Best Forex Brokers in Greece 2019
Finding a broker is one of the keystones to successful trading. Your trading skill will take you only so far if you have bad spreads or can’t withdraw your profits. FXEmpire’s job is to conduct in-depth research to come up with the very best brokers for the Greek market. You can find the full list inside.
How to Choose a Greek Forex Broker
When you know what you’re looking for, choosing a forex broker becomes easy. However rather than testing out all the key facets of the broker, the below article explores the main areas you should really focus on. This includes good trading conditions eg. low spreads, reliable platforms, with little to no downtime (should be available on mobile and web too), customer service available whenever the company is open for trading. Finally and perhaps the most important of all is to work with a broker that is regulated. This means that your interests are protected.
General Regulation & Greek Regulation
The Greek market is closely regulated. Its financial regulatory body is called the Hellenic Capital Market Commission (HCMC). Another regulatory body for their financial industry is the Bank of Greece, but the HCMC is where you will find membership of regulated forex brokers. After the passing of Law 1969/91, the HCMC was established. This commission focuses on protecting investors so that the capital market operates efficiently and in order. Some of HCMC responsibilities include monitoring, licensing, control of capital market intermediaries, and supervision.
Trading Platform & Software
Your trading platform is the most important tool you will be using to trade forex. It needs to be simple for you to use and of course reliable. If your platform is seeing a lot of downtime, this equates to missed opportunities and trading errors.
The standard for any platform should be a ‘buy’ and ‘sell’ button that is clearly visible. Some platforms offer trading directly form charts, which is a really useful feature, especially if you are incorporating trading strategies into the charts. There are also some platforms that will include a “panic” button that allows you to cancel every position that maybe currently open.
It is important to have a variety of fundamental analysis and technical tools available at your disposal. Often directly on the platform itself to save you having to leave the platform.
Platforms can be generic like the MT4 and the Sirix trader or can be proprietary, which means built inside the company or especially for the company. Really it comes down to a matter of taste. While the MT4 is undoubtedly the most popular platform, this doesn’t mean it is necessarily the best or most user friendly.
Commissions & Spreads
A broker will generate their income from both commissions and/or spreads. Most market maker brokers, eg. those that take the other side of the trade to you, will charge a spread (the difference calculated from the buy and sell price). In this case you should check out how large that spread is first. A larger spread eats away at your bottom line. You can often find a spread on the EUR/USD for as low as just 1 pip.
Direct Market Access brokers that actually plug you in to the markets rather than taking on the trade themselves, will usually charge you a commission and perhaps a small spread.
There are a number of different account types offered by Greek brokers. The most common accounts include:
- Mini Account – This type of account comes with a low initial deposit so is normally recommended for new traders.
- Standard Account – This trading account is the most popular and comes with better features than the Mini
- VIP Account – This trading account is popular for institutions and high-end traders that trade large volumes. It comes with better conditions, like lower spreads and sometimes free VPN to increase the speed of the platform.
Forex trading never stops. This means you will need access to customer service whenever you are trading. As a Greek broker of course you would expect customer support available in the local language. Look for efficient and fast help, live chat is often the best way to get immediate responses. There should ideally be a phone line too.
These vary, often depending on the account type you have opened, but sometimes includes free trading signals, a copytrading platform and a chart pattern software. You would expect updating technical news and an economic calendar too.
No matter how good you are at trading, it is important to choose the right broker, so we’ve simplified the process for you by conducting extensive research and come up with the best Greek brokers. Happy trading!
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List of Brokers
|BROKER||USER RATING||REGULATED BY||HEADQUARTERS||MIN. DEPOSIT||OFFICIAL SITE|
|ASIC, CySEC, FCA, FSB, ISA, MAS||Israel||$100||Open Account|
|CySEC, FCA, IFSC||Cyprus||$5||Open Account|
|AMF, ASIC, BaFin, CONSOB, FCA, FSB||United Kingdom||$50||Open Account|
|ASIC, CySEC, FCA||Cyprus||$200||Open Account|
|FCA||United Kingdom||$100||Open Account|