Binary Options Trading Italy
Binary options trading in Italy is a popular form of financial trading. To protect traders and keep them safe, it is regulated by CONSOB (Commissione Nazionale per le Società e la Borsa). Their strict licensing and regulation requirements mean that this type of trading is perfectly legal and above board.
With so much choice comes many opportunities to make money from online trading. As the market becomes more competitive, additional benefits become open to you. Binary options brokers in Italy are now offering more and more features and incentives to encourage you to open an account with them.
Despite the choice it is still important to choose your broker wisely. While Italy, and CONSOB in particular, place tough sanctions on the market, there is still the risk of unregulated brokers soliciting trade. To ensure that you only choose the most reliable and trustworthy we conduct full broker reviews and make comprehensive recommendations.
To make sure that you know how to get the best Italian trading experience we will explain:
- What to look for when selecting a binary options broker inside Italy
- The various benefits of binary trading and what they should mean to you
- Taxes and fees that you will be liable for when trading successfully
Our Top Recommended Websites Updated: December 2018
Local Broker Benefits
For many, trading with a local binary options broker in Italy offers some degree of comfort. After all, as the broker is native to the country, you expect them to be easier to deal with than a foreign broker. The truth is that Italian brokers and foreign brokers, that trade in Italy, all have to have the same licensing. This means that your money should be safe whoever you choose. Here are a few benefits to look out for when choosing a broker:
Welcome Bonuses And Incentives
To encourage you to open an account, brokers will offer incentives in the form of welcome bonuses. They will often offer a no deposit bonus which you can use to carry out your first trade or first few trades. Some brokers do not offer the no deposit bonus, instead preferring to offer a deposit bonus which is equivalent to a percentage of the bonus or a match deposit bonus.
The ability to be able to trade on the move is paramount for many of you. In this modern age of technology, and demands on time, it is rare that you will have time to spend sat in front of a computer screen. Mobile trading lets you trade from a phone or tablet. If the broker doesn't offer a mobile compatible trading option then you are going to be restricted in what you can do.
The demo platform is a simulated trading platform. It allows you to get used to the trading platform using virtual funds before risking your own cash. Many brokers offer this as a way to allow you to either get used to a platform or to try trading on different assets.
If you have a query or an issue while trading, you expect to be able to get help. Good brokers will offer an easy to access customer services team. Whether this be via a pop up live assistant or a way of contacting someone by email or phone, it is worth testing their customer service before you open an account.
Websites You Should Avoid
Legal And Regulation
Binary options trading in Italy is legal but heavily regulated. Every broker that offers binary options trading within the country has to have a license. Trading is governed by CONSOB (Commissione Nazionale per le Società e la Borsa) who oversee Italy's financial markets. If the broker is based in Italy then they must apply for a license from CONSOB.
If they are based outside of Italy, they must apply for a license before they can solicit business from you, the trader. It is perfectly acceptable for a licensed broker to offer their services to Italian residents, even if they are not based in the country.
There are many licensing bodies across Europe like CySEC (Cyprus) and BaFIN (Germany). There is also MiFID regulation which is an EU regulation. In fact, anyone that has a license in Europe must all operate under EU rules so all European brokers effectively have the same guidelines.
Italy however, like many countries, still insist on the brokers applying for a licensed from CONSOB. Essentially, if you are an Italian resident and you want to trade in binary options then you need to look for the CONSOB licensing symbol.
Paying Taxes And Fees
Every country has tax laws, either governed nationally or regionally, and Italy is no exception. Like it's neighbour Spain, if you are going to be trading in binary options then you will be liable for income tax on your profits. If trading is your only source of income, and you are below the tax threshold, then you won't have to pay any tax. If, however, this is your second income or you are earning over the threshold, then you will be liable to pay tax. You must keep a record of your profits and your losses as you can offset your losses against your earnings.
There are other fees to consider when trading. These include
Before you start trading, make sure you that you establish the fees that you are likely to pay. Remember these fees can be subtracted from your profits when declaring your earnings for tax purposes. One tip is to keep your withdrawals to a minimum. The more you make the more fees you will be subjected to.
How we Recommend Brokers
When you are selecting a broker, there are a number of factors to consider. You may have different priorities to the next trader and some things will be more important than others. Even so it is important to take a balanced view of what Italian brokers offer. To begin you will want to ensure that they are licensed by CONSOB. Then you can start to look at the benefits that they offer.
Do they offer welcome bonuses, a demo platform and can you trade on the move? What is the website like to use and is their customer service good? All of these aspects of binary options trading in Italy will mean the difference between a good and a not so good trading experience.
Now you probably don't have time to scour the internet researching lots and lots of brokers. Well the good news is that you don't have to. That is what we do. We extensively research binary options brokers in Italy and across the globe to make sure that we are only presenting you with the best in the market
We review each aspect of trading with each broker and then present the information to you in a comprehensive review so that you can make an informed decision. By using our ratings and recommendations you can be confident that your trading experience will be a good one.
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Frequently Asked Questions
Is binary trading in Italy legal and safe?
Yes, binary options trading in Italy is legal and above board. The governing body for financial activity insist that every broker offering their services in the country is licensed. Because of this, as long as you choose a CONSOB licensed broker, your money is safe. Italy work hard to uncover and shut down rogue brokers and are always working hard to stay on top of the binary options market place.
Do I need to pay taxes on my trading profits?
Yes, you do. If you are earning more than the income tax level threshold for Italy, then you will need to pay tax on your profits. Your losses can be offset against your successful trades so make sure you record all of your transactions. Most brokers will offer a transaction history that you can download and use to complete your self-assessment tax return. Be aware that it is your responsibility to make sure you inform the authorities or you could risk facing penalties.
Can I test brokers before trading with real money?
If you use a demo account then you can test the virtual platform with virtual funds. The virtual platform simulates a live trading environment and will give you the opportunity to get to grips with the site. To trade with real money, you will need to find a broker that offers a no deposit bonus. This, as the name suggests, means that you can open an account and receive a bonus without depositing your own funds. You can then use the bonus to trade.
Is it easy to make deposits and withdrawals?
It is extremely easy to make deposits to a binary options account. Using a credit card, debit card or other form of electronic payment you can deposit the required amount for immediate use. To withdraw funds takes around three to five working days and the money will be returned to the deposit source. You will need to fill in forms and prove your identification before you can make withdrawals.
Can I trade using my mobile or tablet device?
As long as the website is optimised for mobile use then you can trade on a mobile or tablet. What this means is that when you visit the site from a mobile, the site fits the screen and is easy to use rather than you having to pinch and stretch the screen to read it. Alternatively, the broker may have an app for iOS and Android that you can use for trading. If the website is not optimised for mobile use then you are going to struggle to trade on the go.
Our Top Recommended Websites Updated: December 2018
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