| Updated: May 15, 2024If you are on the lookout for the most trustworthy broker catering to Greek traders, we suggest checking the list of licensed forex brokers we have reviewed below. Our team of expert traders has explored the tools and platforms that each brand is offering, funding their trading accounts with real money. That way, we can truly assess which broker will offer the ultimate forex experience to Greek investors.
Fusion Markets74-89% of retail CFD accounts lose money
FP Markets73.85% of retail investor accounts lose money
IC Markets70.64% of retail investor accounts lose money
Forex.com77.7% of retail investor accounts lose money
Trade Nation86% of retail investor accounts lose money
eToro51% of retail investor accounts lose money
CMC Markets71% of retail investor accounts lose money
Global Prime74-89% of retail CFD accounts lose money
IG70% of retail client accounts lose money
BlackBull MarketsGreek Forex Brokers Ranked by Trustpilot Score
| Forex Broker | Trustpilot Reviews | |
|---|---|---|
| 1. IC Markets | 35964 | 4.8 ⭐ |
| 2. FP Markets | 6143 | 4.8 ⭐ |
| 3. Fusion Markets | 1409 | 4.8 ⭐ |
| 4. Forex.com | 1288 | 4.7 ⭐ |
| 5. Trade Nation | 605 | 4.5 ⭐ |
| 6. eToro | 22902 | 4.2 ⭐ |
| 7. CMC Markets | 1923 | 4.2 ⭐ |
| 8. IG | 6723 | 4.1 ⭐ |
| 9. Global Prime | 100 | 4.1 ⭐ |
| 10. BlackBull Markets | 34 | 3.6 ⭐ |
Greek Forex Brokers Ranked by Spread Commission
| Forex Broker | EURUSD | USDJPY | EURGBP | GBPUSD |
|---|---|---|---|---|
| 1. BlackBull Markets | 0.1 | 0.2 | 0.7 | 0.4 |
| 2. FP Markets | 0.10 | 0.30 | 0.30 | 0.30 |
| 3. Fusion Markets | 0.11 | 0.13 | 0.15 | 0.11 |
| 4. Global Prime | 0.13 | 0.28 | 0.28 | 0.22 |
| 5. CMC Markets | 0.5 | 0.7 | 1.1 | 0.9 |
| 6. IG | 0.6 | 0.9 | 0.9 | 0.9 |
| 7. Trade Nation | 0.6 | 1.9 | 1.8 | 1.9 |
| 8. IC Markets | 0.8 | 0.8 | 0.8 | 0.8 |
| 9. eToro | 1.0 | 1.0 | 1.5 | 2.0 |
| 10. Forex.com | 1 | 1.2 | 1.3 | 1.3 |
Greek Forex Brokers Ranked by Commission per Lot
| Forex Broker | Commission per lot |
|---|---|
| 1. eToro | $0 |
| 2. IG | $0 |
| 3. Forex.com | $0 |
| 4. Trade Nation | $0 |
| 5. Fusion Markets | $0 Classic Account, $4.50 round turn on Zero Account |
| 6. CMC Markets | $2.50 per lot |
| 7. FP Markets | $0 Standard Account; $6 round turn on Pro Account |
| 8. BlackBull Markets | $0 Standard; $6 per lot Prime; $4 per lot Institutional |
| 9. Global Prime | $0 Standard Accounts; $7 round turn on Raw Accounts |
| 10. IC Markets | $0 Standard MT; $6 round turn on Raw cTrader; $7 round turn on Raw MT |
ImportantNote: To be eligible to operate legally in Greece, brokers are required to obtain a license from the Hellenic Capital Market Commission (HCMC). This is the official financial regulatory body in Greece, ensuring that forex brokers are offering fair and safe trading conditions to their customers. We suggest you check the official website of the regulator to learn more about the way financial entities operating in Greece are being regulated.
