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Fineco Bank Review – is it scam or safe?

Finecobank review - Is Finecobank.com scam or safe forex broker?

RATING: 3 / 0 REVIEWS Fineco Bank
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 Trading accounts

 

Account type Minimum deposit Minimum trade size Maximum leverage Average spreads
Standard €100 0.01 lot 1:100 From 3 pips

 

Fineco Bank is an Italian bank, offering, among other things, trading in CFDs on forex – 54 pairs, indices, commodities and shares and binary options, called “CFD Logos”. There is also trading in bonds, futures, shares, obligations and ETFs.

 

The trading service of Fineco Bank is similar to that of other European forex brokerages that are part of banks, like Rietumu FX, which is part of the Latvian Rietumu Bank and is not the primary activity of the parent company.

 

There are many dedicated forex brokers offering their services across Europe like FxPro who offer better trading conditions like higher leverage and tighter spreads for more or less the same minimum deposit.

 

The Company. Security of Funds

 

Company Country Regulation
 Fineco Bank Italy Banca d'Italia

 

Fineco Bank is part of the Italian UniCredit Banking Group. It is regulated by the country's c-bank Banca d'Italia and is a member of the National Compensation Fund and the National Interbank Deposit Guarantee Fund.

 

Being a bank, the company offers primarily banking services and financial advise for private and corporate clients. The trading service appears to be a secondary activity.

 

Even though the broker can in theory accept clients from the entire EU and the site has an English-language version, it seems it is mostly aimed at Italian clients.

 

Trading Conditions

 

Fineco Bank has one type of forex trading account with a minimum deposit requirement of €100, a leverage of 1:100 and spreads starting from 3 pips for the most popular forex pair EURUSD.

 

Spreads and commissions

 

Fineco's spreads are rather wide, even for fixed spreads and considering that they include the broker's operational costs, as per its site. A spread of 3 pips for more popular pairs containing EUR and USD is above the industry average of 2 pips. Some pairs, like the exotic EURZAR and EURMXN have spreads of 100 pips and the USDZAR spread is 175 pips.

 

FXTM, for example, has a fixed spread of 2.2 pips for its cent account and 1.8 pips for its standard account.

 

Leverage

 

Fineco's max leverage for trading in forex is 1:100, which is rather low, compared to other European brokers like IG, which has a max leverage of 1:200, or XM, which gives 1:888 on some of the account types.

 

Trading platform

 

Like most brokers that offer other trading instruments besides forex and CFDs and are part of a larger brokerage structure, Fineco has its own trading platform, called PowerDesk. It has a monthly fee of €19.95 to use. It is free for clients with over €250 000 in their accounts total or for those who have five executed deals. There is also a web version of the platform and a mobile trading app.

 

The platform is customizable and offers charting and technical analysis tools, news, etc.

 

 

Fineco does not offer an alternative forex trading platform, like MetaTrader 4, offered by, for example FXCM, which offers it in addition to its own Trading Station.

 

Methods of payment

 

We could not find any specific details about the payment methods accepted by Fineco. Most likely traders can fund their accounts through opening an account with the Fineco Bank or with a credit or debit card issued by it.

 

Conclusion

 

Like we already said, the forex and CFD trading is not the primary business of Fineco Bank, so it is quite logical that the company does not invest much effort in developing it and attract many clients.

 

The wide spreads make trading with Fineco rather disadvantageous, especially for smaller retail clients, despite the relatively low minimum deposit requirement of €100.

 

There are other EU-regulated forex brokers like FxPro who have similar deposit requirements, but offer much higher leverage and better spreads and are better suited for the needs of the retail traders.

 

Pros Cons
EU-regulated No MetaTrader
Average min. deposit Wide spreads
  Low leverage

 

Latest news about Fineco Bank
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Traders` reviews for Fineco Bank

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