IG Markets
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70% of retail CFD accounts lose money
10 Best Forex Brokers in Norway for 2023
Our Picks
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Pepperstone
Visit Pepperstone74-89% of retail investor accounts lose money when trading CFDs -
eToro
Visit eToro77% of retail investor accounts lose money -
FP Markets
Visit FP Markets74-89% of retail CFD accounts lose money -
XM
Visit XM77,37% of retail investor accounts lose money -
AvaTrade
Visit AvaTrade79% of retail investor accounts lose money -
Saxo Bank
Visit Saxo Bank72% of retail investor accounts lose money -
CMC Markets
Visit CMC Markets78% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider. -
Interactive Brokers
Visit Interactive Brokers74-89% of retail CFD accounts lose money -
BDSwiss
Visit 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
Table of Content
What are the best forex brokers in Norway?
Warning
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you can afford to take the high risk of losing your money.
IG Markets : Best forex broker overall
- IG Markets is authorized by the Norwegian Finanstilsynet (FI) under the number FT00112392.
- The Norwegian language can be chosen on IG’s website.
- IG accounts can be opened by Norway traders in the following base currencies, USD, GBP, and EUR.
- The IG Markets minimum deposit in Norway is $300.
- Norway traders will find spreads from 0.6 pips with maximum leverage on forex of 30:1 for retail clients and a maximum of 222:1 for professional clients.
Pepperstone : Great for scalpers
- Pepperstone operates in Norway with the authorization of the Norwegian FI with the license number
- The Norwegian language is not available on Pepperstone’s website.
- Pepperstone Norway traders have EUR, GBP, CHF, and USD as base currencies. NOK is not available.
- Norwegian clients do not a Pepperstone minimum deposit
- Spreads from 0 pips with a maximum leverage of 30:1 for retail clients and 500:1 for Professional clients.
74-89% of retail investor accounts lose money when trading CFDs
eToro : Great social trading platform
- eToro in Norway is authorized by the Norwegian FI under the license number
- The Norwegian Language is one of the languages available on the eToro’ website.
- eToro Norway traders have a minimum deposit of $50.
- Norwegian traders with eToro can open accounts in USD only. A conversion fee may apply for non-USD deposits.
- eToro spreads for Norway clients start from 1 pip on forex with leverage up to 1:30 or up to 1:400 for retail or professional traders respectively.
FP Markets : Best for low spreads
- FP Markets has authorization from the Norwegian FI (license number FT00118162) to operate in Norway.
- The Norwegian language is not an option on the FP Markets’s website.
- The NOK is not provided as a base currency by FP Markets. Norwegian traders can open an account with EUR, USD, and GBP.
- The FP Markets minimum deposit for Norway traders is $100.
- Norway traders of FP Markets will find spreads from 0.3 pips with a maximum leverage of 30:1 (retail) and 500:1 (Professional).
XM : Extensive educational section
- XM is authorized by the Norwegian FI (license n° FT00083800) to provide its services in Norway.
- The Norwegian language cannot be chosen on XM’s website.
- NOK base currency is not available, but XM Norway trades can choose among several base currencies, including USD and EUR.
- Norway traders find an XM minimum deposit of $5.
- XM Norway clients will be charged spreads from 0 pips and maximum leverage up to 30:1 (retail).
AvaTrade : Best for fixed spread
- AvaTrade has authorization from the Norwegian FI (license n° FT00083088) to operate cross-border in Norway.
- The Norwegian language is not available on AvaTrade’s website.
- Norway traders can open an AvaTrade Account with USD and EUR base currencies.
- Norwegian traders will find an AvaTrade minimum deposit of $100.
- AvaTrade Norway clients will find fixed spreads starting from 0.9 pips with leverage available up to 1:30 for retail traders and up to 1:400 for pro traders.
Saxo Bank : Best professional services
- Saxo Bank is authorized to operate in Norway by the FI under license number
- Norwegian language is available on Saxo’s website.
- Norwegian traders can open a Saxo Bank account with the NOK as a base currency.
- There is no minimum deposit requirement from Saxo for their Norway traders.
- Norwegian traders will find Saxo Bank spreads from 0.3 pips with maximum leverage on forex of 30:1 for retail clients and 66:1 for the professional clients.
CMC Markets : Best for CFD trading
- CMC Markets is authorized by the Norwegian FI under the license number FT00117632 to operate in Norway.
- The Norwegian Language can be chosen on the CMC Markets’ website.
- CMC Markets accounts in Norway can be opened in EUR, and NOK.
- There is no CMC Markets minimum deposit requirement for their Norwegian clients.
- Norwegian traders of CMC find spreads from 0.3 pips and maximum leverage of 30:1 (retail) and 500:1 (professional).
78% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider.
Interactive Brokers : Great for professional traders
- Interactive Brokers in Norway is authorized by the Norwegian FI (license n° FT00124668).
- The Norwegian language is not available on the IBKR website.
- Interactive Brokers Norwegian clients’ accounts can be opened in USD, EUR, or NOK.
- Norway traders of Interactive Brokers do not require a minimum deposit.
- Norwegian clients have access to IBKR spreads starting from 0.1 pips on forex with leverage up to 1:30 or up to 1:400 available to retail and pro traders respectively.
BDSwiss : Wide range of account types
- BDSwiss in Norway is authorized by the Norwegian FI (license n° FT00079966).
- Norwegian language is not an option on the BDSwiss’ website.
- BDSwiss accounts in Norway can be opened among the others, in USD, EUR, or NOK.
- BDSwiss Norway traders can start trading with a minimum deposit of $100.
- Spreads for Norway traders at BDSwiss start from 0 pips while leverage up to 1:30 is available for retail traders and up to 1:400 is available for pro traders.
72.5% 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.
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.
This regulation can be checked on the official website of Finanstilsynet. Here you will find the firm registry on the website.
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.
About The Author
Filippo Ucchino
Co-Founder - CEO - Broker Expert
Filippo is the co-founder and CEO of InvestinGoal.com. He has 15 years of experience in the financial sector and forex in particular. He started his career as a forex trader in 2005 and then became interested in the whole fintech and crypto sector.
Over this time, he has developed an almost scientific approach to the analysis of brokers, their services, and offerings. In addition, he is an expert in Compliance and Security Policies for consumers protection in this sector.
With InvestinGoal, Filippo’s goal is to bring as much clarity as possible to help users navigate the world of online trading, forex, and cryptocurrencies.
10 Best Forex Brokers in Norway for 2023
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