Best Forex Brokers in Greece 2023
With an incredible 24-hour trading cycle that never stops, forex trading is a tough market if you don’t sign up with a good broker. However, if you are in Greece, things are easier as it is a European country and it has access to top forex brokers in the world. Therefore, finding the best forex broker in Greece is not a daunting task.
Best Forex Brokers in Greece List:
Can You Trade Forex in Greece?
Yes, you can easily trade forex in Greece, and it is legal. The country is a part of the European Union. Hence it has access to regulated brokers in Europe. So, if you can get Markets in Financial Instruments Directive (MiFID) regulated brokers in Greece.
MiFID gives you the security of your fund if you choose regulated forex brokers in Greece, which originated in Europe.
Tips for Choosing the Best Forex Brokers in Greece
There are many brokers in Greece with differing features, and each has its pros and cons. The following part will explore some tips for selecting a forex broker in Greece.
The first and most important factor to consider when searching for a forex broker is regulatory compliance. There are several regulatory bodies in Europe, but FSA, FCA, CySEC, and FINMA are the most important ones.
Since there are a lot of forex brokers out there, so it’s best to compare brokers who are registered with FSA, FCA, CySEC, and FINMA first and foremost, as they have the most stringent rules and can also provide more information on any fees associated with being an independent forex broker.
With so many brokers out there, traders may have several different account types to choose from. So when selecting a broker, you will want to determine which features are most important to you.
Firstly, make sure the broker offers a demo account. A demo account is offered free of charge and allows the trader to practice trading with virtual money. This is a great way to try before you buy, but it may be lacking in features such as live chat and customer support.
Then see the real account features. Some brokers offer these accounts with a minimum deposit amount. For example, one broker requires an initial deposit of $250. These are great for traders who want to participate in trading without taking a large risk.
You may also check if the forex brokers in Greece offer managed accounts. A managed account is the best option for traders who want to focus on a few specific instruments and trade only those instruments on a daily, weekly or monthly basis.
Leverage and Margin
The other two components to consider when selecting a forex broker are leverage and margin.
A broker’s leverage ratio determines the maximum amount of leverage you can use. Most forex brokers offer a fixed and floating (which changes based on market conditions) leverage ratio. Another thing to consider is that some brokers offer margin ratios, whereas others do not.
When it comes to margin ratios, a higher number indicates the amount of risk to reward you get for the trade, and a lower number indicates less risk but less return.
As a rule of thumb, the higher the leverage and margin ratio, the more risk you will have. But the higher the leverage and margin ratio, the more return you can potentially make. It all depends on how much risk you want to take.
The number one way that brokers can increase client satisfaction is with good customer service. It’s important to find a broker with a good live chat system and excellent customer support staff.
Customer service is a huge factor when it comes to deciding which forex broker in Greece to go with and how much life support you will get. If your broker offers good customer service, you can feel confident using the broker and making trades in the event something goes wrong.
There are not many platform options out there. Best forex brokers in Greece mostly offer third-party platforms such as MetaTrader 4 and MetaTrader 5. In addition to that, you may also find some brokers who offer their own custom platform. So, when selecting a broker, it’s important that you compare each platform individually. You should also consider the platform’s accessibility.
Forex Trading Platforms in Greece
MetaTrader 4 and MetaTrader 5 are two of the widely used forex trading platforms in Greece, with millions of active traders around the world.
MetaTrader4 and MetaTrader5 are top-used forex trading platforms among hundreds of brokerages around the world. MetaTrader4 is the older of the two and the one which we tend to hear about the most. The latest version of MetaTrader is 5, which is known as MetaTrader5. It has a lot of new features not available in 4, such as additional charting features and improved charting tools.
However, both are intuitive, with a simpler to use interface. In addition to that, these forex trading platforms in Greece allow you to add third-party indicators to your charts and trade ideas.
You can get access to MetaTrader 4 or 5 directly through the Greece forex brokers. It only takes a few minutes to fill out the registration form and get you on your way.
Although MetaTrader 4 is an old platform, many people still prefer to use it even though it has been around for years. It gives forex traders access to additional charting tools and better charting features.
Best Forex Brokers for Beginners in Greece
Although we have provided a Greece forex brokers list, among these brokers, we prefer FXPro as the best forex brokers for Greece. It is because the broker thinks about the benefits of investing rather than the risks. Also, they aim to keep their clients informed and educated about trading, not just to earn a commission from them. In terms of instruments, FXPro offers more than 70 instruments along with 180+ equity shares, futures, crypto CFDs and more. Overall, the broker offers 430+ instruments. So, forex traders in Greece can access various markets.
A lot of people are drawn to forex trading in Greece because of the high probability of making money. The availability of brokers out there makes it easy to get started with your own strategies.
Unfortunately, it’s also easy for people to end up joining a bad forex broker. The greatest thing to find the best forex brokers in Greece is to understand what you are looking for.