Best HCMC (Greece) Regulated Forex Brokers 2018
If you are a forex trader based in Greece, you will need to work a locally based brokerage firm. However with so many to choose from, what is your best option? This article outlines the very best HCMC Greek brokers.
Introduction to HCMC Regulation
Despite the fact that Greece has been in significant financial turmoil for a number of years, financial markets are strictly regulated in the country and if you choose one of the Forex intermediaries under HCMC supervision you will be able to trade without fear for your capital. So how does the HCMC work to protect the traders under its purview?
HCMC stands for The Hellenic Capital Market Commission and it was created as a legal body by Law 1969/91 and organized by Law 2324/1995 with the purpose of supervision, protection and moderation of local financial market. It is an independent body functioning under the legal framework of the Greek government and under the Ministry of Finance of Greece and guided by MiFID directive common to all EU member states. Likewise, The HCMC is a Member of the European Securities and Markets Authority (ESMA), so it is bound not only by local laws, but also by European ones, which increases security for Forex traders in Greece.
HCMC diligently watches how market participants adhere to the rules and regulations set by the local government, EU directive (MiFID) as well as its own regulatory framework. The regulator supervises both Greek and foreign investment companies operating in local financial markets: the value of their services, collective investments that they make, managerial structure of those companies with the purpose of ensuring that their obligation to act transparently in transactions, takeovers, corporate events and etc., is respected. It also takes serious legal action against those entities that use insider information in their dealings as well as those who run money laundering schemes. HCMC also studies professional suitability of financial service providers to ensure stability of the markets and thoroughly investigates claims made by investors trading with companies under its supervision. Finally, the regulator has power to impose administrative sanctions (reprimand, fines, trading and license suspension and even authority to start criminal proceedings) against individuals and companies who fail to comply with financial regulation of financial markets in Greece.
How HCMC Regulation Protects You
HCMC requires all the brokers offering services to their clients to keep customers’ money in segregated accounts that cannot be touched or used to pay for companies’ debts in case of bankruptcy. They must also have to have enough substantial capital set aside for covering risk or unexpected losses. HCMC does not grant licenses for shady companies and brokers that do get a right to operate in Greece surely know all regulatory aspects they have to comply with. Eventually, you can file a complaint against a broker and as HCMC takes the process very seriously you can feel confidence about security of your funds even if some damage was caused to you.
Guidelines for HCMC Regulated Brokers
Under the Greek law HCMC regulated brokers will have to keep their funds with one of Greek banks. They will also not be able to use their funds as they wish without any restrictions. All FX brokers will surely have to strictly follow all rules and regulations as HCMC is one of the strictest regulators in EU and will definitely take severe legal actions against financial entities engaging in market manipulation, money laundering, inside trading and etc.
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List of Brokers
|BROKER||USER RATING||REGULATED BY||HEADQUARTERS||MIN. DEPOSIT||OFFICIAL SITE|
|ASIC, CySEC, FCA||Israel||$100||Open Account|
|ASIC, BVI, FSA(JP), FSB, MiFID||Ireland||$100||Open Account|
|ASIC, CySEC, FCA||Cyprus||$200||Open Account|
|CySEC, FSB||Cyprus||$100||Open Account|
|BaFin, FCA||United Kingdom||$300||Open Account|