The best Forex brokers in the country of Norway, according to our research, are:
- IG Markets
- Pepperstone
- eToro
- FP Markets
- XM
- AvaTrade
- Saxo
- CMC Markets
- Interactive Brokers
- BDSwiss
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?
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 operates under Norwegian FI authorization FT00112392. IG Markets offers Norwegian language on its website. IG Markets sets a minimum deposit of $300. Norwegian traders use USD, GBP, and EUR as base currencies.
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Avg. EUR/USD Spread:
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About IG Markets
IG Markets is a global online trading provider founded in 1974, offering access to over 17,000 financial markets including forex, stocks, indices, commodities, and cryptocurrencies. IG Markets provides proprietary trading platforms alongside MetaTrader 4 and ProRealTime. IG Markets is regulated by multiple top-tier authorities worldwide, including the FCA and ASIC. IG Markets is known for competitive spreads, extensive educational resources, and innovative features like weekend trading. The IG Markets’ parent company “IG Group” CEO is Breon Corcoran.
IG Markets Features
The features of IG Markets are listed below.
- 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.
IG Markets Pros and Cons
Advantages of IG Markets
The advantages of IG Markets are listed below.
- Low spreads from 0.6 pips on Forex
- Wide range of financial instruments
- 40 years of experience in the Forex industry
Disadvantages of IG Markets
The disadvantages of IG Markets are listed below.
- No copy trading features
- No social trading features
Pepperstone
Great for scalpers
Pepperstone holds authorization from Norwegian FI. Pepperstone does not offer Norwegian language on its website. Pepperstone offers EUR, GBP, CHF, and USD as base currencies. Pepperstone does not require a minimum deposit.
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About Pepperstone
Pepperstone is a global forex and CFD broker founded in 2010 in Melbourne, Australia. Pepperstone offers trading on currencies, commodities, indices, stocks, and cryptocurrencies through MetaTrader and cTrader platforms. Pepperstone is regulated by multiple authorities including ASIC, FCA, and CySEC. Pepperstone is known for competitive spreads, fast execution, and extensive educational resources. Pepperstone serves clients in over 160 countries worldwide. The Pepperstone CEO is Tamas Szabo.
Pepperstone Features
The features of Pepperstone are listed below.
- 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.
Pepperstone Pros and Cons
Advantages of Pepperstone
The advantages of Pepperstone are listed below.
- Stable raw spreads (0,09 pips on EUR/USD on average)
- Caters for algorithmic trading
- Has won over 30 Forex industry awards
Disadvantages of Pepperstone
The disadvantages of Pepperstone are listed below.
- The demo account is not unlimited
eToro
Great social trading platform
eToro operates with Norwegian FI authorization. eToro offers Norwegian language support. eToro sets a minimum deposit of $100 for Norwegian traders. eToro allows only USD accounts and applies a conversion fee for non-USD deposits.
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About eToro
eToro is a global multi-asset investment platform founded in 2007, offering trading on stocks, ETFs, Crypto CFDs, commodities, and forex. eToro provides a proprietary web and mobile platform with social trading features. eToro is regulated by multiple authorities including FCA, ASIC, and CySEC. eToro is known for its user-friendly interface, copy trading functionality, and commission-free stock trading. eToro serves over 30 million users worldwide. The eToro CEO and co-founder is Yoni Assia.
eToro Features
The features of eToro are listed below.
- 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 $100.
- 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.
eToro Pros and Cons
Advantages of eToro
The advantages of eToro are listed below.
- Great copy trading and social trading features
- Wide range of asset classes
- It allows to buy fractional stocks from $10
Disadvantages of eToro
The disadvantages of eToro are listed below.
- The eToro spreads can be high
- Offers only USD accounts
- Transferring cryptocurrencies to other platforms can be hard
FP Markets
Best for low spreads
FP Markets holds authorization from Norwegian FI under license FT00118162. FP Markets does not offer Norwegian language on its website. FP Markets requires a minimum deposit of $100 and supports EUR, USD, and GBP as base currencies.
