Trading has become increasingly accessible for retail investors in Greece, driven by the growth of online brokerage platforms, broader access to financial education, and improved market infrastructure. While investing in traditional instruments like equities and government bonds remains common, a growing number of non-professional Greek investors are now participating in short- to medium-term trading across asset classes, including foreign exchange, commodities, and derivatives.
The trading environment for Greek investors is shaped by both domestic and international considerations. On one hand, local regulation under the Hellenic Capital Market Commission (HCMC) provides a structured foundation for brokerage services and investor protection. On the other hand, many retail traders in Greece use brokers based in other EU member states, particularly Cyprus and Germany, which offer a wider range of instruments and platforms. When a broker is licensed by any of the EU membership countries, it is automatically permitted to be active throughout the union.
Domestic Market Considerations
The Athens Stock Exchange (ATHEX) remains the primary domestic market for Greek equities and exchange-listed products. Liquidity is concentrated in a limited number of large-cap stocks, primarily in the banking, shipping, energy, and telecommunications sectors. While these stocks are familiar to local investors and supported by Greek-language reporting and accounting standards, the relatively small size of the market limits opportunities for active traders seeking volatility or technical patterns across a broad set of tickers.
The domestic fixed-income market, centered on Greek government bonds, has seen renewed investor confidence following credit rating upgrades in recent years. However, trading in bonds remains relatively low in liquidity compared to other European Union markets, making active short-term positioning more difficult for retail participants.
Greek non-professional investors and traders with a local focus tend to combine long-term holdings in familiar domestic names with occasional tactical trades, often around earnings reports or political developments. Domestic market activity is also affected by tax considerations and capital controls, which, while eased since the debt crisis, continue to influence trading behavior.
The Hellenic Capital Market Commission (Επιτροπή Κεφαλαιαγοράς)
The Hellenic Capital Market Commission (HCMC) is is the financial authority of Greece. Among other things, it is the legally competent authority for for supervising securities law in the country.
The current version of the HCMC was not established until 1991, but earlier version have existed, and the roots go back to 1927. The current HCMC was created by Greek law in 1991 and organized by the Greek Law 2324 of 1995. The commission is funded by fees paid by the supervised entities, e.g. investment firms, portfolio investment companies, real estate investment companies, mutual fund management firms, and financial intermediation firms.
The HCMC is a member of the European Securities and Markets Authority (ESMA).
For more information about the HCMC, visit http://www.hcmc.gr/en/web/portal/home
Access to International Markets
To engage in higher-frequency or multi-asset trading, many Greek retail traders use brokers based in other European countries. These platforms provide access to forex, CFDs, global equities, commodities, and indices, often through well-established third-party platforms such as MetaTrader 4, MetaTrader 5, or cTrader. EU passporting rules allow these services to accept Greek clients and you will be trading with MiFID II protection. As always, it is important that you fully understand the specific terms of service, including rules pertaining to leverage, negative balance protection, and dispute resolution procedures.
Some of the brokers that are active in many different countries within the European Union support Greek language interfaces and customer support, but account funding may involve foreign currency conversion and international payment processing. Greek traders must also consider cross-border tax obligations, including the reporting of foreign accounts and the declaration of capital gains or income earned through non-Greek platforms.
Picking a broker based outside Greek can offer advantages in terms of product range and platform choices, but it introduces complexity around regulation, order execution, and fee transparency. Greek traders using such brokers are advised to document all trades carefully and maintain a record of account balances and withdrawals for tax reporting.
Taxation and Compliance
Greek tax law treats trading profits as either capital gains or business income, depending on the activity level and type of account. It is advisable to consult a tax professional to get it right. Occasional trading in shares or other listed instruments may be taxed under capital gains rules, with exemptions or thresholds in place depending on holding period and amount. More frequent trading, particularly involving leveraged products like CFDs or forex, may be treated as business activity, requiring registration, VAT compliance, and more detailed record-keeping.
In recent years, the Greek tax authority (AADE) has begun to pay more attention to foreign-held financial accounts. Residents must declare holdings with overseas brokers and include annual gains in their tax returns, and failure to comply with these reporting obligations can result in penalties, even if the original trading was lawful. Some brokers issue tax statements, but these are not always aligned with Greek fiscal year definitions or currency denominations, so investors may need to recalculate based on EUR-equivalent values at time of trade.