Top 10 FX Brokers in Greece
Fusion Markets Broker Details Regulators ASIC, FSA (Seychelles), VFSC (Vanuatu) Min Deposit $0 Trading Platforms MetaTrader4, MetaTrader5, cTrader, DupliTrade, Fusion+ Copy Trade Trustpilot Rating 4.8 out of 1409 reviews Number of Forex Pairs to Trade Over 200 Leverage Forex & Metals: 30:1
Index CFDs: 5:1
Cryptocurrencies: 2:1Spread EURUSD: 0.11
USDJPY: 0.13
EURGBP: 0.15
GBPUSD: 0.11Forex Commission per Lot per Trade $0 Classic Account, $4.50 round turn on Zero Account Deposit Methods Visa, Mastercard, PayPal, Skrill, Neteller, Fasapay, Jeton Wallet, Perfect Money, Online Naira, Doku, Bitcoin, Ethereum, Litecoin, USDT, Tether, Ripple, bank wire Withdrawal Methods Visa, Mastercard, Bank Wire, Skrill, Neteller,Bitcoin, Ethereum, Litecoin, Tether, Ripple Founded by Australian trading experts, Fusion Markets was launched in 2017 and is currently one of the top destinations for traders all over the globe. While it is common for brokers to advertise low spreads, Fusion Markets was actually recognized by Brookerchooser, receiving the award “Lowest Spread Forex Broker” four years in a row.
In addition to offering traders tight spreads, Fusion Markets is committed to offering the best value for your trading, charging a significantly low commission of only $2.25 per lot ($4.50 per side). As you can see, const-effectiveness is one of the main values of this top-shelf broker.
Safety is always a priority for Fusion Markets, with major regulatory bodies like the Australian Financial Services (license No.385620), the Financial Services Authority of Seychelles (license No.SD096), and authorities in Vanuatu regulating the services provided by the broker. Under ASIC’s (Australian Securities & Investments Commission) regulation, the broker also provides a negative balance protection to some of its clients.
With no minimum on deposits and a wide range of popular trading platforms like MetaTrader4, MetaTrader5, cTrader, and more, it is no surprise that Fusion Markets is one of the top choices of traders. With an average score of 4.6 out of 5 on Trustpilot, this broker has received an Excellent rating from more than 1,300 happy customers.
Key Pros
- Offers some of the lowest spreads
- ASIC clients enjoy a negative balance protection
- Supports popular trading platforms
- Offers two copy trading platforms
- Supports fiat and crypto payment solutions
Key Cons
- Does not offer investor protection
- Traders outside Australia have no negative balance protection
- Cannot set up an account in a minor currency
Global Prime Broker Details Regulators ASIC (No. 385620), VFSC (No. 40256) Min Deposit $0 Trading Platforms MT4 Desktop, MT4 Webtrader, MT4 Android Trustpilot Rating 4.1 out of 100 reviews Number of Forex Pairs to Trade 56 Leverage Forex & Metals: 500:1
Index CFDs: 100:1
Cryptocurrencies: 10:1Spread EURUSD: 0.13
USDJPY: 0.28
EURGBP: 0.28
GBPUSD: 0.22Forex Commission per Lot per Trade $0 Standard Accounts; $7 round turn on Raw Accounts Deposit Methods Visa, Mastercard, PayPal, Skrill, Neteller, Gate8, Dragonpay, Fasapay, VNPay, Pagsmile, BPay, POLi, AstroPay, Bank Transfer, Interac, Perfect Money, PayID, Jeton, MiFinity, XPay, Crypto Withdrawal Methods Mastercard, Visa, Local Bank Transfer, Bank Wire Transfer, Skrill, Neteller, AstroPay, PayPal, Dragonpay, Perfect Money, Jeton, Interac, Cryptocurrencies
Global Prime is a reliable brokerage that has been providing low-cost trading services since 2010. Regulated by the watchdogs of Vanuatu and Australia, the broker facilitates trading with over 150 financial instruments, including indices, bonds, commodities, cryptocurrencies, and more than 50 currency pairs. Major-pair spreads on raw accounts start at zero pips, with most orders being executed within 10 milliseconds on average. The broker works with MT4 only but plans to soon expand its range of supported platforms with cTrader, MT5, and TradingView.
These excellent trading conditions, coupled with a streamlined registration process, fee-free transactions to and from customer accounts, and round-the-clock support, have earned the broker a solid 4.1 score on Trustpilot. Still, there is scope for improvement as the company offers no cent and swap-free accounts for Islamic customers. The broker has no compensation scheme for client funds, either, which is yet another area Global Prime could improve in.
