Fineco starting help

MufuliraBoy

Junior member
12 1
Hi,

I opened a fineco account but confused as to how to get going. I just want to dabble in UK shares, nothing too serious. They sent me a a visa card, is this a credit or debit card? I tried to buy some shares and the website said insufficient funds so I presume the card isn't a credit card then. Do I have to transfer funds to it so it builds up a credit balance? All not very well explained or I'm missing something. Grateful to anyone who can help me?

Thanks

MB
 
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cantagril

0 0
Hi,

I opened a fineco account but confused as to how to get going. I just want to dabble in UK shares, nothing too serious. They sent me a a visa card, is this a credit or debit card? I tried to buy some shares and the website said insufficient funds so I presume the card isn't a credit card then. Do I have to transfer funds to it so it builds up a credit balance? All not very well explained or I'm missing something. Grateful to anyone who can help me?

Thanks

MB
I've had a Fineco account for a couple years now and have no real problems.

They don't do Credit Cards but you have a multicurrency account with two free cards in your two primary currencies. Not sure what you mean by "not very well explained" as they are a bank so any account you use for what ever purpose will need to be funded. They have a comprehensive education section with videos on the their trading platforms and the other facilities they provide.

If you have specific questions I'd be happy to try and help you with them.
 
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MufuliraBoy

Junior member
12 1
Thanks for helping canatgrill. I only have the one card being GBP. So if I wish to buy some UK shares then is the cost debited from this GDP card? So I have to keep it funded with enough to finance any trades I make and if so then how do I top it up? I ddn't see these videos :-/
 
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cantagril

0 0
Thanks for helping canatgrill. I only have the one card being GBP. So if I wish to buy some UK shares then is the cost debited from this GDP card? So I have to keep it funded with enough to finance any trades I make and if so then how do I top it up? I ddn't see these videos :-/
With fineco bank you have one account that does everything so all you have to do is credit your account in the normal way and you can use those funds to trade. For the videos just click the mortar board icon on the taskbar, then the Video Library tab and select your preferred subject from the list.
 

MufuliraBoy

Junior member
12 1
With fineco bank you have one account that does everything so all you have to do is credit your account in the normal way and you can use those funds to trade. For the videos just click the mortar board icon on the taskbar, then the Video Library tab and select your preferred subject from the list.
Arh, thank you. I'll have a watch today.
 
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MufuliraBoy

Junior member
12 1
I still can't see where I add funds. The video takes you around the banking section, all makes sense but no 'add funds' section. Where is it?
 
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cantagril

0 0
As I have said before, Fineco is a bank and your account with them automatically allows you trade with any funds you have deposited.; you do not need to "add funds" to a separate trading account so there is no need for such a button.

You can make a deposit to your account in the standard banking ways, either using your card details or the fineco account n° + sort code ...or IBAN. I use all three depending on the source.
 

MufuliraBoy

Junior member
12 1
Sorry, I am using the terminology 'add funds' as your 'you can make a deposit to your account in the standard banking ways'. I thought there'd be a section saying add funds and I'd type in the amount and my UK bank account to be debited. I didn't realise I need to initiate a proper bank transfer like swift tfr etc.
 
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cantagril

0 0
Unless you are making a transfer from a non-uk bank account you can just make an online transfer using the acct n° + sort code from your own bank * and there's no need for a CHAPS or SWIFT - if you're using a foreign bank then use the IBAN.I used to bank with Natwest and as I recall they also did not have the facility you describe which in my experience is more to do with on-line shopping/wallets/brokers etc. As you are aware, Fineco is a Bank and though they are a one-stop shop for broker and multi-currency services they do still operate like a bank for banking operations.

I realise that this might be rather late but I wouldn't recommend Fineco to anyone who was not already an experienced trader. If you are, then you'll be able to familiarise yourself fairly quickly; if not, you may well find that the multiplicity of services they offer makes the whole thing unnecessarily complicated. As just one example, they offer close to 30 different markets with hundreds of assets across CFDs, stocks, ETFs, Options, Futures and the low-commissions might not be enough to make them suitable for you. Take a look at the Site Map - click on the three horizontal bars to the right of the "markets" tab on the task-bar.

* I was under the impression that making a deposit was a pre-requisite to open an account so I'd use the same method you used when established yours, unless of course they've now changed their procedures.
 
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MufuliraBoy

Junior member
12 1
Unless you are making a transfer from a non-uk bank account you can just make an online transfer using the acct n° + sort code from your own bank * and there's no need for a CHAPS or SWIFT - if you're using a foreign bank then use the IBAN.I used to bank with Natwest and as I recall they also did not have the facility you describe which in my experience is more to do with on-line shopping/wallets/brokers etc. As you are aware, Fineco is a Bank and though they are a one-stop shop for broker and multi-currency services they do still operate like a bank for banking operations.

I realise that this might be rather late but I wouldn't recommend Fineco to anyone who was not already an experienced trader. If you are, then you'll be able to familiarise yourself fairly quickly; if not, you may well find that the multiplicity of services they offer makes the whole thing unnecessarily complicated. As just one example, they offer close to 30 different markets with hundreds of assets across CFDs, stocks, ETFs, Options, Futures and the low-commissions might not be enough to make them suitable for you. Take a look at the Site Map - click on the three horizontal bars to the right of the "markets" tab on the task-bar.

