Fineco

Fineco runs two different commission models, and which one applies depends on the account you open rather than on what you trade.

The Conto Fineco Trading is the simple one: no monthly fee, 0.19% of the order value with a EUR 2.95 floor and a EUR 19 cap, always charged in euros. Fineco's own examples: a EUR 1,500 order costs EUR 2.95, a EUR 2,000 order EUR 3.80 and a EUR 7,000 order EUR 13.30; from EUR 10,000 the EUR 19 cap applies.

Fineco One, Classic and Max charge a fixed fee per order that falls as your monthly commissions rise, and a band once reached is kept for the following month. New accounts pay EUR 9.95 (USD 9.95) per order in the opening month and the next, and holders under 30 pay EUR 2.95 (USD 3.95). Wealthier clients reach the cheaper bands through assets instead: EUR 500,000 of total assets (or EUR 250,000 in managed savings) unlocks EUR 9.95, EUR 1 million (EUR 500,000) EUR 6.95 and EUR 2 million (EUR 1 million) EUR 2.95. The catch is the default: an occasional investor on One pays EUR 19 per Italian order after the first two months.

Two zero-commission lines stand out. Purchases of more than 700 selected ETFs from Fineco Asset Management, Xtrackers, iShares and Amundi are free on every account, in single orders and in Replay plans, until 1 December 2026 (Fineco AM, Xtrackers), 28 March 2027 (Amundi) and 31 March 2027 (iShares); Fineco says the issuers pay it a fee of up to (Fineco AM, Amundi) or equal to (Xtrackers, iShares) the waived commission. Fineco's own certificates, knock-out options and CFDs carry no commission either; their cost is in the spread.

Beyond commission, Fineco states no custody fee, no inactivity fee and no minimum deposit. Fineco charges nothing for transfers of securities to other banks but reserves the right to pass on transfer costs charged by foreign sub-custodians. The recurring costs are Italian taxes rather than Fineco charges, covered in the tax section. Prices are from Fineco's commission page and the fee sheets dated 2 November 2026.

A bank under European supervision. FinecoBank S.p.A. is an Italian bank and the parent of the FinecoBank banking group (Albo dei Gruppi Bancari code 3015). Its legal notice names the Banca d'Italia as banking supervisor and Consob alongside it. The ECB's list of supervised entities (October 2026 edition, cut-off date 1 September 2026) names FinecoBank among the 109 significant entities it supervises directly, so prudential supervision runs through the Single Supervisory Mechanism. Fineco's MiFID document cites Banca d'Italia authorisation no. 039839 of 13 December 1999 for investment services.

A listed company with published numbers. The shares trade on Euronext Milan under the code FBK (ISIN IT0000072170), and Fineco describes itself as listed on the FTSE MIB. Its results for the first half of 2026 report 1,897,045 clients (125,594 new ones in the half-year), EUR 175.2 billion of total financial assets, revenues of EUR 713.8 million, an adjusted net profit of EUR 343.3 million (EUR 340.4 million reported), a CET1 ratio of 23.18%, a leverage ratio of 5.02% and a liquidity coverage ratio of 976%. Its governance page names KPMG S.p.A. as the independent auditing firm appointed by the shareholders' meeting for the statutory audit of the financial statements 2022 to 2030.

Two protection schemes with different jobs:

• Cash is a deposit, covered by the Fondo Interbancario di Tutela dei Depositi (FITD) up to EUR 100,000 per depositor, according to Fineco's depositor information sheet.
• Securities remain the client's property. Fineco's MiFID document says client holdings at sub-custodians sit in omnibus accounts that are always kept separate from the bank's own instruments. If an insolvent intermediary cannot return money or instruments owed for investment services, the Fondo Nazionale di Garanzia pays up to EUR 20,000 per investor once the claim is admitted, according to the FNG.

What is not there. We found no statement of negative balance protection. Fineco warns that losses on derivatives and margin trading can exceed the capital invested; only its own certificates and knock-out options are described as unable to lose more than the amount invested, and CFD positions close automatically when losses reach 50% of the initial margin. We did not search sanction databases, so this record lists no regulatory incidents rather than asserting that there are none. None of this removes all risk.

Fineco runs three front ends on the same account, all included at no extra cost.

The website (the private area) is where banking, investing and trading meet: order entry for every asset class, portfolio and tax reports, a commission report, fund and ETF search, Replay plans, a dividend calendar and market news. It is broad and dense rather than minimal, which suits investors who use the account as their main bank.

FinecoX is the trading platform, developed in-house and launched straight from the browser, so it needs no installation and also runs on a tablet. Fineco lists one-click order tickets, a multibook of up to 9 books at 5 levels or 6 books at 10 levels, a 10-level bid/ask book, real-time daily profit and loss, alerts and notes, watchlists synchronised with the app and website, and live data export to Excel via DDE. Layouts are rearranged by drag and drop. For an investor coming from an app broker this is a different class of tool; for a professional it is still a broker platform rather than an independent terminal, and we found no public retail API.

