The effect of the Coulomb interaction on the phase diagram of finite nuclei is studied within the Canonical Thermodynamic Model. If Coulomb effects are artificially switched off, this model shows a phenomenology consistent with the liquid–gas phase transition. The inclusion of Coulomb does not significantly affect the phase diagram but it drastically modifies the nature and order parameter of the transition. A clear understanding of the phenomenon can be achieved looking at the distribution of the largest fragment produced in each fragmentation event. Possible connections with experimental observations are outlined.