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Best Forex Brokers Italy 2022

May 09, 2022
Last modified May 10, 2022

Italy’s financial services sector is steeped in history and tradition, dating all the way back to ancient Rome. Today, despite its rather small geographic size, Italy has a population of 59.2 million and has become a vibrant economy that ranks fourth in the European Union and eighth in the world.

The primary stock market in Italy is the Borsa Italiana based in Milan. Originating in 1808 as the Milan Stock Exchange, the Borsa Italiana was founded in 1997 on the privatization of the Milan Stock Exchange. Since a merger in 2007, the Borsa Italiana is also a member of the London Stock Exchange Group.

In addition to providing a listing service for stocks and their derivatives, the Borsa Italiana also lists fixed income products, exchange-traded funds, commodities, and notes (ETFs, ETCs, and ETNs), funds, warrants, and stock index futures and options.

The primary broad stock index for Borsa Italian is the FTSE Italia All-Share index which is made up of all shares traded on that exchange, whilst the FTSE MIB acts as the market’s main benchmark Index covering the 40 leading Italian companies with highly liquid stocks. On the other hand, the FTSE Italia Mid Cap index is aimed at mid-cap stocks, and the FTSE Italia Small Cap index is the exchange’s small-cap stock index.

As part of the European Union, Italy has adopted the euro (EUR) as its currency, which is issued and managed in the EU by the European Central Bank. Each euro consists of 100 smaller units called cents. Moreover, the Bank for International Settlements (BIS) ranks the euro as the second most frequently traded currency in 2016, accounting for 31.4% of the overall forex market turnover. The euro was also ranked the second most popular reserve currency among central banks, composing 19% of such reserves in the third quarter of 2018 as per the International Monetary Fund (IMF).

Moreover, the primary Italian financial sector regulator is known as the Italian Companies and Exchange Commission, or Commissione Nazionale per le Società e la Borsa (CONSOB). This regulator was founded in 1974 to monitor the securities market in Italy. Today CONSOB has broader powers including auditing brokers as well as reviewing allegations of insider trading cases. CONSOB also looks to develop and promote confidence in Italian markets by promoting transparency and enforcing regulations. Forex brokers and other financial institutions must be authorized by CONSOB before operating in Italy.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 65% and 82% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Best Online Brokers for Italy

  • IG - 9.7/10 Overall
  • Saxo Bank - 9.5/10 Overall
  • CMC Markets - 9.4/10 Overall
  • XTB - 8.7/10 Overall
  • eToro - 8.4/10 Overall
  • AvaTrade - 8.2/10 Overall
  • Plus500 - 8.2/10 Overall
  • Admiral Markets - 8.1/10 Overall
  • XM Group - 8/10 Overall
Overall Rating
9.7 / 10
Minimum Deposit
£250.00
Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Highly Trusted
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard0.828 (September 2021)
All-in Cost EUR/USD - Active0.365 (May 2020)
PayPal (Deposit/Withdraw)Yes
Skrill (Deposit/Withdraw)No
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded1974
Publicly Traded (Listed)Yes
BankYes
Tier-1 Licenses7
Tier-2 Licenses2
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Trading - Forex or CFDsYes
Tradeable Symbols (Total)19537
Forex Pairs (Total)100
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
Proprietary PlatformYes
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)32
Apps & Toolsexpand_moreexpand_less
Android AppYes
Apple iOS AppYes
Has Education - Forex or CFDsYes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes


Overall Rating
9.5 / 10
Minimum Deposit
$2,000
Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Highly Trusted
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard0.8 (August 2020)
All-in Cost EUR/USD - Active0.6 (August 2020)
PayPal (Deposit/Withdraw)No
Skrill (Deposit/Withdraw)No
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded1992
Publicly Traded (Listed)No
BankYes
Tier-1 Licenses6
Tier-2 Licenses1
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Trading - Forex or CFDsYes
Tradeable Symbols (Total)40000
Forex Pairs (Total)182
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
Proprietary PlatformYes
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)62
Apps & Toolsexpand_moreexpand_less
Android AppYes
Apple iOS AppYes
Has Education - Forex or CFDsYes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes


Overall Rating
9.4 / 10
Minimum Deposit
$0
Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Highly Trusted
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard0.73 (August 2021)
All-in Cost EUR/USD - ActiveN/A
PayPal (Deposit/Withdraw)Yes
Skrill (Deposit/Withdraw)No
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded1989
Publicly Traded (Listed)Yes
BankNo
Tier-1 Licenses5
Tier-2 Licenses1
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Trading - Forex or CFDsYes
Tradeable Symbols (Total)11927
Forex Pairs (Total)158
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
Proprietary PlatformYes
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)86
Apps & Toolsexpand_moreexpand_less
Android AppYes
Apple iOS AppYes
Has Education - Forex or CFDsYes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes


