Fineco Bank has taken over a large part of the UK trading in the last couple of years, coming with a strong background, a promise of safety, and very attractive commissions and fees. Interactive Brokers are probably their main competition, both offering very similar services and features destined to the same target audience in the trading world.
So, what is the difference between Fineco Bank and Interactive Brokers?
We will analyze some of the main areas in which both brokers differ, hoping to help newer traders (or those looking for a fresh start with a new broker) to make a decision that will surely have a huge impact on their chances of being successful.
Brief overview
Let’s start by learning a bit more about these two brokers.
Fineco
Fineco is an Italian Bank specialized in brokerage services that has started operating in the UK market in early 2020, while it has been working in Italy since 1999.
Thanks to its strong background is one of the favourite brokers for those looking for a secure service and keeping their information and money safe.
Interactive Brokers
Interactive Brokers is an American company that offers its investing tools in a variety of countries and on a large scale. It has also got a strong reputation in the trading world thanks to a long history that can be traced back to the 70s.
This broker is considered the largest in the US-based on the number of daily average revenue trades, as well as the number one Forex broker.
Fineco Bank vs Interactive Brokers
While both brokers are similar in many aspects, there are some areas with one outshines the other. Choosing one of them will depend on your priorities as a trader.
Security
Fineco has a strong reputation and with the background of a bank, it offers a safe service for traders.
Interactive Brokers is considered a safe broker thanks to the multiple top-tier regulators that oversee their operations.
Assets
Both brokers offer a variety of options when it comes to assets to invest in, including shares, funds, bonds, CFDs, and ETFs. The difference comes with the fact that Interactive Brokers takes it a step further and includes investment trusts. None of these brokers offer personalized trading advisory services.
Commissions and fees
Fineco is known for attractive fees and commissions in most cases, probably just excluding Forex. Fineco doesn’t ask for a minimal deposit and most of the costs are on the lower side when compared with other brokers.
Interactive Brokers also offers rather low fees and commissions and they also don’t ask for a minimal deposit. Interestingly, they don’t ask for any percentage on custody fees.
Platform
Both brokers have platforms that are available for a variety of devices, including iPhones, tablets, and computers.
Research tools
Fineco offers a variety of research tools to help investors maximize their chances of making profitable trades. While rather complete and more than enough for beginner and amateur traders, they lack a bit in the offer or charts.
Interactive Brokers has also an interesting variety of useful and efficient research tools available to traders. However, we have noticed a much wider variety of charts that will satisfy more exigent traders.
Education tools
Fineco seems to lack in this area, offering simple education tools and webinars.
Interactive Brokers has made a point of offering a variety of educational tools that traders, especially beginners, will find useful. Articles, videos, and podcasts, as well as webinars.
Conclusion
Both brokers offer strong features and services, and both will satisfy beginner and experienced traders. Choosing one or the other will depend on your priorities as a trader and the tools that are most important to you.
