History and Founding
Fineco Bank is an Italian online bank and brokerage firm founded in 1999, originally as a division of the UniCredit Group. The company offers a comprehensive suite of financial services, including trading, banking, and investment solutions, making it one of Europe's leading online brokers. Over the years, Fineco has expanded its services beyond Italy, catering to clients from various parts of Europe.
Mission and Vision
Fineco's mission is to provide innovative and user-friendly financial services, enabling both retail and professional traders to access a wide range of investment opportunities. The vision of Fineco Bank is to be a global leader in digital banking and trading, offering clients secure and transparent trading experiences combined with top-notch customer service and cutting-edge technologies.
Global Presence
Fineco Bank operates primarily in Europe, with significant market share in Italy and expanding operations across the continent. The broker offers multilingual services and provides trading access to clients from a variety of European countries. Fineco's global presence is reinforced by its strong regulatory standing, offering clients a secure environment for trading.
Advantages and Disadvantages
Pros
- Multi-Regulated.
- Investor Protection Available.
- Low Non-Trading Fees.
- Great Mobile App.
- Offers Banking Services.
- Offers Real Stocks.
Cons
- Poor Charting Tools.
- Only One Office Location.
- No Longer Available for UK Traders.
Security and Regulations
Licenses Held
Fineco Bank is regulated by some of the most trusted financial authorities, including the UK’s Financial Conduct Authority (FCA) and Italy’s CONSOB. These regulatory licenses ensure that Fineco adheres to strict standards, providing clients with a secure and transparent trading environment. The company’s regulatory status allows it to offer financial services across Europe.
Fund Segregation and Insurance
Fineco Bank follows stringent regulatory requirements for safeguarding client funds. Client deposits are kept in segregated accounts, ensuring that they are separate from the bank’s operational funds. The bank is also a member of the Italian investor compensation scheme, providing additional protection to clients in case of insolvency.
Tradable Instruments
Forex Pairs
Fineco offers a diverse selection of forex pairs, including major, minor, and exotic pairs. Clients can trade popular currencies such as EUR/USD, GBP/USD, and USD/JPY, with competitive spreads and access to real-time market data.
Commodities
The broker offers a wide array of commodity trading options, including gold, silver, oil, and natural gas. These assets are highly liquid and can serve as a valuable diversification tool for traders looking to hedge against market volatility.
Indices
Fineco Bank provides access to global stock indices, including the S&P 500, NASDAQ 100, and FTSE 100. These indices reflect the overall performance of key markets, offering traders the opportunity to speculate on broad market trends.
Cryptocurrencies
At the moment, Fineco does not offer direct cryptocurrency trading, which may be a limitation for traders interested in digital assets. However, the broker is continuously expanding its product offerings, and it may add cryptocurrencies to its platform in the future.
Account Types
Standard
| Minimum deposit | 0 |
|---|---|
| Commission | 1.0 |
| Available tools | 0 |
| Leverage, min | 1:1 |
| Leverage, max | 1:50 |
Fees and Charges
Spreads and Commissions
Fineco offers competitive spreads across a variety of markets. The spreads start from 0.6 pips for major forex pairs, with no commission on forex trades. However, certain instruments may incur a small commission depending on the account type and asset being traded.
Swap Rates
Swap rates are charged for positions held overnight, and these rates can either be positive or negative depending on the currency pair or asset being traded. Traders should always check the swap rates for the specific instruments they are trading.
Inactivity Fees
Fineco charges an inactivity fee on accounts that have not been used for an extended period. This fee is standard in the industry to maintain security and ensure the proper management of dormant accounts.
Trading Platforms
| Available tools | ETFs |
|---|
FinecoTrader
Fineco’s proprietary trading platform, FinecoTrader, is a highly versatile and user-friendly platform that provides traders with advanced charting tools, real-time market data, and access to a wide range of instruments. The platform is available for desktop and web-based use, ensuring that traders can access their accounts anytime and anywhere.
MetaTrader 4
Fineco also supports MetaTrader 4 (MT4), one of the most popular and widely used trading platforms. MT4 provides automated trading, advanced charting features, and a large selection of indicators, making it suitable for both beginner and experienced traders.
Mobile Trading Apps
Fineco offers mobile trading applications for both iOS and Android devices, ensuring that traders can manage their positions and access financial markets on the go. The mobile apps are equipped with all the essential tools for executing trades and analyzing the market.
Customer Support
Steps to Register
To register with Fineco Bank, visit their website and complete the online application form. You will need to verify your identity by submitting documents such as an ID and proof of address. After your documents are reviewed, you can make your first deposit and start trading.
Verification Requirements
Fineco Bank requires traders to complete a verification process as part of its Know Your Customer (KYC) procedures. This process typically includes submitting a government-issued ID and proof of residence, such as a utility bill or bank statement, to confirm your identity.
Deposits and Withdrawals
Payment Methods
Fineco supports several payment methods for both deposits and withdrawals, including bank transfers, credit and debit cards, and e-wallets such as PayPal and Skrill. All payment methods are secure and widely accepted.
Processing Times
Deposits made through bank transfers can take up to 2-3 business days, while credit card deposits are processed instantly. Withdrawals typically take 1-3 business days, depending on the method chosen.
Associated Fees
Deposits to Fineco accounts are generally free, though withdrawals may incur a small fee, depending on the payment method. It is advisable to review the broker’s fee structure before initiating any transactions.
FAQ
Is the broker regulated?
Yes, Fineco Bank is regulated by top-tier financial authorities, including the Financial Conduct Authority (FCA) and Italy’s CONSOB, ensuring a secure and compliant trading environment.
What trading platforms are available?
Fineco Bank offers its proprietary FinecoTrader platform, as well as MetaTrader 4 (MT4), both of which provide advanced trading tools and flexibility for traders of all levels.
What is the minimum deposit required to open an account?
The minimum deposit required to open a live account with Fineco is €100, making it accessible for most retail traders.
What types of accounts does the broker offer?
Fineco offers several account types, including the Standard Account, Professional Account, and a demo account for practice purposes.
What fees and commissions are charged?
Fineco offers competitive spreads with no commission on forex trading. However, there may be small commissions on certain instruments and fees for inactivity and withdrawals.
What is the maximum leverage available?
Fineco offers leverage of up to 1:30 for retail traders, in line with European regulatory requirements, but professional traders may be eligible for higher leverage.
Are demo accounts available?
Yes, Fineco offers a demo account where traders can practice in a risk-free environment with virtual funds.
How can I contact customer support?
Fineco provides customer support through live chat, email, and phone. Their support team is available during trading hours and offers assistance in several languages.