Best Forex Brokers in Greece 2026: HCMC, EU Passports and CFD Rules

If you live in Greece, skip brand rankings and start with three checks: the legal company named in your agreement, whether that company may offer investment services to Greek residents, and whether any retail CFD offer obeys HCMC Decision 7A/847/28.6.2019. Greece is a euro-area Member State inside the MiFID single market, so many online CFD brands reach you through an EU passport rather than as a Greek AEPEY. This page shows how to verify that path. It is not a broker ranking; the licensed-entity table above is a research aid only.

Who supervises forex and CFDs in Greece#

Short answer: HCMC authorises Greek investment firms; the Bank of Greece supervises credit institutions on a prudential basis; passported EU brokers stay under their home regulator for prudential matters while HCMC's product rules still bind retail CFD sales covered by Decision 7A/847.

The Hellenic Capital Market Commission (HCMC / Επιτροπή Κεφαλαιαγοράς) licenses and supervises Ανώνυμες Εταιρείες Παροχής Επενδυτικών Υπηρεσιών (AEPEYs) under Law 4514/2018, Greece's MiFID II transposition. HCMC also publishes incoming MiFID passport notifications for EU investment firms and credit institutions that intend to serve Greece, and it issues public warnings about unauthorised offers aimed at the Greek public.

The Bank of Greece is the country's central bank. When a Greek credit institution provides investment services under Law 4514/2018, banking prudential oversight remains with the Bank of Greece, in coordination with HCMC on conduct. A typical online CFD account with a non-bank EU firm is verified through HCMC's AEPEY list, passporting records, warnings and Decision 7A/847 — not through a Bank of Greece banking licence.

Example: an AEPEY based in Athens must hold HCMC authorisation before it can market CFDs. A Cypriot investment firm that onboards Greek residents online is not an HCMC-licensed AEPEY; after its home regulator notifies Greece, evidence of that passport should be visible in HCMC's MiFID materials.

Common mistake: treating every "Bank of Greece" mention on a marketing page as proof that the Bank has licensed the forex brand. For non-bank investment firms, AEPEY authorisation is an HCMC act.

Practical tip: keep HCMC, the Bank of Greece and the home-regulator register open side by side when the firm claims an EU passport.

Verifying a firm on HCMC's AEPEY list, passport page and warnings#

Short answer: match the agreement company to a positive HCMC record (AEPEY or passport notification), confirm the home licence, then search HCMC warnings for the same name and domain.

HCMC publishes a public AEPEY list of Greek investment firms and a passporting page covering EU investment firms and credit institutions. Its investor warnings flag natural and legal persons offering investment or other services to the Greek public without the required HCMC operating licence, including clone-site and cold-call alerts. HCMC has also warned about people who falsely claim to be HCMC officers.

1. Lift the exact legal name from the client agreement — not the trading brand.
2. Search the AEPEY list when the firm claims Greek authorisation.
3. For an EU firm, use HCMC's MiFID passporting information and open the home register (CySEC for many retail CFD brands).
4. Run the company name and domain through HCMC warnings.
5. Archive dated screenshots with the agreement PDF.

Example: a Greek-language landing page advertises "European regulation" while the terms name a Cypriot company. Funding should wait until that Cypriot name appears in HCMC passporting evidence and on an active CySEC licence record.

Common mistake: treating the MiFID notification file as if HCMC itself had issued an AEPEY licence. A host notification does not create Greek authorisation.

Practical tip: our brand versus legal entity checklist shows how groups split brands across several companies.

What an EU MiFID passport means if you live in Greece#

Short answer: a firm authorised in another EU Member State may serve Greek residents after home-regulator notification to HCMC, but Decision 7A/847 still governs covered retail CFD marketing, distribution or sale, and compensation usually follows the home scheme unless a Greek branch joins the Investment Guarantee Fund under its rules.

Under MiFID II, services may be provided under freedom to provide services (typically online) or freedom of establishment (a branch in Greece). The home authority remains the main prudential supervisor. ESMA published positive opinions on Greece's national CFD and binary-option measures on 26 June 2019.

Example: when the agreement names Trading Point of Financial Instruments Ltd, search that full name in HCMC passporting materials and on CySEC under licence 120/10. A related non-EU group company on the same website does not inherit Greek retail CFD protections or EU compensation automatically.

Common mistake: reading "passported into Greece" as "HCMC licensed this broker." The licence was granted by the home state; HCMC received a notification.

Practical tip: email the firm for the exact compensation scheme named in your terms and whether it maintains a Greek branch — get that answer before funding.

