| Updated: May 15, 2024While not quite widespread enough to be considered mainstream, forex trading has become an important part of many Italian traders’ journeys. If you, too, are considering giving forex trading a try, this article offers a detailed overview of some of the most reliable brokers that cater to Italians.
Fusion Markets74-89% of retail CFD accounts lose money
Forex.com77.7% of retail investor accounts lose money
Pepperstone75.5% of retail investor accounts lose money
eToro51% of retail investor accounts lose money
Global Prime74-89% of retail CFD accounts lose money
Admirals73% of retail investor accounts lose money
FxPro74% of retail investor accounts lose money
BlackBull Markets
Vantage FX
XM Group72.82% of retail investor accounts lose moneyItalian Forex Brokers Ranked by Trustpilot Score
| Forex Broker | Trustpilot Reviews | |
|---|---|---|
| 1. Fusion Markets | 1409 | 4.8 ⭐ |
| 2. Forex.com | 1288 | 4.7 ⭐ |
| 3. Pepperstone | 2398 | 4.5 ⭐ |
| 4. eToro | 22902 | 4.2 ⭐ |
| 5. Admirals | 1706 | 4.1 ⭐ |
| 6. Global Prime | 100 | 4.1 ⭐ |
| 7. FxPro | 209 | 3.9 ⭐ |
| 8. BlackBull Markets | 34 | 3.6 ⭐ |
| 9. Vantage FX | 3033 | 3.4 ⭐ |
| 10. XM Group | 561 | 2.7 ⭐ |
Italian Forex Brokers Ranked by Spread Commission
| Forex Broker | EURUSD | USDJPY | EURGBP | GBPUSD |
|---|---|---|---|---|
| 1. BlackBull Markets | 0.1 | 0.2 | 0.7 | 0.4 |
| 2. Admirals | 0.1 | 10 | 0.7 | 0.5 |
| 3. Fusion Markets | 0.11 | 0.13 | 0.15 | 0.11 |
| 4. Global Prime | 0.13 | 0.28 | 0.28 | 0.22 |
| 5. FxPro | 0.25 | 0.38 | 0.67 | 0.37 |
| 6. XM Group | 0.8 | 0.9 | 1.5 | 0.9 |
| 7. Pepperstone | 1.0 | 1.0 | 1.2 | 1.0 |
| 8. Vantage FX | 1.0 | 1.0 | 1.2 | 1.0 |
| 9. eToro | 1.0 | 1.0 | 1.5 | 2.0 |
| 10. Forex.com | 1 | 1.2 | 1.3 | 1.3 |
Italian Forex Brokers Ranked by Commission per Lot
| Forex Broker | Commission per lot |
|---|---|
| 1. Forex.com | $0 |
| 2. Vantage FX | $3 per side on Raw; $1.50 per side on Pro |
| 3. eToro | $0 |
| 4. Fusion Markets | $0 Classic Account, $4.50 round turn on Zero Account |
| 5. Admirals | $3 per lot |
| 6. BlackBull Markets | $0 Standard; $6 per lot Prime; $4 per lot Institutional |
| 7. Global Prime | $0 Standard Accounts; $7 round turn on Raw Accounts |
| 8. XM Group | $0 Ultra Low Micro and Ultra Low Standard Accounts; $3.50 per side XM Zero Account |
| 9. Pepperstone | $0 (Standard Account), $7 round-turn (Razor Account) |
| 10. FxPro | $0 on Standard Account; $3.5 per side on Raw+ and Elite Accounts |
Important Note:Italy is somewhat unique in its approach to licensing when it comes to forex brokers. The Italian regulator named La Commissione Nazionale per le Società e la Borsa (CONSOB) does require that brokers be authorized to operate in Italy, which is nothing out of the ordinary. However, a broker does not need to be licensed specifically by CONSOB for it to be a legitimate option for Italian traders as long as it bears the seal of approval of the European Securities and Markets Authority (ESMA) or another reputable regulator in the European Economic Area (EEA).