For those trading through domestic brokers or the Athens Exchange, tax is usually withheld at source, simplifying compliance. However, this also limits flexibility in terms of account structure and available instruments.
Currency Risk
Most international brokers offer accounts denominated in major currencies like USD, EUR, or GBP. For Greek traders using anything else than EUR, currency exchange introduces both cost and risk. Fluctuations in EUR/USD, for example, can influence not only trade profitability but also the final value of withdrawals or margin balances.
Using a euro-denominated broker simplifies this process and avoids conversion charges, though it may limit access to some instruments or trading features available through international firms. Traders seeking to manage currency exposure must factor in conversion costs, bank fees, and platform exchange rates when calculating net returns.
Capital Movement and Restrictions
The Greek economy has struggled in the 21st century and gone through several waves of serious issues. In June 2015, severe capital controls were put in place, as the Greek government came to the end of its bailout extension period without having reached any agreement with its creditors. The Greek government closed the Greek banks for almost 20 days, implemented limits on bank transfers from Greek banks to foreign banks, and did not permit cash withdrawals exceeding €60 per day. The capital controls were gradually loosened over time, but it would take until September 2019 before they were removed completely.
The risk of similar things happening again future is something that Greek traders and investors need to take into account, regardless of weather they are using Greek or foreign brokers. It is also good to know that even though the formal restrictions have been lifted, there is still residual sensitivity present that can be triggered by large outbound transfers, and banks may require extensive documentation to process such transactions. This can delay transactions for high-volume traders using foreign brokers. At the same time, many Greek traders and investors prefer using foreign brokers based in more stable economies, as they remember how the Greek banks were forcibly closed down for almost 20 days.
Note: On June 27, 2015, the Athens Stock Exchange was closed because of the Greek government-debt crisis, and it did not reopen again until August 3. On its first day after reopening, it lost more than 16%, and certain bank stocks fell by 30% (the daily change limit).
Platform Access and Infrastructure
High-speed internet access and mobile connectivity are now widespread in Greece, enabling access to most global trading platforms without technical limitation. Traders have access to the same tools as their peers in other European markets—charting, automated strategies, real-time news feeds—but there is less support for institutional-grade infrastructure such as co-location or direct market access, which is primarily relevant for high-frequency professionals.
Most retail traders operate from web-based or desktop platforms, using technical analysis, economic data, and sentiment indicators to guide short-term decision-making. There is limited local brokerage support for algorithmic strategy development, but international brokers with European licenses often support API-based trading for users with programming knowledge.
The local educational infrastructure for short-term trading remains informal, with most learning taking place through online content, trading forums, or courses offered by independent educators. While interest in financial markets is high, particularly among younger investors, access to structured, regulation-aligned training is still developing.
Athens Stock Exchange
- Based in the capital, the Athens Stock Exchange (ASE or ATHEX) is the stock exchange of Greece. With roots going back to 1876, it is a fairly young stock exchange by European standards.
- As of 2025, the Athens Stock Exchange has 161 companies listed. This is considerably fewer than how it used to be in the early 2000s. In 2003, 339 companies were listed on ATHEX – setting the record for ATHEX.
- All companies listed on the Athens Stock Exchange are regulated by the Hellenic Capital Market Commission.
- Athens Stock Exchange fully owns the Athens Exchange Clearing House (ATHEXClear) and the central securities depository ATHEXCSD.
- Athens Stock Exchange is a member of EuroCTP and the Federation of Euro-Asian Stock Exchanges.
Trading Hours
The regular trading hours are 10:00 am to 05:20 pm, Monday through Friday.
The exchange is closed on Saturdays, Sunday, and holidays declared by the exchange in advance.
Currency
Greece entered the Eurozone in 2001 and the Athens Stock Exchange use Euro as the denominational currency.
Markets
- The regulated securities market; for stocks, bonds, ETFs, and other related securities.