Decision 7A/847/28.6.2019: Greece's permanent retail CFD limits#

Short answer: from 4 July 2019, HCMC Decision 7A/847/28.6.2019 restricts marketing, distribution or sale of CFDs to retail clients unless its protective conditions — including Annex I margins, 50% close-out, negative balance protection, a risk warning and an incentive ban — are all met.

The decision was adopted under Article 42 of MiFIR and Article 67 of Law 4514/2018 after ESMA's temporary EU-wide CFD measures.

Annex I minimum initial margins (maximum leverage is the inverse):

The same decision requires account-level margin close-out at 50% of initial margin, negative balance protection on the retail CFD account, a risk warning that shows the firm's losing-account percentage (or the standard 74–89% range when no 12-month track record exists), and a ban on monetary and excluded non-monetary trading incentives. Research tools related to CFDs remain allowed. Circumvention is prohibited.

Worked example: with 3,000 euros on account, buying 0.2 lots EUR/USD around 1.08 creates roughly 21,600 euros of notional. At the Annex I 3.33% floor you need about 720 euros of margin; when equity falls near 360 euros the 50% close-out rule starts cutting positions. Run your own size through the lot calculator.

Common mistake: applying for professional-client status solely to escape Decision 7A/847. Opting up drops the retail safety net that Decision 7A/847 builds around negative balances.

Practical tip: a Greek retail pitch advertising 1:500 leverage or a cash deposit bonus is either pointing to an offshore entity or conflicting with Decision 7A/847 — pause and re-identify the contracting company.

Investment Guarantee Fund versus the Cyprus ICF#

Short answer: investor-compensation schemes pay eligible client-asset claims after firm failure; they do not refund a losing CFD. Greek AEPEY clients may look to the Investment Guarantee Fund's 30,000-euro ceiling; a CySEC firm without a Greek branch normally sits under the Cyprus ICF.

Greece's Investment Guarantee Fund (Συνεγγυητικό Κεφάλαιο) operates under Law 2533/1997, implementing Directive 97/9/EC. It compensates clients of participating AEPEYs when HCMC confirms permanent failure and special clearing or bankruptcy procedures apply, up to 30,000 euros per investor. Covered instruments expressly include financial contracts for differences. EU firms with equivalent or higher home-state cover are generally exempt from mandatory Greek Fund membership; EU firms with a Greek branch may join for supplementary cover under the Fund's rules.

Where a CySEC company onboards Greek residents solely by freedom to provide services and keeps no Greek branch, the Cyprus Investor Compensation Fund is the usual reference (lower of 90% of covered claims or 20,000 euros). Listing on HCMC's passport page does not enrol that firm in the Greek Guarantee Fund.

Example: if a broker collapses while holding 12,000 euros of segregated client money belonging to you, insolvency recovery should come first; any Cyprus ICF top-up remains capped at 20,000 euros and never replaces a market loss on open positions.

Common mistake: assuming every "EU regulated" logo on a Greek-language site implies 30,000-euro Investment Guarantee Fund cover.

Practical tip: obtain the scheme name in writing before the first deposit.

XM and Exness for Greek residents#

Short answer: XM's documented EU retail path is Trading Point of Financial Instruments Ltd (CySEC 120/10); Exness states Exness (Cy) Ltd does not serve retail clients. Confirm Greek eligibility and the contracting entity during onboarding.

XM acceptance for Greece, product list and payment rails are live facts at account opening, not something a blog can freeze. A non-EU group entity in the same brand family would not carry Decision 7A/847 and EU compensation in the same way. Do not confuse XM-branded accounts with Trading.com's FCA 705428 or ASIC AFSL 443670 references. Country-by-country notes: XM and Exness availability.

The licensed table above this article lists Greece-regulator rows from our broker database. Sparse AEPEY coverage usually means retail CFD providers reach Greece through EU passports — which you must verify yourself.

Euro funding, SEPA and beneficiary names#

Short answer: Greece uses the euro; prefer a euro-denominated account and insist that the SEPA beneficiary matches the legal entity (or its named client-money account).

The Bank of Greece participates in the Eurosystem that sets euro-area monetary policy. Transfer costs depend on each bank and broker schedule; we do not quote invented fee tables here.

Example: if the agreement names a Cypriot investment firm, the SEPA credit should go to that firm or a client-money account in its name — never to a private individual. Mismatched payment instructions align with patterns HCMC already flags in its public warnings.

Common mistake: funding a euro account from a dollar wallet and paying conversion on both deposit and withdrawal.

