Fineco Bank: Official review 2024

Fineco Bank was founded as the online bank of the Italian banking group Unicredit (which later exited Fineco's share capital in 2019). Founded in 1999, to date it has more than 1,490,000 clients, over 1,100 employees and a dense network of financial advisors throughout the territory.

With a capitalisation of EUR 5 billion and an annual turnover of more than EUR 700 million, Fineco is considered one of the most solid banking institutions in Italy.

FinecoBank is listed on the Italian stock exchange (ISIN: IT0000072170).

In this review we analysed Fineco Bank mainly from the side of trading services, taking into consideration 8 categories and developing our opinions on Fineco in the final part of the review.  

Here s what we found out.

Fineco Bank allows clients to trade a wide range of financial instruments with a trading account and allows also to opt for a long-term investment with an ISA and investment account.

Fineco offers a trading account to operate as a day trader, swing trader, or position trader.

ISA account is a tax-efficient investment method with an allowance of £20,000 per year in line with the broad market. The most significant advantage of this option is that it's unnecessary to record any profits in the taxation form because gains are tax-free.

On Fineco it is possible to transfer an existing ISA account.

Fineco provides multi-currency choices in the “Account Management” section. On Fineco Bank it is possible to trade GBP, EUR, USD, and other 20plus currencies with the possibility of creating multiple sub-accounts.

Fineco allows every trading account holder to trade directly in the base currency and convert it with no additional fees except a tiny variable spread. Basically, it is possible to convert from one currency to another, for example, EUR to USD, and then purchase stocks listed in US markets with US Dollars.  

These are the currencies available on the Fineco Trading Platform.

There is a decreasing spread structure for converting any currency depending on capital maintained in the balance of the account. Starting from £500,000 there is a 40% reduction in spreads and starting from £1,000,000 there is a reduction of 50% in spreads.

Fineco has created a product named Regular investment plan that helps the investor to accumulate a capital bundle with a pre-set monthly investment starting from $£E/50.

Opening an account is free as it is closing it. It is possible to open all the accounts via the website and Via Fineco app. We will recommend using the App on the Smartphone.

To open an account, it is necessary to provide an ID like Passport, Identity Card, or UK Driving License. It is necessary also to provide the Tax Identification Number (TIN) and proof of a UK permanent and mailing address.

American citizens cannot open an account with Fineco Bank.

With Fineco it is possible to fund the account just through a bank account wire transfer.

Fineco provides a Debit Card with no annual fees for the first card, and the second £9.95. Shipping costs £2.95. Free withdrawals in the UK with the GBP and free withdrawal in the Eurozone for the EUR card.

The card will allow the investor to withdraw cash from every ATM. It is possible also to transfer funds to a bank account but this is upon request.

It's possible to transfer existing ISA accounts with no fee.

Fineco requires no minimum deposit to activate the account. One can therefore register an account and deposit £0.01 to have it active.

Yes, Fineco offers a simulated account but without virtual money. The usefulness of this demo account is to get a quick overview of the main features of the account and the platform. All this without being able to simulate transactions.