Fineco vs Directa vs Scalable Capital: Which Broker in 2026?

What Are These Brokers and Who Are They For?

Fineco Bank is an Italian online bank and broker, subsidiary of UniCredit. It is popular because it combines a current account, a brokerage account, and a wide range of investment products in one place. It supports trading on Italian, European, and US markets. The commission structure is transparent and competitive for occasional investors. Directa SIM is an Italian specialist broker founded in 1995 — one of the oldest online brokers in Italy. It has no banking component: it is purely a trading platform. Directa is known for very low commissions on Italian and European markets, making it a favourite among active traders. Scalable Capital is a German neo-broker that expanded across Europe. Its main appeal is the zero-commission ETF savings plan (Sparplan) and a clean, modern interface. It is best suited for passive investors who want to automate monthly ETF contributions.

Costs: Commissions and Account Fees

Fineco charges €2.95 per trade on Italian markets and €3.95 on European markets (under €2,500). US trades cost around $12.95. There are no custody fees for Italian stocks and ETFs, but a €7.75/month account fee applies (waived if you hold funds or structured products). Directa charges from €1.50 per trade on Italian markets — one of the lowest flat fees available. For ETFs on Borsa Italiana: €5.00 flat. No account fees. No custody fees. This makes Directa very cheap for frequent trading on Italian and European markets. Scalable Capital offers two models: the free "Free Broker" plan with €0.99 per trade on most ETFs and stocks, and the "Prime" plan at €4.99/month with zero-commission trading on 8,000+ ETFs and stocks. There are no custody fees. For investors running a monthly ETF savings plan, Prime pays for itself with just a few trades.

Markets, Products and Platform Features

Fineco offers the broadest range of markets: Italy (MTA, ETFplus, MOT), major European exchanges, US markets (NYSE, NASDAQ), and leveraged products (CFDs, options via FinecoCFD). It also offers Fineco Asset Management funds, PIR accounts, and pension products — making it a genuine all-in-one financial platform. The web and mobile app are well-polished. Directa focuses on Italian and European equities, Italian government bonds (BTPs), ETFs and some US markets. It also offers CFDs and covered warrants for professional traders. The platform is more functional than beautiful — it prioritizes speed and reliability over aesthetics. It is available via web, desktop app, and mobile. Scalable Capital focuses on ETFs and stocks listed on major European exchanges (XETRA, Euronext) plus US markets. It does not offer bonds, options, or leveraged products. The interface is clean and modern. The savings plan (Sparplan) feature is the most developed on the market — you can schedule contributions to any ETF at weekly, bi-weekly, or monthly intervals.

Tax Handling and Reporting

Tax treatment is a critical factor for Italian investors. All three brokers offer "regime amministrato" — the broker calculates and withholds the 26% capital gains tax automatically, so investors do not need to file a tax return for their brokerage account. This simplifies compliance significantly. Fineco provides detailed annual tax reports and year-end statements compatible with the Italian 730 tax form. The reporting is considered among the most comprehensive in the Italian market. Directa also operates under regime amministrato and provides detailed annual statements. Active traders appreciate the granular trade-by-trade reporting. Scalable Capital applies German tax rules (Abgeltungsteuer 25% + Solidaritätszuschlag) for German residents. Italian residents using Scalable Capital need to verify the tax handling for their country — this is an area where Scalable is less mature than the Italian-native competitors.

How to Track Your Portfolio Across All Three

Whichever broker you use, you can track your portfolio in DonkyCapital by importing your CSV transaction history. Fineco, Directa, and Scalable Capital all allow you to export your transaction history as CSV files. DonkyCapital supports all three formats. Once imported, you get a consolidated view of all positions with real-time prices, TWR and IRR performance calculation, benchmark comparison, geographic and sector breakdown, and rebalancing alerts — regardless of which broker holds each position. This is especially useful if you use more than one broker: DonkyCapital merges everything into a single dashboard without requiring any bank connection or credential sharing.

Broker Comparison 2026

Key takeaways

• ✓Fineco is best if you want banking + investing in one account — and occasional trading
• ✓Directa is best for active Italian traders who want the lowest flat commissions
• ✓Scalable Capital is best for passive ETF investors who want zero-cost monthly contributions
• ✓All three support regime amministrato — no tax return needed for Italian residents
• ✓You can combine brokers: e.g. Directa for Italian stocks + Scalable for ETF savings plan
• ✓Import any of the three into DonkyCapital via CSV to get a consolidated portfolio view

Frequently asked questions