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FinecoBank Review

Updated On:
June 8, 2022
Visit FinecoBank UK
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FinecoBank Review - Is it any Good?

Please note: As with all investments, your capital is at risk. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money before you proceed.

Contents:

1. What is FinecoBank?

FinecoBank is one of Europe’s largest banks, with 20 years of leadership history in brokerage and over 30 million orders processed every year. Its core mission is to make online trading simple by providing direct access to the markets in just one click. 

With Fineco, you can access 26 global markets and trade over 20,000 financial instruments worldwide on a single account, including UK and overseas shares, ETFs, funds, bonds, and CFDs. You can also invest and trade directly in GBP, EUR, USD, Swiss Franc and 20+ currencies. 

FinecoBank’s products include a Trading Account and Stocks and Shares ISA.

2. FinecoBank Pros and Cons

Here are the pros and cons of FinecoBank UK:

Pros Cons
  • Low cost - low platform fees and dealing charges.
  • FinecoBank does not offer a self-invested personal pension or SIPP.
  • Over 20,000 investments to choose from.
  • The platform is not beginner-friendly.
  • FinecoBank offers a stocks and shares ISA and trading account.
  • FinecoBank allows you to trade in 20+ currencies, which reduces FX fees (spreads still apply).
  • Advanced traders would enjoy the professional charting system, risk management tools and customisable dashboards.
  • 3. Is FinecoBank any Good?

    FinecoBank is one of the best investment platforms in the UK at the moment because of its competitive pricing, comprehensive investment offering and availability in 20+ currencies.

    FinecoBank is also rated excellent on Trustpilot with 4.3 stars out of 5 from 382 reviews (at the time of writing).

    4. How Does FinecoBank Work?

    With FinecoBank, you can invest via a stocks and shares ISA or trading account. You can also take advantage of FinecoBank’s banking services, PowerDesk, learning resources and MoneyMap.

    Here is a detailed breakdown of how FinecoBank works:

    Stocks and Shares ISA

    1. The FinecoBank Stocks and Shares ISA offers a tax-free way to grow your money for the future, with a current maximum investment of £20,000 per year. 
    2. You can choose from a variety of funds, shares, bonds, UK equities and ETFs to build your ISA portfolio.
    3. Opening a Stocks and Shares ISA with Fineco requires no minimum deposit, so you can begin investing with an amount you’re comfortable with.
    4. To learn more about the FinecoBank Stocks and Shares ISA, click here.

    Trading Account

    1. A FinecoBank Trading Account gives you detailed snapshots of the financial markets with a complete overview of every security, along with live quotes, main figures and comprehensive reports.
    2. You can trade thousands of stocks and shares globally with the local currency pricing, with a fixed commission rate of £2.95 per trade on the London Stock Exchange and €/$3.95 on the USA and Europe Exchanges.
    3. FinecoBank also allows you to save on currency conversion fees. This means that once you’ve converted GBP to USD (spreads apply), you can buy or sell an unlimited number of shares in USD and only be charged the trading fee. 
    4. With Fineco, you can trade both Intraday and Overnight Futures on CME, EUREX and IDEM.
    5. Fineco’s CFDs Foreign Exchange, Indices and Futures on Commodities CFDs allow you to trade in any direction and condition commission-free. Users can trade CFDs with Fineco 24hrs a day from Monday to Friday.
    6. FinecoBank allows you to trade the Volatility Index (VIX) and choose from a wide range of trading options on the CBOE market, as well as S&P, Dow Jones, Nasdaq and Russell Indices and US Stocks.
    7. Fineco’s automatic ETF arrangements also allow you to set a regular saving plan on multiple ETFs starting at just £2.95 per month.
    8. A Fineco Trading Account also gives you extensive bond offerings with access to gilts, government bonds and more than 6,000 sovereign, corporate and structured securities.
    9. To learn more about the FinecoBank Trading Account, click here.

    Banking Services

    1. When you open a bank account with Fineco, you can take advantage of free withdrawals both UK and EU-wide when using your GBP and EUR debit card.
    2. You can spend like a local in Europe by using your EUR debit card to pay for recurring bills with no extra fees.
    3. You can send money globally with online bank transfers covering 250 destinations and 20 different currencies.
    4. You can pay without the need for a card using your smartphone or smartwatch.
    5. To learn more about Fineco’s Banking Services, click here.

