Best Forex Brokers in Italy 2019
This article explores the very best Forex brokers catering to the Italian market. FXEmpire have conducted in depth research in order to identify the most trusted brokers around. This data is compiled from objective user reviews and our own in depth research. Read on to discover the best brokers for Italy.
The brokers below represent the best forex brokers in Italy.
| Broker | Rating | Official Site | Regulations | Min Deposit | Max Leverage | Trading Platforms | Foundation Year | Publicly Traded | Trading Desk Type | Currencies | Commodities | Indices | Stocks | Crypto | Commission on trades | Fixed spreads | offers promotions | Official Site |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
4.3/5 | Visit Broker> 76.4% of retail CFD accounts lose money | ASIC, CySEC, FCA, FSB, ISA, MAS | $100 | 1:30 | Plus500 | 2008 | No dealing desk | Visit Broker> 76.4% of retail CFD accounts lose money | ||||||||||
3.9/5 | Visit Broker> 70.96% of retail investor accounts lose money | AMF, ASIC, BaFin, CONSOB, FCA, FSB | $50 | 1:30 | MT4 | 1999 | No dealing desk | Visit Broker> 70.96% of retail investor accounts lose money | ||||||||||
3.2/5 | Visit Broker> 75% of retail CFD investors lose money | ASIC, CySEC, FCA, MiFID | $200 | 1:30 | cTrader, Currenex, eToro Platform, Keystone, Marketspulse, Mirror Trader, MT4, MT5, Tradologic, Zulutrade | 2007 | Market Maker, No dealing desk, STP | Visit Broker> 75% of retail CFD investors lose money | ||||||||||
4.9/5 | Visit Broker> 76% of retail investor accounts lose money | BaFin, CNMV in Spain, CySEC, FCA, IFSC | $0 | 1:200 | MT4, xStation 5 | 2002 | STP | Visit Broker> 76% of retail investor accounts lose money | ||||||||||
3.8/5 | Visit Broker> CFDs carry risk. 73% of traders lose | ASIC, CySEC, FCA, FSCA | $100 | 1:300 | MT4, MT5, Proprietary | 2008 | Dealing Desk | Visit Broker> CFDs carry risk. 73% of traders lose |
Plus500
Regulated By:ASIC, CySEC, FCA, FSB, ISA, MAS
Foundation Year:2008
Headquarters:Building 25, MATAM, Haifa, Israel
Min Deposit:$100
76.4% of retail CFD accounts lose money
76.4% of retail CFD accounts lose moneyPlus500 is a leading CFD trading platform with support for stocks, indices, cryptocurrencies, and Forex. This commission-free brokerage charges very low spread-rates and offers fast trades on a great platform. Plus500 supports complex trades, includes negative balance protection, and makes trading an educational and hopefully profitable venture.
You can start with a free demo account to test the platform and any trading strategy. Real money accounts offer leverage of up to 300:1. This broker is based in Israel and regulated by the Financial Conduct Authority (FCA) in the UK. Check out our full Plus500 review here.
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FXCM
Regulated By:AMF, ASIC, BaFin, CONSOB, FCA, FSB
Foundation Year:1999
Headquarters:0 Gresham Street, 4th Floor, London EC2V 7JE, United Kingdom
Min Deposit:$50
70.96% of retail investor accounts lose money
70.96% of retail investor accounts lose moneyFXCM Group is an international online forex and CFD brokerage brand. Founded on 1999, The company is based in the UK. The brokerage firm also maintains offices in several jurisdictions such as Australia and South Africa.
In terms of tradable products, FXCM offers trading in the spot forex markets, cryptocurrencies, Treasury bond (the bund) and Contract for Difference (CFDs) for market indices and commodities. Due to the new ESMA regulation, the maximum leverage offered by FXCM is now restricted to 1:30 for major currency pairs.
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eToro
Regulated By:ASIC, CySEC, FCA, MiFID
Foundation Year:2007
Headquarters:Kanika International Business Center 7th Floor, 4 Profiti Ilia Street Germasogeia, Limassol, Cyprus
Min Deposit:$200
75% of retail CFD investors lose money
75% of retail CFD investors lose moneyeToro is a multi-asset platform which offers CFD and non CFD products.
eToro is an online trading platform that was founded in 2007 by the Assia siblings and their friend David Ring in Tel Aviv, Israel. Formerly known as RetailFX, eToro is the pioneering online broker for social trading. Their Openbook social trading platform in fact changed the nature of the way beginner online traders can trade the financial markets. It made the markets accessible to everyone, no matter what their level of experience by creating a user-friendly environment and allowing traders to copy the trades of other traders’ strategies automatically.
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XTB
Regulated By:BaFin, CNMV in Spain, CySEC, FCA, IFSC
Foundation Year:2002
Headquarters:Level 34, One Canada Square, Canary Wharf, E14 5AA, London, United Kingdom
Min Deposit:$0
76% of retail investor accounts lose money
76% of retail investor accounts lose moneyXTB is an award-winning CFD platform that supports Forex, indices, commodities, stock CFDs, ETF CFDs, and cryptocurrencies. For Forex, XTB supports 48 currency pairs with low-cost spreads. Customers of XTB can choose between trading on the xStation 5 or MT4 platforms. For leverage accounts, this brokerage offers leverage of up to 200:1.
