4 best Forex Brokers in Italy – Comparison and reviews

Forex trading in Italy is rapidly gaining ground. There is a wide number of licensed and authorized brokers to select from. It is often a tedious and challenging process to identify legitimate Forex brokers in Italy. If you are looking to trade forex in Italy, this article will guide you on all you need to know. 

See the list of the 4 best Forex Brokers in Italy:

Forex Broker:
Review:
Regulation:
Spreads:
Assets:
Advantages:
Open account:
1. Capital.com
Capital.com logo
CySEC, FCA, ASIC, SCB
Starting 0.0 pips variable & no commissions
3,500+
(70+ currency pairs)
+ Userfriendly platform
+ TradingView charts
+ MT4
+ Best education
+ Personal support
Live-account from $ 20(Risk warning: 79% of retail CFD accounts lose money)
2. BlackBull Markets
BlackBull Markets logo
FSPR, FSCL
Starting 0.0 pips & negotiable commission per 1 lot
500+
(64+ currency pairs)
+ ECN Broker
+ Deep pool execution
+ High liquidity
+ Best execution
+ Leverage 1:500
+ MT4/MT5
Live-account from
$ 200(Risk warning: 79% of retail CFD accounts lose money)
3. Pepperstone
FCA, ASIC, DSFA, SCB
Starting 0.0 pips & $ 3.5 commission per 1 lot
1,000+
(40+ currency pairs)
+ Fast execution
+ Large FX Broker
+ Good service
+ MT4/MT5/cTrader
+ TradingView Charts
Live-account from
$ 200(Risk warning: 74-89 % of retail investor accounts lose money when trading CFDs)
4. IQ Option
IQ Option logo
CySEC
Starting 0.1 pips variable & no commission
500+
(25+ currency pairs)
+ Easy to use
+ Binary Trading
+ Support 24/7
+ Min. Deposit 10$
+ Lowest spreads on main trading hours
Live-account from $ 10(Risk warning: Your capital might be at risk.)

Top 4 Forex Brokers and platforms in Italy

  1. Capital.com
  2. BlackBull Markets
  3. Pepperstone
  4. IQ Option

1. Capital.com

Capital.com is an award-winning broker that started in 2016 and is recognized for its sound quality, trading experience, customer support, and transparency in all its trading activities.

Growth of 27% is recorded in 2022. Learners and advanced traders make use of Capital.com.

Capital.com has one of the widest ranges of educational and training materials. Their quality delivery is excellent despite providing a smaller range of Forex markets. They operate in over 3,500 Forex markets, providing tight spreads and low deposits.

Capital.com was set up in the year 2016. Three agencies regulate it; UK’s Financial Conduct Authority, the Cyprus Securities and Exchange Commission, SCB of the Bahmas, and the Australian Securities and Investments Commission.

Capital.com has a trust score of 77 over 99, with a recorded average risk. The average spread in the year 2021 was 0.8 pips. 

Benefits of Capital.com

  • Segregation of accounts is done in Capital.com, following the rules and regulations guiding trading activities in Italy;
  • The financial systems have a variety of sound technology; and
  • Easy opening of an account.

Pitfalls of Capital.com

  • Capital.com isn’t a publicly-traded forex broker; and
  • Smaller currencies are not traded.

(Risk warning: 79% of retail CFD accounts lose money)

2. BlackBull Markets

The official website of the Forex Broker BlackBull Markets

BlackBull Markets is an authorized Forex broker known for quality service. It was founded in 2014, having Auckland, New Zealand, as its headquarters.

Currencies such as EUR, USD, and GBP are used to deposit funds. The option used in the deposit must tally with the withdrawal method. A 30 days demo simulator is offered with $100,000 in virtual funds.

Its spread in 2021 for Standard accounts was 1.25 pips, with an average trading cost. BlackBull Markets created a YouTube educational series named the Whiteboard Wizards Playlist. Trading Commission with this broker is accessible under the standard account and $3.0 per lot under the prime account.

To create a BlackBull Markets account, submit an online application form, carry out an ID verification process, verify your email address and wait a while for permission.

