Everything to know about top Forex brokers in Greece

There are many things that Greece is famous for, but, unfortunately, the national economy is not one of them. Nevertheless, virtually everyone knows about the county’s rich history, amazing scenery, world-famous cuisine, and fascinating culture – which means that Greece is very likely to remain one of the world’s top holiday destinations for many years to come.

When it comes to the Greek economy though, the situation is not as promising. Having gone through quite a bit of turmoil and hardship during the 2008 global financial crisis, Greece has failed to recover swiftly and continued to struggle for the next 10 years. Luckily, in 2018 some positive trends started to emerge, and, as of right now, the EU and other major economic players across the world are placing quite a lot of hopes on the country’s gradual development.

With that being said, we realize that it might come as a surprise that Greece is actually considered as one of the best spots for Forex trading. In the guide that you are about to read we will tell you exactly why this is the case, as well as provide you with a complete list of top brokers in Greece and have a detailed assessment of the country’s regulatory environment.

A comprehensive list of best Forex brokers in Greece

Anyone with at least some experience in Forex trading will tell you that finding a brokerage to join is not an easy task.  Your broker can both elevate your overall trading experience or pull you down with big financial losses, or, in the worst-case scenario, a life-time of debt. It is, therefore, very clear why the process of choosing a broker is extremely nerve-racking, given how much is actually at stake.

On top of that, the task is definitely a demanding one. A trader-to-be needs to spend hours upon hours researching all the options available, comparing them against each other, and figuring out what works best for you.

Our team of experts realized just how hard it is to go through this entire procedure, and, thus, decided to lend a helping hand to both the beginners and experienced traders. We, ourselves, decided to spend some time on research and analysis, to come with an ultimate list of the best Greek Forex brokers as of this year – and you can find it below. If you are a trader in Greece, looking for a brokerage to join – look no further because we can personally vow for every single broker presented in this list.

XM Group

XM Group Forex Review

Minimum deposit

5 USD

Licences

CySEC, IFSC, ASIC

Maximum leverage

1:30*

US Clients

No

Forex.com

Forex.com Review

Minimum deposit

100 currency units

Licences

CIMA, FCA, NFA

Maximum leverage

1:200

US Clients

Yes

IQ Option

IQ Option Review – can the broker be trusted?

Minimum deposit

10 USD

Licences

CySEC

Maximum leverage

1:1000

US Clients

No

Exness

An in-depth review of Exness Forex broker

Minimum deposit

1 USD

Licences

CySEC, FCA, FSA

Maximum leverage

1:Unlimited

US Clients

No

RoboForex

RoboForex Broker

Minimum deposit

100 USD

Licences

CySEC

Maximum leverage

1:200

US Clients

No

Who is eligible to trade Forex in Greece and how much does it cost?

Having discovered the amazing tools and benefits that the best online trading platforms in Greece have to offer, you are probably wondering if you are even eligible to start trading Forex there. Unfortunately, the common misconception about the FX market is that only a small group of privileged experts can join it. The reality is very far from that image, and joining the FX market in general, and Greek Forex trading in specific, is no rocket science.

The main legal requirement that you will need to meet is being of the age of 18 or older – which makes perfect sense, as trading Forex is a risky financial enterprise and no place for minors. The only other standards that you will need to abide by will issued by the broker of your choice, and once you meet those – you will be able to start trading in no time.

When it comes to the costs of joining a Forex trading broker in Greece, it will not cost you a dime. Nevertheless, it does not mean that there won’t be any other financial inputs involved.

You will definitely be required a deposit, that will then be used for your consequent trading sessions. Ideally, you should only deposit a sum that you will be comfortable losing, however, almost every single broker will have their own requirement for the minimum deposit.

One should note that this requirement is in no way an indicator of how trustworthy or qualified a certain broker is, as within a single list of some of the best Forex brokers in Greece you will find both those asking for as little as 5 USD and those going all the way up to 500 USD. Therefore, you should never underestimate the importance of conducting proper research and finding a broker that suits you best.

FX regulatory environment in Greece

How does Greece manage to maintain its status as one of the most attractive destinations for those interested in Forex trading? The answer probably lies in its efficient and all-encompassing regulatory environment. In the end, the security of the country’s FX market is the single most important driver of its successful growth.

In Greece, the main regulatory body is 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.

Its main responsibilities include the enforcement of customer protection measures, facilitation of the market’s sustainable development, and the issue of the relevant regulatory measures. Below we will have a closer look at what those measures are, and how do they benefit both the regulated Forex brokers in Greece and their respective traders alike.

How can brokers in Greece obtain an HCMC license?

