FinecoBank is a low-cost investment platform that offers several financial services to businesses and individuals.
The platform was originally known as Fineco when it was founded in Italy in 1999.
If you’re considering using FinecoBank, be sure to check out my detailed review below.
By the end, you’ll be left with a better idea about whether it’s the right trading platform for you.
Table of Contents
What is FinecoBank?
Here are three unique things I found that make FinecoBank different from other investment platforms:
- Multi-Currency Accounts: The platform provides multi-currency accounts that allow its customers to transact in different currencies. This one-of-a-kind feature benefits businesses engaged in international transactions by reducing conversion costs.
- International Markets: Once you join the platform, you can access international markets and invest in EFTs, stocks, and bonds worldwide.
- Research and Analysis: FinecoBank provides its customers with research tools that help them make investment decisions. Customers can access market data, news updates, research reports, and charts with information about market trends and potential investment opportunities.
What Makes FinecoBank a Popular Choice for Low-Cost Investing?
Unlike most investment platforms, where you need to invest a lot of money to see returns, Fineco is great for businesses and individuals seeking a low-cost investment.
The platform doesn’t charge custody or inactivity feeds. This means customers are free to hold their investments without incurring maintenance costs when not trading.
Additionally, FinecoBank is also transparent and has no hidden charges.
Lastly, the platform provides access to mutual funds, low-cost funds, and exchange-traded funds.
Account Features & Benefits
FinecoBank offers different types of accounts that cater to the needs of different investors.
What types of accounts does FinecoBank offer for investors?
The main account type offered by the platform includes the following:
- Trading Account: This account allows investors to buy and sell securities such as EFTs, stocks, and bonds. The account also provides access to international markets so investors can build their portfolios.
- General Investment Account: This account is tailored for customers who want to invest in mutual funds and exchange-traded funds (ETFs).
- Pension Account: FinecoBank provides pension accounts for customers who want to save for retirement. The pension account has tax advantages, and it’s best for long-term retirement planning.
- Multi-Currency Account: The platform also offers a multi-currency account for investors who want to transact in different currencies. This account is great for businesses that engage in international transactions or invest in foreign markets.
Investment Options
FinecoBank offers a wide range of investment options and products on its platform
What investment products are available on the FinecoBank platform?
Here are some of the main investment options available to investors:
- Stocks: FinecoBank provides its users access to both domestic and international stock markets such as Europe, North America, and Asia.
- Bonds: Investors can trade and invest in bonds such as fixed-income securities, government bonds, and corporate bonds through FinecoBank’s platform.
- Exchange-Traded Funds (ETFs): FinecoBank offers a selection of ETFs, investment funds traded on stock exchanges. ETFs help investors diversify their portfolios by providing exposure to various asset classes and geographical regions.
- Mutual Funds: The platform allows users to invest in mutual funds that offer the perfect diversification for investors who want professional management and a hands-off approach.
- Currencies: With FinecoBank’s forex trading services, you can trade currencies and participate in the foreign exchange market while taking advantage of ongoing currency fluctuations.
- Investment Funds: Lastly, FinecoBank offers access to investment funds such as actively managed funds and passive index funds. These funds are managed by professional fund managers. Below are some of them.
Trading Tools
Aside from the research tools that FinecoBank offers, the platform also provides its customers with trading tools.
What trading tools does FinecoBank provide to help investors make informed decisions?
Some of the trading tools offered by FinecoBank include the following:
- Customisable Trading Platforms: If you want to personalise your trading experience, you can customise your profile using advanced charting tools, intuitive interfaces, and order execution capabilities. These customisation options can help you tailor the platform to your trading strategy.
- Alerts and Notifications: With FinecoBank, you don’t have to worry about getting left behind with market trends. Users receive timely alerts for price movements and news releases that may impact their investments.
- Portfolio Analysis Tools: FinecoBank offers portfolio analysis tools for investors to evaluate the risk of their investments. These tools provide valuable information such as asset allocation, diversification, and historical performance.