The Fineco app covers the current account, cards, investments and trading, including Replay plans on ETFs, charts, watchlists and the Fineco AI assistant for news and stock context. Fineco says the app has passed two million downloads and averages 4.5 stars from more than 300,000 ratings across the App Store, Google Play and AppGallery (its own figure as at 19 June 2025); elsewhere on its site the same 4.5 stars are attributed to more than 400,000 clients, so the exact base is unclear.

Order handling includes the US pre-market (13:00–15:30) and after-hours sessions (22:00–22:55, Italian time), with limit orders that can stay valid across all three sessions. Fineco says it handles more than 33 million orders a year and describes itself as number one in Italy by total volume of shares traded, citing an AMF Italia report for the first half of 2026. It also acts as a systematic internaliser on a selection of instruments, so some orders are executed against the bank itself; its execution policy describes when. We found no demo account on the pages we read.

The range is unusually wide for a retail bank account, and almost all of it is reachable from the same login.

• Shares: more than 3,000 shares on 26 markets, according to Fineco, including Euronext Milan, Xetra, Euronext Paris, Amsterdam and Lisbon, NYSE, Nasdaq, Amex and the TSX, plus Belgium, Denmark, Finland, Norway, Spain, Sweden, Switzerland and the UK, at 0.19% with a EUR 9.95 minimum and EUR 19 maximum on the Conto Fineco Trading.
• Bonds: more than 4,000 bonds on MOT, EuroMOT, EuroTLX, Vorvel and Euronext, and Italian government bonds at issue: BOT auctions cost 0.025% to 0.10% depending on the term, subscriptions of BTP, BTP Italia, CCT and CTZ are free.
• ETFs, ETCs and ETNs, including more than 700 ETFs with zero purchase commission.
• Funds and SICAVs from many fund houses, with fund savings plans (PAC) generally from EUR 50; foreign SICAVs carry a fixed charge of at most EUR 9 or USD 9.
• Listed derivatives: futures and options on IDEM and EUREX, CME futures including micro contracts, US options, Fineco's own fixed-leverage and Turbo certificates on Vorvel, and covered warrants.
• CFDs on indices, shares, more than 50 currency pairs, commodities including soft commodities, bond futures, and Bitcoin and Ethereum futures, with leverage of up to 28.57 times for retail clients.
• Margin: long positions financed at 1-month Euribor plus 7.99% (SARON, SONIA or SOFR plus 7.99% outside the euro) and multiday short selling at a borrowing cost of 6.95% a year. On the Conto Fineco Trading fewer margin options are available, and only for euro-denominated securities.
• Securities lending ('Portafoglio Remunerato'): free to join; Fineco says lent securities can earn up to 7% gross a year, and more on some titles.

The gaps: no spot crypto (Fineco says clients do not trade cryptocurrencies directly), and we found no fractional shares, spread betting or copy trading. Futures and options on the Conto Fineco Trading are limited to IDEM and EUREX. Fineco's investor presentation for the second quarter of 2026 names a crypto offer ('in talks with regulators') and a pan-European platform planned for the end of 2026 or early 2027; until they exist, those are plans rather than products.

For retirement saving Fineco offers its clients the Core Pension fund with five investment lines that can be combined, and savings plans on funds and ETFs (covered in the account section).

For Italian tax residents the strongest practical argument for Fineco is tax handling.

Under the regime amministrato, which the client chooses, Fineco acts as withholding agent (sostituto d'imposta): it calculates the tax generated by the trading activity and pays it over automatically, so there is nothing to declare trade by trade. Fineco names exceptions where the law excludes the withholding agent and the client must still check whether a declaration is needed, such as non-harmonised ETFs. Investors who choose the regime dichiarativo, or who use a foreign broker that does not act as withholding agent, have to compute every gain and loss themselves or pay an accountant to do it, which is the burden Fineco's own page describes.

Three Italian taxes appear on a Fineco account, and none of them is a Fineco fee:

• Imposta di bollo on financial products: 0.2% a year of the value of the holdings, collected by the Italian intermediary (Agenzia delle Entrate, Risoluzione 84/E of 2014).
• Imposta di bollo on the current account: the fee sheets list EUR 34.20 a year on the Fineco One and Fineco Trading accounts.
• Italian financial transaction tax on Italian shares: 0.4% of the net daily balance since 1 January 2026, halved to 0.2% for trades on regulated markets and multilateral trading facilities, according to the Agenzia delle Entrate.

Fineco's price list adds the foreign equivalents: UK stamp duty of 0.5% on purchases of UK shares and 0.2% on Spanish shares on the Spanish finance ministry's list. Interest on deposits such as CashPark is paid gross, with tax withheld as provided by law.

For pension saving, Fineco says contributions to its Core Pension fund are deductible from IRPEF taxable income up to EUR 5,300 a year. That is a benefit of Italian tax law rather than of Fineco, but it is one more reason the account fits an Italian resident.

