Best Forex Brokers in Italy 2019

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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.

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BrokerRatingOfficial SiteRegulationsMin DepositMax LeverageTrading PlatformsFoundation YearPublicly TradedTrading Desk TypeCurrenciesCommoditiesIndicesStocksCryptoCommission on tradesFixed spreadsoffers promotionsOfficial Site
Plus500
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76.4% of retail CFD accounts lose money

ASIC, CySEC, FCA, FSB, ISA, MAS

$100

1:30

Plus500

2008

No dealing desk

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76.4% of retail CFD accounts lose money

FXCM
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70.96% of retail investor accounts lose money

AMF, ASIC, BaFin, CONSOB, FCA, FSB

$50

1:30

MT4

1999

No dealing desk

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70.96% of retail investor accounts lose money

eToro
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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

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75% of retail CFD investors lose money

XTB
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76% of retail investor accounts lose money

BaFin, CNMV in Spain, CySEC, FCA, IFSC

$0

1:200

MT4, xStation 5

2002

STP

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76% of retail investor accounts lose money

Markets.com
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CFDs carry risk. 73% of traders lose

ASIC, CySEC, FCA, FSCA

$100

1:300

MT4, MT5, Proprietary

2008

Dealing Desk

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CFDs carry risk. 73% of traders lose

Pro Tip: Most of these brokers offer free demo accounts so you can test the brokers and their platforms with virtual money. Give it a try with some play money before using your own cash.

Here’s a list of The Best Forex Brokers in Italy

Note: Not all Forex brokers accept US clients. For your convenience we specified those that accept US Forex traders as clients.

Plus500

Regulated By:ASIC, CySEC, FCA, FSB, ISA, MAS

Foundation Year:2008

Headquarters:Building 25, MATAM, Haifa, Israel

Min Deposit:$100

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76.4% of retail CFD accounts lose money

76.4% of retail CFD accounts lose money

Plus500 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.

Pros: Cons:
  • Support for 2000+ products to trade across global markets,including Forex, commodities, shares, indices
    and cryptocurrency CFDs
  • No commission and low spread costs
  • Advanced trades and fast execution
  • Licensed in several regulatory hubs, and publicly listed
  • Only CFDs, no direct Forex trades
  • High rates on margin/leverage accounts
  • Less research data than some competitors

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

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70.96% of retail investor accounts lose money

70.96% of retail investor accounts lose money

FXCM 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.

Pros:  Cons:
  • Regulated Broker
  • Multiple choices of trading platforms
  • Numerous free trading tools provided
  • Low minimum deposit requirement
  • Comprehensive educational section
  • Limited product portfolio
  • No longer accepts US clients after losing US regulatory license

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

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75% of retail CFD investors lose money

75% of retail CFD investors lose money

eToro 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.

Pros: Cons:
  • Highly regulated broker (FCA, CySEC and ASIC)
  • Innovative trading platform
  • Wide range of assets to trade with
  • Ability to earn 2% management fee as an Investor trader
  • Spreads are higher than average
  • Does not have the MetaTrader platform

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

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76% of retail investor accounts lose money

76% of retail investor accounts lose money

XTB 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.

Pros: Cons:
  • Choose between two excellent trading platforms (xStation 5 or MT4 platforms)
  • A collection of 3000+ trading instruments across six asset classes
  • Low spreads
  • Fewer Forex pairs than some top competitors
  • No 24/7 support

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

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CFDs carry risk. 73% of traders lose

CFDs carry risk. 73% of traders lose

Markets.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.

Pros: Cons:
  • Wide range of assets available to trade.
  • Flexibility of global offices to access options such as higher leverage and/or bonus promotions.
  • Impressive Markets X Web Trader platform, simple to use and feature-rich.
  • Wide range of trading tools and customer support options.
  • Educational resources on using their trading platforms are limited.
  • Higher than average swap rates.

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.

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