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FinecoBank Multi-Currency Trading Account *

By:  Harvey Jones | Updated: 12th January 2022.

Top Product

Great For: Low-cost deals for active traders

5 stars question mark

FinecoBank Multi-Currency Trading Account *

Fineco Bank
Apply Now!

On FinecoBank's Secure Website

* Affiliate partner

FinecoBank’s Multi-Currency Trading Account lets you trade at low commission prices: UK share trades cost just £2.95 and US trades a flat $3.95. This account also lets you trade directly in many local currencies. Better still, there’s no ongoing platform fee to pay if you only hold equities, ETFs or bonds.

Risk Warning

Investments involve various risks, and you may get back less than you put in.

More details [+]

The value of your investments can go down as well as up and you may not get back all the money you put in. All investments carry a varying degree of risk and it’s important you understand the nature of these risks. The Motley Fool believes in building wealth through long-term investing and so we do not promote or encourage high-risk activities including day trading, CFDs, spread betting, cryptocurrencies, and forex.

Stocks listed on overseas exchanges may be subject to additional dealing and exchange rate charges, administrative costs, withholding taxes and different accounting and reporting standards. They may have other tax implications, and may not provide the same, or any, regulatory protection. Exchange rate charges may adversely affect the value of shares in sterling terms, and you could lose money in sterling even if the stock price rises in the currency of origin. Any performance statistics that do not adjust for exchange rate changes are likely to result in an inaccurate portrayal of real returns for sterling-based UK investors.

WHAT YOU NEED TO KNOW

  • Low-cost trading on shares and ETFs: just £2.95 per UK trade, $3.95 per US trade, and €3.95 per European trade
  • No annual fee for holding shares, ETFs or bonds in your account
  • Free fund dealing, with a max. annual platform fee of 0.25% for holding funds
  • No additional fees charged for online currency exchange, just the cost of the spread
  • Welcome offer: open your account using promo code TRD500-ML and during your first 3 months you can trade without incurring commission charges – up to a total commission amount of £500 (T&Cs apply)

* This is an offer from one of our affiliate partners. Click here to learn about how and why we work with partners.

what we like

  • Low-cost trading fees and FX charges
  • No annual fee for holding shares, ETFs or bonds
  • Max. annual platform fee of 0.25% for holding funds
  • Welcome offer: during your first 3 months you can trade without incurring commission charges – up to a total commission amount of £500 (T&Cs apply)
  • Platform Fee:

    From £0.00

  • Share Dealing Charge:

    £2.95 for UK trades, $3.95 for US trades, €3.95 for EU trades

Risk Warning

Investments involve various risks, and you may get back less than you put in.

- More details

WHAT YOU NEED TO KNOW

  • Low-cost trading on shares and ETFs: just £2.95 per UK trade, $3.95 per US trade, and €3.95 per European trade
  • No annual fee for holding shares, ETFs or bonds in your account
  • Free fund dealing, with a max. annual platform fee of 0.25% for holding funds
  • No additional fees charged for online currency exchange, just the cost of the spread
  • Welcome offer: open your account using promo code TRD500-ML and during your first 3 months you can trade without incurring commission charges – up to a total commission amount of £500 (T&Cs apply)

* This is an offer from one of our affiliate partners. Click here to learn about how and why we work with partners.

Our bottom line

This share dealing platform from Italian operation FinecoBank has three big selling points.

  • First, access to low flat-rate dealing charges – it costs just £2.95 to trade UK shares, $3.95 to trade US shares, and €3.95 for European shares.
  • Second, it provides no-fee online currency exchange – charging only the spread on the conversion. This makes it relatively cheap to convert your UK pounds into US dollars or Euros, and helps you avoid the chunky foreign exchange charges other brokers often levy on international share trades.
  • Third, there are no monthly or annual fees to pay if you only hold shares, ETFs or bonds in your account.

With a vast choice of US and European stocks on offer, this account could be ideal for those investors with a global outlook looking to keep their costs low. If however your primary focus is UK shares and funds, you might feel more at home with one of the big domestic platforms.

FinecoBank’s share dealing service in brief

FinecoBank is a new name for me, and possibly you as well. Yet it’s a big deal on the continent, where it claims to be ‘Europe’s most-used trading platform’.

Milan-based FinecoBank offers a single multi-currency account for banking, trading and investing, including debit cards in both pounds and euros, and zero or minimal currency conversion fees.

For most investors, rock bottom share dealing fees of just £2.95 for UK shares will be a big attraction. It is also really cheap to trade overseas shares, just $3.95 for US trades and €3.95 for European trades.

Better still, there are no monthly or annual platform fees to pay if you only hold shares, ETFs or bonds in your account. As you may know, those charges can really roll up over time.

