Best Forex Brokers in Italy 2023
We already know that the forex market is one of the largest markets in the world, with a trading volume that has surpassed $6 trillion daily. Large volumes are seen every day, which is true no matter where you are coming from. Some countries see a large number of traders jumping on board to trade. On the other hand, countries, like Italy, have fewer traders looking to jump on board as brokers only focus on a few pairs. But still, Italy forex brokers see some prospects. Different online broker Italia has been working to attract more traders and apparently, they are successful.
So, if you are in Italy and want to start forex, let’s go through some important aspects.
Best Forex Brokers in Italy List:
Is forex trading legal in Italy?
In Italy, the forex market is regulated and legal if the broker is licensed. Nevertheless, forex trading is legal in the European Union, no matter which country you are from. However, each country does have its own set of laws and regulations for forex trading. Italy has some very strict laws regarding market manipulation, insider trading, and market transparency.
The Italian forex market is slowly expanding, but it still doesn't get as much attention as other countries in the European Union. However, forex trading is legal and regulated in Italy.
What Does Forex Trading Look Like In Italy?
In Italy, there are many online brokers that allow their customers to trade both spot FX products and foreign exchange futures. In addition to the more traditional brokers, some specialize in offering derivatives like exchange-traded funds and CFDs.
If you are thinking about getting into the world of forex trading to make money, then you will want to know what is required from you before you can register with an Italian brokerage firm. However, you will find many international brokers in Italy too.
Who regulates forex in Italy?
CONSOB (Commissione Nazionale per le Societa e la Borsa) works as a forex regulator in Italy. It is also known as the Italian National Commission for Companies and the Stock Exchange. CONSOB carries out its work by guaranteeing mass disclosure of information from companies and stock exchange trading through reports and its website.
When it comes to forex, the Italian economic system is both regulated and developed in a very similar way to the French one. In both countries, forex trading is considered an activity with high risk. In both countries, forex regulation policy is focused on combating fraud.
CONSOB is a government institution that carries out its work by guarantees of public disclosure of information from companies and stock exchange trading through reports and its website. CONSOB investigates fraud, suspicious trading activities, and unusual movements in the market.
CONSOB, as well as its Italian counterpart, the CNMV (Commissione Nazionale per il Mercato Valutario), warn investors against fraudulent activities. Forex regulation policy in Italy is considered important for building the financial system. For this reason, there is a close collaboration between the central banks and the regulatory authorities.
Do forex traders pay tax in Italy?
Italy levies a 26% tax on capital gains from transactions conducted on the forex market. Foreign traders are required to calculate their estimated gains and declare them on their annual tax returns. Essentially, anyone who buys or sells currencies like the dollar, euro, or yen is subject to this rule.
Popular Forex Trading Platform and Features in Italy
When you have a desire to trade in the foreign exchange market, it is important for you to know the different types of trading platforms that exist. There are several different types of forex platforms available and each one has its own strengths and weaknesses.
Two of the most popular platforms are MetaTrader 4 and MetaTrader 5. MT4 and MT5 are the most widely used platforms for forex trading. Both platforms allow you the following.
Create multiple free demo accounts for different brokers and share information among them
MetaTrader 4 and MT5 allow you to trade on more than one platform simultaneously, which allows you to keep an eye on different forex markets at the same time.
Demo trading can allow you to test out your strategies without risking your own capital while also providing a safer environment to make mistakes. You can trade on virtual currency when you use a demo account. A demo account is a great way to keep from trading with real money if you have never handled foreign exchange before.
When you set up a demo account, you can create as many as they want at a particular broker's website or account. However, if you create too many demo accounts and leave them idle for a long time, the forex broker will disable them for security reasons. Demo accounts also allow you to gain more experience with the platform and trade with virtual money without risking your own capital on the trading machines.
View different charts simultaneously
These platforms allow you to view various chart types such as trend, support, resistance, charting software, etc.
Integrate with a wide range of third-party software applications
Both MetaTrader 4 and 5 allow you to integrate with third-party software applications that you may use for other purposes. For example, forex trading software, forex signals, and strategies management tools, FX news services, and brokerage firms’ other basic tools.
Italy forex brokers: Automate trading tasks
MetaTrader’s integrated automated trading feature allows you to trade in the forex market on multiple platforms simultaneously, which is another way of keeping an eye on different markets. You can trade on multiple platforms from the same window, and you are not limited to a single server.