Top 10 FX Brokers in Italy
Fusion Markets Broker Details Regulators ASIC, FSA (Seychelles), VFSC (Vanuatu) Min Deposit $0 Trading Platforms MetaTrader4, MetaTrader5, cTrader, DupliTrade, Fusion+ Copy Trade Trustpilot Rating 4.8 out of 1409 reviews Number of Forex Pairs to Trade Over 200 Leverage Forex & Metals: 30:1
Index CFDs: 5:1
Cryptocurrencies: 2:1Spread EURUSD: 0.11
USDJPY: 0.13
EURGBP: 0.15
GBPUSD: 0.11Forex Commission per Lot per Trade $0 Classic Account, $4.50 round turn on Zero Account Deposit Methods Visa, Mastercard, PayPal, Skrill, Neteller, Fasapay, Jeton Wallet, Perfect Money, Online Naira, Doku, Bitcoin, Ethereum, Litecoin, USDT, Tether, Ripple, bank wire Withdrawal Methods Visa, Mastercard, Bank Wire, Skrill, Neteller,Bitcoin, Ethereum, Litecoin, Tether, Ripple Founded by Australian trading experts, Fusion Markets was launched in 2017 and is currently one of the top destinations for traders all over the globe. While it is common for brokers to advertise low spreads, Fusion Markets was actually recognized by Brookerchooser, receiving the award “Lowest Spread Forex Broker” four years in a row.
In addition to offering traders tight spreads, Fusion Markets is committed to offering the best value for your trading, charging a significantly low commission of only $2.25 per lot ($4.50 per side). As you can see, const-effectiveness is one of the main values of this top-shelf broker.
Safety is always a priority for Fusion Markets, with major regulatory bodies like the Australian Financial Services (license No.385620), the Financial Services Authority of Seychelles (license No.SD096), and authorities in Vanuatu regulating the services provided by the broker. Under ASIC’s (Australian Securities & Investments Commission) regulation, the broker also provides a negative balance protection to some of its clients.
With no minimum on deposits and a wide range of popular trading platforms like MetaTrader4, MetaTrader5, cTrader, and more, it is no surprise that Fusion Markets is one of the top choices of traders. With an average score of 4.6 out of 5 on Trustpilot, this broker has received an Excellent rating from more than 1,300 happy customers.
Key Pros
- Offers some of the lowest spreads
- ASIC clients enjoy a negative balance protection
- Supports popular trading platforms
- Offers two copy trading platforms
- Supports fiat and crypto payment solutions
Key Cons
- Does not offer investor protection
- Traders outside Australia have no negative balance protection
- Cannot set up an account in a minor currency
Global Prime Broker Details Regulators ASIC (No. 385620), VFSC (No. 40256) Min Deposit $0 Trading Platforms MT4 Desktop, MT4 Webtrader, MT4 Android Trustpilot Rating 4.1 out of 100 reviews Number of Forex Pairs to Trade 56 Leverage Forex & Metals: 500:1
Index CFDs: 100:1
Cryptocurrencies: 10:1Spread EURUSD: 0.13
USDJPY: 0.28
EURGBP: 0.28
GBPUSD: 0.22Forex Commission per Lot per Trade $0 Standard Accounts; $7 round turn on Raw Accounts Deposit Methods Visa, Mastercard, PayPal, Skrill, Neteller, Gate8, Dragonpay, Fasapay, VNPay, Pagsmile, BPay, POLi, AstroPay, Bank Transfer, Interac, Perfect Money, PayID, Jeton, MiFinity, XPay, Crypto Withdrawal Methods Mastercard, Visa, Local Bank Transfer, Bank Wire Transfer, Skrill, Neteller, AstroPay, PayPal, Dragonpay, Perfect Money, Jeton, Interac, Cryptocurrencies
Global Prime is a reliable brokerage that has been providing low-cost trading services since 2010. Regulated by the watchdogs of Vanuatu and Australia, the broker facilitates trading with over 150 financial instruments, including indices, bonds, commodities, cryptocurrencies, and more than 50 currency pairs. Major-pair spreads on raw accounts start at zero pips, with most orders being executed within 10 milliseconds on average. The broker works with MT4 only but plans to soon expand its range of supported platforms with cTrader, MT5, and TradingView.