Overall Rating
8.7 / 10
Minimum Deposit
$0
Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Highly Trusted
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard0.9 (Q3 2021)
All-in Cost EUR/USD - Active0.9 (Q3 2021)
PayPal (Deposit/Withdraw)Yes
Skrill (Deposit/Withdraw)Yes
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded2002
Publicly Traded (Listed)Yes
BankNo
Tier-1 Licenses1
Tier-2 Licenses3
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Trading - Forex or CFDsYes
Tradeable Symbols (Total)10000
Forex Pairs (Total)49
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
Proprietary PlatformYes
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)39
Apps & Toolsexpand_moreexpand_less
Android AppYes
Apple iOS AppYes
Has Education - Forex or CFDsYes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes


Overall Rating
8.4 / 10
Minimum Deposit
$10-$200
Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Highly Trusted
Cost & Fundingexpand_moreexpand_less override

Average Spread EUR/USD - Standard1 (August 2021)
All-in Cost EUR/USD - Active-1
PayPal (Deposit/Withdraw)Yes
Skrill (Deposit/Withdraw)Yes
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded2007
Publicly Traded (Listed)No
BankNo
Tier-1 Licenses2
Tier-2 Licenses1
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Trading - Forex or CFDsYes
Tradeable Symbols (Total)3056
Forex Pairs (Total)47
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)No
MetaTrader 5 (MT5)No
Proprietary PlatformYes
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)66
Apps & Toolsexpand_moreexpand_less
Android AppYes
Apple iOS AppYes
Has Education - Forex or CFDsYes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)No
Economic CalendarYes


Overall Rating
8.2 / 10
Minimum Deposit
$100
Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Highly Trusted
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard0.91 (Aug 2020)
All-in Cost EUR/USD - Active0.61 (Aug 2020)
PayPal (Deposit/Withdraw)Yes
Skrill (Deposit/Withdraw)Yes
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded2006
Publicly Traded (Listed)No
BankNo
Tier-1 Licenses4
Tier-2 Licenses3
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Trading - Forex or CFDsYes
Tradeable Symbols (Total)1260
Forex Pairs (Total)55
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
Proprietary PlatformYes
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)90
Apps & Toolsexpand_moreexpand_less
Android AppYes
Apple iOS AppYes
Has Education - Forex or CFDsYes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes


Overall Rating
8.2 / 10
Minimum Deposit
€100
Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Highly Trusted
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard0.6 (as of Aug 2018)
All-in Cost EUR/USD - Active-1
PayPal (Deposit/Withdraw)Yes
Skrill (Deposit/Withdraw)Yes
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded2008
Publicly Traded (Listed)Yes
BankNo
Tier-1 Licenses4
Tier-2 Licenses3
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Trading - Forex or CFDsYes
Tradeable Symbols (Total)1896
Forex Pairs (Total)71
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)No
MetaTrader 5 (MT5)No
Proprietary PlatformYes
Social Trading / Copy TradingNo
Charting - Indicators / Studies (Total)110
Apps & Toolsexpand_moreexpand_less
Android AppYes
Apple iOS AppYes
Has Education - Forex or CFDsNo
Daily Market CommentaryYes
Forex News (Top-Tier Sources)No
Economic CalendarYes


Overall Rating
8.1 / 10
Minimum Deposit
$100
Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Trusted
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard0.8 (July 2021)
All-in Cost EUR/USD - Active0.7 (July 2021)
PayPal (Deposit/Withdraw)Yes
Skrill (Deposit/Withdraw)Yes
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded2001
Publicly Traded (Listed)No
BankNo
Tier-1 Licenses2
Tier-2 Licenses1
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Trading - Forex or CFDsYes
Tradeable Symbols (Total)8425
Forex Pairs (Total)50
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
Proprietary PlatformYes
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)30
Apps & Toolsexpand_moreexpand_less
Android AppYes
Apple iOS AppYes
Has Education - Forex or CFDsYes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes


Overall Rating
8 / 10
Minimum Deposit
$5
Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Trusted
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard1.6 (Aug 2020)
All-in Cost EUR/USD - Active0.8 (Aug 2021)
PayPal (Deposit/Withdraw)No
Skrill (Deposit/Withdraw)Yes
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded2009
Publicly Traded (Listed)No
BankNo
Tier-1 Licenses2
Tier-2 Licenses1
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Trading - Forex or CFDsYes
Tradeable Symbols (Total)1372
Forex Pairs (Total)57
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
Proprietary PlatformNo
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)30
Apps & Toolsexpand_moreexpand_less
Android AppYes
Apple iOS AppYes
Has Education - Forex or CFDsYes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes


How to Trade in Italy

While a few reputable online forex brokers have offices in Italy, most prefer to be situated elsewhere in the EU in less restrictive jurisdictions such as Cyprus, due to CONSOB’s very strict reputation as a regulator. Fortunately, Italian traders can deposit money to trade on margin with almost any foreign online broker that will onboard them as a client.