- The regulated derivatives market
- Alternative market
- Carbon market (for EUAs)
- OTC market
Categories of Stocks
The stocks of the securities market are divided into three categories:
- Main Market
- Surveillance
- Under Suspension
Index
The most well-known ATHEX index is the ATHEX Composite Index, which is a selection of 60 especially significant stocks listed on ATHEX. The exchange uses the symbol GD for this index, while the Bloomberg code for it is ASE and the Reuters code is .ATG. The ATHEX Composite Index was launched on December 31, 1980.
In total, ATHEX has over 30 indices, including Composite Index (GD), FTSE/Athex Large Cap (FTSE, also known as FTSE 25), FTSE/Athex Mid Cap Index (FTSEM), FTSE/Athex Market Index (FTSEA), FTSE/ATHEX Global Traders Index Plus (FTSEGTI), and FTSE/ATHEX Factor-Weighted Index (FTSEMSFW).
Background
The Athens Stock Exchange was established in 1876. In 1995, the Athens Stock Exchange was transformed into a public limited company, with the Greek state owning all the shares. In 1997-1999, the Greek state gradually sold off a lot of their shares through private placements (non-public offerings), and by 1999 they had decreased their ownership to 47.7%.
Examples of Companies Listed on ATHEX
Aegean Airlines S.A.
Symbol: AEGN
ISIN: GRS495003006
Listed: Since 2007
Aegean Airlines S.A. (Αεροπορία Αιγαίου) is the flag carrier of Greece, and the largest Greek airline by several metrics, including number of destinations, number of passengers, and number of planes. Its main hubs are Athens International Airport, Macedonia International Airport, and Larnaca International Airport. The head office is located in Kifisia, a suburb of Athens. Aegean Airlines joined the Star Alliance in 2010.
- Aegean Airlines was established in 1995, taking over activities from Aegean Aviation.
- Aegean Airlines acquired Air Greece in 1999.
- Aegean Airlines acquired Olympic Air in 2013.
- After the bankruptcy of Cyprus Airways in 2015, Aegean Airlines filled the service gap by establishing a hub at Larnaca Airport.
HELLENiQ ENERGY Holdings S.A
Symbol: ELPE
ISIN: GRS298343005
Listed: Since 1998
HELLENiQ ENERGY Holdings S.A., formerly known as Hellenic Petroleum, is one of the largest oil companies in Southeast Europe. Its roots go back to 1958, when it established an oil refinery in Aspropyrgos, near Athens. Today, the company is active in many different sectors, including oil and gas exploration, natural gas trading, natural gas transportation, oil refining, electricity generation, and the petrochemical industry.
The company is a consortium consisting of several subsidiaries and a number of additional companies. It used to be a government-owned enterprise, but the Greek government now only owns just less than 36% of the shares. Over 45% of the outstanding shares are owned by the Latsis family holding company POIH, while the rest are listed on the Athens Stock Exchange.
After the Russian invasion of Ukraine, Helleniq Energy received a lot of criticism for continuing to be involved with Russian crude oil.
Coca-Cola HBC AG
Symbol: EEE
Coca-Cola HBC AG, formerly known as the Coca-Cola Hellenic Bottling Company, is the world’s third-largest Coca-Cola anchor bottler in terms of volume. The shares of this company are primarily listed on the London Stock Exchange, but has a secondary listing on the Athens Stock Exchange. They are thus traded as both LSE:CCH and Athex: EEE. The company is a constituent of the FTSE 100 Index and the FTSE4Good Index.
The roots of this company goes back to 1969, when the Hellenic Bottling Company S.A. (Ελληνική Εταιρεία Εμφιαλώσεως) was incorporated in Greece and granted bottling rights by The Coca-Cola Company. In 2000, the Hellenic Bottling Company acquired Coca-Cola Beverages Ltd and formed the Coca-Cola Hellenic Bottling Company S.A. The acquired company used to be the European arm of Coca-Cola Amatil Limited (CCAL), an Australian bottler of non-alcoholic beverages.
In 2013, the company moved its domicile from Greece to Switzerland, and changed its name from Coca-Cola Hellenic Bottling Company to Coca-Cola HBC AG. Soon, it was listed on the LSE Main Market. The move was a major blow to the Athens stock market, as the Coca-Cola Hellenic Bottling Company was the largest company listed there (by market cap), and the Athens listing now became a secondary listing. The company moved because Greece was deep into an economic crisis, and leaving gave the company a higher credit rating and better access to financing. The LSE listing went well, and before the year was over, the company had been included in both the FTSE 100 and FTSE All-Share indices.