These excellent trading conditions, coupled with a streamlined registration process, fee-free transactions to and from customer accounts, and round-the-clock support, have earned the broker a solid 4.1 score on Trustpilot. Still, there is scope for improvement as the company offers no cent and swap-free accounts for Islamic customers. The broker has no compensation scheme for client funds, either, which is yet another area Global Prime could improve in.
Key Pros
- Overseen by a top-tier financial regulator (ASIC)
- No fees on deposits and withdrawals
- Low fees for FX trading
- Streamlined sign-up process
- A broad range of currency pairs
Key Cons
- Could use more trading platforms
- A limited range of educational resources
- Does not offer Islamic or cent accounts
XM Group Broker Details Regulators FCA (ref. no. 705428), (ASIC) (ref. No. 443670), FSC (license no. 000261/397), DFSA (ref. no. F003484), CySEC (license no. 120/10), MiFID, CFTC Min Deposit $5 Trading Platforms MetaTrader 4 and 5, MetaTrader 4 and 5 on mobile, MT4 WebTrader, MT5 WebTrader, MT$ Multiterminal Trustpilot Rating 2.7 out of 561 reviews Number of Forex Pairs to Trade 50+ Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 0.8
USDJPY: 0.9
EURGBP: 1.5
GBPUSD: 0.9Forex Commission per Lot per Trade $0 Ultra Low Micro and Ultra Low Standard Accounts; $3.50 per side XM Zero Account Deposit Methods Visa, Mastercard. Skrill, Bank Transfer, Neteller, Apple Pay, Google Pay, UnionPay, Maestro Withdrawal Methods Visa, Mastercard, China Union Pay, Skrill, Neteller, Bank Transfer Since its inception in 2009, XM managed to attract over 10,000,000 customers, providing the best trading experience for traders online. There are quite a few reasons for so many people trusting XM, with tight spreads and cost-effective pricing being just a few of them. Operated by Trading Point of Financial Instruments Ltd, the broker is regulated by major authorities like the FCA, CySEC, IFSC, ASIC, and many more reputable regulators.
The brand offers more than 10 full-feature trading platforms that include the MetaTrader 4 and MetaTrader 5 platforms adapted for mobile trading on Android and iOS devices. Mt4 WebTrader, M5 WebTrader, and MT4 Multiterminal are also among the platforms available to XM traders, making trading equally easy and intuitive for any type of trader.
No matter the account type you opt for, the least amount you are required to deposit to your XM account is $5, with the same limit also imposed on your withdrawals from XM. Conveniently enough, the brand supports a variety of banking methods, with bank cards, e-wallets, and bank transfers being among the solutions one can use to handle their XM balance.
Key Pros
- Traders can choose from over 10 platforms
- Covers a great number of currency pairs
- Regulated by major authorities
- Offers smooth trading on the go
- Supports different account types with tight spreads and low fees
Key Cons
- Trading platform’s design seems outdated
- Not listed on stock exchange
- Charges an inactivity fee
Pepperstone Broker Details Regulators UK FCA (No.684312), CySEC (No. 388/20), ASIC (No. 414530), BaFin (No.151148), DFSA, CMA Min Deposit $0 Trading Platforms TradingView, MT5, MT4, cTrader Trustpilot Rating 4.5 out of 2398 reviews Number of Forex Pairs to Trade 100 Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 1.0
USDJPY: 1.0
EURGBP: 1.2
GBPUSD: 1.0Forex Commission per Lot per Trade $0 (Standard Account), $7 round-turn (Razor Account) Deposit Methods Visa, Mastercard, PayPal, Bank Transfer Withdrawal Methods Visa, Mastercard, PayPal, Bank Transfer Pepperstone was launched in 2010 by a group of seasoned traders but has greatly expanded its global presence since then, currently reaching over 400,000 traders worldwide. The company enjoys an immaculate reputation and operates with licenses from several top-tier regulators, including the FCA, ASIC, and CySEC. Pepperstone also ranks among the world’s largest brokerages, boasting an average daily trading volume of $12.6 billion.
Customers of the award-winning company can trade with more than 1,200 financial instruments, ranging from stocks, indices, and ETFs to commodities and currency pairs. FX traders, in particular, can go long or short on over 90 major, minor, and exotic currency pairs. Spreads are highly competitive at Pepperstone, starting at zero pips for majors like EUR/USD traded via Raw accounts. MT4, MT5, TradingView, and cTrader all pose as viable platform options for Pepperstone customers. All these factors combined have earned Pepperstone an above-average rating of 4.5 stars at Trustpilot.