Overall the numerous online brokers that allow forex and contract for difference (CFD) trading will accept clients from Italy. Moreover, having an EU-based broker could be preferable since traders would be able to litigate within the EU should an issue develop. Furthermore, EU brokers have an additional onus to uphold their reputation with their national regulators, as well as the need to abide by the EU’s markets in financial instruments directive (MiFID). Such requirements under MiFID include that client funds be segregated from broker funds, with the aim to protect the client’s margin deposit should the broker face financial difficulties.

When selecting a broker there are a couple of aspects to bear in mind, such as access to demo accounts and the type of deposit required. For example, virtually all online brokers provide demo accounts with virtual funds that traders can use to practice and test strategies and the broker’s system. Brokers could also offer funded accounts that require a minimum initial deposit to use as margins when trading live.

There are also variables to consider in both asset class and stock trading. For example, in regards to asset classes that can be traded online, options differ considerably among brokers. Most of the online brokers allow forex trading of some type, and CFD trading is also fairly common as it tends to be beneficial for brokers due to the wider set of tradable assets usually offered.

With respect to stock trading, Borsa Italiana aims to provide fair and transparent trading in Italian stocks, as well as a range of additional asset classes. Trades on the exchange are in euros and are executed in real-time using a fully electronic dealing system. Borsa Italiana also offers an after-hours trading facility called Trading After Hours (TAH).

Biggest Opportunities of Trading in Italy

According to information compiled by the US Department of Commerce, 99% of Italian businesses are small and medium sized firms (SMEs), which together produce 68% of the nation’s GDP.

Italy also provides a number of additional opportunities for businesses such as:

  • The country imports a wide variety of goods that may be of interest for either investing purposes or for exporting. These goods include advanced manufacturing, aviation and airport support equipment; automotive parts; biotechnology; medical devices; smart grid technologies and cybersecurity products.
  • Other key products imported into Italy include pharmaceuticals, machine tools, food and wine, travel and tourism services, automobiles, auto parts, and electrical appliances.
  • Italy is also a net importer of raw materials and ingredients since the country’s strength lies in the processing and manufacturing of the final product in SMEs and family-owned companies.

With respect to trading across borders, Italy achieved the top ranking among countries surveyed by the World Bank. Italy also ranked favorably in resolving insolvencies and registering property, with ranks of 22nd and 23rd respectively.

Biggest Challenges of Trading in Italy

EU countries, such as Germany, France, the UK, and Spain, were Italy’s top and closest trading partners in 2017 according to the World Bank Group. This may mean that Italy’s trade with the UK may experience challenges in any post-Brexit situation.

For example, if a no-deal Brexit occurs on October 31st, 2019, the UK will have no trade agreement with either the EU or any individual member countries, including Italy; although the EU’s Most Favoured Nation terms would apply to the UK exports to Italy since they arise from mutual membership in the World Trade Organization (WTO).

According to the World Bank, Italy had a relatively low 31.2% ratio of its trade to GDP numbers in 2017, which could potentially mitigate its economy’s exposure to trade disruptions.

The World Bank also ranked Italy 51st in overall ease of doing business, while the country had considerably lower ranks with respect to paying taxes, obtaining credit, enforcing contracts, and dealing with construction permits, with the county coming in at 118th, 112th, 111th, and 104th respectively.

Summary

Traders and businesses should generally find Italy a relatively safe place to operate since it remains regulated under CONSAB. Moreover, as part of the EU, not only does the country enjoy the currency stability that comes with being a member of the Eurozone, but Italian financial institutions must comply with the EU’s MiFID regulations.

When looking for an online broker to trade through from Italy, traders will want to check that they offer the right asset classes, have a good reputation with their clients, and separate their money from their clients. In addition, brokers should have a full-featured trading platform and be subject to competent regulations in order to offer a safe place for the client’s margin deposit.

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About the Author

Marcus Taylor

BrokerNotes was founded in 2014 by Marcus Taylor, founder and CEO of Venture Harbor, a venture studio in Oxford that develops innovative online tools & technology across a range of sectors.


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