FinecoBank Review – 5 Things that You Should Know Before Joining

Online trading is a very popular way for beginners and casual traders to participate in the stock market. While the wealthy have been using the global stock markets to make large amounts of money for hundreds of years. However, thanks to technology and the Internet, more and more beginners are starting to get in on the action.

Using online brokerage firms such as FinecoBank, people are now able to set up an account and get started. The account gives members access to many different investment options around the world. FinecoBank is a long-time established bank in Italy and offers online investing services to its members.

5 Things that You Should Know about FinecoBank Before Becoming a Member

  1. FinecoBank is a European-based bank – FinecoBank was founded in Italy in 1999 and provides a wide range of online brokerage services. They have access to global markets which include stocks, mutual funds, and Forex as well. As of now, FinecoBank only allows accounts from people living in Italy and United Kingdom. However, it does give its members access to global markets and other trading options.
  2. They offer multiple trading platforms – FinecoBank offers all of its member’s several ways to use their online trading services. They have a powerful downloadable desktop application called PowerDesk is a powerful trading platform that is Windows and Mac compatible. Its puts all of the tools and data at your fingertips. They have a user-friendly mobile trading app that works with Android and Apple’s iOS. The powerful mobile trading app gives you full access to all of your banking and trading needs and it is fully customizable. They and a user-friendly web-based portal. All give users full account access and access to a powerful dashboard for trading purposes.
  3. Charges fees and commissions – FinecoBank does charge its customers fees and commissions on certain types of transactions and services. Fortunately, they are fairly low and are only on certain types of trades. They don’t charge any fees for withdrawals or deposits and they also don’t charge an inactivity fee. Also, setting up the initial account does not cost you any money to get started and no minimum deposit is required.
  4. Signing up is simple and online – FinecoBank made its signup process very quick and easy for all new members, it is fully digital and online only. Once you are signed up you become a member of FincoBank with full bank account privileges. That means you can handle all transactions through a single account. You must live in Italy or the United Kingdom to open a bank account with the FinecoBank.
  5. Does not allow US-based members – While FinecoBank is a global online trading brokerage firm, they do not currently allow people who reside in the US to set up a trading account. You must provide quite a bit of personal information to establish an account and that includes proof of residence and tax information.

Pros and Cons

Pros for investing with FinecoBank

  • They don’t charge members any fees on withdrawals or deposits
  • Offers multiple user-friendly trading platforms
  • Offers a wide range of trading options including stocks, funds, and Forex

Cons for investing with FinecoBank

  • You can only make deposits to your FinecoBank account using bank transfer
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