As per usual, we will start our assessment of the Greek regulatory environment by having a quick look at what does it take for a broker to obtain an official license from HCMC.

To begin with, one should note that the overall process, like in any other European country, is quite time-consuming and demanding. In order to get official permission to offer their services in Greece, brokers need to go out of their way to demonstrate that they are both sufficiently qualified, and dedicated to the protection of their clients. We will have a more detailed look at what those standards are, however, as for now, the other question stands: is it only the Greek brokers licensed by the HCMC, that are allowed to operate in the country?

Well, once again, as with the other EU member states, Greece is subject to the guidelines issued by the Markets in Financial Instruments Directive (MiFID) and the European Securities and Market Authority (ESMA). According to those, EU-based brokers that already possess a license from one of Europe’s regulatory bodies can operate freely in any other of the EU member states, as that single license will suffice to make them eligible to do so.

Thus, one can easily see that a large chunk of the list of the best Forex brokers in Greece is actually made up of the brokers licensed elsewhere in Europe. However, it does not mean that one should avoid them, as reputable EU-based bodies, such as the British FCA and the Cypriot CySEC are doing a great job of only issuing licenses to the utmost deserving brokers.

Caps on leverage

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 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, 10:1 for the less popular commodities, and 5:1 for the individual indices and highly volatile assets, such as cryptocurrency.

But what is the reason for introducing such limits in the first place, one might ask. It is true that leverage can ultimately bring a lot of profit to the trader using it, however, it can equally be the root of some of the very devastating losses.

Experienced traders are usually in favor of using leverage as a trading tool because they possess both the skill and the knowledge necessary to treat it wisely. However, more often than not, beginners attempt to use them, because the prospect of gaining more while investing less seems very attractive. What they end up with is losing more than they invested, and having to repay their brokers as well.

Leverage advocates claim that the policymakers are no moral police, and, as a legal adult, each trader has their own right to decide whether or not to involve themselves in such a risky kind of trading. Nevertheless, regardless of what your opinion on the leverage is, you should remember that by forcing Forex trading brokers in Greece to reduce the leverage that they provide, the HCMC is looking out for your best interests.

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.

Public awareness and risk disclaimers

The final mechanism that the official HCMC licensees have to adapt is raising public awareness of various risks involved in trading Forex, especially those associated with different instruments of trading.

There are two main things that the HCMC does in this regard. The first one is spreading information and awareness via a variety of channels, with the organization’s website being the main one. This is particularly important when it comes to the amateur traders who often jump straight into trading without acquiring a sufficient amount of knowledge and skill first.

On the HCMC website, one can find the regulatory entities’ list of top Forex brokers, which, by definition are its official licensees, and are, therefore, sufficiently qualified to offer their services. Moreover, the HCMC page provides a comprehensive breakdown of all the information necessary to get a full idea of what the FX market in Greece is like and how does it operate.

The second measure is the requirement for the Greek brokerages that provide leverage to issue a full disclaimer of the potential risks that derive from trading with this tool, and the accurate success rates of the traders who used it. As with the previous one, this regulation is great for the beginners who end up using leverage without fully understanding just how volatile it is.

Ban on bonuses and promotions

If you have a little background in Forex trading, you most definitely know what the bonuses that the broker can provide are. Welcome or refill, they can be gifted to a client as a token of appreciation and gratitude, wither for choosing to join a specific brokerage or for becoming a regular trader with one.

While those tokens are often beneficial for both the broker and the trader alike ( as the former gets to expand their customer base, and the latter gets a boost of their trading sessions), they are often regarded as a form of aggressive marketing of a potentially risky financial investment, and are, therefore, banned in the Eurozone, and in Greece in specific.

However, this does not mean that there are no more benefits for the Greek traders, as one will find that some of the top Forex brokers in Greece offer very advantageous tools, such as the leverage that we discussed earlier.

Segrgegation 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 that everyone is looking for. By doing that, the HCMC ensures that the trader will not end up with their funds frozen or lost if the broker goes bankrupt and that the trader’s funds do not get misused on purpose or otherwise.

So, should you start trading Forex in Greece? The final verdict

Upon conducting a detailed assessment of the state of the FX trading in Greece, we can easily say that if you are a Greek citizen thinking about getting into Forex – you should definitely try it out.

Although the overall state of the national economy is not all sunshine and rainbows, the country makes up for it by offering some of the most efficient regulatory environments in the region. Moreover, the economy is bound to continue its gradual growth which means that the opportunities for profit will also continue to increase exponentially, exacerbated by some of the best-regulated brokers in Greece.