Practical tip: complete one small withdrawal successfully before scaling deposits.

Session times from Greece (EET / EEST)#

Greece observes Eastern European Time, with EEST in summer. From Athens, London cash hours usually span about 10:00–19:00, New York about 15:00–00:00, and the densest major-pair window about 15:00–19:00 in winter or 16:00–20:00 in summer. In 2026, Europe switches to winter time on 25 October and the United States on 1 November, so New York opens at 14:00 Greek time during that transition week. Align platform server time with the live forex market hours calendar.

Personal tax notes under Law 4172/2013 and AADE guidance#

Short answer: articles 42 and 43 of Law 4172/2013 point capital gains on transfer of derivative financial products toward a 15% rate for individuals when the activity is not business income; AADE circular E.2066/2023 is about VAT on CFDs, not that 15% rate. This is not tax advice.

AADE's electronic library reproduces article 42's capital-gains categories, which include derivative financial products linked to currencies, rates, indices and commodities, and article 43's 15% rate. Financial contracts for differences appear in the Investment Guarantee Fund's covered-instrument list under MiFID-aligned wording, but AADE has not published a short interpello that maps every retail online forex CFD account to one declaration box.

Example: if you trade as a non-business individual through a foreign EU broker that does not withhold Greek tax, you will usually need broker statements plus a Greek adviser to decide whether articles 42–43 or business-income rules apply.

Common mistake: reading E.2066/2023 as an income-tax rate guide, or assuming a CySEC broker withholds Greek tax the way a Greek bank might.

Practical tip: bring articles 42–43, E.2066/2023 and your statements to a Greek tax adviser. For multi-country orientation only, see the 2026 tax comparison.

Residence, swap-free options and Greece-specific red flags#

Greek investor-protection rules follow residence and the soliciting entity, not passport nationality. Living in Greece while funding through a relative's foreign address does not move you outside HCMC's perimeter and can breach the client agreement. Swap-free accounts remove overnight financing as a contractual feature; they are not a fatwa, and scholars disagree on leveraged trading — see our Islamic account page.

Stop if you see leverage above Decision 7A/847 Annex I, a deposit bonus aimed at Greek retail clients, a brand you cannot match to HCMC records plus a home licence, payment to a private person, crypto wallet or unrelated company, cold calls or clone domains, or pressure to opt up to professional status without MiFID criteria. Broader patterns: forex scam warning signs.

Checklist before you open an account#

• Copy the legal company name from the client agreement
• Confirm it on HCMC's AEPEY list or passporting records and in the home register
• Search HCMC warnings for the name and domain
• Match leverage, close-out, negative balance protection and the incentive ban to Decision 7A/847/28.6.2019
• Confirm the compensation scheme in writing
• Fund in euros from an account in your own name and test a withdrawal
• Keep statements for Greek tax declaration and any foreign-account reporting duties

Key takeaways#

• HCMC issues AEPEY authorisations and polices conduct; the Bank of Greece concentrates on credit-institution prudential soundness under Law 4514/2018 coordination.
• Serving Greek residents via MiFID passport does not make a firm an HCMC-licensed AEPEY.
• From 4 July 2019 Decision 7A/847 locks retail CFDs into roughly 30:1–2:1 leverage, 50% close-out, negative balance protection, risk warnings and an incentive ban.
• Eligible AEPEY failure claims may reach 30,000 euros via the Investment Guarantee Fund; Cyprus ICF cover is the lower of 90% or 20,000 euros — market losses stay uncovered either way.
• Articles 42–43 of Law 4172/2013 steer non-business derivative capital gains toward 15%; obtain personal Greek tax advice.

Glossary#

• HCMC: Hellenic Capital Market Commission (Επιτροπή Κεφαλαιαγοράς) — Greece's capital-markets supervisor.
• Bank of Greece: national central bank and prudential overseer of credit institutions.
• AEPEY: HCMC-authorised Greek investment firm (Ανώνυμη Εταιρεία Παροχής Επενδυτικών Υπηρεσιών).
• Passport: MiFID mechanism letting an EU firm notify another Member State before serving clients there.
• Investment Guarantee Fund: Greek investor-compensation body (Συνεγγυητικό) with a 30,000-euro eligible-claim ceiling.
• ICF: Cyprus Investor Compensation Fund, generally paying the lower of 90% of covered claims or 20,000 euros.
• Decision 7A/847/28.6.2019: HCMC retail-CFD product intervention in force from 4 July 2019.
• AADE: Independent Authority for Public Revenue (Ανεξάρτητη Αρχή Δημοσίων Εσόδων).