Key Pros
- Winner of multiple industry awards
- Commission-free FX trades via standard accounts
- Over 1,200 instruments across all major asset classes
- Competitive spreads on FX trades via Razor accounts
- Seamless withdrawals within 1 to 3 workdays
Key Cons
- A somewhat limited range of deposit and withdrawal options
- High swap rates on overnight positions
eToro Broker Details Regulators FCA, CySEC, ASIC, MFSA, ADGM, FSA, FINRA/FinCEN Min Deposit $10 Trading Platforms eToro Investing, eToro App, TradingView, eToro CopyTrader Trustpilot Rating 4.2 out of 22902 reviews Number of Forex Pairs to Trade 55 Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 1.0
USDJPY: 1.0
EURGBP: 1.5
GBPUSD: 2.0Forex Commission per Lot per Trade $0 Deposit Methods eToro Money, Visa, Mastercard, Neteller, PayPal, Skrill, iDeal, Klarna, Bank Transfer, Trustly, Przelewy24 Withdrawal Methods PayPal, Skrill, Visa, Mastercard, Neteller, Trustly, Bank Transfer Launched in 2007, eToro is home to a global investment community of more than 30 million customers. The company operates with licenses from tier-one financial regulators like CySEC, ASIC, and FCA. The brokerage provides a varied range of tradable instruments, including 55 currency pairs, 32 commodities, 21 equity indices, and thousands of stocks. Cryptocurrency, ETF, and NTF trading is also possible via the platform.
Forex traders will benefit from spreads as low as a single pip on major pairs like the EUR/USD. Unlike many rival brokers, eToro charges no commissions on currency trades. All costs and fees are built into the spreads instead. The broker’s proprietary platform is well-designed and user-friendly enough to accommodate novice and versed traders. Another thing that distinguishes eToro from rival brokerages is its social and copy trading platform that leaves the competition in the dust with its superior features.
Key Pros
- Offers trading with over 5,000 instruments
- Ideal for social and copy trading
- No commissions on forex trades
- Effortless registration process
- Offers negative balance protection
Key Cons
- Withdrawals are subject to additional processing fees ($5)
- USD is the only base account currency
- Charges inactivity fees on dormant accounts
Admirals Broker Details Regulators CySEC (No. 201/13), ASIC (No. 410681), FCA (No. 595450), JSC (No. 57026), FSCA (No. FSP51311) Min Deposit $100 ($1 for Invest MT5 Account) Trading Platforms MT4, MT5, WebTrader, MT Supreme Edition, StereoTrader Trustpilot Rating 4.1 out of 1706 reviews Number of Forex Pairs to Trade 82 Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 0.1
USDJPY: 10
EURGBP: 0.7
GBPUSD: 0.5Forex Commission per Lot per Trade $3 per lot Deposit Methods Visa, Mastercard, Skrill, Klarna, Bank Transfer, PayPal, Neteller, iDeal, POLi, Perfect Money, Cryptocurrencies Withdrawal Methods Bank transfer, Visa, Mastercard, PayPal, Neteller, Skrill, Perfect Money Formerly Admiral Markets, Admirals is a multi-asset online broker that commenced operations in 2001. The company’s commitment to excellence, innovation, and low-cost trading has earned it the reputation of one of the world’s leading and most reliable brokers. Licensed by ASIC and FCA, among others, Admirals gives its clients access to a broad range of financial instruments, including 82 forex pairs, hard and soft commodities, over 4,500 stocks, cryptocurrencies, bonds, and indices.
Admirals mainly specializes in CFD trading, offering leverage of up to 500:1 to professional forex traders. Fees on forex trades are largely built in the spreads, although clients with Zero/ECN accounts pay a $6 round-turn commission per lot. Those new to the financial markets can trade in micro lots or with fractional shares. Trading at Admirals is possible via familiar platforms like MT4, MT5, and MT WebTrader.