Individual Saving Account (ISA)
FinecoBank is very famous for its shares and stocks Individual Savings Account (ISA) where customers can invest up to a year’s allowance without paying taxes on profit.
This one-of-a-kind benefit makes investors flock to the trading platform that handles more than 200,000 executed orders daily. Additionally, investors can withdraw from their ISA account without losing their tax benefits.
Mobile & Online Platforms
The FinecoBank mobile app offers a range of features designed to cater to the nomad or on-the-go investor.
With the app, investors can conveniently access their accounts and manage their investments from their mobile devices
What features does the FinecoBank mobile app offer for on-the-go investors?
Here are some of the key features:
- Account Management: Investors on the go can view their account balances, their transaction history, and portfolio directly from the mobile app. This feature allows them to monitor their investment positions and account activities in real-time, even if they are away.
- Notifications and Alerts: On-the-go investors can use the app to trigger an alert whenever there’s an update on price movements. This helps them stay up to date with the market.
- Payments: Through the mobile app, on-the-go investors can make payments, transfer funds between accounts, and manage their banking activities. This feature effortlessly combines investment and banking services in one place.
- Customer Support: The mobile app has access to customer support personnel who are available 24/7. This helps on-the-go investors receive help whenever needed and directly from the app.
These features allow on-the-go investors to stay connected and make informed decisions about their investments even when far from their laptops and pcs.
How user-friendly is the FinecoBank platform for beginner investors?
The FinecoBank platform aims to provide a user-friendly experience for investors of all levels, including beginners.
Here are some reasons why the platform is user-friendly for beginners:
- Intuitive Interface: The platform has a user-friendly and intuitive interface that is easy to navigate. The layout is simple, and the information is organised in an easy-to-follow way. This ensures that beginners can find the tools they need and resources quickly.
- Demo Account: One of the best things about FinecoBank is that it offers a free demo account for beginners. If you’re new to investing, use this feature to test different trading strategies, familiarise yourself with the platform’s functionalities and gain experience without risking your money.
- Step-by-Step Guidance: FinecoBank has several step-by-step guides on important processes such as opening an account, depositing funds, and trading. These guides help beginners navigate these stages with confidence.
Fees Structure
Understanding FinecoBank’s fee structure will help you determine if the platform best suits your needs.
- Deposits: The platform doesn’t charge users any deposit fee. However, you can only deposit through bank transfers.
- Withdrawals: Users on FinecoBank can withdraw from the platform free of charge.
- Account Inactivity: Luckily, FinecoBank does not charge investors an account inactivity fee, making it ideal for beginner investors who need time to learn the ins and outs of trading.
Customer Support
A trading platform is only as good as its user’s ability to use it seamlessly.
That’s why FinecoBank prioritises its customer support.
Whether you need help setting up your account or advice on investment opportunities, the platform’s customer support will guide you.
What customer support options are available to FinecoBank users?
Here are the customer support options typically provided by FinecoBank:
Live Chat: The platform’s website has a live chat feature that allows users to reach customer support representatives quickly. Users take advantage of this convenient means to get quick responses to their general inquiries and account-related questions
Email Support: If you prefer written communication, FinecoBank also offers email support. As a user, you can send your concerns via email and get responses. However, this option is best when you need detailed explanations that are not urgent.
FAQs and Help Center: The platform’s website has a FAQ section where users can find answers to common questions. They can also get tutorials and guides in the same section.
Security & Regulatory Compliance
Before choosing an investment platform, it’s important to research if it has regulatory compliance.
Here’s what you need to know about FinecoBank’s security and regulatory compliance
Is FinecoBank regulated by any financial authorities or governing bodies?
As of September 2021, the platform is regulated by the Bank of Italy.
This financial authority promotes the stability and integrity of the Italian financial system.
How does FinecoBank protect against fraud?
Fraud in investment platforms is a tale as old as time, but it doesn’t mean that it’s not painful each time.
