FINECO bank any good ??

[Als]

Has anyone heard of this broker?
Conditions look very enticing but how is it in real trading and other respects?
https://finecobank.com/uk/online/

 

[Als]

sorry moderator
but it was not any kind of advert
simply looking for a reliable futures broker preferably middle rank bank
this one offeres kinda one stop shopping for traders
which is very convinient
why I thought the others interested may know smth coz it is on british soil

lets look at this bank together
those of us who are tired of various crooks

regards.....

 

[Sharky]

Thanks for the reply @Als, I've re-instated the link that was previously removed by a moderator, as I saw @Trading Spaces mentioned today one of their upcoming events in London, and it's fine to mention other brokers/services/sites, as long as we don't suspect any advertising is going on - which doing a quick check I don't believe there is.

 

[hatemypips]

Has anyone heard of this broker?
Conditions look very enticing but how is it in real trading and other respects?
https://finecobank.com/uk/online/

Do you have any experience trading futures of fx cfd contracts?

 

[cantagril]

Has anyone heard of this broker?
Conditions look very enticing but how is it in real trading and other respects?
https://finecobank.com/uk/online/

I signed up a few weeks ago. My primary reason was the multi-currency aspect but I then found out that being Java-based their in-house developed platform is more or less OS independent. As I like to use Linux wherever possible this was a clincher for me.

With regard to trading (I'm on CFDs atm) the functionality is way above the standard SB merchants and the choice of instruments and markets is pretty impressive.

Spreads on CFDs are fair when looking at what you get with the overall offer and the round trip on other instruments is competitive when compared to other brokers such as Berkeley Futures et al. They start at £6.95 per trade and that can go as low as about 4 quid if you trade enough.

Trading itself is what you'd expect from a decent well-established broker - I read somewhere that they've got well over a million clients in Italy and some 250k of these are trading/investing. Charting is adequate though my personal gripe is that whilst their p&f view is in real time, the rest of that view functionality is clunky and mildly annoying. A pity.

You are quite right about the one-stop-shop approach but they've only been going over here for a short time and the web interface leaves a lot to be desired. I find that it is often not at all intuitive and the help frequently not very helpful - That said, I'm going to stay with them as I intend to start trading futures again at some point and as far as the platform goes, they can only improve and I've already been quite pleasantly surprised to find that they do listen to criticism.

All in all, a pretty good effort for an outfit new to the UK market but definitely not an easy start for absolute beginners....and there ain't no demo account.

 

[Als]

I signed up a few weeks ago. My primary reason was the multi-currency aspect but I then found out that being Java-based their in-house developed platform is more or less OS independent. As I like to use Linux wherever possible this was a clincher for me.

With regard to trading (I'm on CFDs atm) the functionality is way above the standard SB merchants and the choice of instruments and markets is pretty impressive.

Spreads on CFDs are fair when looking at what you get with the overall offer and the round trip on other instruments is competitive when compared to other brokers such as Berkeley Futures et al. They start at £6.95 per trade and that can go as low as about 4 quid if you trade enough.

Trading itself is what you'd expect from a decent well-established broker - I read somewhere that they've got well over a million clients in Italy and some 250k of these are trading/investing. Charting is adequate though my personal gripe is that whilst their p&f view is in real time, the rest of that view functionality is clunky and mildly annoying. A pity.

You are quite right about the one-stop-shop approach but they've only been going over here for a short time and the web interface leaves a lot to be desired. I find that it is often not at all intuitive and the help frequently not very helpful - That said, I'm going to stay with them as I intend to start trading futures again at some point and as far as the platform goes, they can only improve and I've already been quite pleasantly surprised to find that they do listen to criticism.

All in all, a pretty good effort for an outfit new to the UK market but definitely not an easy start for absolute beginners....and there ain't no demo account.