The broker offers negative balance protection to retail clients and fills 90% of all orders within 150 milliseconds. Customers can fund their live accounts for free via bank transfers, cards, digital wallets, and online banking. There is room for enhancement where withdrawals are concerned, though. Admirals customers can request no more than one free withdrawal per month.
Key Pros
- Over 8,000 markets available
- 80 forex pairs tradable through CFDs
- Swap-free forex accounts for Islamic customers
- Offers forex trading in micro lots
- No fees on deposits
Key Cons
- Only one free withdrawal per calendar month
- Does not trade publicly on a stock exchange
BlackBull Markets Broker Details Regulators SFSA (No. SD045), FMA (No. FSP403326) Min Deposit $0 (Standard)$2,000 (Prime)$20,000 (Institutional) Trading Platforms MT4, MT5, TradingView, cTrader, MT WebTrader, BlackBull Shares, BlackBull CopyTrader, BlackBull Trade Trustpilot Rating 3.6 out of 34 reviews Number of Forex Pairs to Trade 70+ Leverage Forex & Metals: 500:1
Index CFDs: 500:1
Cryptocurrencies: 500:1Spread EURUSD: 0.1
USDJPY: 0.2
EURGBP: 0.7
GBPUSD: 0.4Forex Commission per Lot per Trade $0 Standard; $6 per lot Prime; $4 per lot Institutional Deposit Methods Visa, Mastercard, Neteller, Airtm, Skrill, Bank Transfer, HexoPay, American Express, POLi, Payment Asia, Help2Pay, FXPay, Fasapay, China Union Pay, Boleto, AstroPay, Beeteller, Bitcoin, Ethereum, Tether, Ripple, Litecoin, Bitcoin Cash, Chainlink, USD Coin, Stellar Withdrawal Methods Visa, Mastercard, Bank Transfer, Airtm, Skrill, Neteller, American Express, POLi, HexoPay, Payment Asia, Help2Pay, FXPay, China Union Pay, Boleto, Fasapay, Beeteller, AstroPay, Bitcoin, Litecoin, Bitcoin Cash, Tether, Ripple, Stellar, Chainlink, Ethereum, USD Coin Founded in 2014, BlackBull Markets takes the lead when it comes to tradable asset diversity, providing a choice from a whopping 26,000 financial instruments. The broker caters to forex traders with over 70 major, minor, and exotic currency pairs tradable via three types of ECN accounts (Standard, Prime, and Institutional). Commodities, shares, indices, and futures can also be traded at BlackBull Markets.
The Seychelles-licensed broker offers relatively reasonable trading conditions, although the exact trading costs largely depend on what type of live account you open. Customers looking to trade commission-free can do so via ECN Standard accounts, where spreads generally start from 0.8 pips and there are no minimum deposit requirements. ECN Prime and ECN Institutional accounts are suitable for seasoned and high-volume traders. Both account types incur above-average commissions per lot.
Customers with live accounts can top up their balance with cards, digital wallets, online banking gateways, bank transfers, and cryptocurrencies. While deposits come at no extra cost, the New Zealand-based broker charges a $5 processing fee on all withdrawals, regardless of the payment method used.
Key Pros
- Uses proprietary copy-trading platform
- Swap-free trading via ECN Standard and Prime accounts
- Multi-platform support
- Provides a 24/7 customer support service
- Great Education Hub for traders looking to hone their skills
Key Cons
- High commissions per lot on Prime and Institutional accounts
- Charges a $5 fee on withdrawals
FxPro Broker Details Regulators FCA (No. 45052), CySEC (No. 078/07), SCB (No. SIA-F184), FSCA (No.45052) Min Deposit $100 Trading Platforms MT4, MT5, cTrader, FxPro Edge (proprietary) Trustpilot Rating 3.9 out of 209 reviews Number of Forex Pairs to Trade 70+ Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 0.25
USDJPY: 0.38
EURGBP: 0.67
GBPUSD: 0.37Forex Commission per Lot per Trade $0 on Standard Account; $3.5 per side on Raw+ and Elite Accounts Deposit Methods Visa, Mastercard, Maestro, Bank Transfer, Neteller, PayPal, Skrill, Union Pay Withdrawal Methods Bank Transfer, Mastercard, Visa, Union Pay, Maestro, PayPal, Skrill, Neteller Founded in 2006, FxPro is a multi-award-winning broker that provides online trading services with licenses granted by the financial regulators of the UK, Cyprus, and the Bahamas. Over 2,100 instruments are tradable at FxPro via a variety of platforms, including MT5, MT4, cTrader, and proprietary software. Customers can dip their toes into forex, commodity, index, stock, and cryptocurrency trading at FxPro.