To protect its users from fraud, FinecoBank takes the following measures:
- Secure Authentication: FinecoBank requires its users to verify their identity to prevent unauthorised access. As an investor, use strong passwords, two-factor authentication, and even biometrics such as facial recognition or fingerprint access.
- Encryption: The platform uses encryption technologies that protect sensitive data that is transmitted between its customers and their systems. Encryption makes it hard for unauthorised parties to intercept the data.
- Fraud Monitoring and Detection: Suspicious behaviour on the platform triggers alerts, and additional security checks are conducted afterward.
- Account Activity Notifications: Platform users can receive alerts for each activity involving their accounts. This includes account logins and even transactions.
As a user, I advise you to update your password and be cautious of phishing attempts regularly.
Also, continuously review your account statements to ensure there are no unauthorised transactions.
User Reviews & Reputation
It’s no secret that matters concerning money are very delicate, and that’s why reading reviews is important when choosing a trading platform.
For transparency, investors use platforms like Trustpilot to share their experiences with the trading platform.
The most common review FinecoBank receives from TrustPilot is customers praising them for their quick customer service and efficiency in answering user queries.
Pros & Cons of Using FinecoBank?
Here are some advantages and disadvantages of using the trading platform:
Pros:
- Mobile App availability: FinecoBank has a mobile app on Play Store that allows its users to make investments on the go. The app gives you access to your account information and even insights into market research.
- Competitive Pricing: FinecoBank is widely known for its low-cost fee structure. It offers competitive pricing compared to traditional brokerage firms. This is great for investors who want to minimise costs while maximising their investment returns.
- Multiple Investment Options: FinecoBank provides several investment options such as mutual funds, stocks, bonds, and EFTs. As a user, you can invest in multiple options based on your investment goals.
- User-Friendly Platform: FinecoBank’s user-friendly platform can be used by tech-savvy and non-tech-savvy investors.
Cons:
- Language Limitations: The platform’s customer support is only available in specific languages. Before signing up for the platform, I would advise you to check if customer support is available in your preferred language.
- Geographical Limitations: FinecoBank’s services are limited to specific regions and countries. If you’re interested in the platform, check if you can access it from your location.
Alternatives to FinecoBank
If you’re interested in exploring other options besides FinecoBank, here are some great choices:
- Interactive Brokers: This trading platform provides investors access to cryptocurrencies, stocks and bonds. This helps users manage their investment portfolio from one location. One of the highlights of Interactive Brokers is it has a large investment selection. The downside is the platform’s website is difficult to navigate, especially for beginner investors.
- Saxo Bank: This reputable platform offers online trading services to investors. Users can trade in both traditional fiat currencies and cryptocurrency. One of the highlights of Saxo Bank is it doesn’t charge a withdrawal fee to its users. The downside is the platform doesn’t have electronic wallets. It also charges an account inactivity fee.
- Interactive Investor: This investment service provider helps investors manage their trading investments in one location. One of the highlights of Interactive Investor is it offers free withdrawal in EUR. The downside is it charges investors a monthly fee, with the cheapest plan starting from £4.99 a month.
FinecoBank Review – Final Thoughts
If you’re looking for a low-cost investment platform, FinecoBank is a great choice.
The platform offers an opportunity for you to maximise your investment returns. Lastly, I would advise you to make your final decision based on your investment goals and preferences.
Hopefully, my review has given you some valuable insight into what FinecoBank has to offer and whether it’s the right platform for you.
FAQs
Is Fineco regulated in the UK?
Is FinecoBank good for beginners?
FinecoBank is considered a good option for beginners due to its user-friendly interface, educational resources, and comprehensive support. It offers a range of tools and features that can help beginners navigate the world of investing and trading with ease.
Is Fineco FSCS protected?
Yes, Fineco is FSCS protected. Your money is protected by the Financial Services Compensation Scheme (FSCS) up to £85,000 in the event of Fineco facing financial difficulties or going out of business.