Key facts
- Regulators: CONSOB (with the Bank of Italy)
- Retail leverage: up to 1:30 on major FX pairs
- Tax: generally 26% on financial gains
- Tax regimes: administered (broker withholds) or declarative (you declare)
Regulation
CONSOB supervises financial markets and investor protection in Italy and regularly blocks access to websites of unauthorised firms. Brokers can serve Italian clients if authorised in Italy or passported from another EEA country.
Retail protections
- ESMA leverage limits and 50% margin close-out
- Negative balance protection
- No bonuses
- Risk warnings with loss percentages
Tax regimes
| Regime | How it works |
|---|---|
| Administered (regime amministrato) | An Italian intermediary calculates and withholds the tax for you |
| Declarative (regime dichiarativo) | You declare gains and pay tax yourself — typical with foreign brokers |
Gains are generally taxed at 26%, and losses can usually be carried forward for a limited number of years against future gains of the same category. Foreign accounts may also need to be reported.
Choosing a broker
- Check CONSOB's warnings and the broker's EU authorisation.
- Consider whether a broker offering the administered regime would simplify your taxes.
- Prefer a euro account.
Forex brokers to compare in Italy
Pepperstone (EU entities supervised by CySEC and BaFin) and IG (IG Europe GmbH, BaFin) serve clients in many EEA countries. Check that each broker accepts residents of Italy before applying, and see our European broker rankings.
| Broker | EU entity | Retail loss rate |
|---|---|---|
| Pepperstone | CySEC / BaFin | 72.9% |
| IG | IG Europe GmbH (BaFin) | 74% |
Frequently asked questions
Is forex trading legal in Italy?
Yes, through brokers authorised by CONSOB/Bank of Italy or passported from another EEA country.
What is the tax rate on trading gains in Italy?
Generally 26% on financial gains.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Most 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. Tax information is general and may change. Consult an Italian tax adviser (commercialista).