What is Fineco?
Fineco Bank is that once place where you can trade, invest and bank with solid guarantee. They bring their services to you with innovation, transparency and simplicity in mind.
If you are keen to deal with a bank with a unique business model, then Fineco is that bank you need to check out. With a little skimming through the Fineco website, you will find out why it is considered an important bank in Europe. Let’s go ahead with further investigations.
Fineco has been around for a while since it was founded in 1999. Fineco holds about 400 centres all over Italy with a team of over 1305 employees and 2790 financial advisors who are well-trained to cater to the needs of their customers. It is an organization that serves more than 1.4 million clients from UK and Italy, making it one of the world’s most respected banks. By now, Fineco possesses an estimated total of €107.9 billion total in client assets and € 48.8 billion in private assets. Furthermore, their net inflows calculate at €10.7 billion.
The Trading Platform
Fineco sports a highly-customizable PowerDesk trading platform for professional users. It is available both in English and Italian. The program needs to be downloaded and installed. Once this is done, you can log in from Fineco Bank’s web trading platform.
Fineco’s web trading platform is designed well and with many features, although not very customizable. It is also available in both English and Italian. It requires a single-step login and an OTP function is available for transactions, bank transfers and digital signatures.
Fineco’s mobile trading platform is designed for hassle-free use. It possesses its own in-house-developed mobile trading platform, which is available for both Android and iOS. It allows you to use Mobile Code, which allows you to confirm transactions either through a mobile code or by using Touch/Face ID.
Fineco Bank is regulated by the Bank of Italy, the Commissione Nazionale per le Società e la Borsa (Consob), while being subject to limited regulation by the UK’s Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA).
It has a banking licence, is listed in the Italian Stock Exchange (Borsa Italiana), and is a constituent of the STOXX Europe 600 stock index.
Fineco has assured its customers full safety with its long track record, by been listed on a stock exchange, its banking background and its full and transparent disclosure of its financials.
Fineco Bank’s headquarters are found in Via Rivoluzione d’Ottobre 16, Reggio Emilia 42123. Its employees work in offices all over Italy. It has received various accolades in many fields. For instance, it was certified top employer Italia in 2022 and was named ‘the best practice leader’ in the Gender Diversity Index Report in 2021. Furthermore, Fineco was confirmed as the Italian Intermediary number 1 in Equity ranking in 2021. Fineco functions on a strong base of sustainability while offering its customers a path of transparency and applying fair prices.
Fees at Fineco
Fineco serves residents in Italy and United Kingdom only. This means that their features are more aligned with European clients.
Fineco brings its customers the attractive feature of One Stop Solution which allows customers to access banking, brokerage and investment services with a singular current account. Their network of financial advisors along with their online and mobile channels co-operate with the customers to cater to their needs in a suitable manner.
Fineco charges attractively low or no fees at all on for most of their services. However, there are certain services that they do charge high amounts for. Their fee structures, however, are transparent and fees for the UK customers are different from the fees for the Italian customers.
At Fineco, the value of commission the customers earn depends on the commissions that are generated in the month, the value of the customer’s total assets or their total savings with Fineco bank. This means, in order to lower your commissions, you need to trade more, or have more invested assets or bank savings with Fineco. To climb up the tiers, you need to fulfil only of these criteria.
Fineco sports high forex fees and its forex products are provided as CFDs. It charges average spread costs and high multi day fees. The Multi day fees are the same for both Italian and British customers and consist of a fixed and floating part. The fixed part has a 2.95% annual rate of trade value and total exposure in EUR. With the floating interest rates, the average of bid-offer costs between 22:00 – 22:30 GMT.
Fineco holds low fund fees. They charge a volume-based fee for holding the fund from the UK customers. For the first £250k of holdings, you will be charged 0.25%. For holdings above £250k but below £1 million, you will be charged 0.15%. For holdings between £1 million and £2 million the charge will be 0.05%. For holdings above £2 million there are no charges. At the end of each month, the holding volume is calculated, and the proportional part of the annual fee is charged monthly.