XTB was founded in 2002 with a headquarters in Warsaw. It is regulated in markets across Europe by the IFSC, FCA, KNF, and CySec. XTB has a free demo account and a Trading Academy set of courses for beginner and intermediate traders. Check out our full XTB review here.
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Markets.com
Regulated By:ASIC, CySEC, FCA, FSCA
Foundation Year:2008
Headquarters:Safecap is located at 148 Strovolos Avenue, 2048, Strovolos, P.O.Box 28132, Nicosia, Cyprus.
Min Deposit:$100
CFDs carry risk. 73% of traders lose
CFDs carry risk. 73% of traders loseMarkets.com was founded in 2008 and is regulated by four major global financial regulators (CySEC, FSCA, ASIC and the FCA) under several different operating names relating to the TradeTech Group which are all constituents of Playtech PLC – a company that is traded on the London Stock Exchange Main Market and which is a constituent of the FTSE 250 Index.
The broker offers users the ability to trade commission-free, with costs just related to spreads and swaps, on more than 2,200 CFD instruments covering Stocks, Indices, Currencies, Commodities, Cryptocurrencies, Bonds, ETFs and even IPOs with 24/5 customer support and assistance. Users can also access the Markets.com in-house developed, cutting-edge mobile trading app and web trader platform which offers advanced research and trading tools.
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How to Choose a Forex Broker as an Italian Trader
Unlike forex trading in the UK or other major economies in the EU, there is very little interest in online forex trading in Italy. This is largely due to the fact that the Italian financial regulatory Commissione Nazionale per le Societa e la Borsa (CONSOB) has maintained a hard stance against investments which are considered high risks investments. As such, Italian forex traders have very few choices when it comes to finding an Italian forex broker. In fact, most of the forex brokers that are currently serving Italian forex traders are forex brokers that are based in other EU member states such as Cyprus or the UK. Nevertheless, there are still a few home-grown Italian forex brokers that are trying to establish their presence in this ultra competitive industry.
In Italy, the main financial regulatory agency that that is tasked with regulating the financial services industry is CONSOB or the “Italian National Commission for Companies and the Stock Exchange” as it is known in English. Established in 1974, CONSOB main responsibilities include the following:
- Verify the information provided to the market by financial services providers or companies soliciting investments from the public.
- Authorize the centralized management of financial instruments, regulated markets and the publication of prospectuses.
- Monitor the operations of financial services providers in the industry to ensure transparent and orderly conduct.
- Regulate the operations of financial services providers in the industry.
- Penalizes any unfair conduct by financial services providers in the industry
Trading Platforms & Software
Forex brokers in Italy can generally be classified into 2 categories, homegrown and offshore based. For most local Italian forex brokers, they usually operate on proprietary trading platforms as opposed to generic trading platforms used by most forex brokers that are headquarters in other EU states. This is because these homegrown brokers have tailored their services to cater for the specific needs of Italian forex traders. For “passporting” forex brokers, their trading platforms tend to be white labeled generic platforms such as the popular MetaTrader 4 platform or the Sirix WebTrader as they have to cater to a larger audience around the world.
Commissions & Spreads
Italian forex brokers like most brokers in the industry only charge their clients a small spread on the trades that they make which can range from 0.1 pips to 2 pips for the majors. Commissions are only applicable when traders are trading from Italian forex brokers that offer ECN trading facility.
Account Types & Deposit Methods
Catering to retail traders, most forex brokers in Italy do offer their traders a choice of several types of trading accounts. These trading accounts can be:
- Micro/Mini accounts that let traders trade in lots smaller than a standard lot
- a standard trading account for the majority of traders.
- a VIP trading account for institutional traders or those trading large daily volumes
Funding of these trading accounts is usually done through credit cards, eWallets or Bank wire transfer.
Customer Service
With most brokers lacking a physical presence in the markets that they operate in, their only point of contact is the Customer support service. As a broker that is serving the Italian forex trading industry, it is essential that the broker is also able to provide support in Italian as well. In addition, it is a plus point for the broker if its website is also translated in Italian. It’s ideal if the broker, no matter where they are based has a localized Italian telephone number.
Additional Services
Often forex brokers try to differentiate their services from other brokers in the industry, as there are so many out there. To do this, they usually offer their clients additional value added services such as free trading signals and market analysis. In some cases, you will also find some brokers going to the extent of providing free VPS service to enhance the quality of their trading services, which speeds up trade execution times.
Conclusion
To find the best forex brokers in Italy often requires extensive research and knowledge about the brokers operating in the industry. In order to help our Italian readers make a more informed decision, we have thoroughly reviewed a variety of forex brokers and created a drilled down list that meet our strict criteria in terms of security, customer service, trading platforms and regulatory oversight. These recommended Italian forex brokers will be able to adequately serve the needs of forex traders based in Italy.