Forex Brokers in Italy

Category: Countries | Author: Trading Brokers | Date: November 23, 2022

Currency trading is popular in Italy with traders and investors buying and selling currency pairs to try and capitalise on fluctuating prices in the volatile forex market. The forex broker regulator in Italy is the Commissione Nazionale per le Società e la Borsa (CONSOB). The CONSOB is the public authority responsible for regulating the Italian financial markets. Its activity is aimed at the protection of the investing public. However, you do not necessarily need to use a CONSOB forex broker. This is because there are plenty of other brokers based outside of Italy that are regulated and able to offer forex trading to clients in Italy.

Best forex brokers Italy

To find the best forex brokers in Italy, we created a list of all the regulated forex brokers that can accept traders in Italy, then ranked them according to our overall ratings. You can see the list of our top forex brokers for Italy below.

Broker
Rating
Regulated
Min. Deposit
Founded
Max. Leverage
1.

ADGM FRSA, ASIC, BVIFSC, CBI, FFAJ, FSCA, IIROC, JFSA

$100

2006

1:400

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.
2.

ASIC, BaFin, CFTC, DFSA, FCA, FINMA, FMA, FSA, FSCA, JFSA, MAFF, MAS, METI, NFA

$250

1974

1:200

71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
3.

ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB

$200

2010

1:400

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.
4.

ASIC, CySEC, FSA, SCB

$200

2007

1:500

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.
5.

CBI, CONSOB, FCA, PRA

$1

1999

1:20

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.

CONSOB forex brokers in Italy

The Commissione Nazionale per le Società e la Borsa (CONSOB) is the public authority responsible for regulating the Italian securities market. The authority was formed in 1974 by the government, in cooperation with the Bank of Italy.

The scope of CONSOB spans regulating the entire Italian financial markets, including the securities market and financial services companies like forex brokers.

They aim to protect the investor community by regulating, authorizing, monitoring and controlling Italian financial markets while ensuring the efficiency, transparency and development of the securities markets.

To achieve these objectives, the Commission, through regulation, regulates its own organization and operations with the sole limitation of legitimacy checks carried out by the Presidency of the Council of Ministers.

Like any other regulators within the EEA region, CONSOB’s regulatory frameworks are based on the European Union’s recommendations of Markets in Financial Instruments Directive II (MiFID II). It creates a standardized regulatory environment across the EU.

The CONSOB is considered a competent authority for ensuring transparency and correct behaviour by financial market participants, and the disclosure of complete and accurate information to the investing public by listed companies. It conducts investigations concerning potential infringements of insider dealing and market manipulation law.

The organization runs regular investigations to detect insider dealing or other financial misconducts to keep the market integrity intact. The CONSOB also cooperates with The Bank of Italy, The Pension Fund Regulatory Authority, The Insurance Industry Regulatory Authority as well as other supervisory entities towards a safer and better market atmosphere.

How to verify CONSOB regulated brokers in Italy

CONSOB forex brokers can provide good security in terms of fund safety and possible compensation if something was to go wrong. However, traders from Italy are free to choose any other regulated forex broker that meets their own individual requirements.

You can get the brokers regulation number from the disclosure text at the bottom of their homepage. You can then search for the registration number on the CONSOB website to confirm if the forex broker is regulated to provide financial products and services in Italy.

Is forex trading legal in Italy?

It is legal for Italians to use the Forex market, which is a market in Italy. It is not prohibited to purchase or sell currency pairs, speculate on their values, or profit by employing leverage. As this kind of investment has been viewed as dangerous, the local financial markets authority has compelled several binary options brokers to close their locations in the nation. However, this cannot be stated of Forex brokers.

Italy’s foreign exchange industry is extremely unique since, despite the popularity of currency trading, there aren’t many local Forex brokers. The Italian economy suffered greatly as a result of the introduction of the Euro and the global financial crisis. Many brokers made the decision to relocate to nations with better conditions, such Cyprus or the United Kingdom. There are currently only a few Italian Forex brokers; the majority of the major companies in the nation are located in other EU member states.

FX brokers are currently required to hold a complete license from the Italian regulatory agency, CONSOB (Commissione Nazionale per le Società e la Borsa), in order to conduct business there. However, brokers with licenses from additional EEA nations are also permitted to provide their services to Italian-based traders. Forex brokers only need to register in Italy and establish a local office based on their license.

The Markets in Financial Instruments Directive, or MiFID, which is the primary European piece of legislation that governs and controls the financial markets, permits this. A high level of protection is offered to Forex traders by the MiFID regulation, albeit this also relies on the nation where the broker is authorized and registered. For instance, all brokers must ensure that they would get payment in the event of insolvency.

The compensation is a reimbursement of the deposits made by traders, and its upper amount may change based on the agency giving the license and the regional compensation fund. For instance, consumers may be eligible for reimbursement of up to £85,000 if the broker has a UK Financial Conduct Authority license. In the event of bankruptcy, brokers who hold licenses from the Cyprus Securities and Exchange Commission (CySEC) are also expected to meet payback claims; if they fail to do so, clients are reimbursed up to €20,000 or 90% of the covered investor’s claim, whichever is lower.

Additionally, authorized forex dealers abide by the various minimum capital requirements. Additionally, businesses must maintain client and employee monies in separate bank accounts. Once more, thanks to these standards, traders have good security and their money is always safe. For major FX pairs, most brokers only impose relatively tiny spreads on trades—between 0.1 and 2 pip.


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