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PepperstoneFineco Review
Written by Steven Hatzakis
Edited by John Bringans
Fact-checked by Blain Reinkensmeyer
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 65.11% of retail CFD accounts lose money You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
FinecoBank is a trusted multi-asset broker offering forex and CFDs across its brands regulated in Italy and passported throughout the EU. Fineco offers a wide variety of asset classes, in addition to forex and CFDs. However, unless you visit a physical branch as a citizen of the EU – or you are a resident of Italy – you will not be permitted to open an online account with FinecoBank.
-
Minimum Deposit:
$0 -
Trust Score:
94 -
Tradeable Symbols (Total):
9770
Recent news
December 2023: Fineco is in the process of winding down its U.K. operations. As such, Fineco is only available to Italian residents online. Residents of the EU can only open a non-resident account by meeting with a Fineco representative in person, in Italy.
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Fineco pros & cons
Pros
- Regulated as a bank and publicly traded on the Italian stock market (BIT: FTK).
- Member of the National Compensation Fund and the National Interbank Deposit Guarantee Fund in Italy.
- Knock-out options are available, along with guaranteed stop-loss orders (GSLOs).
- Competitive pricing on index CFDs.
- Offers a larger variety of over 10,000 tradeble markets, ranging from exchange-trade securities, funds, options, and CFDs on forex and shares.
- Caters well to longer-term investors with large selection of funds including managed investment options.
- Content for English speakers has expanded significantly for research and education.
- Advanced screeners available within web platform, and advanced charts for forex traders.
- Offers numerous trading platforms, including FinecoX powered by ChartIQ, and the PowerDesk desktop platform.
- News headlines from Thomson Reuters within mobile and web platform.
Cons
- English-language content for Research and Education is limited.
- Lack of daily market analysis across platforms and website.
- Max position limited to 99 standard lots on EUR/USD.
- Demo accounts are not available.
- Must be a resident of Italy to open an account online.
- EU residents must be present at a physical branch to open an account.
- Economic calendar on mobile app is not as versatile as web version.
- Fineco is no longer available to U.K. forex traders.
Overall Summary
| Feature |
FinecoBank
|
|---|---|
| Overall Rating |
|
| Trust Score | 94 |
| Offering of Investments |
|
| Commissions & Fees |
|
| Platform & Tools |
|
| Research |
|
| Mobile Trading |
|
| Education |
|
ForexBrokers.com has been reviewing online forex brokers for over eight years, and our reviews are the most cited in the industry. Each year, we collect thousands of data points and publish tens of thousands of words of research. Here's how we test.
Is FinecoBank safe?
FinecoBank is considered Highly Trusted, with an overall Trust Score of 94 out of 99. FinecoBank is publicly traded and does operate a bank. FinecoBank is authorized by two Tier-1 regulators (Highly Trusted), zero Tier-2 regulators (Trusted), zero Tier-3 regulators (Average Risk), and zero Tier-4 regulators (High Risk). FinecoBank is authorised by the following Tier-1 regulator: Financial Conduct Authority (FCA), and regulated in the European Union via the MiFID passporting system. Learn more about Trust Score.
| Feature |
FinecoBank
|
|---|---|
| Year Founded | 1999 |
| Publicly Traded (Listed) | Yes |
| Bank | Yes |
| Tier-1 Licenses | 2 |
| Tier-2 Licenses | 0 |
| Tier-3 Licenses | 0 |
| Tier-4 Licenses | 0 |
Offering of investments
FinecoBank offers 54 forex pairs and 126 CFDs across indices, bonds, commodities, and popular shares, along with access to non-CFD share trading on international and US exchanges.
Cryptocurrency: Cryptocurrency trading is not available at any FinecoBank entity. Check out our top picks for crypto trading platforms if this is an important offering for you.
Investors in the U.K. can find further detail about Fineco’s U.K. offerings in the FinecoBank review on our sister site, UK.StockBrokers.com
| Feature |
FinecoBank
|
|---|---|
| Forex Trading (Spot or CFDs) | Yes |
| Tradeable Symbols (Total) | 9770 |
| Forex Pairs (Total) | 54 |
| U.S. Stock Trading (Non CFD) | Yes |
| Int'l Stock Trading (Non CFD) | Yes |
| Social Trading / Copy Trading | No |
| Cryptocurrency (Physical) | No |
| Cryptocurrency (Derivative) | No |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
Commissions and fees
Fineco does not publish average spread data for forex and CFD trading – making it difficult to assess its true trading costs.
