Despite a decade-long recession and high unemployment, Greece's foreign exchange market remains vibrant, with many foreign brokers serving clients from the cradle of democracy.。The Greek forex trading industry is closely regulated locally by the Greek Capital Markets Commission (HCMC).。

The Athens Stock Exchange in Greece (ATHEX) is the country's main securities market, with a market capitalization of €69.3 billion as of February 2018.。ATHEX operates multiple markets, including the securities market, where investors can trade financial instruments such as bonds, exchange-traded funds (ETFs) and equities。

▍ Best Forex Broker

○ Saxo Saxo Bank

Saxo Bank offers options contracts listed on 20 exchanges and is one of the best options brokers。Saxo Bank's tailor-made trading tools for options trading volume are also eye-catching, including options chains, strategy generators, option rolling features and comprehensive risk data。By default, Saxo Bank only allows traders to buy options。Traders with an account balance of more than $5,000 and a written risk confirmation can also sell options。

In addition to listed stock, index and futures options, Saxo Bank offers foreign exchange vanity options。Traders can easily switch options by linking the option chain to the watch list。

Advantages	Disadvantages
√ Large banking institutions	* US traders are not accepted
√ Comprehensive supervision

○ FP Markets · Aofu

FP Markets integrates Trading Central services in its customer portal, providing market research and actionable trading signals。FP Markets is one of the Trading Central brokers with the best MT4 / MT5 upgrades, traders get 12 plugins and Autochartist。MAM / PAMM accounts allow portfolio managers to offer traditional account management services, while VPS escrow ensures that algorithmic traders get 24 / 5 forex trades with low-latency order execution.。

In addition to MT4 / MT5, FP Markets also offers cTrader。All three trading platforms support algorithmic trading and offer embedded copy trading services, and FP Markets also offers its own proprietary services, Myfxbook Autotrade and the charged Signal Start.。

Advantages	Disadvantages
√ Selection of trading platforms and auxiliary trading instruments	× Iress availability is geographically limited
√ Competitive cost structure and excellent asset selection
√ Low minimum deposit requirements and leverage up to 1: 500
√ Perfect supervision, trustworthy

○ Pepperstone

Pepperstone is an Australian Forex broker founded in 2010.。The company focuses on providing Forex trading and Forex rebate services to traders worldwide.。Pepperstone has offices in several international locations, including the Bahamas, China, Thailand, Ukraine, the United Kingdom and the United States, to better serve its broad customer base。Pepperstone offers customers a choice of account currencies, including Australian, Canadian, Swiss Franc, Euro, British Pound, Japanese Yen, New Zealand, Singapore, US and Hong Kong dollars to meet the needs of traders in different regions and。

Advantages	Disadvantages
√ Very competitive spreads and commissions	* Not available in US / Canada / Japan etc
√ Extensive trading platform across all operating systems	x Very few CFDs
√ Users can use Autochartist and Smart Trader toolkit for free	x No liability protection
√ Commission-free and low spread cost

○ AvaTrade

AvaTrade is an ECN / STP broker based in Dublin, Ireland, founded in 2006。AvaTrade is one of the world's largest forex brokers and a trusted, highly regulated trading platform.。Key regulators include the Australian Securities and Investments Commission (ASIC), Japan's Financial Services Authority (JFSA) and the Investment Industry Regulatory Organization of Canada (IIROC).。However, AvaTrade enjoys a high level of regulation in Australia, Japan, South Africa, the British Virgin Islands and the European Union.。Traders in India can expect maximum leverage of up to 400: 1 and take advantage of the most advanced trading options, including MetaTrader 4 (MT4), MetaTrader 5 (MT5), AvaTradeGO and WebTrader。

Advantages	Disadvantages
√ Provide high-quality education services through SharpTrader	× Transaction costs are competitive, but nothing special
√ A variety of trading platforms to choose from to meet various trading needs
√ Broad asset selection and cross-asset diversification opportunities
√ Under the supervision of the Central Bank, brokers are well regulated and trustworthy

○ CMC Markets

Founded in 1989, CMC Markets is a UK-based financial services company that provides online trading in equities, spreads, contracts for difference (CFD) and forex in global markets.。Originally known as Currency Management Corporation, later abbreviated as CMC, and changed to its current name in September 2005。

Advantages	Disadvantages
√ Wide range of financial instruments	x Do not accept US customers
√ Regulated by institutions such as the Financial Conduct Authority (FCA)	× Differences between proprietary trading platforms and MT4
√ Emphasis on education and customer service	x Higher spreads for certain index CFDs
√ Industry-leading research facilities	× No backtesting and automated trading capabilities
√ Protection of liabilities

▍Foreign Exchange Regulation in Greece

Both spot forex trading and contracts for difference (CFD) are legal in Greece and are regulated by the local regulator, the Greek Capital Markets Commission (HCMC).。

Foreign brokers can either apply for a licence from the Greek Capital Markets Commission or provide services to local clients using licences issued by other EU member states under the Markets in Financial Instruments Directive (MiFID).。