The Legal Status of Forex, CFD, Binary Options Trading, and Financial Spread Betting in Greece
Retail trading in leveraged financial products has grown in Greece, following the broader European trend of increased participation in forex, contracts for difference (CFDs), and short-term speculation through structured products. However, the legality and regulatory treatment of these instruments differ depending on the product, the jurisdiction of the broker offering them, and the safeguards in place for investor protection. Understanding the legal standing of each product category is essential for Greek residents engaging in or considering these forms of trading.
The Hellenic Capital Market Commission (HCMC) is the primary regulatory body responsible for overseeing capital markets in Greece. Its role includes supervising licensed investment firms, monitoring compliance with EU financial regulation such as MiFID II, and enforcing restrictions on marketing and distribution practices. Greek residents are also protected under broader European legislation, which allows for cross-border brokerage services while imposing common standards on transparency, leverage, and investor protection.
Forex Trading
Forex trading is legal in Greece and widely available through both domestic and international brokers. Retail traders can access the foreign exchange market via regulated platforms offering margin-based trading, often through MetaTrader or other electronic trading systems. Greek residents may open forex trading accounts with EU-based brokers operating under MiFID II, including those based in Cyprus, Germany, and other member states.
There are no restrictions on the act of trading currencies itself. However, brokers offering forex services must be authorized either by the HCMC or by another European regulator with passporting rights into Greece. These brokers must comply with ESMA-imposed restrictions, which include leverage caps for retail clients, negative balance protection, and standardized risk warnings. Leverage for major forex pairs is typically limited to 30:1 for retail traders.
Traders must declare any profits from forex trading in their annual tax filings. The Greek tax authority (AADE) treats such gains as either capital income or business income depending on trading frequency and account structure. There are no capital controls specifically restricting access to forex markets, although some banks may request documentation for large transfers to or from offshore brokers.
CFD Trading
Contracts for difference (CFDs) are legal in Greece and widely offered by EU-regulated brokers. CFDs allow traders to speculate on the price movement of a wide range of assets without owning the underlying instrument. These products are considered high risk and are subject to the same ESMA regulations that govern forex, including leverage limits, mandatory disclosures, and margin protection measures.
Greek residents can open CFD trading accounts with brokers licensed by the HCMC or any other EEA authority operating under MiFID II. As with forex, brokers are required to present clear and standardised risk disclosures, including percentage loss data for retail clients. For retail clients (non-p traders) leverage is capped depending on the underlying asset class.
- 30:1 for major currency pairs
- 20:1 for non-major currency pairs, for gold, and for major indices
- 10:1 for commodities other than gold and for non-major equity indices
- 5:1 for individual equities and other reference values
- 2:1 for cryptocurrencies
While the offering of CFDs is legal, brokers are prohibited from offering aggressive sales incentives such as deposit bonuses or misleading marketing. Clients must undergo a suitability assessment to determine whether they understand the risks involved. Compliance with tax reporting remains the trader’s responsibility, and the treatment of profits from CFD trading aligns with other speculative activities in Greek tax law.
Binary Options Trading
Brokers can not legally market, offer and sell binary options to retail clients in Greece. The European Securities and Markets Authority (ESMA) implemented a temporary ban on the marketing, distribution, and sale of binary options to retail clients within the European Union in 2018, and versions of this measure was made permanent in several member states, including Greece, where it is enforced by the HCMC.
Binary options are considered inherently very high-risk due to their all-or-nothing payout structure, and high susceptibility to platform manipulation. Typically, retail clients look for super short-term binary options, which further increases risk and makes the product more similar to gambling than market speculation.
There are foreign brokers, based outside the European Union, who still offer binary options to retail traders in Greece, but they do so against Greek law. Using such platforms exposes Greek traders to increased legal and financial risks. Platforms and brokers that are non-regulated or regulated by a lax financial authority are more likely to engage in harmful practices such as platform price data manipulation, refusing withdrawal requests, and not keeping client money segregated from company money. If an issue arises, you do not have access to the same type of dispute mediation and resolution that is in place when a broker is regulated by a financial authority within the European Union.