Key Pros
- Overseen by a top-tier financial regulator (ASIC)
- No fees on deposits and withdrawals
- Low fees for FX trading
- Streamlined sign-up process
- A broad range of currency pairs
Key Cons
- Could use more trading platforms
- A limited range of educational resources
- Does not offer Islamic or cent accounts
FP Markets Broker Details Regulators ASIC, CySEC, FSA (Seychelles), FSCA Min Deposit $50 (AU$100) Trading Platforms MetaTrader4, MetaTrader5, WebTrader, IRESS Trustpilot Rating 4.8 out of 6143 reviews Number of Forex Pairs to Trade 70+ Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 50:1Spread EURUSD: 0.10
USDJPY: 0.30
EURGBP: 0.30
GBPUSD: 0.30Forex Commission per Lot per Trade $0 Standard Account; $6 round turn on Pro Account Deposit Methods Visa, Mastercard, Neteller, Bank Transfer, Skill, Sticpay, Fasapay, Virtual Pay, Perfect Money, Pagsmile, Dragonpay, Crypto, Apple Pay, Google Pay, Online Banking, Broker to Broker Withdrawal Methods Visa, Mastercard, Bank Wire, Neteller, Skrill, Paytrust88, PayPal FP Markets is a broker that joined the online trading scene in 2005, making it a well-experienced brand, offering great trading conditions for all of its clients. Traders from multiple markets will have the chance to trade a decent number of currency pairs as well as numerous CFDs. Some of the biggest perks FP Markets offers to traders include competitively low spreads, popular trading platforms, and a great selection of tools suitable for beginners.
To offer an equally smooth trading to different traders, FP Markets supports popular platforms like MetaTrader 4 and 5 as well as IRESS and WebTrader. A dedicated mobile app will also offer Android and iOS users easy access to mobile trading platforms, enabling seamless trading on the go.
Tight spreads are also among the features that attract numerous traders to FP Markets, with pleased reviewers on Trustpilot giving the brand an average score of 4.8 out of 5. The average leverage ratio that FP Markets members can enjoy can reach up to 30:1 on certain products, including popular currency pairs. To ensure the safety of traders, the broker abides by the rules and guidelines imposed by major regulators in jurisdictions like Australia (License No. 286354) and Cyprus (License No. 371/18).
Key Pros
- Offers plenty of educational trading tools
- Broker with competitive spreads
- Allows easy trading on the go
- Regulated by reputable authorities
- Offers a decent number of currency pairs
Key Cons
- Supported trading platforms are a tad outdated
- Could expand selection of products
- No negative balance and investor protection for clients under ASIC
eToro Broker Details Regulators FCA, CySEC, ASIC, MFSA, ADGM, FSA, FINRA/FinCEN Min Deposit $10 Trading Platforms eToro Investing, eToro App, TradingView, eToro CopyTrader Trustpilot Rating 4.2 out of 22902 reviews Number of Forex Pairs to Trade 55 Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 1.0
USDJPY: 1.0
EURGBP: 1.5
GBPUSD: 2.0Forex Commission per Lot per Trade $0 Deposit Methods eToro Money, Visa, Mastercard, Neteller, PayPal, Skrill, iDeal, Klarna, Bank Transfer, Trustly, Przelewy24 Withdrawal Methods PayPal, Skrill, Visa, Mastercard, Neteller, Trustly, Bank Transfer Launched in 2007, eToro is home to a global investment community of more than 30 million customers. The company operates with licenses from tier-one financial regulators like CySEC, ASIC, and FCA. The brokerage provides a varied range of tradable instruments, including 55 currency pairs, 32 commodities, 21 equity indices, and thousands of stocks. Cryptocurrency, ETF, and NTF trading is also possible via the platform.
Forex traders will benefit from spreads as low as a single pip on major pairs like the EUR/USD. Unlike many rival brokers, eToro charges no commissions on currency trades. All costs and fees are built into the spreads instead. The broker’s proprietary platform is well-designed and user-friendly enough to accommodate novice and versed traders. Another thing that distinguishes eToro from rival brokerages is its social and copy trading platform that leaves the competition in the dust with its superior features.