Fineco lists a spread of 1 pip for the EUR/USD, which – even if an average value – is higher than the typical spread offered by forex brokers. Fineco also lists a spread of 0.8 pips, but neither of these spreads are listed as an average value, and no corresponding date range has been provided. That said, it’s worth noting that Fineco appears to offer lower spreads on its index CFDs.
| Feature |
FinecoBank
|
|---|---|
| Minimum Deposit | $0 |
| Average Spread EUR/USD - Standard | N/A |
| All-in Cost EUR/USD - Active | N/A |
| Active Trader or VIP Discounts | No |
| ACH or SEPA Transfers | Yes |
| PayPal (Deposit/Withdraw) | No |
| Skrill (Deposit/Withdraw) | No |
| Visa/Mastercard (Credit/Debit) | No |
| Bank Wire (Deposit/Withdraw) | Yes |
Mobile trading apps
FinecoBank offers a proprietary mobile app for Android and iOS devices. The online account application is only available to residents of the U.K. and Italy.
FinecoBank’s mobile app continues to improve, and I appreciate that it closely mirrors the broker’s web platform. For instance, the app’s economic calendar and charts are similar to what’s available on the web platform – though those tools are slightly limited within the app (the mobile version offers fewer indicators and a limited calendar view). Navigation has also improved with the introduction of new shortcuts that enhance the user experience. To learn more about the brokers with the best mobile trading apps, read our mobile trading guide.
| Feature |
FinecoBank
|
|---|---|
| Android App | Yes |
| Apple iOS App | Yes |
| Mobile Alerts - Basic Fields | Yes |
| Watchlists - Total Fields | N/A |
| Watchlist Syncing | No |
| Charting - Indicators / Studies (Total) | 37 |
| Charting - Drawing Tools (Total) | 7 |
| Mobile Charting - Draw Trendlines | No |
| Mobile Charting - Multiple Time Frames | Yes |
| Mobile Economic Calendar | Yes |
Other trading platforms
Fineco offers a trading platform for web and desktop called PowerDesk. The geolocational restrictions (and lack of demo account availability) at Fineco meant that it was impossible for me to install the PowerDesk trading platform, but I was granted access to the web platform. While the Fineco web platform has a rich variety of features for forex and CFD traders, and has recently been refined, it would continue benefit from a modern upgrade to improve its ease of use.
Platforms overview: Fineco delivers a wide range of markets through its web platform. By bringing banking and investing together under one roof, Fineco has made it easy for traders to access everything they need – including forex, CFDs, and funds.
Check out our walkthrough of FinecoBank's web platform:
| Feature |
FinecoBank
|
|---|---|
| Virtual Trading (Demo) | No |
| Proprietary Platform | Yes |
| Desktop Platform (Windows) | Yes |
| Web Platform | Yes |
| Social Trading / Copy Trading | No |
| MetaTrader 4 (MT4) | No |
| MetaTrader 5 (MT5) | No |
| DupliTrade | No |
| ZuluTrade | No |
| Charting - Indicators / Studies (Total) | 37 |
| Charting - Drawing Tools (Total) | 7 |
| Charting - Trade From Chart | No |
| Watchlists - Total Fields | N/A |
Research
Given the caveat that I was unable to test much of FinecoBank’s trading platform features, I nevertheless felt that the research features were underwhelming. FinecoBank’s newsroom section does host an assortment of articles that I found to be decent, including its Market Theme series. Following FinecoBank's exit from the U.K. market, most of the resources provided by the broker are in Italian; English-language content at FinecoBank is now limited.
Research overview: Research consists of articles, videos, and news headlines from Thomson Reuters found in FinecoBank’s platform suite. I found the custom screeners within the web platform to be very robust for analyzing different securities, including using visualized plot graphs based on fundamentals.
Market news and analysis: Fineco’s Market Theme series of articles is a reasonably helpful blend of investor education and time-sensitive market information. However, the time-sensitive quality of some of the content means it can quickly become outdated. Daily market commentary remains absent from Fineco’s platform offering, besides the headlines from Thomson Reuters which are nicely integrated.
| Feature |
FinecoBank
|
|---|---|
| Daily Market Commentary | No |
| Forex News (Top-Tier Sources) | Yes |
| Autochartist | No |
| Trading Central (Recognia) | No |
| Social Sentiment - Currency Pairs | No |
Education
FinecoBank’s webinars, videos and articles are a good foundation for future improvement, but its run-of-the-mill educational content can’t compete with the top forex brokers.