Pros of BlackBull Markets 

  • SSL encrypted data;
  • Quality educational academy;
  • Free commission; and
  • Availability of selection of assets as BlackBull Markets has an unending list of assets.

Cons of BlackBull Markets 

  • US traders are not accepted
  • Limited client assistance.

(Risk Warning: Your capital can be at risk)

3. Pepperstone

The official website of the Forex Broker Pepperstone

Pepperstone is known for its quality research and multiple platforms for copy trading. It was founded in the year 2010. It has low risk with a total Trust score of 93 over 99.

Pepperstone provides security to its clients by segregating the clients’ funds from their funds. Withdrawal of funds in Pepperstone takes up to 1-3 business days, with various withdrawal options.

The minimum deposit for Pepperstone is $200. It trades over 72 currencies. Pepperstone provides easy access to the markets. Pepperstone is ideal for traders that desire low-cost offerings, account types, and quality customer support.

US traders are not permitted. It is featured on daily market commentary and on an economic calendar. Pepperstone started operating in Italy after getting its license from CONSOB.

Pepperstone account opening involves; registering your email and password, confirming your email, and moving to the secured area for clients. Pepperstone provides two types of accounts: standard accounts and razor accounts. The razor account is recommended for traders who want lower fees.

Benefits of Pepperstone 

  • Excellent customer support;
  • Low cost of commission and low spreads; and
  • The four platforms for trade offered by Pepperstone include; MT4, MT5, TradingView, and cTrader.

Drawbacks of Pepperstone

  • Has no account for cents; and
  • The clients’ assistant team operates only 24/5.

(Risk warning: 74-89 % of retail investor accounts lose money when trading CFDs)

4. IQ Option

The official website of the Forex Broker IQ Option

IQ Option was established in 2013, with a minimum deposit of $10. IQ Option has a user-friendly platform.

Forex trading tools include; multi-chart layouts, technical analysis, economic calendars, volatility alerts, and market updates. The IQ Option is available in 13 languages.

IQ Option provides competitive spreads and currency pairs, including EUR/USD, USD/JPY, GBP/USD, USD/CAD, AUD/USD, NZD/USD, and USD/CHF. Recently, IQ Option has 25 Forex pairs on its platform.

IQ Option provides a free demo account with virtual money of $10,000. Demo accounts can be used as long as possible to assess trading strategies and become familiarized with the platform before depositing real money.

Benefits of IQ Option

  • A trader using IQ Option doesn’t have to fill in any information to use the demo account. Nevertheless, some other brokers require you to fill in certain information to access their demo account;
  • No processing fees are charged for funds deposits;
  • Countries such as Italy, Qatar, Kuwait, Italy, Thailand, UAE, and Luxembourg, are accepted.

Disadvantages of IQ Option

  • Withdrawal on IQ Option takes up to 3 days to verify the client’s identity. The option of withdrawal must correspond with the deposit or payment option; and
  • Spreads in the IQ Option depend on volatility, time, and liquidity.

(Risk warning: Your capital might be at risk.)

What are the financial regulations in Italy?

The European Union directives have restricted Italy from having any Forex controls. CONSOB being the National Commission for Companies and Stock Exchange in Italy, mandates its brokers to be very skilled and possess excellent technical know-how while rendering services to their clients.

CONSOB Italy logo

The Italian Forex regulator flags unlicensed and violating brokers operating around them. At the DNS level, additional power has been given to them to take down the web addresses of brokers in their Blackbook. 

CONSOB provides €20,000 and above protection for each client’s deposit of all their registered Forex brokers.

The maximum compensation limit may vary depending on the license’s authority. If issued by the FCA in the UK, clients receive up to €85,000 reimbursement.

FCA logo

Forex brokers need to segregate their Forex traders’ funds with premium security. As this ensures their funds can be recovered even amidst bankruptcy.

Italian Forex brokers are mandated to report their audited financial statements annually to the CONSOB to identify fraudulent transactions.

CONSOB requires every Forex platform regulated by them to possess the prowess to handle market changes. This measure protects Forex brokers‘ invested capital and ensures an efficient plan against insolvency.