Key Pros
- Offers trading with over 5,000 instruments
- Ideal for social and copy trading
- No commissions on forex trades
- Effortless registration process
- Offers negative balance protection
Key Cons
- Withdrawals are subject to additional processing fees ($5)
- USD is the only base account currency
- Charges inactivity fees on dormant accounts
IG Broker Details Regulators ASIC (No. 515106), FCA (No. 114059), CFTC, DFSA (No. F001780), MAS, BMA Min Deposit $50 Trading Platforms MT4, L2 Dealer, ProRealTime, IG proprietary software Trustpilot Rating 4.1 out of 6723 reviews Number of Forex Pairs to Trade 80+ Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 0.6
USDJPY: 0.9
EURGBP: 0.9
GBPUSD: 0.9Forex Commission per Lot per Trade $0 Deposit Methods Visa, Mastercard, Bank Transfer, Wire Transfer, Visa Electron, Discover, PayPal Withdrawal Methods Visa, Visa Electron, Mastercard, Discover, Bank Transfer IG is a trusted online broker regulated in multiple jurisdictions, including Australia, Singapore, Dubai, the UK, and the US. It provides low-cost trading in thousands of financial markets, ranging from forex and commodities to cryptocurrencies, shares, bonds, and indices. Seasoned traders can dabble in options contracts, bonds, and spread betting. Interest rate trading is also available to IG customers.
The brokerage charges no commissions on forex trades, deriving its profits mostly from spreads. IG predominantly caters to customers looking to capitalize on price movements without purchasing underlying assets by offering them a broad range of CFDs. Forex traders have access to complex speculative instruments like turbo warrants, vanilla options, contracts for difference, and barrier options.
IG’s proprietary software does an excellent job at delivering seamless trading sessions, although clients can also connect third-party platforms like MT4 and ProRealTime to their IG accounts. Both platforms are suitable for algorithmic trading. Moving funds to and from your live account is entirely free, although the broker could expand its range of accepted payment methods. Cards, bank transfers, and PayPal are the only banking options IG works with at the moment. Bank transfers have no minimum threshold on deposits.
Key Pros
- Towering selection of over 17,000 tradable markets
- Listed on the FTSE 250 index
- Competitive pricing and low forex spreads
- No fees on deposits or withdrawals
- Demo accounts for risk-free forex trading practice
Key Cons
- Payment options are a bit limited
- Customer support is slow to respond during busy hours
BlackBull Markets Broker Details Regulators SFSA (No. SD045), FMA (No. FSP403326) Min Deposit $0 (Standard)$2,000 (Prime)$20,000 (Institutional) Trading Platforms MT4, MT5, TradingView, cTrader, MT WebTrader, BlackBull Shares, BlackBull CopyTrader, BlackBull Trade Trustpilot Rating 3.6 out of 34 reviews Number of Forex Pairs to Trade 70+ Leverage Forex & Metals: 500:1
Index CFDs: 500:1
Cryptocurrencies: 500:1Spread EURUSD: 0.1
USDJPY: 0.2
EURGBP: 0.7
GBPUSD: 0.4Forex Commission per Lot per Trade $0 Standard; $6 per lot Prime; $4 per lot Institutional Deposit Methods Visa, Mastercard, Neteller, Airtm, Skrill, Bank Transfer, HexoPay, American Express, POLi, Payment Asia, Help2Pay, FXPay, Fasapay, China Union Pay, Boleto, AstroPay, Beeteller, Bitcoin, Ethereum, Tether, Ripple, Litecoin, Bitcoin Cash, Chainlink, USD Coin, Stellar Withdrawal Methods Visa, Mastercard, Bank Transfer, Airtm, Skrill, Neteller, American Express, POLi, HexoPay, Payment Asia, Help2Pay, FXPay, China Union Pay, Boleto, Fasapay, Beeteller, AstroPay, Bitcoin, Litecoin, Bitcoin Cash, Tether, Ripple, Stellar, Chainlink, Ethereum, USD Coin Founded in 2014, BlackBull Markets takes the lead when it comes to tradable asset diversity, providing a choice from a whopping 26,000 financial instruments. The broker caters to forex traders with over 70 major, minor, and exotic currency pairs tradable via three types of ECN accounts (Standard, Prime, and Institutional). Commodities, shares, indices, and futures can also be traded at BlackBull Markets.
The Seychelles-licensed broker offers relatively reasonable trading conditions, although the exact trading costs largely depend on what type of live account you open. Customers looking to trade commission-free can do so via ECN Standard accounts, where spreads generally start from 0.8 pips and there are no minimum deposit requirements. ECN Prime and ECN Institutional accounts are suitable for seasoned and high-volume traders. Both account types incur above-average commissions per lot.