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About FP Markets
FP Markets is an Australian-based global forex and CFD broker founded in 2005. FP Markets offers trading on over 10,000 instruments including forex, stocks, indices, commodities, and cryptocurrencies. FP Markets provides MetaTrader 4, MetaTrader 5, and proprietary platforms. FP Markets is regulated by multiple authorities including ASIC, CySEC, and FSA. FP Markets is known for tight spreads, fast execution, and extensive educational resources. The FP Markets CEO is Craig Allison.
FP Markets Features
The features of FP Markets are listed below.
- 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).
FP Markets Pros and Cons
Advantages of FP Markets
The advantages of FP Markets are listed below.
- Broad Instrument Offering
- Competitive Spreads
- Multiple Trading Platforms
Disadvantages of FP Markets
The disadvantages of FP Markets are listed below.
- High Fees for International Withdrawals
- Outdated Platform Design
XM
Extensive educational section
XM operates with authorization from Norwegian FI license FT00083800. XM does not support Norwegian language. XM sets a minimum deposit of $5. XM does not offer NOK as a base currency for Norwegian traders.
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About XM
XM is a global forex and CFD broker founded in 2009, offering trading on currencies, commodities, indices, stocks, and cryptocurrencies. XM provides MetaTrader 4, MetaTrader 5, and proprietary platforms. XM is regulated by multiple authorities including CySEC, ASIC, and IFSC. XM is known for competitive spreads, extensive educational resources, and multilingual customer support. XM serves over 5 million clients from 196 countries. XM offers various account types and a no-requote policy.
XM Features
The features of XM are listed below.
- 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).
XM Pros and Cons
Advantages of XM
The advantages of XM are listed below.
- There’s a wide range of account types
- The demo account at XM is unlimited
- Wide range of educational resources
Disadvantages of XM
The disadvantages of XM are listed below.
- No social trading features available
- The account availability changes depending on the location of the trader
- High minimum deposit to invest in securities ($10000 for the XM Shares account)
AvaTrade
Best for fixed spread
AvaTrade holds cross-border Norwegian FI authorization FT00083088. AvaTrade does not offer Norwegian language on its platform. AvaTrade requires a $100 minimum deposit. AvaTrade supports USD and EUR accounts for Norwegian traders.
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Avg. EUR/USD Spread:
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About AvaTrade
AvaTrade is a global forex and CFD broker founded in 2006 and headquartered in Dublin, Ireland. AvaTrade offers trading on currencies, commodities, indices, stocks, bonds, ETFs, and cryptocurrencies. AvaTrade provides proprietary platforms alongside MetaTrader 4 and 5. AvaTrade is regulated by multiple authorities including CySEC, ASIC, and FSA. AvaTrade serves over 300,000 clients worldwide. AvaTrade is known for competitive spreads and extensive educational resources. The AvaTrade CEO is David Dryzin since 2016.
AvaTrade Features
The features of AvaTrade are listed below.
- 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.
AvaTrade Pros and Cons
Advantages of AvaTrade
The advantages of AvaTrade are listed below.
- Tight fixed spreads from 0.6 pips (0.9 pips for retail traders)
- The mobile apps are well designed
- Can be connected to ZuluTrade and Duplitrade
Disadvantages of AvaTrade
The disadvantages of AvaTrade are listed below.
- High inactivity fees
- The demo account is limited to 30 days
Saxo
Best professional services
Saxo operates under Norwegian FI authorization. Saxo supports Norwegian language. Saxo allows NOK as a base currency. Saxo does not require a minimum deposit for Norwegian traders. Saxo offers spreads from 0.3 pips.
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Avg. EUR/USD Spread:
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About Saxo
Saxo is a Danish investment bank and online trading platform founded in 1992. Saxo offers trading in forex, stocks, CFDs, futures, options, and other financial instruments across global markets. Saxo provides proprietary trading platforms and white-label solutions for institutional clients. Saxo is regulated by multiple authorities including the Danish FSA and UK FCA. Saxo serves retail and institutional clients in over 170 countries. The Saxo CEO and co-founder is Kim Fournais.
Saxo Features
The features of Saxo are listed below.
- Saxo 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 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 spreads from 0.3 pips with maximum leverage on forex of 30:1 for retail clients and 66:1 for the professional clients.