The Markets in Financial Instruments Directive has several purposes, including regulating financial behaviour within the EU and harmonizing regulations across member states.。Some brokerage firms regulated by Ho Chi Minh City, such as Athens-based AAAFx, are part of the Athens Stock Exchange Guarantee Fund。Under the scheme, Greek traders could be compensated up to €30,000 per person for their losses.。

The local regulator is a member of the Paris-based European Securities and Markets Authority (ESMA) and therefore operates under its auspices。The aim of this supranational entity is to establish a unified financial regulatory framework among EU member states.。

As a result, many (but not all) of the regulatory guidelines developed by ESMA also apply to Greece.。Forex brokers serving Greek clients must provide debt protection for clients。This is a security measure designed to protect clients from a possible broker bankruptcy。

If a customer loses money after a stop loss, his account balance will automatically return to zero。This policy guarantees a limit on the losses that retail customers may suffer, especially if they trade in leveraged derivatives such as contracts for difference (CFD).。

It is also worth mentioning that there is a limit to the maximum leverage that brokers offer to clients in Greece and across the EU。For novices, the essence of leverage is to allow traders to "borrow money" from brokers when trading derivatives such as CFDs.。This allows the trader to trade with more money than the account deposit。

For example, if a person has an account balance of 1,000 euros, he can enlarge it to 20,000 euros with a maximum leverage of 20: 1。This way, when they close their positions at a profit, they can significantly increase their returns。If the transaction is unsuccessful, the opposite is true。Retail investors will carry a heavy debt burden。

As a result, many financial regulators around the world have decided to impose restrictions on leveraged instruments.。According to regulations set by the European Securities and Financial Markets Authority (ESMA), the maximum leverage allowed for major foreign currency pairs such as USD / GBP or EUR / USD is capped at 30: 1, while the leverage for minor currency pairs, major indices and gold is capped at 20: 1.。

Greek investors limit their leverage to 10: 1 when trading in other commodities and non-major indices。The greater the inherent price movement of a particular instrument, the greater the volatility of the corresponding market.。As a result, ESMA limits the allowable leverage to 5: 1 for individual stocks and 2: 1 for cryptocurrency markets.。

Regulated Greek brokers must also comply with certain rules related to margin。Under ESMA, brokers are required to close open CFD positions for retail clients with a 50% margin, which is calculated on an account basis.。

In addition, the broker must show the percentage of losses that retail customers have made when trading CFDs。ESMA suspends all bonuses and promotions related to volume trading。

Another condition that Greek and EU brokers must comply with is that clients' funds are kept in separate accounts and must not be used for hedging purposes.。This can protect a trader's funds in the unfortunate case of a broker filing for bankruptcy。

▍Greek Financial Regulators

The Greek Capital Markets Commission (HCMC) oversees all financial activities outside the Greek banking sector.。In contrast, the Bank of Greece, the central banking institution, has other responsibilities, such as issuing euro banknotes, ensuring the stability of the local financial system, and supervising all private banks operating in the country.。

HCMC is an independent, self-financing regulator, funded by fees paid by entities it regulates。The regulatory body was established in 1995 under Law 2324.。Since Greece is part of the EU, HCMC's regulations are harmonised with the framework established by ESMA。

The Greek regulator has an informative website available in both native and English languages。Here, traders can find information on all regulated entities, as well as warnings about brokers suspected of fraudulent activity。The list of licensed brokers is regularly updated。

According to MiFID, trading companies licensed in EU member states have the legal right to provide services to customers in other EU countries.。For example, Greek traders are free to join brokers licensed by the Cyprus Securities and Exchange Commission (CySEC).。

Founded in 2001, CySEC has issued licenses to a large number of overseas retail forex brokers and binary options providers.。In fact, CySEC was the first financial watchdog to introduce binary options into regulation as a financial instrument.。

It is also responsible for the supervision and control of the Cyprus Stock Exchange。CySEC investment firms that violate regulatory guidelines face sanctions and various disciplinary penalties。The regulator conducts regular investigations to ensure that its licensees operate within the framework it has set out.。

▍ Greek foreign exchange payment methods

Greek friendly brokers separate client balances from their working capital under EU financial regulations。These funds are deposited with major financial institutions to protect clients from broker bankruptcy。

Brokers approved to accept real account registration in the Hellenic Republic usually accept debit or credit card payments。The most widely used are Visa, Mastercard and Maestro branded cards。While most Greek traders prefer to use the local euro for payments, credit cards allow transfers in a number of different currencies.。

Another benefit is saving time。Depositing with a bank card is usually the fastest, because the deposit can be completed immediately, or in the worst case within a few hours。Some top Greece-friendly brokers are happy to cover the cost of bank card deposits, but not always。

We recommend that Greek traders contact customer support or visit the payment section of the selected broker for more information on potential deposit fees。Another method widely used by Greek customers is bank wire transfers。You can make wire transfers in person or through the electronic banking platform of a local banking institution such as Eurobank。

Eurobank Ergasias, along with Citibank, HSBC, Alfa Bank, Piraeus Bank and Attica Bank, is known as the five largest banks in Greece.。It also operates in five other European countries, namely Luxembourg, the United Kingdom, Cyprus, Greece's neighbors Bulgaria and Serbia.。The bank is MiFID compliant and has assets of €64 billion.。The bank has 730 customer service branches in Greece and abroad.。