Forex traders, in particular, will benefit from over 70 major, minor, and exotic currency pairs tradable with fixed or marked-up floating spreads, depending on the platform and account type. Orders are filled at ultra-low latency, ensuring lightning-fast execution of under 13 milliseconds. FxPro stores the money of its clients in segregated accounts at major international banks and offers negative balance protection to all retail customers, regardless of their trading volume and country.
Minimum deposits at FxPro align with industry standards at $100, although new customers are generally recommended to start with at least $1,000 in their live accounts. Deposits and withdrawals incur no additional transaction fees at FxPro. Cards, bank transfers, and e-wallets are all viable funding options for clients with live accounts.
Key Pros
- Over 2,100 CFDs across six asset classes
- Zero fees on deposits and withdrawals
- Floating spreads with no commissions on MT4 FX trades
- Winner of over 100 industry awards
- Fills orders within less than 13 milliseconds
Key Cons
- FX spreads are slightly higher than industry averages
- Charges maintenance fees after six months of inactivity
Forex.com Broker Details Regulators ASIC, MAS, FCA, CIRO, JFSA, CFTC , MiFID, CySEC Min Deposit $100 Trading Platforms MetaTrader 4, MetaTrader 5, TradingView, WebTrader Trustpilot Rating 4.7 out of 1288 reviews Number of Forex Pairs to Trade 80+ Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 1
USDJPY: 1.2
EURGBP: 1.3
GBPUSD: 1.3Forex Commission per Lot per Trade $0 Deposit Methods Visa, Mastercard, Skrill, Neteller, Bank Transfer Withdrawal Methods Visa, Mastercard, Skrill, Neteller, Bank Transfer Launched in 2001, Forex.com has been offering innovative trading solutions for over two decades. Traders will have the chance to trade more than 80 currency pairs or choose from numerous shares and commodities trading options. Advanced trading tools are definitely among the strengths of the broker, offering multiple platforms and even AI tools that allow easier analysis.
Whether you trade on your desktop device or wish to trade on the go, Forex.com offers a wide selection of platforms that enable smooth trading experiences on any type of device. MetaTrader 4 and 5, Web Trader, and the Forex.com mobile app will offer you access to a number of instruments that can make trading more intuitive and easy. Members of Forex.com can also use the TradingView platform, allowing them to handle their trades using a handful of exclusive trading tools.
Among the numerous reasons why many traders have decided to trust Forex.com, tight spreads are definitely a key factor. Execution speed is also one of the broker’s strongest suits, with about 99.79% of trades executed in under one second and an average execution speed for Forex trades of 0.03 seconds. While trading with Forex.com, you can be sure that your funds are always protected via industry-standard security tools, with the broker following guidelines imposed by major regulators. StoneX, which is Forex.com’s parent company, is regulated by ASIC, MAS, FCA, CIRO, JFSA, CFTC, CySEC, and MiFID in the EU market.
Key Pros
- Supports a great selection of trading platforms
- Enables easy mobile trading
- Offers over 80 currency pairs
- Provides a vast variety of products
- Forex spreads can be very competitive
Key Cons
- Navigating platforms can be difficult for beginners
- Instruments on MT4 platforms are significantly fewer than other platforms
- Charges monthly fee after 12 months of inactivity
Vantage FX Broker Details Regulators FCA (license no. FRN: 590299), VFSC (reg. No. 700271), ASIC (license no. no. 428901), FSCA (license no. 51268), CIMA (no. 1383491) Min Deposit $50 Trading Platforms MetaTrader 4, MetaTrader 5, ProTrader, TradingView, Copy Trading Trustpilot Rating 3.4 out of 3033 reviews Number of Forex Pairs to Trade 40+ Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 1.0
USDJPY: 1.0
EURGBP: 1.2
GBPUSD: 1.0Forex Commission per Lot per Trade $3 per side on Raw; $1.50 per side on Pro Deposit Methods Visa, Mastercard, Union Pay, Boleto, Bank Wire, Skrill, Neteller, Crypto Withdrawal Methods Visa, Mastercard, Union Pay, Bank Wire, Skrill, Neteller, Crypto Vantage is an online broker offering traders over 1,000 CFD products, with competitive pricing offering members of the company to enjoy the best value for their investments and sales. Founded in 2009, the broker has proven to be one of the most trustworthy names in this industry, with authorities like ASIC, FCA, FSCA, CIMA, and VFSC regulating the services provided by Vantage.
