3 Best Forex Brokers in Norway for 2024

List of Top Forex Brokers and Trading Platforms in Norway

Forex Trading in Norway

In August 2018, the Financial Supervisory Authority of Norway (Finanstilsynet) decided to follow the regulatory rules outlined by the European Securities Market Authority (ESMA) and its Markets in Financial Instruments Directive II (MiFID II).

Even though Norway is a member of the European Economic Area (EEA), it is outside the European Union (EU). As such, ESMA’s regulatory rules are not legally required to be followed. However, Norway’s regulator decided to align with ESMA to provide a safer environment for retail traders.

ESMA’s MiFID II directive requires forex and CFD brokers to segregate client funds from their own, impose leverage limits on different asset classes, and provide a negative balance protection for retail investors. While ESMA, or Norway’s regulator, does not legally require investment firms to be part of a compensation scheme, some firms may choose to be part of the Norwegian Investor Compensation Scheme, which covers client deposits up to a certain amount if a broker becomes insolvent.

Norway’s FSA also allows international brokers based outside of Norway to provide investment services to Norwegian citizens. However, the regulatory framework – and any investor protections available – for these brokers can vary significantly.

How Did FX Empire Select the Best Brokers in Norway?

• We only selected brokers with a high overall score from our proprietary rating system.
• We verified that each broker is authorized to provide investment services in Norway and that they comply with the Financial Supervisory Authority of Norway’s (Finanstilsynet) requirement of following ESMA’s MiFID II Directive.
• We examined the different deposit and withdrawal options available to check their fees and ability to transact in Norwegian Krone (NOK).
• We assessed the number of tradable instruments to ensure a diverse range of markets, including NOK currency pairs and Norwegian stocks, are available for trading.
• We tested each trading platform to assess the range of features and tools offered, as well as their user-friendliness in a live trading environment.
• We investigated whether the broker has localized resources such as a physical office in Norway and a website and customer support in Norwegian.
• We assessed the broker’s trading fees for competitiveness and transparency by comparing them to the industry average using a live trading account.
• We explored each broker’s educational content and market research tools to see if any materials were specifically tailored for traders in Norway.

Using FX Empire’s comprehensive methodology, our team of experts has identified the best forex brokers in Norway for this year. Here’s how we test.

Now let’s explore the selected brokers.

How to Choose a Forex Broker in Norway?

Here is a quick guide on how to choose the best forex broker in Norway.

Why is it important to trade with a regulated broker?

Trading with a regulated broker ensures a higher level of safety in the handling of funds and execution of trades. Regulated brokers are licensed by government regulators who ensure brokers act fairly and properly. If not, they can lose their license and be fined.

In our broker rating reviews, we categorize regulators into three tiers:

• Tier-1 regulators are typically situated in well-established financial hubs and include institutions like the Cyprus Securities and Exchange Commission (CySEC) and the UK Financial Conduct Authority (FCA).
• Tier-2 regulators operate in reputable yet smaller financial centers, such as the Financial Markets Authority (FMA) of New Zealand.
• Tier-3 regulators typically function in offshore jurisdictions, such as Belize’s Financial Services Commission (FSC).

For residents in Norway, it’s best to opt for a broker authorized and licensed by a Tier-1 regulator such as the UK FCA, CySEC, BaFin, IIROC, ASIC, and others. This is because these regulators have aligned themselves with the European Securities Market Authority (ESMA) and its Markets in Financial Instruments Directive II (MiFID II), providing a high level of investor protection, such as:

• Segregation of client funds. This ensures the broker is not using client deposits to fund the business.
• Negative balance protection. This ensures a client’s trading account does not go below zero from an adverse move in the market.
• Leverage limits. This ensures retail traders enact sound risk management measures and are not over-leveraging their trading accounts.

Some regulators go one step further and require brokers established in their region to provide access to a compensation scheme. For example, brokers in Cyprus, regulated by CySEC, must be part of the Investor Compensation Fund (ICF). This fund covers client deposits up to €20,000 in case of broker insolvency.

