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FinecoBank Review

Steve Miley

November 5th, 2021

If you are a price-conscious trader, FinecoBank is a great share dealing option with a broad range of investment options. But it does come with a price: a substandard offering of educational materials and research reports.

That said, FinecoBank charges only £2.95 for U.K. shares and ETFs, $3.95 for U.S. stocks and ETFs, and €3.95 for European stocks and ETFs. Overall, Fineco does a good job of catering to both active and passive traders.

FinecoBank pros & cons

Pros:

  • One of the cheaper offerings in our survey for buying shares in the U.K. and overseas.
  • A broad range of products is available to trade, including stocks, ETFs, funds, bonds and CFDs.
  • Now offers ISA accounts.

Cons:

  • An average trading platform and mobile app.
  • Still room for growth in educational or research content.

Overall summary

FeatureFinecoBank
Overall 4.5 Stars
Offering of Investments 4 Stars
Commissions & Fees 5 Stars
Platform & Tools 3.5 Stars
Research 3.5 Stars
MobileTrading 4 Stars

Commissions & fees

Fineco is one of the lowest cost online brokers available for U.K. share dealing, alongside Trading 212, Freetrade, Capital.com and DEGIRO. Fineco does not charge any inactivity fees or impose minimum monthly commission.

Stocks, ETFs, and bonds: U.K. shares and ETF trades cost £2.95, while U.S. stocks and ETFs cost just $3.95 per trade; European stocks and ETFs cost only €3.95 per trade. Bonds cost £6.95 per trade.

Funds: Funds are free to buy and sell; however, there is an annual platform (custody) fee of 0.25% on the first £250,000 of assets held in funds (annual custody fees are not uncommon for dealing funds in the U.K.). All other assets (stocks, ETFs, bonds, etc.) do not contribute to this custody fee.

Forex and CFDs: Forex/CFD traders can trade on spreads as low as 0.8 pips on foreign exchange, and 0.4 pips on CFD indices. Commissions on U.K., U.S., and EU shares CFDs are £0.

Market data: By default, customers receive free delayed market data for available exchanges. To access real-time streaming market data, customers must activate the desktop platform PowerDesk. PowerDesk provides users free real-time market data for markets such as the U.K., U.S., DAX30, CAC40, etc.

When calculating annual share dealing costs, trading frequency and account balance are the two most important factors to consider. Assuming a £30,000 portfolio in a traditional, taxable share dealing account, here are five scenarios of how much Fineco would cost depending on trade frequency:

  • 5 deals all year, 5 trades = £14.75 (£2.95 per trade)
  • 1 deal per month, 12 trades = £35.4 (£2.95 per trade)
  • 3 deals per month, 36 trades = £106.2 (£2.95 per trade)
  • 10 deals per month, 120 trades = £354 (£2.95 per trade)
  • 3 fund trades per year, 3 trades = £75 (.25% x £30,000 = £75 custody fees)

FinecoBank pricing summary:

FeatureFinecoBank
Minimum Deposit£0.00
Share Trading: 0-9 Deals/ Month£2.95
Share Trading: 10-19 Deals/ Month£2.95
Share Trading: 20+ Deals/ Month£2.95
Annual Custody Fee: £0 - £250,0000.25%
Annual Custody Fee: £250K-£500K0.15%
Annual Custody Fee: £500,000 - £1m0.15%
Annual Custody Fee: £1m and over0.05%
ETFs - Fee£2.95
Investment Trusts - FeeN/A
Telephone Dealing FeeN/A

Mobile trading apps

The Fineco mobile app is far from exemplary, but is sufficient. It provides traders with the ability to view market updates, news, and charts for stocks, indices, futures, forex, and CFDs. That said, I was surprised to see that while the app has dedicated tabs for CFDs, forex, and futures, there are no dedicated tabs for shares, ETFs, or funds. (See our 2021 picks for Best Mobile Trading Apps.)

Gallery

Platforms & tools

Fineco offers a free web platform and the downloadable PowerDesk desktop platform, which is also free to U.K. clients. Our testing found the web platform to be average at best, offering a standard selection of charting features with few additional tools. PowerDesk is a far better option for active traders, offering more charting features and technical indicators.

Web platform charting: Fineco offers 24 different technical analysis indicators, the ability to add share and index overlays, and the option to add corporate events and change chart types. Unfortunately, adding notes to a chart is not possible, while stock alerts are limited to price. The overall charting package, though average at best, will suffice for most casual traders. More active traders may want to consider brokers with more advanced platforms such as Saxo Markets, Interactive Brokers and IG Group.

PowerDesk: PowerDesk, Fineco’s downloadable trading platform, is meant for active traders, offering over 90 technical indicators, customization charting features, up to 30 years of historical data, the ability to directly trade off charts, and more.

FinecoBank trading tools:

FeatureFinecoBank
Desktop Platform (Windows) Yes
Web Platform Yes
iPhone App Yes
Android App Yes
Stock Alerts Yes
Charting - Indicators / Studies22
Charting - Drawing Tools3
Charting - Notes No
Charting - Display Corporate Events Yes
Charting - Stock Overlays Yes
Charting - Index Overlays Yes

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Research

Overall, when it comes to researching stocks, ETFs, funds and the like, Fineco left me wanting more. If research reports and fund research are essential to you, read our reviews on Saxo Markets, Interactive Brokers and Hargreaves Lansdown, which received the highest scores in this category.