The Greek binary options ban is in place to protect retail clients, which means it does not extend to professional traders. In order to be classified as a professional trader, you must meet several criteria, including benchmarks concerning trading experience and market knowledge. You must opt in to be assess for professional classification, and if you pass and become classified as a professional trader, you will lose the regulatory protection that covers non-professional traders in Greece.
Financial Spread Betting
Financial spread betting is not legal in Greece, nor is it commonly offered to Greek residents by foreign brokers. This product, which involves placing bets on the direction of financial markets without taking ownership of the underlying asset, is primarily regulated in the United Kingdom and treated under the under gambling legislation there. It is popular in the UK since it comes with certain tax advantages for traders in the UK.
Spread betting platforms are generally licensed by the Financial Conduct Authority (FCA) in the UK and are geared toward UK residents. Greek financial law does not recognize financial spread betting as a regulated trading service. Brokers that provide spread betting services do not typically offer it to Greek residents.
While some Greek traders may attempt to open accounts with UK-based providers, this approach may violate the broker’s own client eligibility rules, particularly following the UK’s exit from the EU. Brexit has further complicated cross-border service provision, and many spread betting firms have ceased onboarding EU clients entirely. As a result, spread betting remains inaccessible and legally unsupported for retail investors in Greece.
Finding a Broker in Greece
Access to trading has improved significantly for individual investors in Greece over the past decade. Technological advances, the rise of mobile platforms, and broader regulatory harmonization under European financial law have opened the door to both domestic and international brokerage services. However, the process of selecting a reliable broker remains complex, especially given the variety of available providers, the regulatory distinctions between jurisdictions, and the different products offered depending on investor profile.
For Greek residents, choosing a broker involves navigating not only platform quality and pricing, but also local compliance, tax treatment, capital transfer rules, and the specific requirements of the Hellenic Capital Market Commission (HCMC). Investors must also consider whether they want to trade exclusively in Greek markets or access a broader international set of instruments. The choice of broker determines execution conditions, customer support access, margin requirements, and even legal protections in case of disputes, and Greek investors need to balance domestic familiarity with international functionality. Local brokers offer simplicity and direct access to the Greek market, while EU-based foreign platforms expand product access and provide more competitive trading environments. Regardless of origin, it is advisable to go with a broker that is properly regulated, offers transparent in pricing, and is compatible with Greek compliance requirements.
Selecting a broker is a financial relationship that will affect execution quality, capital access, and legal protection. Traders must weigh these factors carefully, taking into account both their trading goals and their ability to manage the associated operational and regulatory obligations. A well-chosen broker provides the infrastructure for effective trading. A poor choice introduces risk long before the first trade is even placed.
Local Brokers and the Domestic Option
Several brokers licensed in Greece operate under the supervision of the HCMC. These firms offer access to the Athens Stock Exchange (ATHEX) and often serve both retail and institutional clients. They are typically integrated into the local financial system, with direct links to Greek clearinghouses and familiarity with local regulatory and tax reporting requirements.
For investors focused on Greek equities, bonds, or exchange-listed products, working with a local broker can simplify the investment process. Tax is often withheld at source, and brokers can assist with declarations and documentation needed for domestic compliance. Local brokers may also provide Greek-language customer service, printed statements, and account summaries that align with local accounting standards.
However, the range of products may be limited, particularly for those interested in forex, CFDs, international equities, or commodities. Platform technology and user experience may also lag behind larger European competitors. In addition, many local brokers impose higher minimum deposit requirements and less competitive trading commissions relative to online-only platforms based abroad.
Using EU-Based Cross-Border Brokers
An alternative route for Greek traders is to open accounts with European brokers based in countries such as Cyprus, Germany, or the Netherlands. These brokers operate under the Markets in Financial Instruments Directive (MiFID II), which standardizes regulatory requirements across the European Economic Area. Greek residents are allowed to use these brokers legally, and investor protections—including negative balance protection, asset segregation, and disclosure requirements—are broadly harmonized.
These brokers typically offer access to a wider range of asset classes, including leveraged products, foreign markets, and professional-grade trading tools. Platforms such as MetaTrader 4, MetaTrader 5, and proprietary mobile apps are standard. Some brokers also provide Greek-language interfaces or customer support, although this varies depending on the firm’s scale and localization efforts.
