Financial spread betting is not legal or available as a regulated product in Greece. It is also not permitted under the broader European Union regulatory framework that governs financial instruments through the Markets in Financial Instruments Directive II (MiFID II). Unlike countries such as the United Kingdom or Ireland—where spread betting is both legal and popular—Greece does not recognise financial spread betting as a financial product, nor does it allow brokers to offer it to Greek residents.
As a result, no HCMC-licensed broker is authorised to provide spread betting services, and EU-based brokers operating under MiFID II cannot market or sell spread betting accounts to clients located in Greece.
Regulatory Status
Spread betting is a form of leveraged speculation where traders bet on the price movement of financial instruments without owning the underlying asset. Profit or loss is calculated based on the difference between the opening and closing price, multiplied by the stake size per point. Although it resembles Contracts for Difference (CFDs), spread betting is treated differently from a legal and tax standpoint, particularly in the UK, where it is tax-free for individuals and regulated by the UK Financial Conduct Authority (FCA).
In Greece, however, spread betting is neither defined in law nor permitted under Hellenic Capital Market Commission (HCMC) rules. The product is also not recognised under MiFID II, meaning firms authorised in other EU states cannot passport spread betting services into Greece. Any broker offering spread betting to Greek residents is either breaching EU rules or operating from a non-EU jurisdiction, such as offshore havens with little or no oversight.
Brokers and Access
Some UK-based brokers that offer spread betting—such as IG or CMC Markets—do accept clients from jurisdictions where the product is legal. However, following Brexit, UK-authorised firms lost their MiFID passport rights and are now subject to third-country rules. These brokers do not accept new Greek clients for spread betting, and if they do, they are doing so in breach of local financial regulations.
Greek residents attempting to open spread betting accounts may be geo-blocked by reputable brokers. In cases where access is not blocked, the firm is either not following regulatory guidelines or is intentionally operating in a grey zone. Using such platforms exposes investors to serious risks, including lack of investor protection, the possibility of frozen or withheld funds, and no access to EU compensation schemes in the event of broker failure.
Tax Treatment and Legal Risk
Because financial spread betting is not a legal product in Greece, there is no formal tax treatment for it. Any profits from such activity, if undeclared, may fall under unreported foreign income, which carries penalties under Greek tax law. Conversely, losses cannot be deducted or offset. Traders using offshore platforms to access spread betting services run a dual risk: they may face capital loss with no legal recourse and potential tax scrutiny if the funds are repatriated without explanation.
Greek residents are required to declare foreign financial accounts and income earned from abroad, including from trading or speculative activity, regardless of whether the activity itself is legal in Greece.
Alternatives for Greek Residents
For those looking for speculative trading products similar in function to spread betting, CFDs are the only regulated alternative. CFDs allow Greek traders to speculate on asset prices—long or short—with leverage, but they are subject to:
- Strict leverage limits imposed by ESMA
- Margin close-out rules
- Negative balance protection
- Mandatory risk warnings
- Prohibition on bonuses and aggressive marketing
CFD trading must be done through brokers licensed by the HCMC or another MiFID II-compliant EU regulator. These brokers are authorised to provide services in Greece and are bound by EU investor protection laws.
While CFDs do not offer the tax-free treatment available to UK spread bettors, they do allow for similar market access and directional trading across a range of instruments, including forex, indices, commodities, and stocks.