Customers with live accounts can top up their balance with cards, digital wallets, online banking gateways, bank transfers, and cryptocurrencies. While deposits come at no extra cost, the New Zealand-based broker charges a $5 processing fee on all withdrawals, regardless of the payment method used.
Key Pros
- Uses proprietary copy-trading platform
- Swap-free trading via ECN Standard and Prime accounts
- Multi-platform support
- Provides a 24/7 customer support service
- Great Education Hub for traders looking to hone their skills
Key Cons
- High commissions per lot on Prime and Institutional accounts
- Charges a $5 fee on withdrawals
IC Markets Broker Details Regulators FSA (Seychelles), CySEC, ASIC Min Deposit $200 Trading Platforms MetaTrader4, MetaTrader5, cTrader, ZuluTrade Trustpilot Rating 4.8 out of 35964 reviews Number of Forex Pairs to Trade 61 Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 0.8
USDJPY: 0.8
EURGBP: 0.8
GBPUSD: 0.8Forex Commission per Lot per Trade $0 Standard MT; $6 round turn on Raw cTrader; $7 round turn on Raw MT Deposit Methods Bank transfer, Visa, Mastercard, PayPal, Skrill, Neteller, Visa Direct, SafeCharge, Transact365, eCommPay, CardPay, Bpay, FasaPay, Poli, RapidPay, Klarna Withdrawal Methods Bank transfer, Visa, Mastercard, PayPal, Skrill, Neteller, Visa Direct, SafeCharge, Transact365, eCommPay, FasaPay, Poli, RapidPay, Klarna Launched in 2007, IC Markets is a well-experienced Australian-based broker, catering to traders across multiple markets. We recommend the brand mainly to forex traders due to its tight spreads and a rather decent currency pair coverage. Supporting the standard MetaTrader 4 and 5 platforms as well as cTrader and ZuluTrade, IC Markets offers a smooth trading experience to both seasoned and less experienced traders.
Cost-effectiveness is definitely one of the reasons for so many traders choosing the services of IC Markets. With no inactivity or withdrawal fees, traders can enjoy a better value for their trading. Forex commission fee is as low as $3.50 per lot traded, while the average spread for a standard pair like EUR-USD is 0.2 for raw spread accounts.
The minimum deposit at IC Markets starts at $200, with traders having multiple secure payment options to choose from. Further ensuring its clients’ security, the broker follows strict trading guidelines imposed by regulators like the Cyprus Securities and Exchange Commission (License No. 362/18) and Australian Securities and Investments Commission ( License No. 335692). Another proof of the broker’s excellent trading services is the extremely high score of 4.8 out of 5 on Trustpilot.
Key Pros
- Offers a large number of forex pairs to trade
- Great for forex traders due to low spreads
- Supports all industry-standard trading platforms
- Supports a wide range of payment solutions
- Low forex trading commission
Key Cons
- Non-EU customers have no investor protection
- Not listed on stock exchange
- List of products can be further expanded
CMC Markets Broker Details Regulators ASIC, MAS, FCA, BaFin, IIROC Min Deposit $0 Trading Platforms CMC Markets’ Next Generation, MetaTrader 4 Trustpilot Rating 4.2 out of 1923 reviews Number of Forex Pairs to Trade 330+ Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 0.5
USDJPY: 0.7
EURGBP: 1.1
GBPUSD: 0.9Forex Commission per Lot per Trade $2.50 per lot Deposit Methods Visa, Mastercard, Maestro, Online Banking, Bank Transfer Withdrawal Methods Visa, Mastercard, PayPal, Bank Transfer When it comes to online trading, trusting a worldly-wise broker like CMC Markets, which pounced on the scene way back in 1989, is always the best decision. In 1996, the brand launched its operations online, claiming to be the first to complete a forex deal online. While this cannot be confirmed, the company certainly is one of the pioneers of online trading, currently ranking among the most trustworthy brokers online.
Forex traders will be pleased to see that the broker covers a wide range of currency pairs, while other types of traders will also appreciate the numerous CFDs and spread betting available on CMC Markets’ platforms. The broker offers its clients the proprietary platform Next Generation, which is rather intuitive and easy to use. Unfortunately, the Next Generation platform does not support automated trading. However, those who prefer this style of trading may install the MetaTrader 4 platform, also supported by CMC Markets.