The challenge in using a foreign broker lies in managing the added complexity of international taxation, funding logistics, and regulatory interpretation. Profits made on these platforms must be declared in Greece, and traders must track their own capital gains and losses in accordance with domestic tax law. Deposits and withdrawals may be subject to currency conversion fees, bank charges, and periodic documentation requirements due to post-crisis financial monitoring rules.
Regulatory Status and Broker Verification
Before opening any account, it is essential to verify the broker’s licensing status. For brokers based in Greece, confirmation can be obtained directly from the HCMC’s public register. For foreign brokers, the relevant home country regulator—such as the Cyprus Securities and Exchange Commission (CySEC) or Germany’s BaFin—will maintain a list of authorized firms and any sanctions or disciplinary actions taken.
Greek investors should ensure that the broker holds a full MiFID licence and is permitted to offer services on a cross-border basis into Greece. Some firms operate in a gray area, relying on offshore registrations or unregulated entities. These brokers may advertise in Greek or offer EUR-denominated accounts, but without the protection of EU law, users are exposed to additional counterparty and legal risks. If the broker is not clearly registered with and supervised by a recognized European authority, it is much more unlikely to provide meaningful recourse for a Greek trader in the event of a dispute.
Going with a broker regulated within the European Union can also give you protection from one of the national investor compensation schemes. Adopted in 1997, the directive on investor compensation schemes makes it mandatory for EU membership countries to adopt a scheme that will protects qualifying investors by providing compensation if an investment firm fails to return the investor’s assets, e.g. when a broker has become insolvent and is failing to pay back your money. The directive requires all the membership countries to set up one or more investor compensation schemes and ensure that the minimum level of available compensation is €20,000 per investor. All firms that supply investment services – including brokers – must belong to a scheme.
The Investment Guarantee Fund in Greece
In Greece, the Investment Guarantee Fund was established in line with EU Directive 97/7/EC. It operates under the provisions which transposed the directive into Greek law, more specifically the provisions of Articles 1 and 61 – 78 in L. 2533/1997 (GG [FEK] 228/11.11.1997, issue Α’).
The Guarantee Fund will compensate clients in case of confirmed permanent or non-reversible failure of an Investment Services Firms to fulfill its obligations arising out of the provision of covered investment services. As an investor, you can be compensated by having your financial instruments delivered to you or by receiving money.
For more detailed information, you can visit Syneggiitiko.gr/en.
Currency
Using a broker that supports euro-denominated accounts can reduce the need for conversion and avoid hidden exchange fees. Brokers offering EUR wallets allow clients to fund their accounts directly from Greek bank accounts without conversion into USD or GBP. However, Greek traders should confirm whether the broker’s pricing and contract values are also listed in euros, or whether conversion takes place internally before trade execution.
Capital Transfers
The handling of capital transfers to foreign brokers draws attention from banks and financial supervisors, particularly in large or repeated amounts. Following the Greek financial crisis, capital controls were introduced, and although many restrictions have since been lifted, banks may still require documentation to complete or justify cross-border transfers. Withdrawals must be processed carefully to ensure compliance with local banking regulations. In some cases, repeated inflows from a trading account may trigger scrutiny by the bank or require additional reporting under anti-money laundering frameworks. This is particularly true for large withdrawals or transfers from non-EU jurisdictions.
Platform
Platform quality, reliability, order execution speed, and charting tools vary significantly between brokers, and if you are actively trading short-term instruments, execution delays or platform downtime can have significant financial consequences.
The ability to use the trading platform to access markets during extended hours, manage multiple asset classes in a single interface, and track portfolio performance in real time can be very important for certain trading styles.
Support Quality
Support quality can influence both your user experience and your bottom line, e.g. if you need help resolving deposit issues, interpreting tax statements, or handle a platform problem.
While not every broker offers Greek-language support, some do, and it can be an important factor for Greek traders. Still, responsiveness and the ability to actually resolve issues quickly and correctly are more important than language for most of the traders, especially since many Greek traders are now comfortable using one of the main EU languages for support, e.g. English, French, Italian, or German.