Stocks research: A basic selection of research is available for individual stocks, including market news, a consensus of analyst ratings, and technical analysis insights from third-party provider iTrading. Fineco does not provide research reports on individual stocks, and little analysis is provided in terms of fundamental data or dividends.

Funds research: Limited research is available for funds, which makes sense given Fineco offers fewer than than 200 funds.

Screener tools: Fineco does offer screeners for stocks, ETFs, CFDs, and funds, which can filter assets based on technical, fundamental, and performance-based data. The stock screener includes pre-built “Search Ideas.” For example, the “Warren Buffet” search idea filters companies that offer constant growth forecasts over time. I found these search ideas to be unique and thought-provoking.

FinecoBank research:

FeatureFinecoBank
Research - Shares Yes
Research - CFDs No
Research - Funds Yes
Fund Research - Research Reports No
Research - ETFs Yes
Research - Bonds Yes
Portfolio Allocation Breakdown Yes

Gallery

Offering of investments

Fineco offers a comprehensive selection of tradeable investments, including shares, ETFs, bonds, funds, forex, and CFDs. Banking features are also available, while advisor services are not available in the U.K.

Stocks and funds: While stock selections are vast, spanning 26 global markets, the fund offering is somewhat disappointing, with just over 400 funds available from 10 fund families.

ISA/SIPP accounts: U.K. residents can now open tax-advantaged ISA accounts with Fineco. But Fineco does not currently offer SIPP tax-advantaged accounts; investors seeking such accounts should consider IG or Saxo Markets.

FinecoBank offering of investments:

FeatureFinecoBank
Share Trading Yes
CFD Trading Yes
Funds Yes
ETFs Yes
Bonds - Corporate Yes
Bonds - Government (Gilts) Yes
Investment Trusts No
Spread Betting No
Advisor Services No

Education

Fineco’s educational offering is improving but is still limited and comes in the form of webinars and videos. Fineco have managed to move away from a predominant focus on forex trading with broader webinars on macroeconomic events and also some beginners’ guides, although there could still be more on individual stock trading.

On the video library side, 2021 saw the addition of longer, more in-depth content on technical analysis, fundamental analysis, trading signals and strategies, and more.

Bottom line, Fineco has stepped up their educational offering for beginners and intermediate traders and investors, a welcome improvement.

FinecoBank education:

FeatureFinecoBank
Has Education - Share Trading No
Has Education - Funds No
Has Education - Retirement No
Client Webinars Yes
Client Webinars (Archived) Yes

Gallery

Banking services

One of the few brokers in our survey to offer banking services, Fineco provides a diverse selection of products and services, including a multicurrency trading account, free U.K./EUR ATM withdrawals and payments, free U.K. and SEPA bank transfers, and the use of a debit card with no monthly fee. Frequent travelers will appreciate Fineco’s currency conversion capabilities, allowing real-time conversions on over 20 different currencies at spread-only costs.

MoneyMap: One of the notable free banking tools Fineco offers, MoneyMap automatically categorizes income and expenses to help customers save. MoneyMap acts as a personalized budget, allowing you to easily track and manage costs.

Final thoughts

FinecoBank is a low-cost share dealing broker that will appeal to customers looking to trade shares, ETFs, forex, and CFDs on a global scale. While the web-based trading platform and research offerings are just average, Fineco provides enough tools and a growing education area at a discounted price to warrant consideration.

However, U.K. residents seeking a traditional U.K. brokerage offering may find themselves disappointed in Fineco, as it offers only a small selection of funds to trade, and SIPP accounts are currently not on offer.

About FinecoBank

Fineco launched as a bank in Italy in 1999. Over the last 20-plus years, FinecoBank has amassed over 1.3 million clients in Italy and €70 billion in total financial assets. Fineco is a publicly traded company on the Euro Stoxx 600 under the ticker FCBBF. Fineco is fully regulated by the FCA and PRA, and authorised by the Bank of Italy. Fineco is also a member of the Interbank Fund for Deposit Protection and the National Guarantee Fund.

Methodology

For the 2021 StockBrokers.com U.K. Review, we assessed, rated, and ranked 11 U.K. share dealing platforms over a 10-week time period. Each broker was exhaustively tested on all available platforms and graded on 53 different variables. In total, over 17,000 words of research were produced.

Our rigorous data validation process yields an error rate of less than .001% each year, providing site visitors with quality data they can trust. Our team.

About the Editor

Carolyn Kimball

Carolyn Kimball is managing editor for Reink Media and the lead editor for the StockBrokers.com Annual Review. Carolyn has more than 20 years of writing and editing experience at major media outlets including NerdWallet, the Los Angeles Times and the San Jose Mercury News. She specializes in coverage of personal financial products and services, wielding her editing skills to clarify complex (some might say befuddling) topics to help consumers make informed decisions about their money.


About the Author

Steve Miley

With 30 years of experience in institutional financial markets, Steve has won multiple awards from Technical Analyst Magazine, including "Best Independent Fixed Income" and "Best FX Research." In addition to his work with StockBrokers.com, Steve is the founder of The Market Chartist, where he provides market research for institutional clients; and is editor-in-chief for FXExplained.co.uk.








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All pricing data was obtained from a published web site as of 10/22/2021 and is believed to be accurate, but is not guaranteed. The StockBrokers.com UK staff is constantly working with its online broker representatives to obtain the latest pricing data. If you believe any data listed above is inaccurate, please contact us using the link at the bottom of this page.

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