One of the best qualities of CMC Markets is the company’s transparency as it is publicly traded and licensed by some of the most reliable authorities in this industry. Regulated by the ASIC, the broker is authorized by the AFS to offer derivative products under license no.238054 and stockbroking services under license no. 246381. The broker has also been licensed by the UK’s FCA, operating under license no. 173730 and license no. 170627 (spread betting). It comes as no surprise that CMC Markets has become a top destination for numerous traders who have given the broker an average score of 4.2 out of 5 on Trustpilot.
Key Pros
- Publicly traded reputable brand
- One of the first online forex brokers
- Covers an extensive selection of currency pairs
- Offers proprietary trading platform
- Enables smooth mobile trading
Key Cons
- Automated trading available only on MetaTrader4
- Fees on stock CFDs can be high
- Supports a limited number of payment methods
Forex.com Broker Details Regulators ASIC, MAS, FCA, CIRO, JFSA, CFTC , MiFID, CySEC Min Deposit $100 Trading Platforms MetaTrader 4, MetaTrader 5, TradingView, WebTrader Trustpilot Rating 4.7 out of 1288 reviews Number of Forex Pairs to Trade 80+ Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 1
USDJPY: 1.2
EURGBP: 1.3
GBPUSD: 1.3Forex Commission per Lot per Trade $0 Deposit Methods Visa, Mastercard, Skrill, Neteller, Bank Transfer Withdrawal Methods Visa, Mastercard, Skrill, Neteller, Bank Transfer Launched in 2001, Forex.com has been offering innovative trading solutions for over two decades. Traders will have the chance to trade more than 80 currency pairs or choose from numerous shares and commodities trading options. Advanced trading tools are definitely among the strengths of the broker, offering multiple platforms and even AI tools that allow easier analysis.
Whether you trade on your desktop device or wish to trade on the go, Forex.com offers a wide selection of platforms that enable smooth trading experiences on any type of device. MetaTrader 4 and 5, Web Trader, and the Forex.com mobile app will offer you access to a number of instruments that can make trading more intuitive and easy. Members of Forex.com can also use the TradingView platform, allowing them to handle their trades using a handful of exclusive trading tools.
Among the numerous reasons why many traders have decided to trust Forex.com, tight spreads are definitely a key factor. Execution speed is also one of the broker’s strongest suits, with about 99.79% of trades executed in under one second and an average execution speed for Forex trades of 0.03 seconds. While trading with Forex.com, you can be sure that your funds are always protected via industry-standard security tools, with the broker following guidelines imposed by major regulators. StoneX, which is Forex.com’s parent company, is regulated by ASIC, MAS, FCA, CIRO, JFSA, CFTC, CySEC, and MiFID in the EU market.
Key Pros
- Supports a great selection of trading platforms
- Enables easy mobile trading
- Offers over 80 currency pairs
- Provides a vast variety of products
- Forex spreads can be very competitive
Key Cons
- Navigating platforms can be difficult for beginners
- Instruments on MT4 platforms are significantly fewer than other platforms
- Charges monthly fee after 12 months of inactivity
Trade Nation Broker Details Regulators FCA (ref.no 525164), SCB (SIA-F216., ASIC (AFSL No. 422661), FSA (license no. SD150), FSCA Min Deposit $0 Trading Platforms TN Trader, MetaTrader 4 Trustpilot Rating 4.5 out of 605 reviews Number of Forex Pairs to Trade 30+ Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 0.6
USDJPY: 1.9
EURGBP: 1.8
GBPUSD: 1.9Forex Commission per Lot per Trade $0 Deposit Methods Visa, Mastercard, Bitcoin, Skrill, Bank Transfer, GrabPay Withdrawal Methods Visa, Mastercard, Bitcoin, Skrill, Bank Transfer, GrabPay Trade Nation was launched in 2014, bringing top-shelf trading services to its customers from different parts of the world. When it comes to security, one can be certain of Trade Nation’s integrity with the FCA, one of the most reputable authorities in the industry, regulating the broker. Meanwhile, Trade Nation has also been authorized to operate in several other markets, with regulators like the SCB, ASIC, FSA, and FSCA making sure the brand follows strict trading guidelines.
To offer seamless trading to all of its members, the broker supports the popular platform MetaTrader 4, offering CFDs across various markets. In addition, traders can also use the broker’s proprietary TN Trader platform, which allows intuitive trading while fees and risk levels are kept under control. Trading on the go is also extremely easy through the dedicated Trade Notion app, available to both Android and iOS users.
