How To Choose The Best Forex Brokers in Italy
Foreign exchange or Forex traders who participated in the Italian market more than a decade ago look back with fond memories of their earnings and experiences. When Italy still had the Lira as its official currency, its economy was spirited and vigorous. Forex traders experienced favorable conditions then because of the strength of the Lira and the robustness of the Italian economy. The Forex market in Italy also experienced many developments, making it a very promising business.
When Italy joined the European Union (EU) în 1999, it dropped the Lira for the consolidated Euro legal tender. It was one of the first countries to use the Euro as its official currency. It was expected that Italy would gain from the strength of the Euro. in orice caz, Forex brokers in Italy were thrust to contend with other European markets which had more favorable trading conditions such as Cyprus, Germania, și Regatul Unit. This has made it difficult for the Italian Forex market to soar rapidly.
Rules and Regulations for Forex Brokers in Italy
Another hindrance to the quick success of the Italian Forex market is the strict regulation done by the Italian government. There are numerous requirements, regulations, and laws that are strictly implemented by government agencies like the Commissione Nazionale per le Societa e la Borsa (CONSOB) or the Italian Securities and Exchange Commission.
The CONSOB, although strict, closely monitors and limits trading activities to avoid high-risk investments. The CONSOB may impede the Italian Forex market, but it also protects traders from suffering huge losses. The commission is strongly against binary options trading, forcing a binary trader to choose between stocks and Forex.
Why has Forex Trading been slow on Italy?
The slow growth of its economy, including the Forex market, pushed Italy to seek assistance from the EU. The European Central Bank responded recently through a bailout. This added more anxiety to the many woes of Forex traders, prompting some of them to focus on dealing with brokers in other EU countries.
Despite the bleak economic situation in Italy, some Italian Forex traders chose to stick it out with the former economic stronghold. This shows that not all is lost in the Italian economy. de fapt, the current state of the Italian economy looks hopeful and rosy with the proliferation of Italian Forex Brokers.
Traders turn to Italian Forex Brokers which can either be based in Italy or in another EU country with a branch in Italy. Offshore Forex brokers are more popular among traders because their brands are already established in other EU countries. But the locally-registered Forex brokers are also gaining ground among Italian Forex traders because such homegrown Forex brokers can operate with their particular proprietary platforms. Other local Forex brokers are also customized based on the specifications of a foreign broker.
The CONSOB has joined forces with the UK’s Financial Conduct Authority and France’s Autorite des Marches Financiers (AMF) or Financial Markets Regulator. The three financial regulatory bodies aim to uncover unregistered trading companies that are holding office in Italy, France, or Great Britain. This bodes well for Italy as it is backed by two superpowers in its quest to regain its lost economic glory.
Different Types of Forex broker in Italy
With the boom of Italian Forex Brokers, including xTrade, XM, și HY Markets, the CONSOB has committed to further monitor homegrown and offshore Forex brokers. The commission is also part of an initiative that aims to reinforce investor protection in the Forex market.
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