You might be wondering which is the best online broker in Greece because the stock market isn’t that well known compared to other countries. The classic, much-loved savings account is no longer sufficient to develop your money and savings in these times of historically low interest rates and the rising popularity of online brokers in Greece. It’s now simpler than ever to invest in stocks, options, and ETFs, and more and more Greeks, particularly the new generation, are doing so. We have reviewed the top online brokers in Greece for you so that you can make an informed decision about which service to choose to develop your investment.
Quick Comparison Of The Best Online Brokers In Greece
1. Interactive Brokers: small trading costs. several different products. amazing research resources abound.
2. DEGIRO: one of the most affordable prices available. governed by leading authorities. user-friendly mobile and web platforms.
3.XTB: equities and ETFs with no commission for some, deposits and withdrawals are quick and free and quick and simple account opening.
4. Saxo Bank: outstanding trading platform Excellent research. broad range of products.
Which Financial Products Can You Trade With An Online Broker In Greece?
Each online broker in Greece operates different to the other. Some may provide you with options to invest in that others don’t. Similarly, most will have different investment advice and strategies compared to the rest. You may get the option to trade nationally as well as internationally with some which can help you judge the market of other countries along with Greece. Usually, most of them deal with stocks, EFTs, cryptocurrencies, forex, bonds, CFDs on stocks and futures along with more.
What Are The Possible Fees Of An Online Broker In Greece?
When you will start to enter the investment market, you will realize that you need to spend some extra money in order to start investing. You will be charged fees such as:
Trading Fees
The main criterion for choosing a broker is often how much you have to pay in spreads, commissions, and other trading expenses. These would include fees for trading stocks in the US/UK market, mutual funds, CFD fees and more.
Monthly Account Fee
Some online brokers may charge you on monthly bases when you’re using their services. This will be charged once you start using their program each month.
Inactivity Fee
Not all broker services charge this, but if you don’t trade for a certain period of time, you may be charged.
Withdrawal Fee
This is charged if you withdraw money from the broker account. It is free if you withdraw money using bank transfer, credit card etc.
Some of the broker services may also have a minimum deposit fee in order to open a new account with them.
Which Is The Best Online Broker In Greece?
The following are some of the best rated online brokers in Greece:
Interactive Brokers
Interactive Brokers has a huge global market access from a single, integrated platform where clients from more than 200 countries and territories can trade stocks, options, futures, currencies, bonds, ETFs, and more on 150 worldwide marketplaces. They provide funding of accounts and trading of assets in 26 different currencies and provide you with IBKR GlobalAnalyst to scan the stock markets of the world for undervalued stocks.
IBKR offers the lowest commissions, and clients can trade stocks, options, futures, currencies, bonds, and funds globally from a single screen thanks to IBKR’s Universal Account. If an exchange offers a rebate, we give you a portion—or the entire amount—of the savings. Their margin rates are as much as 50% less than their competitors. You can earn interest of up to USD 4.08% on uninvested cash as well.
Even seasoned traders and investors must continually advance their knowledge to remain competitive. You can use the materials provided by Interactive Brokers to learn more about IBKR’s products, services, markets, and technology. When entrusting a broker with your money, you must ensure that the broker is reliable and able to withstand both good and bad times. Large trading losses are something that IBKR and their clients are protected from by their solid capital position, cautious balance sheet, and automated risk controls.
Interactive Brokers Benefits
- Available in English for easier communication
- 0$ minimum deposit
- No account fees
- No inactivity fees
- One free withdrawal each month
- No deposit fee required
- Over 18,000 no-transaction-fee mutual funds.
Interactive Brokers Drawbacks
- No physical branch
- Website is a little difficult to navigate through
- Account setup is complicated
- Customer service is understaffed
DEGIRO
DEGIRO began offering online brokerage services in the Netherlands in 2013. Since then, DEGIRO has spread to 18 nations in Europe, giving individual investors access to a commission structure that is fiercely competitive. As a result, DEGIRO has rapidly grown to become one of Europe’s top brokers. European investors have access to global markets through DEGIRO. In contrast to their rivals, many of which only provide access to the US and European exchanges, DEGIRO furthermore provides access to markets in Australia, Japan, Hong Kong, and many other countries across the world. Clients now have the chance to gain from a truly global diversification of assets.
Along with offering reasonable pricing and a wide range of markets, DEGIRO also engages in the creative development of creative trading instruments. Their internal development team crafts each platform specifically to meet the requirements of each client. Currently, 600.000 customers benefit from reduced commission and access to international exchanges while also helping to improve the trading environment. Never before has it been so simple to build a globally diversified portfolio.
In the banking industry, DEGIRO has shown that this is feasible by fusing efficiency and economies of scale. Low fees are a result of DEGIRO’s effective organizational structure. DEGIRO will be able to expand, continue to cut expenses, and enhance investment in our services by becoming worldwide.
DEGIRO Benefits
- One of the lowest fees available on the market
- Easy to navigate website and app
- Approved by top-tier authorities
- Only 1 day required to open an account
- No minimum deposit
- No withdrawal fee charged
- DEGIRO gives you access to 31 stock exchanges and more than 5,000 ETFs.
