Risk Warning: Your capital is at risk. Statistically, only 11-25% of traders gain profit when trading Forex and CFDs. The remaining 74-89% of customers lose their investment. Invest in capital that is willing to expose such risks.

Best Forex Brokers in Italy

Forex Brokers Italy

Italy is a country with great economic diversity. Italy’s economy is termed as a capitalist mixed economy which means that it has integrated elements of planned economies with market economies, state interventionism with free markets and public with private enterprise. It leads in world trade and exports and also considered as world’s most industrialized country. All these make Italy a great destination for both the local and foreign investors. The sound economy also means that there is a large pool of investors who engage in Forex trading among other forms of investing.

The Forex trading market in Italy has, however, not grown partly due to the lack of competition in currency trading and due to the recent economic woes that the country has been facing. While there are a number of Forex traders in the market, most of these currency traders prefer using Forex brokers that are regulated and licensed by other EU regulators. CONSOB is a high profile Italian Forex broker regulator although it has been known to be lenient and this makes it easy for local Italian Forex brokers to obtain licenses that serve the whole European market. To get an idea of the top Forex brokers in Italy, browse through the table below.

  • Key information
  • Trading
  • Payment systems
  • Trading platforms
  • Trading instruments
  • Support
  • Trading accounts
  • Account settings
  • Spreads
  • Promotion
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Company #LogoForex brokerFoundedRegulatedReviewsPayment systemsBroker type(?)Min. DepositMax.
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Deposit bonusAccount
Libertex1Libertex1997
CySEC
4

Payment systems

NDD
10 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
RoboMarkets2RoboMarkets2012
CySEC
0

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
  • MM
100 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
XM.COM3XM.COM2015
ASIC, FCA

Regulated

29

Payment systems

MM
5 $1:300N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A100 %
EXNESS4EXNESS2008
FCA, CySEC
20

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
  • MM
0 $1:2000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
Alpari5Alpari1998
IFSC, NAFD

Regulated

14

Payment systems

ECN
0 $1:1000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A100 %


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History of Forex Trading in Italy

Forex trading Italy

Up until 2002, the lira was the currency used in Italy. It had been made an official sub-unit of the euro, however, due to the unavailability of the euro transactions or rather cash payments were still made using the lira. For a period of 30, years, the currency has remained unpredictable. In comparison with other major currencies like the euro and U.S. dollar, it is considered to be weak. Italy had to pay for her imports using the U.S. dollar making the quite costly. The weakness of the currency, however, had its benefits in the sense that Italian exports which were of high quality could be obtained at low prices. This, in turn, made the Italian exports alluring which secured it a place in the foreign market. On the other hand, there was an availability of cheap labour, which enabled the nation to strike a balance in the cost of production.

Later on, the currency was withdrawn from the exchange rates due to its volatility. The government saw the need to reduce the value of the lira in relation to other currencies. The devaluation was aimed at boosting exports. The move proved successful as there was a boom in the foreign market.

In 2002, the euro replaced the lira for trade in the global market. The Italian Stock Exchange (ISE) was based in Milan form 1808-1980 but at that time it did not have many players. That was until ISE was restructured in 1998. A new economy, progressive managers and privatization led to more companies taking interest in getting listed. However, the Forex market in Italy is a bit sleepy despite its potential. This is a result of a lack of competitiveness that sprung up due to the establishment of a single currency.

Italy Forex Brokers Regulations

In any given economy that has Forex trading, there will always be a regulatory body that supervises the activities of the market. In Italy, the regulatory body that is responsible is Commissione Nazionale per le Societa e la Borsa (CONSOB), which is also known as the Italian National Commission for Companies and the Stock Exchange. The authority has for a long time considered the market which involves investment as being risky. Due to this, its approach to binary options brokers has been rather stringent.  Not so much has been regulated for Italian brokers as the Forex market does not have a big presence.

CONSOB was established in 1974 through a legislative procedure. This was done by combining the duties and authorities that had initially been part of the Italian Ministry of Treasury. This was mainly a say over monitoring the Italian securities markets.

Over time CONSOB’s powers and responsibilities have expanded significantly. In 1983 a new law extended its jurisdiction to protecting public savings, and two years later CONSOB received juridical personality and autonomy. In 1991, it was attributed powers to audit securities brokerage companies and monitor insider trading.

CONSOB is commanded by a scholarly body that includes a chairman, four predecessors and four members who are appointed by the president. The persons retain the office for a period of seven years and their tenure is non-renewable.

The organizational framework consists of a central governing committee that is further segmented into eleven departments, that is the markets, issuers and intermediaries just to mention a few. CONSOB has offices based I two cities, Rome and Milan.

