Best Forex Brokers in Italy 2021

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.

BDSwiss

BDSwiss was founded in 2012 and offers trading accounts regulated under the Mauritius Financial Services Commission and the Cyprus Securities and Exchange Commission.

Users can trade on more than 250+ financial CFD instruments covering Forex, Commodities, Cryptocurrencies, Indices and Equities, on 3 account types called Classic, VIP and Raw on the MetaTrader 4 and MetaTrader 5 trading platforms and the broker’s own BDSwiss Web Trader and BDSwiss Mobile App.

The broker also offers educational events via live analysis and educational webinars and seminars, as well as a beginner to advanced courses in its Trading Academy. Users can also access AutoChartist and live trading alerts via Telegram, depending on account type. Customer service is offered 24/5.

FP Markets

FP Markets was founded in 2005 and is regulated by the Australian Securities and Investments Commission (ASIC), offering segregation of client funds and top tier liquidity. FP Markets is a group of companies that includes First Prudential Markets Ltd which is authorised and regulated by the Cyprus Securities and Exchange Commission.

The broker offers the ability to trade on more than 10,000+ financial instruments covering Forex, Equities, Metals, Commodities, Indices and Cryptocurrency CFDs. Users have access to a range of accounts including the Standard Account (commission-free) and Raw Account (commission-based) for MetaTrader users, both offering ECN pricing and maximum leverage of 500:1. Users can also access Iress Accounts which are commission-based.

Vantage FX

Vantage FX was founded in 2009 in Australia and is the brand name of the Vantage International Group which is regulated by the Cayman Islands Monetary Authority (CIMA) and advertises the segregation of client funds which are held with Australia’s AA rated National Australia Bank (NAB).

The broker offers services that are designed for both beginner and professional traders with access to Forex ECN trading, as well as CFD trading on Indices, Commodities and U.S and Hong Kong Shares on the MetaTrader 4 and MetaTrader 5 trading platforms for Mac, PC, iOS and Android as well as social trading platforms such as MyFXbook and Zulutrade.

IC Markets

IC Markets was founded in Sydney, Australia, in 2007 and is regulated by the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC), as well as the Seychelles Financial Services Authority (FSA).

The broker offers three core trading accounts called Raw Spread (cTrader), Raw Spread (MetaTrader) and a Standard Account (MetaTrader). Spreads start from zero pips on the Raw Spread accounts with commission-payable. The Standard Account offers commission-free trading with spreads from just one pip. The broker also offers demo trading accounts and Islamic swap-free accounts.

While the broker offers services and features designed for both beginner and professional traders, the company promotes themselves as the ‘go-to’ choice for high volume traders, scalpers and trading algos due to their New York Equinix NY4 data centre – processing over 500,000 trades per day. The broker also offers additional trading features such as social trading integration with ZuluTrade and MyFXbook.

Plus500

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 1:30. This broker is based in Israel and regulated by the Financial Conduct Authority (FCA) in the UK.

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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