CONSOB has mandated those operating trading venues to state their outsourcing objectives following corporate strategy and supervision of risks.

Approved Publication Arrangements are mandated to have reasonable security measures to ensure the safety of information transfer and reduce the risk of corrupting data, having unauthorized access, and preventing information leakage before it is published.

CONSOB operates regular investigations to identify financial misconduct and other manipulative dealings. This is to protect the integrity of the Italian Forex market.

Recently, CONSOB informed the service providers in Italy to block the web addresses of; Xtbinvesting, Bitaliana, Preqster, FX publications INC, and Bloomb Trading Facility. CONSOB opened a platform online that contains educational tools and materials designed to offer recent trends on its regulated brokers and their operations. 

Traders are advised to carry out in-depth research on a Forex broker before investing. CONSOB carries out the preliminary valuation on brokerage companies during the pre-filing of a prospectus.

Various standards have to be carefully observed to obtain a brokerage license in the CONSOB. 

Security for Italian traders

A high level of security is enjoyed by Forex traders dealing in Italian markets. As a result of Italy’s high cost of tax and strict laws, brokerage companies with manipulative schemes and fraudulent activities find it hard to operate. This ensures the security of clients who trade with licensed Italian brokers.

CONSOB is a significant contributor to the economic stability of Italy, considered the most critical contributor to the EU’s economy. This alone offers solace to traders who wish to engage.

CONSOB’s involvement in resolving clients’ cases has brought about detailed clarifications through out-of-court processes. However, if required, the services of a Financial Ombudsman or the court will be provided.

Forex brokerage companies must keep client funds in a separate account from their corporate account. In essence, if something negative occurs to a company, such as bankruptcy or court dissolution, clients’ money is kept safe and not affected.

Forex traders are advised not to register with brokerage firms that any recognized regulatory authority has not licensed.

Robust security procedures should be ensured to secure clients’ money when making an online transaction and prevent cyber fraud. This is done through Secure Sockets Layer (SSL) encryption, ensuring that data entered on a website is safe and secure.

The most vital encryption technique of data is the SSL 128-bit. It ensures complete protection of payment details and debit cards.

Forex traders and brokers are encouraged to use strong and complex passwords, most importantly, when dealing with money. It is discouraged to repeat passwords for all sites.

When researching a brokerage company, do well to visit the review page to have a comprehensive analysis of their service provider. This helps in making informed decisions.

The KYC (Know Your Customer) approach is recommended to every Forex brokerage platform to verify your potential clients’ intentions and identity before rendering any service to them.

Is it legal to trade Forex in Italy?

Forex trading is authorized, licensed, and regulated by CONSOB. This is an agency charged with regulating Forex activities in Italy. Forex guidelines and rules in Italy exist.

Efforts have been deliberately taken to ensure Italy’s secure forex trading environment.

Italy Flag

How to trade Forex in Italy – A quick tutorial

The procedure below has been created to assist clients.

Open a Forex trading account 

The primary step is to ensure you register with either an international broker or an Italian broker. The advantage of using an international broker is to avoid currency translation risk.

Likewise, the benefits of dealing with an Italy broker include; the provision of yearly financial statements when filing tax returns and the knowledge and experience of using Italy regulations.

In this step, Forex traders are encouraged to conduct proper research on the best Forex broker and also make the market analysis of the country’s economy they wish to operate. 

At Capital.com you can open an account by clicking on "trade now" at the top of the website.
At Capital.com you can open an account by clicking on “trade now” at the top of the website.

(Risk warning: 79% of retail CFD accounts lose money)

Start with a demo account or real account

A demo account is always recommended for forex clients who wish to trade in Italy using virtual funds. To access this account, you don’t need to fill in any of your personal information. 

Beginners using this account in Forex trading should use this to spot the best broker. A real account is created with proper application and minimum deposits. Real money, not virtual funds, is earned and can be withdrawn.

Standard or classic, cent and premium or professional accounts are examples of real accounts.

Opening an account is the easiest part of forex trading, whereas your responsibility doesn’t end here.

