Greece is best known in the Forex world for ZuluTrade, one of the leading copy trading providers, now part of the Indian-based Finvasia Group. Greece is part of the Eurozone, and dozens of EU-licensed Forex brokers cater to the retail demand in Greece. I outlined the core aspects of Forex brokers in Greece and provided a brief guide on getting started to avoid beginner mistakes. Are you ready to start Forex trading in Greece? Read this guide to get ahead of the crowd.
- FP Markets, ECN trading with leverage up to 1:500.
- Eightcap, Competitive pricing + excellent daily videos.
- BlackBull Markets, Best ECN trading environment, with scalping and hedging.
- Pepperstone, Great ECN execution on MT4/5, cTader, TradingView and Pepperstone proprietary platform.
FP Markets
In Summary ECN trading with leverage up to 1:500I rank FP Markets among the best Forex brokers in Greece as it upgrades the out-of-the-box MT4/MT5 trading platforms with 12 plugins. Traders can also use cTrader or connect with 50M+ peers at TradingView. The well-balanced asset selection covers six sectors, including cryptocurrency CFDs. The minimum deposit requirement is €50, and the maximum leverage is 1:30 with negative balance protection.
The FP Markets Raw account provides a competitive, commission-based pricing environment ideal for scalpers with raw spreads from 0.0 pips for a commission of $6.00 per 1.0 standard round lot. A Pro account upgrade exists for qualifying traders.
Pros & Cons
- Choice of trading platforms and auxiliary trading tools
- Very competitive cost structure and excellent asset selection
- Low minimum deposit requirement and leverage of up to 1:500
- Well-regulated and trustworthy
- Availability of Iress geographically restricted
Eightcap
In Summary Competitive pricing + excellent daily videosEightcap offers Greek traders the algorithmic MT5 platform, upgraded with FlashTrader, with a €100 minimum deposit. It also connects social traders to TradingView, where 50M+ peers engage with each other. Eightcap features an AI-powered economic calendar and has no trading strategy restrictions. The well-balanced asset selection has 800+ trading instruments covering five sectors, including cryptocurrencies. It places Eightcap among the best Forex brokers in Greece.
While the TradingView account requires the more expensive commission-free cost structure, MT5 traders can open the cheaper, commission-based Raw account for raw spreads from 0.0 pips for a $7.00 commission per 1.0 standard lot.
Pros & Cons
- Low minimum deposit and high leverage of up to 1:500
- Competitive cost structure
- Excellent technology infrastructure and seasoned management team
- Daily research and quality educational content
- Limited leverage in some areas
BlackBull Markets
In Summary Best ECN trading environment, with scalping and hedgingTraders benefit from institutional trading conditions, including superb data feeds from 66+ third-party providers, deep liquidity pools, an outstanding asset selection featuring 26,000+ assets, and competitively priced commission-based ECN accounts. Therefore, I rank BlackBull Markets among the best Forex brokers in Greece.
Beginners receive a quality education. Social traders can connect with 50M+ traders at TradingView while copy traders have ZuluTrade, Myfxbook Autotrade, and the proprietary BlackBull Markets alternative. Besides MT4/MT5, upgraded via Autochartist, traders may use cTrader, the proprietary mobile app BlackBull Trader, or BlackBull Invest for buy-and-hold portfolios. VPS hosting and API trading are equally available.
Pros & Cons
- ECN/NDD execution model with deep liquidity
- Institution-grade pricing for retail traders via proprietary price aggregation
- ZuluTrade and Myfxbook for social trading
- Leverage of up to 1:500
- Limited deposit options
Pepperstone
In Summary Great ECN execution on MT4/5, cTader, TradingView and Pepperstone proprietary platformI consider Pepperstone among the best Forex brokers in Greece as it upgrades MT4/MT5 with the Smart Trader Tools upgrade package consisting of 28 plugins plus Autochartist. It also offers API trading for advanced algo traders, and pro traders receive VPS hosting for 24/5 low-latency Forex trading. The cutting-edge trading infrastructure includes deep liquidity pools and fast execution. Pepperstone also offers cTrader and connects to TradingView, where social traders can interact with 50M+ peers.
The balanced asset selection features 1,200+ assets, and the commission-based Razor account offers raw spread trading for a €5.20 commission per 1.0 standard round lot.
