Binary Options Trading in Greece
Greece’s economic situation is in a bit of a meltdown. This poses some interesting questions for investors, as to whether it is safe to be investing in a country with such economic turmoil. Well, when it comes to binary options trading, this type of situation can prove to be quite profitable for traders. Let’s find out how Greece binary option traders are fairing.
Greece’s binary options market is flourishing, making it an excellent country of choice for investors. The economic situation of Greece serves binary options traders well with the frequent fluctuations in the finance market. There is ample opportunity for traders to take advantage of a bad situation and cash in on large gains.
As well, binary options trading in Greece is well regulated and completely legal. There are two main regulating powers in Greece overseeing the financial markets. First, there is the Central Bank of Greece, which serves as the main authority and maintains the value of the currency in Greece. The other important authority in Greece pertaining to binary options trading and other financial instruments is the Hellenic Capital Market Commission (HCMC). This authority is responsible for regulating the brokerages within the country.
All in all, Greece is a very popular and lucrative destination for the trading of binary options.
Recommended Binary Brokers in Greece
Currency Pairs & Spread
Common currency pairs in Greece are much the same as other countries who trade binary options. Most of these investors prefer to trade the most popular, ‘Major’ currencies. This is because they offer the tightest spreads, allowing for greater profits. These top currency pairs include: EUR/USD, USD/JPY, GBP/USD, USD/CAD, USD/CHF, AUD/USD, and NZD/USD.
Some traders prefer a different game and trade currencies which are less known. These currency pairs are referred to as ‘Crosses’, and the rarest being called ‘Exotics’ or ‘Minors’. These pairs tend to have larger spreads, but can still be very profitable for informed and experienced traders. Some of these lesser known ‘Crosses’ currencies include: EUR, JPY, GBP, and CHF. The rarest, ‘Minors’ include MXN, TRY, THB, SGD. As well the trading of digital currencies such as BTC (bitcoin) are in the class of ‘Exotics’.
Trading Platforms
Greece is home to some very well known and reputable trading platforms. The trading platforms here are under strict regulations which provides a high level of protection for investors.
As well, since some trading platforms from Greece are so popular, they have the most up to date and advanced technology, providing lightning fast execution speeds. The best platforms also boast intelligent and intuitively designed interfaces, providing investors with the necessary tools for technical and analytical analysis.
While Greece has their own reputable trading platforms, there are also numerous of international platforms available to Greek binary options traders. However, it is recommended to trade with a platform regulated by the HCMC if you’re residing in Greece.
That being said, there are plenty of binary options trading platforms available to investors in Greece.
Bonuses
Bonuses are not something new to binary options. This is the case for Greek brokerages as well, just as in most of Europe. There are various bonuses that companies offer their clients, enticing them into signing up, making more deposits, or simply to keep them trading with their platform. Some of the most common types of bonuses are as follows:
- Welcome Bonus – This is the most common type of bonus, usually receiving an amount of money just for joining a brokerage and making an initial deposit.
- No Deposit Bonus – Another bonus, like the welcome bonus, rewards you with money just for signing up and doesn’t even require a deposit.
- Mobile Bonuses – This is a bonus for downloading a brokerages mobile application and using it.
- Refer a Friend Bonus – Receive money for getting a friend to sign up, they may be required to make an initial deposit.
There is a wide variety and different variations of these bonuses, but they always result in the trader saving or gaining some money for trading on the platform.
Deposit and Withdrawal Options
Today, there are numerous ways to deposit and withdrawal money. You can be paid from anywhere in the world at any time with various methods. Greek brokerages are no exception to this, accepting many forms of deposit and withdrawal methods. For the purpose of this article, the most common methods include:
- Bank Wire Transfers – Most anyone from anywhere in the world can complete a bank wire transfer. There are no restrictions with the use of bank wire transactions. This method proves to be very popular among Greek investors.
- Credit Card – This option proves to be quite simple for investors, and is widely accepted in Greece. There is a high percentage of trust using credit cards for deposits and withdrawals in Greece.
- Securities Transfers – An option available for those who intend on making very large deposits or withdrawals. It depends on the account type and the minimum deposit amount.
- E-Wallet Providers – Another popular method among Polish investors. Common online money transfer options in Poland include; PayPal, Neteller, and Skrill.
Legality & Regulations
Binary options trading is perfectly legal and regulated in Greece, unlike many other countries in the world. There are two regulating powers pertaining to binary options trading in Greece. The Central Bank of Greece and the Hellenic Capital Market Commission (HCMC). The authority most important pertaining to binary options traders is the HCMC. It was first established in 1927 and has forgone many updates and changes in order to improve regulation and protect investors of the forever changing financial markets.
The obligations and responsibilities of the HCMC include the licensing of brokerages, monitoring and supervision of financial entities, and the control of capital market intermediaries. The HCMC has proven to be efficient at executing their roles which provides investors with safe and secure financial markets to trade on.
FAQ
- Are binary options legal in Greece?
Yes, the trading of binary options is legal in Greece.
- Are binary options regulated in Greece?
Yes, binary options brokers are regulated by the HCMC in Greece. Investors are not recommended to trade with brokers in Greece who are not regulated by the HCMC.
- How can I trade binary options in Greece?
First you must open an account with an investment firm offering binary options trading. Keep in mind, the company must be authorized to conduct business in Greece by the HCMC. Once that is determined, it is quite simple, and can be done online in a few simple steps. Some companies do not even require a deposit to start trading.
- Is it safe to trade binary options?
When trading binary options with a brokerage operating out of Poland, it is safe. They should be a reputable company operating under the KNF of Poland.
Best Brokers in Greece?
Greece is home to some very reputable and popular binary options brokerages.
Conclusion
This article has attempted to overview the investment practice of binary options trading in Greece. We have extensively examined the processes and legality of binary options in Greece. As well, we have determined that Greece proves to be a lucrative and safe country for the trading of binary options. All in all, Greece proves to be a leading country for the successful trading of binary options.