Trading at Vantage FX is possible through several platforms, including MetaTrader 4 and 5, TradingView, and ProTrader. Copy Trading is also available to Vantage FX clients, with the broker receiving the ForexBrokers’ recognition for the Best in Class for Copy Trading in 2024. Copy Trading is available on the Vantage FX app, offering smooth trading on the go for both Android and iOS users.
Once they decide to top up their Vantage FX account, traders will be able to choose from methods like credit and debit cards, bank transfers, e-wallets like Neteller and Skrill, crypto wallets, and the instant banking service of Boleto. Keep in mind that some methods are country-specific and may not be available to all traders using the services of Vantage FX. You can fund your account with as little as $50 or the equivalent in another currency.
Key Pros
- Regulated by reputable authorities
- Offers over 1,000 CFD products
- Supports various popular platforms
- Enables easy copy trading on mobile app
- Tight spreads and low commission for forex traders
Key Cons
- Some banking methods are exclusive to certain markets
- Could add more currency pairs to its products
- Limited educational materials
Is forex trading legal in Italy?
If you are Italian and wish to dabble in the forex market or make it your main source of income, we can assure you that forex trading is perfectly legal in Italy. Brokers do need to be regulated if they are to target Italian traders, but, as established, this does not mean that they can only be licensed by CONSOB. Instead, CONSOB will also recognize a broker as eligible to operate in Italy if it is licensed by either ESMA or an EEA regulator.
In either case, this means that Italy-facing forex brokers will need to adhere to the rules of the regulatory entity they are licensed by as well as CONSOB’s rules, which means that negative balance protection must be provided to retail Italian traders, and leverage needs to be capped at certain thresholds.
CONSOB Regulation Information
Established in 1974, the Commissione Nazionale per le Società e la Borsa (CONSOB) is the entity that is in charge of licensing companies that offer financial services in Italy. CONSOB is also in charge of regulating the said companies, and making sure that they adhere to Italy’s financial regulations. As for brokers that do commit actions that are in breach of Italian laws, CONSOB has the authority to punish them and, when needed, revoke their licenses. Like other regulators, CONSOB also strives to better educate clients on financing, and it frequently issues warnings on scams that target Italian investors and traders.
How can I verify CONSOB authorization?
The first thing you should do is check your broker’s website. Typically, information regarding its licensing and regulation will be provided on the footer of the home page, so this is the first place to check. If you find that no information has been provided there, the next option is a page that your broker has dedicated specifically to regulation, where all licenses will be listed and clarification will be given on which jurisdictions they apply for in case the trader is new to trading. Some brokers might also provide this information in their terms and conditions. If you are struggling, feel free to contact the broker’s customer support and ask one of their representatives for clarification.
You can also check if your broker’s company is included in CONSOB’s register of licensed firms. To do so, you will first need to navigate to the “CONSOB and its Activities” page, and click on “Participants and Markets.” Next, make sure to use the shortcut CTRL + F and write your broker’s license holder in the field. Then, see if it appears on any of the following pages:
- List of Investment Firms authorized in other EU states with branches in Italy
- List of investment Firms authorized in other EU states without branches in Italy
- Companies of non EU authorized in Italy without branches
- Companies of non EU authorized in Italy with branches
As you can see, the process can be somewhat of an ordeal. Nonetheless, the peace of mind of knowing that your broker is licensed can be well-worth the effort. If this does seem like too much trouble, however, there is no need to worry: our publication lists a range of reputable brokers that are authorized to operate in Italy.