Learning center: FinecoBank provides a video library for both its English (U.K.) and Italian (IT and EN) websites, where there are dozens of videos grouped by theme. I found some of the English content to be good quality, including some archived webinars on FinecoBank’s YouTube channel.
Fineco’s daily webinars cover investing and trading themes, and also include live trading events. The website hosts a mix of research and educational articles in its newsroom section. Overall, FinecoBank’s educational has improved but still trails behind peers.
Room for improvement: Adding the ability to filter material by experience level would enhance the platform’s educational content. I’d also like to see a general expansion of the topics and themes covered in this section. Some of the best brokers offer lesson programs, complete with quizzes and progress tracking – features that are currently absent at FinecoBank.
| Feature |
FinecoBank
|
|---|---|
| Education (Forex or CFDs) | No |
| Client Webinars | Yes |
| Client Webinars (Archived) | No |
| Videos - Beginner Trading Videos | Yes |
| Videos - Advanced Trading Videos | No |
| Investor Dictionary (Glossary) | Yes |
Final thoughts
If you reside in Italy, FinecoBank is an excellent choice for all things banking and brokerage, with forex and CFDs offered alongside popular global stock markets.
Though you can trade a wide variety of securities at FinecoBank, its range of available CFDs is narrow and the broker's research and educational content can't keep up with industry leaders. For traders residing outside of Italy but within the EU, please note that you won’t be able to open a live account with Fineco unless you visit a branch in person.
About FinecoBank
FinecoBank holds 106.6 billion in total assets and services over 1.4 million clients as of December 31st, 2022, and is publicly traded on the Italian stock exchange Borsa Italiana (BIT) under the ticker symbol FBK. Launched in 1999, FinecoBank was part of the UniCredit banking group until 2019 when it became a fully independent company and member of the FTSE MIB (Milano Indice di Borsa), representing the 40 most-traded stock classes in Italy.
2024 Review Methodology
At ForexBrokers.com, our reviews of online forex brokers and their products and services are based on our collected data as well as the observations and qualified opinions of our expert researchers. Each year we publish tens of thousands of words of research on the top forex brokers and monitor dozens of international regulator agencies (read more about how we calculate Trust Score here).
Our research team conducts thorough testing on a wide range of features, products, services, and tools (collecting and validating thousands of data points in the process). We test all available trading platforms for each broker – whether they are proprietary or come from third-party providers – and evaluate them based on a host of data-driven variables.
We also take an in-depth look at each broker’s commissions and fees, such as bid/ask spreads – including the average spread data for some of the most popular forex currency pairs. We research other trading costs, such as inactivity or custody fees, minimum deposit requirements, VIP rebates and/or discounts, and a range of other important fee-based data points.
Some of the other important research categories that are factored into our testing include mobile trading accessibility and capability, availability of market research and educational content, and each broker’s overall Trust Score.
All content on ForexBrokers.com is handwritten by a writer, fact-checked by a member of our research team, and edited and published by an editor. Our ratings, rankings, and opinions are entirely our own, and the result of our extensive research and decades of collective experience covering the forex industry.
Read our full explanation and accounting of our research and testing process to learn more about how we test.
Forex Risk Disclaimer
There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Read more on forex trading risks.
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Show allAbout the Editorial Team
Steven Hatzakis is the Global Director of Online Broker Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U.S. as a Commodity Trading Advisor (CTA).
John Bringans is the Managing Editor at ForexBrokers.com. An experienced media professional, John has a decade of editorial experience with a background that includes key leadership roles at global newsroom outlets. He holds a Bachelor’s Degree in English Literature from San Francisco State University, and conducts research on forex and the financial services industry while assisting in the production of content.
Blain Reinkensmeyer has 20 years of trading experience with over 2,500 trades placed during that time. He heads research for all U.S.-based brokerages on StockBrokers.com and is respected by executives as the leading expert covering the online broker industry. Blain’s insights have been featured in the New York Times, Wall Street Journal, Forbes, and the Chicago Tribune, among other media outlets.