 The following are functions that are carried out by CONSOB:

  1. It manages the operations and services pertaining the investments of the brokers.
  2. Reporting the responsibilities of brokerage in the list of regulated markets.
  3. Seek investment from the public.
  4. It gives consent for activities of the regulated markets.
  5. It authorizes the printing of the outline of events.
  6. Registration of membership
  7. Management of financial assets
  8. Monitoring the activities of companies involved in the market management
  9. Ensuring that order and transparency are upheld in trading
  10. Monitoring the equity in the practices of financial agents and brokers the fairness of the conduct of intermediaries and financial representatives;
  11. Castigating malpractices by the mentioned parties
  12. It analyses the information given to the market by bodies in a bid to seek investment from the public
  13. Inspecting the information put down in accounting documents of registered firms

 

Factors to consider when choosing a Forex broker in Italy

Italy Forex

Many people prefer trading through a local binary options trader. This is because it is expected to be a lot easier to deal with a native as compared to a foreigner. However, either foreign or local, all brokers have the same licensing and work within similar regulations. This means regardless of the broker you choose to work with, your assets should be secure. The following are factors you should consider when choosing a forex broker in Italy.

Welcome Bonuses and Incentives

The broker should be able to offer incentives such as welcome bonuses that will facilitate the initial trade. Some may offer a no deposit bonus whereas others will opt for a match deposit bonus or one that equals a given percentage of the bonus.

Mobile Trading

In order to avoid restrictions on where one can trade, it is essential that a Forex broker offers a mobile trading option. This will give the traders flexibility as opposed to being limited to carry out trading behind a desk through a computer.

Demo Account

For learning purposes, a broker should be able to provide a demo account. A demo account will enable the trader to get familiar with different types of traded and their way around FX trading without having to risk their financial assets. A demo account is basically an imitated trading platform that uses virtual funds.

Customer Service

A good broker will offer around the clock and easily accessible customer support to the traders.  One may need help from time to time and it is imperative that you get assistance within the shortest time possible.

Regulation

Forex trading in Italy is, by all means, legal but with stringent regulations. Each and every broker is required to have a license. The governing body for FX trading in Italy is CONSOB (Commissione Nazionale per le Società e la Borsa) which is responsible for issuing licenses to brokers. Also, if the brokerage firm is based outside Italy, it should be licensed before it carries out any trade with Italian residents.

Limitations in comparison to other countries/ scams

Unlicensed brokerage

Unregistered companies have been carrying out trade in Italy, that is, with lack of proper licensing. Brokers who are not based in Italy have been conducting promotional programs such as advertising their services to Italian markets. Some of the offshore brokers have gone further to claim licensing by other nations such as France, and even use logos of the regulatory bodies to lure investors into thinking they are registered and regulated. However, CONSOB and FCA which is based in the UK are making efforts to point out unregistered brokers.

Scam brokers

CONSOB has named and shamed a number of scam brokers. One of the most recent cases is Exo Capital Markets Ltd and Global Fin Service Ltd. The named were carrying out unauthorized activities, offering trading services in CFDs and forex. The scam firms have one of the most popular platforms for trade. Such is MetaTrader4. Scam brokers have led to significant loses as traders complain of no replies on social media pages and websites of the firms when they request for deposit refunds.

Popular Forex Brokers in Italy

 

HotForex

HotForex is a consolidated brand name of the HF Markets Group. HF Markets (SV) Ltd was incorporated at St. Vincent & the Grenadine as an International Broker Company. HF in Europe is regulated by the Cyprus Securities and Exchange Commission, also known as CySEC. HF Markets Ltd is also regulated by the Financial Services Commission (FSC) in Mauritius.

HotForex has a track record of providing reliable trading services to its clients globally. There are a number of reasons as to why you should definitely choose HF to be your Forex broker. It offers flexibility in trading, in the sense that it offers the possibility of trading in smaller volumes which is handy for tight budgets, offers excellent customer support, low deposit limits, welcoming bonuses, last but not least, HF spreads are low. On top of that Hot Forex offers much more that makes it the best broker to go for. That is:

  1. Favourable trading environment
  2. Limitless potential to earn
  3. Informative, high-end trading tools
  4. A variety of trading accounts designed to suit different traders
  5. Platforms that are user-friendly
  6. Secure trading that ensures broker regulations and security of clients’ funds

AvaTrade

AvaTrade’s headquarters are located in Dublin with several of representative agencies in several parts of the world.  The broker is regulated by the Irish Central Bank. In addition, AvaTrade has ASIC overseeing its activities, precisely financial transparency. The broker has been in operation since2006. The broker has continuously sought support from other regions such as Japan, under the regulation of FCA.  AvaTrade offers a world-class customer support to its clients on their websites around the clock. The beauty of the support offered is that it has considered a number of dialects to choose from. This has been in an effort to ensure that no single client feels left out in accessing their services.  AvaTrade is a flexible broker as it gives its clients a variety of trading platforms to choose from and also different categories of accounts to work with, depending on individual preferences.  AvaTrade has over the time made application of the following platforms in trading.  

AvaTrader – AvaTrader is an excellent and auspicious software specially designed by AvaTrade’s own IT personnel. It has a user friendly interface and features that makes it so easy for beginners to navigate. AvaTrader has made Forex trading more involving and enjoyable.

MetaTrader 4 – MetaTrader 4 is among the most popular trading platforms in the market. Its reliability has been attested for. Its application is as simple as it may be, and this is just to ensure that clients have the best FX trading experience.


Risk Warning: Your capital is at risk. Statistically, only 11-25% of traders gain profit when trading Forex and CFDs. The remaining 74-89% of customers lose their investment. Invest in capital that is willing to expose such risks.
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