    Trade Three Ways (PowerDesk, Web Platform, or Mobile App)

    When you open a trading account with FinecoBank, you’ll have the option to navigate the market through Fineco’s PowerDesk, web platform, or mobile app. PowerDesk is an advanced trading platform accessible on the web that offers intuitive chart trading, personalised dashboards, personalised listings and technical analyses, all on one screen. Fineco’s Web Platform provides easy access to the markets through live quotes, an intuitive search option to help you track securities and more. Mobile trading through the Fineco app allows you to trade all products anywhere by streaming quotes, news, P&L updates, and personalised interactive charts.

    Trading and Learning Resources

    Fineco offers a broad range of helpful trading resources to keep you informed in your investment and trading endeavours. You can make use of Fineco’s on-demand Video Library, containing a range of in-depth webinars covering topics such as investing essentials, market trends, techniques for volatile markets and more. You can further broaden your trading knowledge by attending one of Fineco’s Live Events or Courses, where you can meet trading specialists.

    MoneyMap

    Fineco Bank’s MoneyMap feature allows you to set your own personalised budget to take control of your finances and objectives. It uses artificial intelligence to automatically group your expenses into personalised categories so that you can analyse your spending and save more. MoneyMap is fully integrated into the Fineco account with no additional charges.

    5. What Are FinecoBank’s Fees?

    Signing up for FinecoBank’s trading account and stocks and shares ISA is free, and there is no minimum deposit required to start investing.

    ‍There is a comprehensive list of fees on the FinecoBank website, but here is a breakdown of some of the most important FinecoBank fees for UK customers:

    ‍Funds‍

    1. Annual Platform Fee: 0.25% max
    2. ‍‍Dealing Fee: No charge

    ‍Shares (including ETFs and Bonds)

    Platform Fees:

    1. ‍Annual Platform Fee (ISA): 0.25% (max £2.95 per month) 
    2. ‍Annual Platform Fee (Trading Account): No charge

    Dealing Fees:

    1. UK Shares: £2.95 per trade
    2. US Shares: US$3.95 per trade
    3. EU Shares: €3.95 per trade
    4. US ETFs: US$3.95 per trade
    5. EUR ETFs: €3.95 per trade
    6. Bonds: £6.95 per trade
    7. For other dealing fees, including charges for CFDs, futures, options and bonds, visit FinecoBank’s website.

    Transfer out fee: No charge

    6. Is FinecoBank Good for Beginners?

    No, we do not think FinecoBank’s trading account is suitable for beginners. The range of offerings, pricing structure and user interface are quite complex and could be confusing for a first-time investor. Beginner investors might find platforms such as eToro, Freetrade or InvestEngine better suited to their needs.

    7. Is FinecoBank Expensive?

    No, FinecoBank is not expensive compared to other investment platforms we have reviewed. FinecoBank is actually one of the cheapest investment platforms for trading in the UK. There are no platform fees on the trading account, and the trading fees and FX fees are very low compared to other platforms. FinecoBank’s stocks and shares ISA comes with a platform fee, but even that is low at a maximum charge of 0.25% per year.

    8. Is FinecoBank Safe?

    Yes, FinecoBank is safe. FinecoBank is as safe as any other regulated stock trading platform in the UK. It is authorised and regulated by the UK’s financial watchdog, the Financial Conduct Authority (FCA).

    In addition, Your deposit is covered by a statutory Deposit Guarantee Scheme. This means that if FinecoBanks goes bust, your deposits would be repaid up to €100,000 by the Deposit Guarantee Scheme.

    9. Is FinecoBank Regulated by the FCA?

    Yes, FinecoBank is subject to limited regulation by the Financial Conduct Authority (FCA). Have a look at its permissions on the FCA Register.

    10. Does FinecoBank Have a Promo Code?

    Yes, FinecoBank has a promo code. Apply here by the 29th of July 2022, and trade commission-free up to a maximum commission amount of £500. Terms apply.

    11. How Do I Open an Account With FinecoBank?

    To open an account with FinecoBank, click here

    12. Alternatives to FinecoBank

    Alternatives to FinecoBank in the UK include Interactive Investor, Hargreaves Lansdown and Freetrade.

    Interactive Investor

    Interactive Investor has over 40,000 investments to choose from, including UK and overseas shares, funds, investment trusts, and ETFs. You get a free trade every month, which you can use to buy or sell any investment. Interactive Investor’s services include a Trading Account, Stocks and Shares ISA, SIPP and Junior ISA.

    Visit: Interactive Investor

    See: Interactive Investor Review

    ‍Hargreaves Lansdown

    Hargreaves Lansdown has thousands of investments to choose from, including UK and overseas shares, funds, investment trusts, and ETFs. Choose your own investments with expert research and ideas to help you, or simply pick a ready-made portfolio. Manage via website, app or phone.

    ‍Visit: Hargreaves Lansdown

    See: Hargreaves Lansdown Review

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