FinecoBank is a famous European banking service which became famous in the online trading world thanks to their multi-awarded trading platform: PowerDesk.
Today, they became a popular choice also among Britons thanks to 20.000+ financial instruments to trade with their advanced trading tools and competitive rates.
But is it worth it to open an account with them? And why should you prefer Fineco to a simple brokerage service?
History and Regulation
Founded in 1999 as FinecoBank S.p.A. in the financial capital of Italy, Milan, they started from the beginning by specialising their banking services on online retail trading. They also became a listed company by entering as a constituent member of the FTSE MIB in 2014. This is why their customer base is mostly present in Italy and the United Kingdom.
Regarding regulation, they are in possess of licenses furnished by top-tier regulators in both of the aforementioned territories:
- License by the Italian Companies and Exchange Commission (CONSOB): this is the government authority of Italy responsible for regulating the Italian securities market and the Italian Stock Exchange, also known as Borsa di Milano or BorsaItaliana.
- License by The Financial Conduct Authority (FCA): a non-government financial regulatory authority present in the United Kingdom which operates on British
Remember that choosing a non-regulated broker is an hazardous choice which will lead you eventually to lose your funds or, even worse, be in trouble with the law.
Fineco And Their Services
If you decide to open an account with FinecoBank you will have the chance to start trading with three different platforms: desktop, web and mobile app.
Between them, the most famous one is PowerDesk, a professional multi-awarded desktop trading platform which can be used by Fineco’s customers for free.
This trading platform is completely customisable and gives you the chance of investing in:
- 26 financial markets
- Stocks
- Shares
- Indices
- Bonds
- Currencies
It also gives you the chance to start trading with leverage on more than 1,000 different securities. This activity is called margin trading and can be carried out safely and professionally by using conditional orders such as Stop Loss, Take Profits Order, and much more on different platforms: desktop, web and mobile app.
Regarding their account choice, Fineco offers you a one-stop solution which includes a multi-currency account capable of holding liquidity several currencies (more than 20) while utilising trading financial assets.
British traders also have the possibility of opening an Individual Savings Account (ISA) which is a suitable choice if you want to enhance your profits. In fact, ISA accounts come with fund managers assigned to help you with your finances and trading activities.
If you want to open an account with Fineco, you will have to make a minimum deposit of 100£. Their other prices are all shown on their website and are straightforward presented to you, the customer, without any tentative of covering them up.
Among them you must consider:
- No account monthly fee: no minimum deposit needed
- ISA Platform Annual fee: maximum of 0.25% of the total investments value
- Fees of UK Shares: tradable with a fixed commission of 2.95£
- Fees of US Shares: tradable with a fixed commission of 3.95$
- No fees on Shares CFDs: tradable with no commissions
- Free Real Time Market News: no fee for daily news, macroeconomic calendar and price alerts
In Conclusion
If you decide to start your trading journey by choosing a trading bank instead of an online broker, you will notice plenty of pros.
You will be able to trade in a smarter way by simply using your deposited funds to trade on dozens of different financial instruments, with an all-encompassing service which will remove most mediatory steps which stand between you and the financial markets. Plus, because we are speaking of a renown and trustworthy financial provider such as FinecoBank, you will be able to do it with 24/7 ready assistance.