Capital.com mobile app

Deposit money

Different brokers have their requirements, including commissions and minimum deposit fees. Some brokers have high initial deposits, while some have low initial deposits.

There are a wide variety of deposit options. They include; broker-to-broker transfers, Fasapay, bank-wire transfers, Qiwi, bank cards, bitcoins, and others. 

The initial deposit option must tally with the withdrawal method for most brokers. Currencies used to make payments include EUR, GBP, USD, JPY, RUB, GOLD, NZD, CAD, AUD, CNY, CHF, and others.

Notice:

The payment methods depend on your country of residence. Forex Brokers offer all kinds of methods separately for each country.

Use analysis and strategies

For too many forex traders, this is the most challenging stage. This stage requires a lot of planning. As a forex trader, you need to develop and execute your forex trading strategy.

There are two primary strategies used in Italy. They are;

  • Fundamental Analysis

Clients examine the country’s economic situation and its trading strength.  The one with the highest increase in currency value is selected. Conditions to consider here include; interest rates, growth of GDP, the balance of trade, and consumer confidence indexes.

  • Technical Analysis

This involves careful observation of price data and charts. Forex traders adopting this strategy pay little attention to the economic or political situation of the countries under observation. Factors to consider in this analysis method include; resistance levels, reversal signals, and breakout points.

Consider different time frames to make an informed decision
Consider different time frames to make an informed decision

Make profit

In Italy, a Forex trader earns $83,798 on average. An experienced or advanced currency trader with massive deposits and good strategies makes a considerable profit.

Certain privileges are enjoyed by Forex traders in Italy, unlike Forex traders in other countries. Italy’s currency (Euro), ranking 2nd in the world’s financial system, is a secure currency to trade.

Italy has a developed credit and banking system, making it almost impossible to secure unplanned losses.

Newbie Forex traders are encouraged to be open-minded, as trading is not straightforward to comprehend. Nevertheless, training booklets and videos, the proper guidance, and experienced brokers can help them realize profits in no distant time.

Always document the profits you make from forex trading and report in full. This is done to prevent being charged a penalty for defaulting.

Professional forex trading

Conclusion: The best Forex Brokers are available in Italy

Extensive analysis and findings have to be carried out to select the right and experienced broker in Italy. Cybercriminals are increasing daily. As a Forex trader in Italy, you have to be extremely careful to avoid being scammed.

With other contents and materials at your disposal, Forex trading becomes interesting. Potential or advanced Forex traders in Italy have low risks as regulatory authorities ensure a secure environment.

Always do a background check on previous and current clients’ reviews of the Forex broker you consider.

Unlike Germany and the UK, Italy does not have much presence in Forex brokerage. In recent years, Forex in Italy has waned considerably.

CONSOB has narrowed the investment options, and the Italian Forex is publicly traded. A Forex broker does not have to be based in Italy to provide services to his clients.

FAQ – The most asked questions about Forex Broker Italy:

How to trade as a forex broker in Italy?

Know the steps that are required to start trading in Italy. They are:

First, open a trading account.
Start trading with a real or a demo account.
Add money to your wallet.
Analyze and plan your own strategies.
Earn profits.

Should an Italian forex broker hold a license from Italy?

Online Forex brokers must be licensed in order to operate legally in Italy and provide services to Italian citizens. A license from CONSOB, the regional regulatory agency in the area, or from another appropriate authority inside the European Economic Area could be used for this.

Which is the best software platform to trade as a forex broker in Italy?

The ideal software platform should be chosen on a personal basis. There are many different Forex trading platforms, and each of them offers advantages and disadvantages. The best software currently available on the market allows users to open EUR accounts and is available in Italian.

On what factors should I choose a forex broker in Italy?

Go through the factors listed below. 

1. A broker should hold a valid and regulated license.
2. Should provide a fake account for demo purposes.
3. Should offer you all the available assets.
4. It provides you with a genuine platform for mobile trading,
5. Offers you easy depositing and withdrawal policies.
6. Should offer you hassle-free customer service.

Last Updated on January 3, 2024 by Andre Witzel