When it comes to funding their accounts or withdrawing money, Trade Nation allows its customers to resort to various payment solutions. These include credit/debit cards, bank transfers, and even crypto. There is no set minimum for your deposits at Trade Nation, allowing you to start with as little as you are comfortable with.
Key Pros
- Regulated by multiple trustworthy authorities
- Suitable for trading beginners
- Offers proprietary trading platform
- Easy trading on mobile app
- Supports various payment solutions
Key Cons
- Number of forex pairs is underwhelming
- Some payment methods are available only in specific markets
- Chat service available only 24/5
Is Forex Trading Legal in Greece?
Forex trading is a legal activity in the territory of Greece, with HCMC being the official regulator responsible for managing the financial market environment in the country. In addition to that, forex brokers in Greece operate in accordance with regulations imposed by the European Securities and Markets Authority (ESMA).
It is not necessary for Greek traders to register only with brokers regulated by the HCMC, with licenses from regulators like the FCA, ASIC as well as authorities in the EU also indicating a secure broker option for Greek investors. Since all brokers regulated in the EU are required to follow the same MiFID 2 derivatives, Greek traders can join any brand licensed by authorities in the EU and the EEA. Meanwhile, Greek forex brokers are also required to accept traders residing in any region within the EU and EEA.
Hellenic Capital Market Commission (HCMC) Regulation Info
As already mentioned, the onus to regulate the trading market in Greece is on the HCMC. This regulatory body is responsible for issuing licenses to forex brokers operating in the Greek market, making sure that licensees follow strict rules to ensure fair and secure trading. The HCMC has introduced several key reforms that dictate the way the trading sector in Greece is being regulated.
Each broker operating under an HCMC license must select the services of a Greek bank to store all of their funds, with both customers’ money and the broker’s operating capital being kept by the same local bank. Some of the latest control measures that were introduced by the Gree regulator do not allow financial entities, including brokers, to access their funds freely.
In addition to issuing licenses to entities that wish to provide trading services to Greek investors, the HCMC is also responsible for taking regulatory actions against companies that have failed to comply with local regulations. The HCMC is an independent agency that can issue financial penalties and even evoke licenses if a company is found to breach fair and safe trading guidelines.
How Can I Verify HCMC Authorization?
If you trade with a brand that has been licensed by the Greek financial regulator, the broker should provide information about its license. Whether you are given a license number or you can simply view that the operator of the broker has been regulated by the HCMC, you are advised to verify the information you see on the website before you start trading real money with the broker.
To confirm whether a broker has been authorized to operate by the Greek regulator, you can head to the official website of the HCMC and load to the register section. There, you can search for any company and verify its license status. There is also the alternative to directly contact the support team of the HCMC and ask for additional information on any broker you have in mind.
Are My Funds Safe with Forex Brokers Operating in Greece?
Not only are Greek forex brokers regulated by the local HCMC, but they are also required to meet regulatory conditions introduced with the MiFID 2 derivatives, ensuring fair trading for clients across the EEA. That means Greek traders can be certain their funds will always be properly protected whenever they decide to trust a regulated Greek broker. It is a common practice for brokers to utilize industry-standard security tools like SSL encryption, making sure that no unauthorized entity will have access to traders’ funds.
Since Greek forex brokers are following ESMA regulations, Greek investors can make use of the negative balance protection tool. This is a measure that all EU-regulated brokers are required to implement into their trading operations. The requirement to operate with local banks and the restricted access to brokers’ funds stored in their respective bank accounts ensure that regulated Greek brokers are handling your money with the utmost care, making trading extra secure.
Do Greek Brokers Provide Negative Balance Protection?
As mentioned above, forex brokers authorized to operate in Greece must offer their clients negative balance protection. That adds another layer of protection to one’s trading orders, capping possible losses to a certain amount. Accounts with negative balance protection cannot amass losses bigger than their current deposit balance. This is an especially useful feature while trading with higher leverage as it can quickly generate massive losses.
Even if the broker is not regulated by the HCMC, any trading website regulated by tier-1 regulators and authorities within the EU is required to offer negative balance protection to their customers.
Do Traders Pay Tax on Forex Trading Carried Out in Greece?
Forex traders are required to get familiar with the respective tax laws and any potential surcharges they may need to pay after trading currency pairs. Generally speaking, profit generated through forex trading is subject to capital gains tax. The rate of this tax depends on the amount of your profits and several other factors that may differ in each country.
