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

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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.
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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.
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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.
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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
    Forex trading involves risk. Losses can exceed deposits.

    Ratings
    4.9 / 5
    4 / 5
    4.5 / 5
    3.5 / 5
    4.8 / 5
    4.5 / 5
    4.9 / 5
    5 / 5
    4.6 / 5
    4 / 5

    $0
    0.01 Lots
    1:30 (Retail), 1:250 (Pro)
    FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB
    CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting
    Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral
    PayPal, Wire Transfer, Mastercard, Credit Card, Visa, Debit Card
    USD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD

Here is a short overview of each broker's pros and cons

  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
IG logo
$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 AccountYes
InstrumentsCFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting
RegulatorFCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB
PlatformsWeb, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral
Minimum Deposit$0
Minimum Trade0.01 Lots
Leverage1:30 (Retail), 1:250 (Pro)
Account CurrenciesUSD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD

Pros

  • As a well-established broker, IG operates under strict regulatory guidelines in multiple jurisdictions, maintaining a high level of trust
  • 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
  • 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

Cons

  • IG applies an inactivity fee of $12 per month after 2 years, deterring casual investors
  • 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
  • While there is negative balance protection in the UK and EU, there is no account protection or guaranteed stop losses for US clients

Methodology

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

  • Examined our database of around 500 brokers to locate those claiming to be regulated by CONSOB.
  • Used CONSOB’s online database to confirm they are indeed regulated in Italy.
  • Ranked them by their rating, blending the findings of our investment experts with 100+ data points.

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.

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Royston Wild
Author
Italian regulator database showing FXCM
FXCM – CONSOB License

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:

💡
CONSOB continues to be one of the most active European regulators, issuing warnings most weeks against firms offering trading products illegally. The Italian body has blacked out 1,110+ unauthorized websites since it obtained the power in 2019.

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.

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