Italian customers can invest in ca. 700 no-load funds, with no fees charged. Other mutual funds have a fixed €/$9 fee per subscription (purchase) and redemption (selling).
Fineco’s bond fees are low with £6.95 per trade for UK customers and 0.19% of trade value (min €5.95, max of €19) for Italian customers.
Fineco holds high options fees. Once again, you have to trade more in order to lower your commissions.
Fineco’s futures fees are low. For UK customers, the charges for futures fees are based on the number of contracts, while the value of these commissions are fixed. For Italian customers, commissions lower with more trading.
With very low CFD fees, Fineco doesn’t charge any spread mark-up or commission for stock CFDs. However, it is the opposite for stock index CFDs and the spreads are lower for UK customers.
With low non-trading fees, Fineco does not charge any account, inactivity or deposit fees. Your regular domestic bank and debit card transfers are not charged either. However, there is a set fee on instant bank withdrawals and International bank transfer withdrawals.
Support and Learning Resources
95% of Fineco’s customers are satisfied with Fineco’s customer support. There are over 200 operators to assist customers via phone, e-mail, chat or SMS info service.
Their phone support works well where customers are connected with agents quickly and are allowed to obtain well-informed answers.
The e-mail support is also prompt with a reply guaranteed within 24 hours.
Uk customers can contact the bank on weekdays between 8 am and 9 pm while Italian customers can ring between 8 am and 10 pm on weekdays and 9 am and 8 pm during weekends.
Fineco’s learning tools are as follows,
- Platform tutorial videos
- General educational videos
- ‘Help’ articles
Its educational videos mostly cover basics of various assets classes.
Accounts and Research Facilities
Fineco has a plethora of account-based currencies and they do not charge a deposit fee. However, you can use only bank transfers for deposits and no electronic wallets or credit/debit cards are accepted.
It has a fully digitalized account opening system with no minimum deposit. Account verification can take up to 2 business days.
Only joint/individual accounts are provided and for UK customers, ISA/SIPP and corporate accounts are not available.
You automatically open a Fineco bank account when you open either of the above accounts with the bank. As a result, this account can be used for payments, trading and investing. Italian customers are offered to open a small business account too.
Both Fineco’s web-based and PowerDesk trading platforms sport various research tools.
It provides trading ideas with analysts’ buy/hold/sell recommendations under ‘Consensus’ tab along with the technical analyst’s opinion under the ‘Analysis’ tab.
They also offer quite extensive fundamental data containing financial statements for the past 5 years, price and volume statistics, growth rates, and so on. You can click ‘Reports’ or ‘Indicators’ tabs for this.
The newsfeed has a news filter function which filters asset classes or countries. There is a display of twitter messages from news providers such as Financial Times or Seeking Alpha. The economic calendar is one other interesting feature where you are allowed to filter according to upcoming events or news according to country or impact.
Fineco utilizes a great screener for stocks and advanced, good -quality search tools for ETFs and bonds. You have choice over a variety of criteria for filtering, including technical indicators or fundamental data.
What Fineco cares about
Fineco is a company that works for the greater good of all communities. They have focused on minimizing impacts on the environment by digitalizing their procedures in order to reduce paper wastage. They have designed and implemented the Environmental Management System, compliant with the requirements of EMAS regulation no. 1221/2009 / CE
Fineco has collaborated with FAI – Fondo per l’Ambiente Italian, in order to support the protection and safe guarding of the Italian artistic and landscape heritage.
Fineco also supports the LifeGate PlasticLess® Project with the goal to reduce the pollution of Italian seas.
Fineco combines art and advertising in urban spaces to project themes of future, learning and technological innovations through street art.
Fineco has also taken many initiatives in charity supporting strong solidarity projects in various areas of community concerns such as social and health assistance, training, education, promotion of culture and art, scientific research and environmental protection.
This review is only about tiny portion of what Fineco partakes in as a world-renowned bank. There is much more that is yet to be uncovered. This can be only done by clicking https://finecobank.com/it/online/ right away.