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National Commission for Companies and the Stock Exchange (CONSOB) Brokers 2024

Written By

Royston Wild

Written By

Royston Wild

Royston is an experienced investor and writer. His expertise includes stock recommendations through to commodities, forex, and macroeconomic news. Royston's background includes roles as a stocks and commodities reporter, and editor of forex coverage at Shares Magazine.

» Royston Wild Profile Page

Edited By

James Barra

Edited By

James Barra

James is an investment writer with a background in financial services. He has worked as a management consultant, where he delivered large-scale operational transformational programmes at some of Europe's biggest banks. James authors, edits and fact-checks content for a series of investing websites.

» James Barra Profile Page

Fact Checked By

Jemma Grist

Fact Checked By

Jemma Grist

Jemma is a writer, editor and fact-checker focused on retail trading and investing. Jemma brings a unique perspective to the forex, stock, and cryptocurrency markets and works across several investment websites as a researcher and broker analyst.

» Jemma Grist Profile Page

Updated

Jun 29, 2024

In Italy, the National Commission for Companies and the Stock Exchange (CONSOB) – known locally as the Commissione Nazionale per le Società e la Borsa – is tasked with regulating the country’s financial markets and issuing licences to brokers.

Alongside the European Securities and Markets Association (ESMA), CONSOB sets the rules for financial services companies. It also serves a supervisory role and slaps penalties on brokers who flout regulations.

Italy’s regulator is classified as a ‘green-tier’ regulator under our Regulation & Trust Rating. As a consequence, day traders who deal in the Mediterranean country can expect robust protection from bad actors.

Explore the best brokers that are regulated by CONSOB. We have verified that they are listed on the organization’s Register of Investment Firms (or Albo delle Imprese di Investimento, in local parlance).

Best CONSOB Brokers

Our tests reveal these 1 CONSOB-regulated trading platforms are a cut above the rest:

Click a broker for details

1. 1

   
   IG
   Go To IG

   IG Review

   Forex trading involves risk. Losses can exceed deposits.

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   Ratings

   Regulation & Trust 4.9 / 5

   Accounts & Banking 4 / 5

   Assets & Markets 4.5 / 5

   Fees & Costs 3.5 / 5

   Platforms & Tools 4.8 / 5

   Customer Support 4.5 / 5

   Research 4.9 / 5

   Education 5 / 5

   iOS App 4.6 / 5

   Android App 4 / 5

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   Minimum Deposit $0

   Minimum Trade 0.01 Lots

   Leverage 1:30 (Retail), 1:250 (Pro)

   Regulator FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB

   Instruments CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting

   Platforms Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral

   Payment Methods PayPal, Wire Transfer, Mastercard, Credit Card, Visa, Debit Card

   Account Currencies USD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD

   Go To IG

Here is a short summary of why we think each broker belongs in this top list:

1. IG - Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand-US offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.

CONSOB Brokers Comparison

CONSOB Brokers Comparison

Broker	Minimum Deposit	Markets	Platforms	Leverage
Visit	$0	CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting	Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral	1:30 (Retail), 1:250 (Pro)

IG

"IG continues to provide a comprehensive package with an intuitive web platform and best-in-class education for beginners, plus advanced charting tools, real-time data, and fast execution speeds for experienced day traders."

Christian Harris, Reviewer

IG Quick Facts

Demo Account	Yes
Instruments	CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting
Regulator	FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB
Platforms	Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral
Minimum Deposit	$0
Minimum Trade	0.01 Lots
Leverage	1:30 (Retail), 1:250 (Pro)
Account Currencies	USD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD

Pros

• IG is amongst the best in terms of its range of instruments, which includes stocks, forex, indices, commodities, and cryptocurrencies, providing ample diversification opportunities
• The IG app offers a superb mobile trading experience with a clean design that helped it secure Runner Up at our Best Trading App award
• The proprietary web-based platform continues to caters to traders of all levels, with advanced charting tools and real-time market data useful for day trading

Cons

• While there is negative balance protection in the UK and EU, there is no account protection or guaranteed stop losses for US clients
• Beginners might find IG’s fee structure complex, with various fees for different types of trades or services, potentially leading to confusion or unexpected charges
• Stock and CFD spreads still trail the cheapest brokers like CMC Markets based on tests

Visit IG

IG Review

Methodology

To identify the top brokers that are regulated by CONSOB, we:

How Can I Check If A Broker Is Regulated By CONSOB?

Through its Register of Investment Firms, CONSOB provides – in the form of various separate lists – a database of financial firms that are authorized to trade in Italy. These are organized according to where the firm is located, and whether it operates branches in the country.

CONSOB provides an up-to-date list warning list of companies found to have acted unlawfully, as well as a searchable archive for traders to peruse. It handily provides reports from supervisory authorities all over the globe as well as its own.

Unfortunately, the regulator doesn’t provide an easy-to-navigate broker search facility for quick results. But with some light detective work, it’s still possible to get the answers you need.

Within a few minutes, I was able to confirm that FXCM is approved to do business in Italy. I opened the Register of Investment Firms, then clicked on each of the lists and searched for ‘Stratos Europe Limited’ (the company that operates under the trade name FXCM).

After some brief research, I found the broker on the list of investment firms authorized in other EU states without branches in Italy. The document provides the broker’s address and a rundown of services it is allowed to provide.

Royston Wild

Author

Day traders in Italy can also use brokers that are registered in other parts of the European Economic Area, or EEA. This territory comprises all 27 European Union (EU) countries and four European Free Trade Association (EFTA) nations. This concept – commonly known as ‘passporting’ – works in accordance with the free movement of goods and services under the single market.

What Rules Must CONSOB-Regulated Brokers Follow?

Online brokers must adhere to Italy’s strict regulatory system if they wish to set up shop and remain in operation. They must meet criteria set by CONSOB and by ESMA, a body that governs financial services across all EU states.

Regulations are greatly influenced by the Markets in Financial Instruments Directive II (MiFID II). This framework was introduced at the EU level to improve the transparency, stability and functionality of financial markets, and to bolster protections for traders and investors.

Under MiFID II rules, brokers must:

• Strive to achieve the best possible results for their clients, taking into account items like dealing costs, trading speed, and the probability of execution and settlement.
• Clearly communicate the risks associated with their products, and ensure that advertising is not misleading as to the returns a trader can expect to make.
• Restrict leverage to 1:30 for major forex pairs (like the EUR/USD and USD/JPY), and 1:20 for other currency pairings.
• Offer negative balance protection to prevent retail investors from going into debt when using leveraged products.
• Close a trader’s position if the value of their trading account falls below 50% of the required margin to keep their leveraged positions open. This is known as margin close-out.
• Use segregated accounts to protect customers’ assets in the event that the trading firm goes bust.
• Separate charges for research and transactions, thus providing better price transparency for customers and reducing the risk of overcharging.
• Provide regular and detailed trading data to regulators, which helps lawmakers to better identify and crack down on market manipulation.

Bottom Line

Ensuring that the broker you choose is authorized to trade is essential regardless of what territory you’re based in. Fortunately, traders in Italy can have confidence that they are well protected if they use a trading platform approved by the country’s CONSOB.

However, investors should be mindful that fraudulent parties are still in operation. Additionally, day trading as an occupation is naturally risky, so never speculate with money that you can’t afford to lose.