- Low stock and ETFs fees
- 1$ trading fee on US stock and 3.1$ trading fee on UK stock
- Phone and email support service available.
DEGIRO Drawbacks
- Forex isn’t available
- Research tools are limited
- Can’t deposit using credit/debit card
XTB
One of the biggest stock exchange-listed FX & CFD brokers in the world, XTB has almost 20 years of experience. More than 13 nations, including the UK, Poland, Germany, France, and Chile, host offices for them. They have been involved in the financial markets for about 20 years and have gained the trust of more than 495,000 clients worldwide. Your investments are secure with them because they are governed by some of the largest supervision bodies in the world, including the FCA, KNF, CySEC, and FSC. Additionally, they give consumers free insurance from Lloyd’s of London, one of the top suppliers of specialized insurance in the world, providing coverage of up to 1 million Euros, Pounds, or Australian Dollars (depending on the region). There is no registration required; the insurance is automatically provided to all XTB customers.
“xStation 5,” the company’s primary platform, is available online. This platform, the widely used MT4 (downloadable) platform, and an effective mobile app make up the entirety of XTB’s online consumer offering. Even though XTB’s ancillary costs were within industry norms, its consistently low spreads set it apart from the competition. According to XTB, the average spread on the EUR/USD during the most recent quarter was 1.02 for Standard accounts and 0.43 for Pro accounts. Before commission, the average spread is 0.43. The EUR/USD differential for Pro accounts would therefore have been 0.78 in actuality. This spread is once more one of, if not the best, in online forex brokerage. Additionally, XTB levies commissions for cryptocurrency and stock CFDs (Standard and Pro).
They offer CFDs on more than 2100 equities, 60 ETF CFDs, 10+ Crypto CFDs, including: Bitcoin, Ethereum, Stellar, Dogecoin and more and more than 20 indices from countries including the USA, Germany, and China.
XTB Benefits
- Minimum FX spreads of 0.5 for Standard accounts and 0.1 for Pro accounts are advertised by XTB. The best retail FX brokerage is this one.
- The UK’s Financial Conduct Authority oversees XTB Online Trading.
- XTB provides “negative balance protection”
- A dedicated account manager is available, 24/7 call support and live chat.
- NO minimum deposit requirements
- XTB is known for their low Forex fees
- Fast withdrawal services as well as no-fee deposit
- Before signing up, XTB offers a free trial account so that you may check out how it operates.
XTB Drawbacks
- Like numerous trading firms, XTB does not provide an extensive range of services.
- There are only a few different currencies that XTB accepts.
- For cryptocurrency (Pro) and stock CFD (Standard and Pro) transactions, XTB levies significant fees.
- Doesn’t offer two step verification
Saxo Bank
A Danish investment bank with a focus on internet trading. Previously known as Midas Fondsmaeglerselskab and was established as a brokerage firm in 1992 by Lars Seier Christensen, Kim Fournais, and Marc Hauschildt. Upon receiving a banking licence in 2001, the company’s name was changed to Saxo. The Saxo Bank Group, with its headquarters in Copenhagen and authorization and regulation in other jurisdictions, manages approximately €86 billion in client assets and employs more than 2,500 people worldwide. From its offices in important financial hubs like Denmark, the UK, Amsterdam, Singapore, Australia, Hong Kong, and Switzerland, they serve and onboard institutional partners.
One of the first organisations to sign and abide by the FX Global Code of Conduct, which is dedicated to more stringent customer protection and transparency in the FX market, is the Saxo Bank group. Trade more than 65,000 different instruments, including equities, mutual funds, ETFs, bonds, futures, options, and other leveraged products. When you improve your trading tier, you may take advantage of market-leading entry rates, narrower spreads, and cheaper commissions.
Saxo Bank Benefits
- No withdrawal fees
- Bank transfer and credit/debit cards can be used for transfer
- Demo account is provided
- User-friendly interface
- Low forex spreads
- Phone and email support available
- 6700+ Efts
Saxo Bank Withdrawals
- Confusing fee schedules
- Minimum deposit of 500$-2000$
- Expensive bonds
- Trading stocks is expensive
How Do You Start Online Trading In Greece?
Compare Online Brokers And Choose One
In the guide, we have short listed some of the best options available for online brokers for you to choose from which will save you the trouble for in depth research.
Opening A Trading Account
You need to be of legal age and a resident of Greece in order to open an account. Then you can go ahead and make an account and start investing/trading.
Transfer Money Into Your Account
Now you can transfer money, regardless of the amount, into your account which you can use to start investing.
Set Up Order Or Savings Plan
Now, you’re ready to start investing, choose a plan, EFT, cryptocurrency or more from the options available and set up the order with your broker.
Conclusion
Greece’s stock market is now more accessible and affordable. You can choose the best online broker in Greece for your needs whether you want to actively day trade for quicker gains/deficits or you want to invest for a longer period to have a plan for your retirement. If you are just starting out, we advise that you start modest and keep expanding your financial literacy so you can get a better grasp of the trading market in Greece.