Access multiple study materials and trading platforms
MetaTrader 4 and 5 offer a wide range of study materials for forex traders such as free online courses, webinars, training programs, etc.
Customize your MT4 platform
When using a live trading platform, you are unable to change the look, feel, or color scheme of the software. The customizability allows you to alter the look of your MT4 software to suit your own preferences and tastes.
Italy forex brokers: Create charts
A chart is essentially a representation of the price of a particular financial instrument such as currency, stocks, bonds, etc. Moreover, you can watch the trading activity, especially when monitoring a live trading account, and see what's going on as it happens. Besides, monitoring your accounts allows you to manage them more efficiently, whether it is purchasing or selling foreign assets, etc.
Online broker Italia: Check the stats
You can monitor your own statistics, such as profits, losses, and more on your trading accounts. Monitoring the stats of others' trading accounts, is known as tracking or shadowing them. You can also manually track your order, which allows you to monitor the details of each of your trades.
Trade on the phone
You have the option to trade on the phone for all brokers if you have access to a line in your account.
Do Forex Brokers Need an Italian License?
Italy forex brokers will not be allowed to provide services or products to clients or customers in Italy without the appropriate license. It is critical that a broker need to meet all regulatory requirements before opening their business and selling FX products in Italy. Brokers must be cooperative with regulators and have a qualified legal representative. The brokerage must also have undergone due diligence by regulators and provide proper disclosure of information to clients. However, it is not necessary that the brokers need to have Italian license. Having a license from anywhere in the European Union is okay.
How to choose the Best Regulated Forex Brokers in Italy?
Forex brokers are in high demand, but not every broker is right for all traders. The following part will help you make the right choice and trade forex with peace of mind in Italy.
First, we will start by looking at some time-tested methods of finding a good broker to trade online in Italy. Then, we will look at some factors that can help you make the right choice, from the number of brokers to options and margin.
This section will look at the criteria that can help you select one broker online in Italia. These are simple yet effective ways to discover a reliable brokerage service:
Broker online Italia: Ask around
Find out if others trust the brokerage. One way to do this is by joining an online community where many traders share information on their firms. You will get the opinion of other traders who have an opinion about the firm in question. There are many forex dedicated forums where users from all over the world discuss trading and forex brokers.
Look for a consistent track-record
One way to verify this is by looking at reviews from independent sources. Some site to check is Trust Pilot. These sites provide objective views on brokers, although some countries may not have reviews published about certain retail forex brokers because of a lack of public information. Nonetheless, you can still find valuable information on their websites.
Regulated forex brokers in Italy: Look at the license
One way to do this is by looking at the license of the broker. In most cases, a company licensed by an international regulatory body provides better safety than one that isn't. Best forex brokers in Italy should be licensed with any regulations in Europe. For example, CySEC, which is the Cyprus Securities and Exchange Commission, or with another internationally recognized financial services regulator.
Broker online Italia: Check user feedback
When given the chance to review a company, traders are generally more than happy to do so. This is one of the best indications of a good online brokerage firm: users who have traded with a given broker enjoy their experience so much that they write reviews. So, don’t forget to check the users’ feedback.
Look at the broker's reputation
One way to do this is by looking at online forums. Good online forums and check about brokers and their legitimacy.
Assess the type of trader you are
Different types of Italian trader will need different kinds of brokers. As a conservative, you will want a broker that has a tight spread, which is the difference between the buy and sells price of currencies. That is why you should look at brokers that offer tight spreads. To find a trader who enjoys trading with little to no risk, you need an online broker Italia that offers options.
However, if you think all these criteria are complicated, you can choose from the forex brokers list in Italy we have mentioned in this article.
What's the Size of the FX Market in Italy?
The size of the market in Italy is huge. The Italian financial industry has its own specialties, such as futures and options trading. There are multiple FX brokers, not only in Italy but internationally that offer a wide variety of products and services. As per the 2019 report, the Euro daily volume on Italian foreign exchange was around $17 billion.
Many traders in Italy don’t know how to pick the best forex brokers Italy. Further, the new traders don't understand the basics of buying and selling currency, which is a big mistake. This article provides information on how you can make Italy forex brokers list and gains from their experience.