Everything to know about top Forex brokers in Greece

Greece is situated at the southern end of the Balkan Peninsula and borders Albania, North Macedonia, Bulgaria, and Turkey. The country is surrounded by Ionian and Aegean seas.

Greece is a member state of the European Union since 1981. The main currency in the country is Euro, adopted in 2001. The economy of Greece is diverse and the main contributors to the GDP (Gross domestic product) are tourism, shipping, agriculture, manufacturing, and services.

The country has experienced a couple of economic crisis, with high public debts, and budget deficits. However, the country’s economy is recovering step by step. And as this happens, more and more people get interested in investing in financial assets and active trading.

A comprehensive list of the best Forex brokers in Greece

One of the very first steps to make when starting your trading journey is finding a reputable broker. The biggest indication of whether your broker is trustworthy is regulations. In addition, it’s crucial to find a broker with great trading conditions. Trading conditions differ from broker to broker and include fees, account types, trading platforms, customer support, and available instruments. One thing that makes the selection process so difficult is that there are so many brokers to compare. To make this task easier for you, we’ve created a top brokers list that accept traders from Greece.

FX regulatory environment in Greece

In Greece, Forex and CFD (Contracts for Difference) trading is legal and regulated by the Hellenic Capital Market Commission (HCMC). Established in 1991, this autonomous entity oversees the smooth functioning of a variety of segments of the Greek financial sector, including investment, pension funds, stock exchange, and, by definition, the local Forex trading market.

HCMC’s main responsibilities include the enforcement of customer protection measures, facilitation of the market’s sustainable development, and the issue of the relevant regulatory measures. As with the other EU member states, Greece follows the guidelines issued by the Markets in Financial Instruments Directive (MiFID) and the European Securities and Market Authority (ESMA).

Following the lead of its European neighbors, Greece has put forward a limit on the maximum leverage that the local brokers can provide. The highest leverage that Greek traders can seek amounts for 30:1, and it’s usually offered exclusively for the popular currency pairs, such as USD/EUR, and other similar ones. When it comes to more volatile assets, the leverage is decreased even further. For example, for commodities, such as gold, the maximum leverage is 20:1, and 5:1 for the individual indices and highly volatile assets, such as cryptocurrencies and stocks. High leverage is dangerous for beginner traders as it can amplify losses. For this very reason, strict regulators limit its availability.

Protection of negative balance

The HCMC does not stop at just limiting the access to high leverage, and, by doing that, reducing the risks associated with Forex trading in Greece. One extra step that the regulatory body takes to protect traders from some devastating losses is demanding local brokers to provide protection of negative balance.

This measure is great for ensuring that the trader does not end up losing more than they have originally invested, which is often the case when one is using leverage. On top of limiting the chances of the trader ending up indebted to their respective broker, this regulation also prevents brokers from having a reason to offer the unnecessarily high leverage.

Ban on bonuses and promotions

Bonuses and promotions are actively offered to new traders by the brokers to attract more clients. However, in many countries such offerings are not allowed. In Europe, including in Greece, brokers cannot offer welcome or other bonuses. Such promotions may seem harmless at the first glance, however, the opposite is true. Traders need to manage their risks, emotions, and develop trading strategies, instead of chasing promotions. Trading with wrong motivation is highly risky and can be destructive for the account balance.

Segregation of accounts

The final measure to discuss here is actually common across various regulatory bodies in the EU. Segregation of broker’s operational funds and the accounts of their respective traders is a good way of adding that extra layer of security. This means that even if a broker goes out of business and gets liquidated, traders will get access to their money.

Summary

Overall, we can say that Forex and CFD trading is becoming increasingly popular in Greece. As an EU member state, the regulatory environment is strict in the country. Residents of Greece can open accounts with local brokers or find international ones. Typically, global brokers offer better conditions as they have to compete at international level. In fact, all the brokers in our list are internationally regulated and highly reputable. Some of the best brokerages to consider are: XM, AvaTrade, EagleFX, and others. Make sure to check the reviews on each broker before making a decision. You can open detailed review pages by clicking on their icons from the list.

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