The site’s big pitch is aimed at those who want to look beyond the UK to trade European and US stocks, ETFs (exchange-traded funds), bonds, and other financial instruments. There is certainly appeal and wisdom here. The UK economy accounts for less than 5% of the global economy, so good diversification calls for investing elsewhere in the world.

Top features of the FinecoBank Multi-Currency Trading Account

Fineco lets you trade thousands of UK and international shares, as well as bonds, exchange-traded funds (ETFs), funds, and more complex instruments such as contracts for difference (CFDs), currencies, futures, and options. (Some of these more complex and higher risk investments may, of course, not be appropriate for all investors).

You pay a flat trading fee regardless of order size and can trade multiple products in local currencies from a single multi-currency account, with only one password and PIN to remember. The site currently offers new customers £500 trading commission to use in the first three months.

Features include at-a-glance stock screening, which allows you to set filters to explore different markets.

I’m not completely taken with the design of Fineco’s trading platform though. I personally feel it lacks a bit of style and streamlining, which is honestly something I’d expect from a company based in Italy, the mecca of high style and design. That was a drawback for me, as I appreciate a well-styled, simple user interface. Though for many users – especially those focused on Fineco’s low-cost dealing fees – this may not be an issue.

FinecoBank commission prices

The basic dealing fee for UK shares and ETFs is a flat £2.95 per trade, plus 0.5% stamp duty. Put simply, that’s a price that’s difficult to beat.

To deal bonds, Fineco charges a flat £6.95 fee per trade.

Charges are also ultra-competitive on overseas shares and ETFs, with fixed fees of $3.95 on US trades and €3.95 for European trades. This makes it particularly cheap for those trading non-UK investments, as some sites can charge upwards of £10 per trade in commission, and a foreign exchange fee costing around 1% on the overall value of the trade.

In order to trade US and European equities using Fineco’s platform, you’ll first need to exchange your UK pounds into US dollars or Euros using Fineco’s online currency exchange service. No fees or extra charges are levied to use this service, but you will pay the cost of the spread on the currency conversion. Fineco claims to offer ‘tight-spreads’ on these currency conversions, which fluctuates with the exchange rate.

Fees you should know about

There is no minimum deposit required to open a Fineco Multi-Currency Trading Account, and with no inactivity charges or ongoing charges for only holding shares, ETFs or bonds, this really does look like the low-cost platform to beat.

If you want to invest in and hold funds in your account, keep in mind that an annual fund platform fee does apply to the value of your fund holdings as follows:

  • 0.25% on the first £250,000 of funds held
  • 0.15% on the value between £250,000 and £1m
  • 0.05% on the value between £1m and £2m
  • No charge on the value over £2m

Fund dealing is free of charge, but a minimum investment of £100 per fund trade applies. Fund platform fees are calculated and paid monthly, based on the total value of the funds in your portfolio on the last day of each month.

Buying shares, ETFs and funds with a FinecoBank Multi-Currency Trading Account

You can invest in thousands of UK shares, bonds and ETFs, and then go well beyond that with funds, US and European shares. For more advanced investors looking to take on a higher level of risk, many other products such as CFDs, currencies, options and futures are also available.

Fineco also offers automated ETF investment plans and access to more than 6,000 worldwide bonds, including gilts.

In other words, you shouldn’t be lacking for investment options on this platform!

Keep in mind that you should always seek independent financial advice first if you are unsure of the suitability of an investment for your circumstances.

FinecoBank’s platform

Fineco’s interface is less consumer-friendly than, say, Hargreaves Lansdown. Maybe that’s because it is aimed at more serious traders. Or it could be the greater abundance of foreign stocks. For example, its “most popular securities” list includes Telecom Italia and Intesa SanPaolo, which will be less familiar to the average UK investor.

If you want to go beyond a standard share-dealing account and benefit from tax-advantaged programmes, you may also want to consider a FinecoBank Stocks & Shares ISA.

It always takes time to grow accustomed to a new platform, but, even so, this one didn’t really grab me out of the gate, and I struggled with some of its stock screening features, which I found overly complex. For me at least, the screeners didn’t produce anything I found especially clear or useful. I’m not the brightest with tech though, so savvier users may have better results there.

FinecoBank’s research offerings

You can research stocks according to a number of pre-set headings, such as “Foreign utility companies with a high return on capital”, “European stocks that may benefit from European Central Bank monetary policy”, and “Italian, Spanish and Portuguese stocks with strong growth prospects”. There’s even one for UK banks, oils and mining companies, called “God save the Queen”. Hmm…

It offers all sorts of tools to break down the lists of stocks, for example, by US, UK or European index, sector, performance and technicals, although I did find the Stock Screener a bit fiddly overall.

And let’s bear in mind here, if you’re an experienced investor that doesn’t need a lot of extra support, or you find investing ideas elsewhere (for instance, an ally like The Motley Fool!) the low dealing fees and non-existent platform fees may vastly outweigh these concerns.