Pros & Cons
- Excellent choice of trading platforms consisting of MT4/MT5, cTrader, TreadingView and Pepperstone Platform
- Market-leading MT4/MT5 upgrade package, Autochartist, and API trading
- Social trading support via Signal Start, MetaTrader Signals, Copy Trading by Pepperstone, DupliTrade
- Leverage of up to 1:400 depends on jurisdiction and superb trade execution
- Demo accounts have 60-day time limits
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Regulators | ASIC, CMA, CySEC, FSCA | ASIC, CySEC, FCA, SCB | FMA, FSA | ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB |
Year Established | 2005 | 2009 | 2014 | 2010 |
Execution Type(s) | ECN/STP | ECN/STP, Market Maker | ECN/STP, No Dealing Desk | No Dealing Desk, NDD |
Minimum Deposit | ||||
Average Trading Cost EUR/USD | 1.2 pips | 1.0 pips | 1.3 pips | 1.1 pips |
Average Trading Cost GBP/USD | 1.4 pips | 1.2 pips | 2.0 pips | 1.4 pips |
Average Trading Cost Gold | $0.16 | $0.12 | $0.90 | $0.15 |
Trading Platform(s) | MetaTrader 4, MetaTrader 5, cTrader, Proprietary platform, Web-based | MetaTrader 4, MetaTrader 5, Trading View | MetaTrader 4, MetaTrader 5, cTrader, Trading View | Other, MetaTrader 4, MetaTrader 5, cTrader, Proprietary platform, Trading View+ |
Islamic Account | ||||
Negative Balance Protection | N/A | |||
| Visit Website | Visit Website | Visit Website | Get Started Visit Website75-95% of traders on margin lose |
How to Choose a Forex Broker from Greece
Forex traders have different requirements from Forex brokers in Greece, but my analysis focused on the criteria below, as all competitive Greek Forex brokers must excel in them.
All competitive Greek Forex brokers should offer the following:
- Regulation: A clean regulatory record exceeding 10+ years. Greek Forex traders are not required to trade with an EU-regulated Forex broker and are free to open accounts at offshore Forex brokers, where more competitive trading conditions exist. Please note that multi-regulated Forex brokers with an EU entity will always onboard new Forex traders from Greece via the EU entity.
- Trading Fees: Low Forex trading fees, with the EUR/USD not exceeding costs of $8.00 per 1.0 standard round lot or 0.8 pips. I also recommend traders look for volume-based rebates to decrease final trading fees.
- Trading Platforms: MT4/MT5, as they support algorithmic and copy trading and include a user-friendly mobile app. They also support API trading, connect to third-party trading tools, and have 25,000+ add-ons, custom templates, scripts, and EAs.
- Asset Selection: A balanced asset selection exceeding 300+ assets to ensure diversification and cross-asset trading opportunities.
- Deposits and Withdrawals: No internal transaction fees and low minimum requirements with a choice of e-wallets and preferably cryptocurrency deposits and withdrawals.
How to Start Forex Trading in Greece
My tips below can shorten the learning curve and highlight areas of study to focus on. Therefore, I advise beginners to consider them before opening a trading account with the best Forex brokers in Greece.
Here are my Forex trading tips:
1. Focus on in-depth education.
2. You must approach and respect Forex trading as a highly skilled profession.
3. Trading psychology separates up to 90% of unprofitable traders from profitable ones.
4. Learn the leverage-risk management relationship.
5. Understand how lot sizes impact risk management.
6. Risk management is as important as the trading strategy.
7. Use a trading strategy that reflects your personality.
8. Low trading fees determine a competitive trading environment.
9. Master proper take profit and stop loss placement.
What is the Maximum Forex Leverage in Greece?
Per ESMA restrictions, the maximum Forex leverage in Greece is 1:30. Negative balance protection exists, ensuring traders cannot lose more than their deposits, and the best Forex brokers in Greece engage in forced liquidation once the account breaches select ratios. Forex traders must always use proper risk management when trading leveraged accounts. They need to understand the relationship between leverage and risk management and between lot sizes and risk management.
The ESMA allows Forex brokers in Greece to offer a professional trading account. The trading conditions a professional trader receives in Greece and the entire EU are identical to what offshore Forex brokers provide retail traders and match the trading conditions all EU traders benefited from before the ESMA crackdown on leverage.
To receive professional trader classification in Greece, traders must meet two of the three criteria below:
- 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
Forex Trading Regulations in Greece
The Hellenic Capital Market Commission (HCMC) regulates the Greek Forex market, ensuring all Forex brokers comply with ESMA regulations, including the Markets in Financial Instruments Directive II (MiFID II), with few exceptions that it cannot control, including leverage restrictions by offshore Forex brokers, which do not require an HCMC license. Greek Forex traders are free to open trading accounts with offshore Forex brokers.
Forex Trading Taxation in Greece
Greek Forex traders are liable to pay taxes on their income. During my research identifying the best Forex brokers in Greece, I uncovered that Greece applies a capital gains tax of 15% on trading income, matching the corporate tax rate. I urge Greek Forex traders to consult a licensed professional for up-to-date tax advice, to improve tax efficiency, and to ensure total compliance with the Greek tax code.
Bottom Line
Greece does not have many domestic Forex brokers, but it is home to ZuluTrade, a leading copy trading provider that put Greece on the Forex map. Greek trading conditions mirror those across the Eurozone, as Greece is a member. Trading with the best Forex brokers in Greece means trading with well-regulated offshore brokers who consider Greece a core market, and many have EU-regulated entities offering EUR accounts and financial transactions. They offer Greeks algorithmic trading, copy trading, social trading, and mobile apps.
