Indeed, the country has faced a number of trading restrictions. The Athens Stock Exchange reopened recently after a 5-week shutdown. Upon opening, Greek banks in particular nosedived, with share prices falling as much as 65% in just three days. Capital controls remain in place and economic data looks dismal, prompting investors to remain cautious.
In such an atmosphere, you would be forgiven for thinking then that Greek brokers must be struggling. However, Mr Tsaprounis was sanguine about their plight, and his firm, MagnaFX, in particular.
“The crisis had a very little impact on us, since our basic model plan continues to be on an institutional level, while the retail business was also intact.”
Indeed, while he notes that “it is taken for granted that the Greek crisis - coming to its zenith with the introduction of capital controls - left a negative 'trace' to the local market”, Greek brokers retain some advantages.
Due to the imposed capital controls, without a Greek Custodian Bank, Greek investors can't trade FX and/or CFDs, unless they have a bank account abroad.
Specifically, while the volumes of Greek accounts have diminished significantly across the industry and with the imposition of capital controls restricting domestic investors from withdrawing cash from their Greek bank account to trade on foreign platforms, the two Greek forex brokers that are regulated by the Hellenic Capital Markets Commission (HCMC) - namely MagnaFX and AAAFx - continue to serve local investors.
Mr. Tsaprounis explains: “Due to the imposed capital controls, without a Greek Custodian Bank, Greek investors can't trade FX and/or CFDs, unless they have a bank account abroad. We are one of the only companies that have a Greek Custodian. From this perspective, among all the companies that are engaged in the FX industry in Greece, only MagnaFX and AAAFx are entirely Greek companies, fully supervised and regulated by HCMC, which can provide FX and/or CFD trading for Greek clientele.”
Of course, Greek brokers also continue to serve foreign customers. In MagnaFX's case, Mr. Tsaprounis pointed out that it also has a reputable foreign bank as a custodian, allowing ongoing international trade.
With a Grexit off the table for the time being, it is unlikely that Greek brokers will have to contend with the introduction of a local currency anytime soon. But as Mr. Tsaprounis confidently muses: “Nevertheless, an investment company like us, with an exceptional organization, solid administration and high-calibre, experienced staff, not only would not have have any kind of issues in a case of a default State, but definitely would take high advantage of the new status, since we would have another local major offered currency to trade.”
Indeed, the country has faced a number of trading restrictions. The Athens Stock Exchange reopened recently after a 5-week shutdown. Upon opening, Greek banks in particular nosedived, with share prices falling as much as 65% in just three days. Capital controls remain in place and economic data looks dismal, prompting investors to remain cautious.
In such an atmosphere, you would be forgiven for thinking then that Greek brokers must be struggling. However, Mr Tsaprounis was sanguine about their plight, and his firm, MagnaFX, in particular.
“The crisis had a very little impact on us, since our basic model plan continues to be on an institutional level, while the retail business was also intact.”
Indeed, while he notes that “it is taken for granted that the Greek crisis - coming to its zenith with the introduction of capital controls - left a negative 'trace' to the local market”, Greek brokers retain some advantages.
Due to the imposed capital controls, without a Greek Custodian Bank, Greek investors can't trade FX and/or CFDs, unless they have a bank account abroad.
Specifically, while the volumes of Greek accounts have diminished significantly across the industry and with the imposition of capital controls restricting domestic investors from withdrawing cash from their Greek bank account to trade on foreign platforms, the two Greek forex brokers that are regulated by the Hellenic Capital Markets Commission (HCMC) - namely MagnaFX and AAAFx - continue to serve local investors.
Mr. Tsaprounis explains: “Due to the imposed capital controls, without a Greek Custodian Bank, Greek investors can't trade FX and/or CFDs, unless they have a bank account abroad. We are one of the only companies that have a Greek Custodian. From this perspective, among all the companies that are engaged in the FX industry in Greece, only MagnaFX and AAAFx are entirely Greek companies, fully supervised and regulated by HCMC, which can provide FX and/or CFD trading for Greek clientele.”
Of course, Greek brokers also continue to serve foreign customers. In MagnaFX's case, Mr. Tsaprounis pointed out that it also has a reputable foreign bank as a custodian, allowing ongoing international trade.
With a Grexit off the table for the time being, it is unlikely that Greek brokers will have to contend with the introduction of a local currency anytime soon. But as Mr. Tsaprounis confidently muses: “Nevertheless, an investment company like us, with an exceptional organization, solid administration and high-calibre, experienced staff, not only would not have have any kind of issues in a case of a default State, but definitely would take high advantage of the new status, since we would have another local major offered currency to trade.”
58% of UK Investors Choose Professional Guidance over 'Finfluencers’
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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