Service and support

You can open your account online and Fineco says it should normally take eight to 15 minutes. Gather your passport, tax residency, and other personal details first. Once you have set it up, its contact details include a UK 0800 number, otherwise, you can send an email to the service team. They promise an answer within one working day.

Is a FinecoBank Multi-Currency Trading Account a good choice for you?

Well that really depends on what you are looking for in a share dealing account. I really like Fineco’s low-cost charging structure – £2.95 per UK trade is good with me! There is also an attractive welcome offer available: open your account using promo code TRD500-ML and during your first 3 months you can trade without incurring commission charges – up to a total commission amount of £500. (T&Cs apply.)

Those that really do want a multi-currency bank account, who regularly trade European and US stocks, or trade so regularly that they need the lowest possible fees may find the Fineco platform especially attractive.

Cost-conscious investors who are comfortable researching and finding investment ideas on their own may also appreciate the low-cost dealing charges on offer.

On the other hand, if you primarily want UK investments and put high value on an easy-to-use interface and tools, I think you may have more fun with one of the domestic UK trading platforms, even though you may have to pay for the pleasure through higher fees.


The Motley Fool receives compensation from some advertisers who provide products and services that may be covered by our editorial team. It’s one way we make money. But know that our editorial integrity and transparency matters most and our ratings aren’t influenced by compensation. Also, while we aim to feature some of the best products available, we do not review every product on the market. Learn more here. Any opinions or statements in this article belong to the author, and may be shared by The Motley Fool, however they were not provided or endorsed by our affiliate partners, unless expressly indicated.

Top Product

Great For: Low-cost deals for active traders

5 stars question mark

FinecoBank Multi-Currency Trading Account *

Fineco Bank
Apply Now!

On FinecoBank's Secure Website

* Affiliate partner

FinecoBank’s Multi-Currency Trading Account lets you trade at low commission prices: UK share trades cost just £2.95 and US trades a flat $3.95. This account also lets you trade directly in many local currencies. Better still, there’s no ongoing platform fee to pay if you only hold equities, ETFs or bonds.

Risk Warning

Investments involve various risks, and you may get back less than you put in.

More details [+]

The value of your investments can go down as well as up and you may not get back all the money you put in. All investments carry a varying degree of risk and it’s important you understand the nature of these risks. The Motley Fool believes in building wealth through long-term investing and so we do not promote or encourage high-risk activities including day trading, CFDs, spread betting, cryptocurrencies, and forex.

Stocks listed on overseas exchanges may be subject to additional dealing and exchange rate charges, administrative costs, withholding taxes and different accounting and reporting standards. They may have other tax implications, and may not provide the same, or any, regulatory protection. Exchange rate charges may adversely affect the value of shares in sterling terms, and you could lose money in sterling even if the stock price rises in the currency of origin. Any performance statistics that do not adjust for exchange rate changes are likely to result in an inaccurate portrayal of real returns for sterling-based UK investors.

WHAT YOU NEED TO KNOW

  • Low-cost trading on shares and ETFs: just £2.95 per UK trade, $3.95 per US trade, and €3.95 per European trade
  • No annual fee for holding shares, ETFs or bonds in your account
  • Free fund dealing, with a max. annual platform fee of 0.25% for holding funds
  • No additional fees charged for online currency exchange, just the cost of the spread
  • Welcome offer: open your account using promo code TRD500-ML and during your first 3 months you can trade without incurring commission charges – up to a total commission amount of £500 (T&Cs apply)

* This is an offer from one of our affiliate partners. Click here to learn about how and why we work with partners.

what we like

  • Low-cost trading fees and FX charges
  • No annual fee for holding shares, ETFs or bonds
  • Max. annual platform fee of 0.25% for holding funds
  • Welcome offer: during your first 3 months you can trade without incurring commission charges – up to a total commission amount of £500 (T&Cs apply)
  • Platform Fee:

    From £0.00

  • Share Dealing Charge:

    £2.95 for UK trades, $3.95 for US trades, €3.95 for EU trades

Risk Warning

Investments involve various risks, and you may get back less than you put in.

- More details

WHAT YOU NEED TO KNOW

  • Low-cost trading on shares and ETFs: just £2.95 per UK trade, $3.95 per US trade, and €3.95 per European trade
  • No annual fee for holding shares, ETFs or bonds in your account
  • Free fund dealing, with a max. annual platform fee of 0.25% for holding funds
  • No additional fees charged for online currency exchange, just the cost of the spread
  • Welcome offer: open your account using promo code TRD500-ML and during your first 3 months you can trade without incurring commission charges – up to a total commission amount of £500 (T&Cs apply)

* This is an offer from one of our affiliate partners. Click here to learn about how and why we work with partners.