The consequence for anyone outside Italy is equally clear: the account is built around Italian tax rules, Italian-language documents and an Italian current account. Fineco's FAQ only says that accounts for non-residents are finalised at a Fineco Center, without naming countries or conditions.

Fineco sells four current or trading account types, plus the CashPark deposit account, and the choice sets both price and support:

Opening is online for private clients who choose the Fineco account or the Conto Fineco Trading; Fineco says the Conto Fineco Trading opens with a selfie. According to Fineco's contact FAQ, accounts for non-residents or for Italians registered with AIRE are not opened online but finalised at a Fineco Center; Fineco names no countries or conditions. Derivatives, CFDs, Fineco certificates and crypto products need a separate free activation with the MiFID questionnaire and an appropriateness assessment. The online opening flow itself is a JavaScript application we could not read, so its eligibility and document requirements are not recorded here.

Funding works by SEPA or instant SEPA transfer, both free in and out on all accounts and credited the same business day the funds arrive, according to the fee sheets. Cash and cheques can be paid in at UniCredit group ATMs in Italy for EUR 2.95 on Fineco One (free for Apex and Private clients) and free on Classic and Max; Conto Fineco Trading clients pay EUR 11.95 at UniCredit branches. Outgoing transfers outside SEPA cost EUR 10.50 from the euro account on One (EUR 9.95 from the Multicurrency service) and EUR 9.95 on the other accounts. Fineco charges nothing for transfers of securities to other banks, and until 31 December 2026 it rewards incoming transfers of at least EUR 100,000 with Amazon.it vouchers of EUR 150 to EUR 10,000 on an ordinary dossier (EUR 250 to EUR 15,000 with Advice or Advice+) plus 10 commission-free orders, provided the free securities lending service is switched on.

Currencies: One, Classic and Max can add the free Multicurrency service, with 20 foreign currencies including USD, GBP, CHF and HKD on one IBAN; only CHF, JPY and SEK carry a monthly fee. A trade in a currency with enough balance settles without conversion. Otherwise, and always on the Conto Fineco Trading, Fineco converts at the Reuters rate plus a spread: 0.0033 points on EUR/USD (about 0.3%), 0.0025 on EUR/GBP, 0.0043 on EUR/CHF and 0.30% to 0.825% on other currencies.

Cash on the current account earns 0.00% according to the fee sheets. The separate CashPark Svincolabile deposit pays 2% gross a year on new money from EUR 1,000 for 12 months, in an offer valid until 9 November 2026.

Research tools are built into the platforms rather than sold separately. Fineco offers news and quotes from international providers, interactive charts and technical analysis, a dividend calendar, 'Search Ideas', lists of popular stocks and market trends, and Fineco AI, an assistant integrated in the account for news, stock analysis and market context. Fineco says news, quotes and the push order book on Italian and US markets are free. Its account comparison, however, lists the Italian order book at EUR 1.50 a month, and Fineco says the data fee for several other European markets is waived with 5 executed orders in the month. We found no separate analyst-research subscription; what is there is broad and practical.

Education is broader than the downloadable guides alone suggest. Fineco's 'Formazione' section, linked in the site menu as Trading Academy and Investing Academy, describes free trading and investing webinars on Zoom, courses online and in classrooms, live trading sessions during market hours and an on-demand video library, open to non-clients as well. The catalogue loads dynamically and listed no individual courses or videos when we read it on 2 November 2026. Fineco also publishes downloadable guides such as an ETF manual and a manual on the taxation of pension funds, a responsible-trading page, a financial glossary and in-person 'Fineco Days' events with talks and meetings with management.

Support depends on the account:

• Classic and Max: phone 800 52 52 52 (toll-free in Italy) or +39 02 2899 2899 from mobiles and abroad; the operator line for codes, banking and credit runs Monday to Friday 08:00–22:00 and Saturday and Sunday 09:00–13:00, the automated line and card blocking 24 hours a day. Max adds priority.
• Fineco One: e-mail; phone only for Private and Apex clients or for card blocking and account security.
• Conto Fineco Trading: e-mail to helptrading@finecobank.com; an automated codes line (02 3057 5859) runs 24 hours a day.
• Prospects: a chat on the contact page and the toll-free number 800 92 92 92, weekdays 08:00–22:00 and weekends 09:00–13:00.

Support and documentation are in Italian. Beyond the remote channels, Fineco reports 3,137 personal financial advisors working from 444 Fineco Centers at 30 June 2026, and its contact page says these advisors are ready to answer questions.

What we could not establish: the eligibility and document rules of the online opening flow (it loads only with JavaScript; Fineco's FAQ only says non-resident accounts are finalised at a Fineco Center), the overnight financing rates on CFDs, and the help centre home page (help.finecobank.com/it/ returned HTTP 403, while individual help pages loaded). These gaps are left open rather than filled with assumptions.