Greek traders who deposit money by bank transfer may have to pay additional fees, but different banks charge different rates。Payments via bank wire are much slower。It takes up to 2-3 working days to complete。

Some Greek regulated brokers, such as AAAFx, allow clients to opt for cryptocurrency deposits like Bitcoin。Commissions (if any) are very low, and deposit processing time usually does not exceed half an hour。This makes Bitcoin an ideal payment option for many Greek traders。E-wallets such as Skrill and Neteller are also listed in the banking section of many Greek friendly brokers。

▍ Popular trading software in Greece

The software used by brokers often has a significant impact on a trader's decision whether or not to register there。Many EU-regulated brokers develop software in-house, so the functionality of different trading sites can vary greatly。

The three main requirements of most traders for trading platforms are simplicity, stability and efficiency.。The MetaTrader 4 (MT4) platform used by many Greek Forex brokers has these three features。It is a third-party trading software developed by Russian developer MetaQuotes。

It is mainly aimed at the needs of traders in the foreign exchange market。It provides traders with a variety of market analysis tools and resources that can greatly improve their trading performance.。

There are several trading modes - manual trading, algorithmic trading, and automated trading with the help of the Expert Advisors program developed by MetaQuotes Language 4 (MQL4)。The platform is suitable for traders of all skill levels。

It has a variety of advanced technical analysis tools, but at the same time maintains user-friendliness。Its design is user-oriented and very beneficial to junior traders。MT4 is fully compatible with iOS / Android and is available in over thirty languages including Greek。

Greek traders looking to diversify their portfolios should try a newer version of MetaTrader 5, which offers more financial services including bonds, options, stocks and futures。

Some brokers serving the Greek market, such as AAAFx, offer ZuluTrade's ZTP software alongside the MetaQuotes platform。ZuluTrade is browser based, no need to download any additional software。The platform is equipped with a variety of unique risk management features and has customizable automated trading settings。It allows forex and CFDs trading。

It is available in up to 26 languages, supports multiple languages, and runs on all major portable devices。However, the most notable feature of the ZTP platform is the provision of social and replication transactions.。Users using the software can follow experienced investors and copy their trades。The platform has more than 1 million users and more than $800 billion in transactions.。

Mobile trading in Greece

Smartphones have become an integral part of modern life, and people use them to browse the web, shop, play games, interact socially and, of course, transact。Greece also has a smartphone boom。

A 2016 survey showed that 6 out of every 10 residents in Greece own a smartphone, and nearly half of them use a mobile device to connect to the Internet.。Another statistic on the use of electronic devices in Greece shows that mobile phones and smartphones are currently the most used types of devices in Greece。This trend is also reflected in the field of foreign exchange trading, with more and more investors conducting trading activities on the go。

Mobile trading allows them to keep an eye on their positions and track price movements。In addition, applications from reputable Greek brokers successfully replicate the desktop experience to the extreme。

In most cases, you can execute orders, create watch lists, and get real-time quotes on the fly。These applications also allow you to perform advanced technical analysis with graphical objects on indicators and charts。Some Greek brokers offer downloadable apps and browser-based WebTraders。

▍ Frequently Asked Questions

1.What to look out for when choosing a Greek friendly Forex broker？

First, you must check whether the broker you are interested in is properly regulated。This will ensure a safe, fair and transparent trading experience。Another factor to consider is the software used。There is nothing wrong with choosing a broker that uses the MT4 or MT5 platform。Check commission (if any) and spread。It is wise to compare spreads and commissions from multiple brokers and then make a choice。

2.If I am in Greece, do I have to join a broker regulated by HCMC？

While Greek traders are advised to join HCMC-regulated brokers, this is not an absolute necessity。Since Greece is part of the European Union, MiFID applies to Greece, so brokers licensed in other EU jurisdictions, such as Cyprus, can also legally serve clients from Greece.。They provide the same high level of security and transparency, so if you join a CySEC-regulated broker, there is nothing to worry about。

3.Can I execute transactions directly in the browser?？

Yes, many Greek brokers offer their clients a variety of platform options, including the popular WebTrader launched by MetaQuotes。As the name suggests, this is a browser-based platform that allows you to enter the foreign exchange market instantly and easily without additional software。You can use it on your phone and desktop。It is basically the same as the downloadable MT4 platform and provides the same functions。

4.Do Greek Brokers Offer Leveraged Trading？

Yes, the vast majority of Greek brokers support trading in leveraged products such as CFDs, allowing clients to expand trading volumes far beyond their capital。Be careful when using leverage, though, especially if you're a retail investor。Trading with leverage is risky and most retail clients of friendly Greek brokers will lose their money。Before using leverage to trade, you should consider your level of knowledge and whether you can withstand large losses。According to the ESMA, the maximum leverage ratio for major currency pairs is 30: 1。

5.How can I deposit funds into my account as soon as possible?？

Visa, Mastercard, Neteller and Skrill are recommended if Greek traders want to avoid annoying delays when making deposits。These methods are widely used by brokers in Greece and often enable instant deposits。