Best Forex Brokers in Greece 2020
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.
The list below represents the best forex brokers for trading in Greece.
| Broker | Rating | Official Site | Regulations | Min Deposit | Max Leverage | Trading Platforms | Foundation Year | Publicly Traded | Trading Desk Type | Currencies | Commodities | Indices | Stocks | Crypto | Commission on trades | Fixed spreads | offers promotions | Official Site |
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Visit Broker> 70.24% of retail investor accounts lose money | AMF, ASIC, BaFin, CONSOB, FCA, FSB | $50 | 1:30 | MT4 | 1999 | No dealing desk | Visit Broker> 70.24% of retail investor accounts lose money | |||||||||||
Visit Broker> 90% of retail CFD accounts lose money | CySEC, FCA, FSC | $10 | 1:30 | MT4, MT5 | 2011 | ECN, STP | Visit Broker> 90% of retail CFD accounts lose money | |||||||||||
Visit Broker> 76.4% of retail CFD accounts lose money | ASIC, CySEC, FCA, FSB, ISA, MAS | $100 | 1:30 | Plus500 | 2008 | No dealing desk | Visit Broker> 76.4% of retail CFD accounts lose money | |||||||||||
Visit Broker> Your capital is at risk | CySEC, IFSC | $1 | 1:3000 | MT4, MT5 | 2009 | ECN, No dealing desk, STP | Visit Broker> Your capital is at risk | |||||||||||
Visit Broker> 75% of retail CFD investors lose money | ASIC, CySEC, FCA, MiFID | $200 | 1:30 | cTrader, Currenex, eToro Platform, Keystone, Marketspulse, Mirror Trader, MT4, MT5, Tradologic, Zulutrade | 2007 | Market Maker, No dealing desk, STP | Visit Broker> 75% of retail CFD investors lose money |
FXCM
Regulated By:AMF, ASIC, BaFin, CONSOB, FCA, FSB
Foundation Year:1999
Headquarters:0 Gresham Street, 4th Floor, London EC2V 7JE, United Kingdom
Min Deposit:$50
70.24% of retail investor accounts lose money
Founded in 1999, FXCM Group is an international online forex and CFD brokerage brand. In the UK, the FXCM brand is managed by FXCM Ltd. The company is based in the UK and its head office is located at 20 Gresham Street, 4th Floor, London EC2V 7JE, United Kingdom.
The brokerage firm also maintains offices in several jurisdictions such as Australia and South Africa. The broker is well known in the online trading community for suffering massive losses when the Swiss franc was unpegged from the US dollar in 2015. Having recovered from the crisis, FXCM today is focused on catering to the trading needs of both beginner traders and experienced traders.
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FXTM
Regulated By:CySEC, FCA, FSC
Foundation Year:2011
Headquarters:FXTM Tower, 35 Lamprou Konstantara, Kato Polemidia, 4156, Limassol, Cyprus
Min Deposit:$10
90% of retail CFD accounts lose money
FXTM is ECN/STP broker that was established in 2011 to offer Forex and CFDs and is highly regulated in the UK by the FCA among other regions. They offer the trading of over 250 assets through the MT4 and MT5 platforms.
FXTM is also known as ForexTime, and commenced operations in 2011 from its de facto headquarters in Limassol, Cyprus. Since then, FXTM has achieved rapid global expansion, driven primarily by its desire to serve specific local markets with strong FX demand.
Plus500
Regulated By:asic, cysec, fca, fsb, isa, mas
Foundation Year:2008
Headquarters:Building 25, MATAM, Haifa, Israel
Min Deposit:$100
76.4% of retail CFD accounts lose money
Plus500 is a leading online forex and CFD provider. The company was founded in Israel in 2008. Today, it has regional offices in UK, Cyprus, Australia and Singapore. Plus500 offers over 2,500 trading instruments that can be traded on its platforms.
Plus500 is the brand name of Plus500 Ltd and operates under 4 subsidiary companies. The subsidiaries are:
- Plus500SG Pte Ltd, which operates in Singapore.
- Plus500UK Ltd, which operates from London.
- Plus500CY Ltd operates from Cyprus and covers the EU.
- Plus500AU Pty Ltd operates from Australia.
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FBS
Regulated By:CySEC, IFSC
Foundation Year:2009
Headquarters:N/A
Min Deposit:$1
Your capital is at risk
FBS Markets Inc. is a Forex and CFD broker that offers its services across the globe. The company was established in 2009 and since then, the brand has grown in size, capacity and technology. It offers currency pairs, CFDs, stocks, metals and cryptocurrencies on its modern platforms. The broker website is available in 18 languages.
FBS uses the hybrid broker model of Straight through processing (STP) and Electronic Communications Network (ECN). There is no dealing desk. They broker asserts that orders are passed directly into the systems of the liquidity providers at the actual market prices, so, requotes are impossible.
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eToro
Regulated By:ASIC, CySEC, FCA, MiFID
Foundation Year:2007
Headquarters:Kanika International Business Center 7th Floor, 4 Profiti Ilia Street Germasogeia, Limassol, Cyprus
Min Deposit:$200
75% of retail CFD investors lose money
eToro is an online trading platform that was founded in 2007 by the Assia siblings and their friend David Ring in Tel Aviv, Israel. Formerly known as RetailFX, eToro is the pioneering online broker for social trading.
Their Openbook social trading platform in fact changed the nature of the way beginner online traders can trade the financial markets. It made the markets accessible to everyone, no matter what their level of experience by creating a user-friendly environment and allowing traders to copy the trades of other traders’ strategies automatically.
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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.
Account Types
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.
Customer Service
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.
Additional Services
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.
Conclusion
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!