Greek traders are also required to pay capital gains tax when they have generated profits through trading currency pairs. The capital gains tax rate that Greek investors are required to pay is 15%. That said, we recommend traders contact local tax experts to make sure they are well aware of any recent law amendments and possible changes in tax rates.
How Does the Available Leverage of HCMC-Regulated Brokers Compare to the Leverage at Brokers Regulated Offshore?
When we are considering forex trading, it is always important to know what is the maximum leverage traders can enjoy while trading currency pairs. While some regions have extremely high leverage caps or leave it to brokers to impose their own limitations on maximum leverage, Greek brokers are required to follow ESMA regulations and introduce a compulsory maximum leverage of 30:1 on major currency pairs and 20:1 on exotic pairs.
Other major regulators overseeing trading in non-EU regions have also introduced similar maximum leverage limits. For instance, UK and Australian forex brokers will also have the same cap of 30:1 on major pairs and 20:1 on non-major currency pairs. Meanwhile, other markets have introduced higher maximums, with US traders typically having the chance to trade major currency pairs with a leverage of up to 50:1. That said, regulators in some states have allowed brokers to impose lower leverage limits, reducing the risk levels with forex trading.
Despite the somewhat identical limits across many regulated trading markets, there are also regulators like the FSA, regulating trading activities on the Seychelles, allowing a maximum leverage of up to 1:5,000.
While Greek traders will be able to trade with a maximum leverage of 30:1 on major pairs and 20:1 on exotic pairs, we should note that those limits apply only to retail traders. As some investors wish to trade higher amounts and increase potential profit by making use of larger leverage, Greek brokers may offer the option of opening professional trading accounts.
What do you need to qualify to be designated as a professional trader in Greece?
If you wish to either upgrade to a professional trader or you wish to open a professional trading account with a Greek forex broker, there are several conditions that should be met by traders. According to ESMA, there are three factors that can make an investor eligible for a professional trading status and those include sufficient experience in trading, good knowledge of financial instruments and trading, and a portfolio exceeding a specific minimum amount. As long as you meet two of the said three conditions, you should be able to open a professional trading account with any regulated broker in Greece.
To be designated as a professional trader in Greece, you are required to:
- Have made at least 10 transactions of sufficient amount per quarter in the previous 12 months
- Have at least one year of experience working in the financial markets sector
- Have a financial instruments portfolio that is worth at least €500,000
Every Greek forex broker offering professional trading accounts will guide you through the process of verifying your trading status, so make sure to provide the required documents as soon as possible to speed up the process.
What trading platforms are available to Greek traders?
If you have explored your options across other EU-regulated forex brokers, you have most likely come across the same set of trading platforms while comparing most online brokers. Greek trading websites make no exception, with the majority of regulated brands supporting options like MT4, MT5, and TraderView, to name a few. Many brands are also offering their flagship platforms that have been specifically developed for the needs of the respective broker’s clients. The great news is, that whether you are a beginner or an expert trader, any reputable Greek broker will offer you enough platform options to make your trading experience as smooth as possible.
MetaTrader 4: This is one of the most commonly supported platforms for forex trading, allowing both newbies and advanced traders to enjoy easy order placement, with a set of tools like charts and analysis helping traders in their trading endeavors. MT4 is commonly adapted for both desktop and mobile trading, allowing traders to place orders no matter where they go.
MetaTrader 5: Slightly more advanced than MT4, MT5 offers more markets that add to the FX and CFDs experience of Greek traders. Mostly preferred by more experienced traders, MT5 supports a great range of trading tools, making the whole experience much more intuitive.
<WebTrader: If you appreciate the trading experience offered by MT4 but wish to avoid the inconvenience of installing any software on your device, you can try WebTrader. Supported by a large number of Greek forex brokers, this platform allows you to embark on your trading adventures straight from our browser. Whether you are on your personal computer or your smartphone, you can use WebTrader for your trading.
TraderView: This is a platform that gives you a better insight into markets, allowing you to assess the inherent risk that comes with trading. With various research tools implemented into the platform, indicators, customizable charts, and alerts are just a few of the features that will help you make the most of this market analysis platform. Conveniently enough, TraderView is a great platform option you can find at quite a number of Greek forex brokers.Below you can find some useful references with links to organisations that monitor the forex market in Greece.