Thnks for your post

I trade dow cfd but very displeased with low leverage
Higher leverage is offered only by untrusted brokers
others like IG and Dukascopy swiss allow 1/100 but I don t trust them coz of many negative posts in forums
Looks they do not let traders to make significant money and use various tricks for it

Why I search for a european broker and when stumbled upon Fineco ads started this thread
At first doubted it wud be possible to find responsible broker (but you claim it is)

Contacted support after your post and received this answer

Dear Customer,
regarding your request, we inform you that the minimum margin for
DOW CFD is 1%.
We kindly specify you that the minimum margin for overnight DOW
futeres is 7%.

Be so kind to answer what margin for 1 dow cfd ( in money sum) is and if it stays the same overnight

What is usual spread ? fixed? variable? widened during fast markets?

And if you trade dow futures plz tell about their conditions as well

Is your experience with this broker still good?

Big thnks in advance and wish you luck in trading

regards...............

 

[cantagril]

Thnks for your post

I trade dow cfd but very displeased with low leverage
Higher leverage is offered only by untrusted brokers
others like IG and Dukascopy swiss allow 1/100 but I don t trust them coz of many negative posts in forums
Looks they do not let traders to make significant money and use various tricks for it

Why I search for a european broker and when stumbled upon Fineco ads started this thread
At first doubted it wud be possible to find responsible broker (but you claim it is)

Contacted support after your post and received this answer

Dear Customer,
regarding your request, we inform you that the minimum margin for
DOW CFD is 1%.
We kindly specify you that the minimum margin for overnight DOW
futeres is 7%.

Be so kind to answer what margin for 1 dow cfd ( in money sum) is and if it stays the same overnight

What is usual spread ? fixed? variable? widened during fast markets?

And if you trade dow futures plz tell about their conditions as well

Is your experience with this broker still good?

Big thnks in advance and wish you luck in trading

regards...............

The range or banking services and the markets tradeable with them are extensive. As I understand it, even though they have various education resources and a live seminar programme, they are not looking for absolute beginners. If you're seriously interested in them then you can get access to the full functionality of a real account for a token £1 - this would allow you to check margin requirements for any instrument.

I trade almost exclusively futures with them but my experience on CFDs has been unremarkable, i.e average. As a specialist borderless bank, they are subject to European regs, which makes some of their procedures (like signing up) quite cumbersome but once the account is live, the access to the markets ( together with a lot of free exchange data) makes them a useful provider.
Unortunately (or fortunately) as a European entity, leverage is strictly within the prescribed limits so it may be that if leverage is your priority then a broker

I would suggest that if you are just beginning then a demo account and a very simple platform might be the way to start. Fineco's range is huge and unless you have good reasons they might simply be offering far more than would ever interest you; a smaller broker might enable you to learn more easily and as you're talking about demos then this is not going to cost you any money no matter who you go with. As an example, Finsa Europe operate both "Corespreads" and "Financial Spreads Plus" and provide demo accounts for both SB and also CFDs using MT4.

 

[Als]

The range or banking services and the markets tradeable with them are extensive. As I understand it, even though they have various education resources and a live seminar programme, they are not looking for absolute beginners. If you're seriously interested in them then you can get access to the full functionality of a real account for a token £1 - this would allow you to check margin requirements for any instrument.

I trade almost exclusively futures with them but my experience on CFDs has been unremarkable, i.e average. As a specialist borderless bank, they are subject to European regs, which makes some of their procedures (like signing up) quite cumbersome but once the account is live, the access to the markets ( together with a lot of free exchange data) makes them a useful provider.
Unortunately (or fortunately) as a European entity, leverage is strictly within the prescribed limits so it may be that if leverage is your priority then a broker

I would suggest that if you are just beginning then a demo account and a very simple platform might be the way to start. Fineco's range is huge and unless you have good reasons they might simply be offering far more than would ever interest you; a smaller broker might enable you to learn more easily and as you're talking about demos then this is not going to cost you any money no matter who you go with. As an example, Finsa Europe operate both "Corespreads" and "Financial Spreads Plus" and provide demo accounts for both SB and also CFDs using MT4.

What is puzzling how this bank can offer 1/100 leverage for index cfd
when new rules clearly state not higher than 1/20

IGindex and Ducaskopy found some way to go around the rule

" Grey import" ? Is it called so?

If Fineco does the same this is great !

Traders ! Any thoughts of yours in this regard ?