* I was under the impression that making a deposit was a pre-requisite to open an account so I'd use the same method you used when established yours, unless of course they've now changed their procedures.
Thanks for your time and help. Getting this thing off the ground seems unnecessarily complicated. They cannot want my money too much. I have little experience of trading but I have a qualified accountant background so some light share trading is all I need at the moment hence the attraction to the low share dealing costs. I've emailed them to assist a transfer so hopefully it'll become clear soon!
 
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cantagril

0 0
Thanks for your time and help. Getting this thing off the ground seems unnecessarily complicated. They cannot want my money too much. I have little experience of trading but I have a qualified accountant background so some light share trading is all I need at the moment hence the attraction to the low share dealing costs. I've emailed them to assist a transfer so hopefully it'll become clear soon!
You really don't need assistance with a transfer - just go on line with your existing bank and put in your acct n° and sort code at Fineco and you'll have it done in minutes. ....if you do decide you want to continue. The Fineco set-up is not designed for beginners of any kind as they don't do demo accounts or micro stuff etc and I'd strongly suggest that you familiarise yourself with a more basic platform/service before diving in the deep end with them....and yes, you're right, they probably don't need your business atm but when you have learned the ropes and are interested in trading/investing more substantially then they're definitely worth a look.
 
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MufuliraBoy

Junior member
12 1
You really don't need assistance with a transfer - just go on line with your existing bank and put in your acct n° and sort code at Fineco and you'll have it done in minutes. ....if you do decide you want to continue. The Fineco set-up is not designed for beginners of any kind as they don't do demo accounts or micro stuff etc and I'd strongly suggest that you familiarise yourself with a more basic platform/service before diving in the deep end with them....and yes, you're right, they probably don't need your business atm but when you have learned the ropes and are interested in trading/investing more substantially then they're definitely worth a look.
I got this sorted in the end thank you. My bank didn't appear to recognise the account name or similar. Some rejigging with fineco's help sorted it out. You are right there is so much stuff there I don't need but I am up and running dipping in and out with a few quid lol!
 
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cantagril

0 0
I got this sorted in the end thank you. My bank didn't appear to recognise the account name or similar. Some rejigging with fineco's help sorted it out. You are right there is so much stuff there I don't need but I am up and running dipping in and out with a few quid lol!
Great news! I suggest that you start with the web platform first - you've probably already found it but they quite a good screener as part of their offer. I've seen far worse on a paid basis:


Their Powerdesk is a comprehensive bit of kit but it's easy to get lost and to be frank, unless you're trading seriously it really isn't a good place to start. Imho you'd be far better off just working your way through the different levels of functionality as you gain experience. Do check out their education material.

Despite the slightly strange feel to the whole set-up (speaking from a Brit/American point of view) they're very well established and part of the European landscape - at one point their parent company owned the Borsa Italiana and the LSE and they've got well over a million clients in Italy alone.
 
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MufuliraBoy

Junior member
12 1
Great news! I suggest that you start with the web platform first - you've probably already found it but they quite a good screener as part of their offer. I've seen far worse on a paid basis:


Their Powerdesk is a comprehensive bit of kit but it's easy to get lost and to be frank, unless you're trading seriously it really isn't a good place to start. Imho you'd be far better off just working your way through the different levels of functionality as you gain experience. Do check out their education material.

Despite the slightly strange feel to the whole set-up (speaking from a Brit/American point of view) they're very well established and part of the European landscape - at one point their parent company owned the Borsa Italiana and the LSE and they've got well over a million clients in Italy alone.
That screener looks good thanks. To be honest, I'm not sure where I'm going with this at the moment, it's just interesting to buy and sell some shares, maybe momentum trading but dipping in and out at the right time. I have a qualified accountancy background so know the fundamentals but cynical enough to realise that the person on the other side of the trade probably has inside info and can trade quicker than I can, not to mention company growth aside that it's a zero sum game! Am I too cynical?
 
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cantagril

0 0
Am not trying to put you off with Fineco at all but personally I don't see them as the right home for a "dabbler" as you put it and certainly not in equities. I appreciate that you're a qualified accountant but that skill-set does not necessarily help you that much with trading or investment even if your statistics are up to scratch.

Unless your idea of dabbling is several £K I'd suggest dipping your toes in the water with a little SB account somewhere else. This would give you the experience and the possibility of using a much much simpler platform that would allow you to concentrate on the assets themselves. There are many FCA regulated SB/CFD providers out there that have some useful but simple platforms with equities. Besides my main ones (MT4 & Fineco) I still use one of Finsa Europe's products "Corespreads.com" after several years precisely because of that simplicity...they have charts provided by IQcharts which are adequate for most TA but include a p&f facility which is particularly important to me....and incidentally, is much better than Fineco's :)

You could still be using Fineco's screener and data whilst actually trading elsewhere - this might give you the best of both worlds to begin with.
 
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