IG MarketsVisit IG Markets70% of retail CFD accounts lose money
PepperstoneVisit Pepperstone74-89% of retail investor accounts lose money when trading CFDs
eToroVisit eToro77% of retail investor accounts lose money
FP MarketsVisit FP Markets74-89% of retail CFD accounts lose money
XMVisit XM77,37% of retail investor accounts lose money
AvaTradeVisit AvaTrade79% of retail investor accounts lose money
Saxo BankVisit Saxo Bank72% of retail investor accounts lose money
CMC MarketsVisit CMC Markets78% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider.
Interactive BrokersVisit Interactive Brokers74-89% of retail CFD accounts lose money
BDSwissVisit BDSwiss72.5% of retails investor accounts lose money when trading CFDs. You should consider whether you can afford to take the high risk of losing your money.
Norway, located in Northern Europe, is a significant player in the global financial markets, particularly because of its vast natural resources, such as oil and gas.
Its currency, the Norwegian Krone (NOK), reflects the country’s robust economic position and is often influenced by changes in energy prices and global market dynamics.
In the context of retail forex trading, Norway has set up a robust regulatory framework to oversee and ensure the safety and fairness of forex transactions for both brokers and traders. The Finanstilsynet, commonly known as the Financial Supervisory Authority of Norway, is the primary regulatory body responsible for this oversight.
In this article we have evaluated and selected some of the top brokers in Norway based on objective criteria in all key areas including fees, asset choice, and features to provide an honest selection of trusted and top-performing brokers.
We have taken several factors into consideration, including:
- The overall quality of the broker
- The regulations of the broker
- NOK account availability
- Norwegian Language availability
- Physical presence in the country
What are the best forex brokers in Norway?
Is forex trading legal in Norway?
Forex trading is legal in Norway. Trading in the forex market is regulated by Finanstilsynet. If a broker wishes to offer services in Norway, it must be registered within any EU country.
How to trade forex in Norway
As with all EU nations, ESMA has a mandatory structure in place when signing up with a forex broker.
You will need proof of identity such as a passport, and proof of residence. It is also required that you answer some KYC questions about your basic knowledge of the product and your own financial situation. Following this, your account will be ready to fund.
Demo accounts do not typically require these steps and can usually be opened with just an email address and password since they are risk-free trading with virtual currency.
What should Norwegian traders look for in a forex broker?
As with trading anywhere in the world, there are some points to note. Trading with more than 1:30 leverage is not possible in Norway as a retail trader.
Spread betting and binary options trading are both also banned, and brokers can’t provide welcome or deposit bonuses though they can offer other benefits to loyal or active traders.
Here are three other tips when looking for a broker in Norway.
1. Look for regulated forex brokers
ESMA is a top-tier market watchdog. For this reason, you should be looking for brokers that are ESMA regulated. In Norway, brokers must be regulated within the EU. This means that each forex broker available in Norway must already be ESMA regulated.
2. Choose brokers that offer low spreads and commissions
Spreads should be kept as low as possible. In forex, this typically means below 1 pip on major pairs. It is also important to look for low or no deposit or withdrawal fees on your payment methods of choice. Additionally, a good active trader program can be beneficial if you are a regular trader.
3. If you want to keep your budget low, look for brokers with nano-lots
The standard deposit for a broker in Europe is usually around €100-€200. This with a leverage of up to 1:30 available can be a lot. Finding a broker who offers trading in nano lots can help you trade with flexibility on a lower budget. Another alternative to this is Cent accounts where the minimum deposit can often be less than €10.
How to verify if a forex broker is regulated in Norway
Verifying broker regulation in Norway, the first place to start is to check the ESMA regulation. This can be done through the ESMA official website. Here you can find the list featuring the European national regulators.
If your broker is based in one of these countries then it’s also ESMA regulated. If the broker holds at least one EU regulation, it will most likely hold the Norwegian Finanstilsynet License as well.
Is forex trading taxable in Norway?
Forex trading is taxable in Norway. Capital gains tax in the country depends on the asset type and period of ownership. If no tax exemption applies, then profit is taxed at 22% of the income amount.
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