic and indirect debit card transfers and withdrawals. However, if you request a payout immediately, you should expect a fee of 0.20% and a maximum of €0.85 to €2.95. International transfers cost £19.95. Of course, as with any debit card, withdrawals can be made at ATMs or used to make purchases.

  • Sign in to your account
  • Select "Payout" from the menu.
  • Select the withdrawal method you want to use
  • Select the account to which you want to withdraw
  • Enter the amount
  • Press Send

How to close your account in Fineco Bank

Fineco asks its FinecoBank UK customers to sign, scan and email a two-page form to close their account. However, experiences vary and it may be easier to just empty your account and leave it unused.

Is Fineco bank good?

One of the advantages of FinecoBank is the variety of banking and investment offers. For traders looking to expand beyond the UK market, this could be the broker you've been looking for. You'll certainly be hard-pressed to find another broker that can match Fineco's product portfolio, and a quick look at FinecoBank's reviews will reveal many positives, including low commissions per transaction.

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