Are my funds safe with forex brokers in Italy?
As per Italian and European laws, forex brokers need to segregate client money in order to comply with licensing requirements. What this means is that your own funds will not be mingled with the money belonging to your broker of choice. Instead, your funds will be segregated into separate bank accounts belonging to trusted and regulated financial institutions.
In addition, if you make sure to go with a broker that has CONSOB authorization or that is licensed by the European Securities and Markets Authority, then the broker is guaranteed to offer negative balance protection to all retail clients. To learn more about negative balance protection, we encourage you to continue reading.
Do Italian brokers provide negative balance protection?
Negative balance protection is among the most important tools that retail forex traders have access to. Its purpose is relatively self-explanatory: it protects the client’s balance from falling below zero, seeing as this is a real threat when it comes to forex. Curiously, this safeguard used to be far rarer, but the 2015 Swiss Franc crisis underscored just how crucial negative balance protection is for retail traders.
Indeed, you would find it difficult to come across an Italy-facing broker that does not provide negative balance protection when it comes to retail trading. As established, all forex brokers in Italy need to be regulated, either by CONSOB, ESMA, or other such regulatory entities in the European Economic Area (EEA). Both of the aforementioned entities mandate that licensees protect client funds via negative balance protection if the users in question are not professionals.
Note that thus far, we have mentioned retail clients specifically. That is because the negative balance protection rules of Italy’s forex regulators do not apply to professional traders. That is, it is at the broker’s discretion on whether they will offer negative balance protection to professionals.
Do you pay tax on forex trading in Italy?
Indeed, if you are looking to trade forex and you reside in Italy, the profits that you make from forex may be subject to taxes. Specifically, you will need to pay the capital gains tax, and in the case of CFDs, the Italian Financial Transaction Tax (IFTT) may also apply. The latter was introduced in 2013. As for how much you will need to pay exactly, this is dependent on how much you make.
How does the available leverage of Italian CONSOB-regulated brokers compare to the leverage at brokers regulated offshore?
The leverage that Italian traders can utilize is limited, regardless of whether they trade at a broker regulated by CONSOB or ESMA. Essentially, the leverage limit that brokers enforce on major forex pairs is 30:1, while minor forex pairs involve a 20:1 leverage limit. Of course, these limits are specifically reserved for retail traders. Professional traders are not forced to adhere to these limits, and Italian forex brokers give them much more freedom when it comes to leverage.
Traders from Germany and plenty of other European countries will be more than familiar with the aforementioned limits, seeing as leverage is regulated in the same manner. Those from Poland who can trade at brokers regulated by the Polish Financial Supervisory Authority will note that the above limits are far more restrictive than the leverage available to retail Polish traders (100:1).
What do you need to qualify to be designated as a professional trader in Italy?
In general, your forex broker will require that you meet at least two of three criteria in order to upgrade your account to a professional status, starting with your trading experience. In short, your trading activity must have been prominent in the past four quarters, with at least 10 substantial trades per quarter. Some brokers require that each of the said transactions be valued at no less than €50,000. If you have one year of professional experience in the financial sector (or more), this will also count as one qualifying factor. Last but not least, having a portfolio of over €500,000 is another way you can secure one of two requirements.
In order to ensure that you are indeed qualified, make sure to check your respective broker’s page on professional trading. If you believe you need further clarification regarding the specific terms or other information, you can also contact the broker’s support staff via the available communication channels.
Finally, before you apply for a professional account, take a look at exactly what changes this will entail. Some brokers do not offer negative balance protection to professionals, for example, which might have an impact on how you approach trading once you upgrade your account status.
What trading platforms are available to Italian traders?
All in all, Italians are not deprived of choice when it comes to trading platforms. There are plenty of forex brokers that support MetaTrader 4 as well as its successor, which will be great news for anyone who enjoys either of these classic platforms. Some brokers also support cTrader and TradingView, which are also among the newer trading platforms that have gained a substantial audience. We should also note that some forex brokers have made the decision to create their own platforms and provide them to their clients. These platforms, much like the ones that are industry-wide, are suitable for desktop computers and have a version for mobile devices as well.
Below you can find some useful references with links to organisations that monitor the forex market in Italy.