Saxo Pros and Cons
Advantages of Saxo
The advantages of Saxo are listed below.
- Regulation and Trust
- Extensive Product Range
- Advanced Trading Platform
Disadvantages of Saxo
The disadvantages of Saxo are listed below.
- High Minimum Deposits for Premium Accounts
- Lack of Spread Betting Options
- Custody Fees in Certain Regions
CMC Markets
Best for CFD trading
CMC Markets holds Norwegian FI authorization FT00117632. CMC Markets offers Norwegian language support. CMC Markets accepts EUR and NOK accounts. CMC Markets does not require a minimum deposit for Norwegian clients.
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Regulations:
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Avg. EUR/USD Spread:
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Platforms:
About CMC Markets
CMC Markets is a global online financial trading company founded in 1989 and headquartered in London. CMC Markets offers trading on forex, indices, commodities, cryptocurrencies, and shares through CFDs and spread betting. CMC Markets provides proprietary and MetaTrader platforms for desktop, web, and mobile. CMC Markets is regulated by multiple authorities including FCA, ASIC, and BaFin. CMC Markets is listed on the London Stock Exchange. The CMC Markets CEO is Lord Peter Cruddas.
CMC Markets Features
The features of CMC Markets are listed below.
- 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).
CMC Markets Pros and Cons
Advantages of CMC Markets
The advantages of CMC Markets are listed below.
- Regulatory Trust
- Low Trading Costs
- Extensive Trading Platform
Disadvantages of CMC Markets
The disadvantages of CMC Markets are listed below.
- Complex Fee Structure
- Limited Funding Options
Interactive Brokers
Great for professional traders
Interactive Brokers operates with Norwegian FI authorization FT00124668. Interactive Brokers does not offer Norwegian language. Interactive Brokers accepts USD, EUR, or NOK accounts. Interactive Brokers sets no minimum deposit requirement for Norwegian clients.
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Avg. EUR/USD Spread:
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About Interactive Brokers
Interactive Brokers is a global electronic broker founded in 1978, offering trading in stocks, options, futures, forex, bonds, ETFs, and cryptocurrencies across 150 markets in 33 countries. Interactive Brokers provides advanced trading platforms, low commissions, and access to a wide range of financial instruments. Interactive Brokers is known for its sophisticated technology and serves both retail and institutional clients. Interactive Brokers is regulated by multiple top-tier authorities worldwide. The CEO of the Interactive Brokers Group is Milan Galik.
Interactive Brokers Features
The features of Interactive Brokers are listed below.
- 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.
Interactive Brokers Pros and Cons
Advantages of Interactive Brokers
The advantages of Interactive Brokers are listed below.
- Low Trading Fees
- Advanced Trading Tools
- Wide Market Access
Disadvantages of Interactive Brokers
The disadvantages of Interactive Brokers are listed below.
- Not user-friendly
- No MetaTrader Support
- Additional Fees
BDSwiss
Wide range of account types
BDSwiss holds authorization from Norwegian FI under license FT00079966. BDSwiss does not offer Norwegian language. BDSwiss accepts USD, EUR, or NOK accounts. BDSwiss requires a minimum deposit of $100 for Norwegian traders.
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Regulations:
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Avg. EUR/USD Spread:
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Platforms:
About BDSwiss
BDSwiss is a global forex and CFD broker established in 2012, offering trading on currencies, commodities, indices, stocks, and cryptocurrencies. BDSwiss provides MetaTrader 4, MetaTrader 5, and proprietary platforms. BDSwiss is regulated by multiple authorities including CySEC and FSC. BDSwiss is known for competitive spreads, fast execution, and extensive educational resources. BDSwiss serves over 1.6 million registered traders worldwide.
BDSwiss Features
The features of BDSwiss are listed below.
- 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.
BDSwiss Pros and Cons
Advantages of BDSwiss
The advantages of BDSwiss are listed below.
- Extensive Symbol Offering
- MetaTrader Integration
- Regulatory Compliance
Disadvantages of BDSwiss
The disadvantages of BDSwiss are listed below.
- High Inactivity Fee
- Basic Proprietary Platform
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.