Unfortunately, numerous unregulated brokers also offer services to traders in Norway. It’s best to avoid these unregulated entities, as they are not subject to stringent rules or laws regarding the handling of your capital. If they decide to steal it, there are no legal avenues to help you recover it.

To verify your broker’s regulatory status and authorizations, carefully review the broker’s legal terms and conditions and consult the regulator’s online register. Read more about best regulated forex brokers in our comprehensive guide.

What fees to consider when choosing a broker?

Considering the trading fees associated with a broker’s service is crucial, as these fees can significantly impact your profitability. Here are key fees to take into consideration:

• Spread: The difference between the buy and sell prices. See our guides on the best zero spread and best lowest spread forex brokers.
• Commission: A fee charged for executing a trade.
• Overnight/Swaps: Charges for holding leveraged or margined positions overnight. Find the list of the lowest swap brokers in our detailed guide.
• Payments: Fees related to depositing or withdrawing funds.
• Inactivity: A fee applied to inactive accounts.
• Conversion: Charges for converting Norwegian Krone (NOK) into the base currency of your account if it differs from NOK.

To evaluate a broker’s fee structure, examine the fees section on their website, review the legal terms and conditions, and interact with customer support. If the details about fees are unclear or lack transparency, consider this a warning sign and be cautious about using that broker. A top broker will want you to know about their competitive trading fees.

How to choose the best account type?

As competition within the brokerage industry intensifies, brokers are expanding their account offerings to accommodate diverse trading styles. While factors like minimum deposit requirements and trading services may vary, the primary distinction among account types lies in the fee structure.

Typically, brokers present two main categories of accounts: commission-free and commission-based.

• In a commission-free account, there is no transaction fee for buying or selling. Instead, the broker generates revenue through a wider spread. This setup is generally considered more user-friendly for beginners, as most costs are integrated into the spread, simplifying the process of risk management.
• On the other hand, a commission-based account imposes a fee per trade, as the broker offers you tighter spreads sourced directly from their liquidity providers. This option is often more attractive to short-term traders who prioritize lower spreads, especially when engaging in very short-term trading styles.

How much leverage should I use?

Leverage lets you control a larger position size with a relatively small deposit. Regulators aligned with ESMA’s MiFID II directive, such as the FCA and CySEC, restrict retail forex leverage to 1:30, allowing you to manage a $30 position with just $1 from your account.

You may find offshore and unregulated brokers offering much higher leverage, sometimes up to 1:3000. This may seem enticing, but there are significant risks with higher leverage. As your profit and loss on a trade are calculated from the total trade value and not just the margin or deposit you put down, leverage will amplify gains and losses.

If there is insufficient capital in your account to support the total trade value, the broker may issue a margin call, automatically closing your positions and potentially resulting in unforeseen losses. It is crucial to adhere to sound risk management practices to protect your trading capital and ensure a sustainable trading career.

For traders seeking high-leverage options, FX Empire offers a list of the best forex brokers with high leverage, carefully selected to suit specialized trading needs.

How to choose a trading platform?

A trading platform serves as your gateway to the global market, offering real-time access to price data and the seamless transmission of trading orders to your broker. When choosing a platform, consider the following factors:

• Multi-Device Accessibility: Does it support desktop, web, and mobile devices, providing flexibility in when and how you trade?
• Real-Time Price Data: Does it offer free, real-time price quotes to ensure you can execute trades at the optimal prices?
• Drawing Tools and Indicators: Are there integrated drawing tools and technical indicators to enhance your analysis?
• Educational Resources: Does the broker provide tutorials or support to assist you in learning and maximizing the platform’s features?
• Customer Support: Is there readily available customer support to address any assistance you may require?
• Third-Party Integrations: Does the platform allow integration with third-party tools to aid your trading experience?

Several widely used trading platforms include:

• MetaTrader 4 (MT4): Renowned for its charting capabilities, drawing tools, and an extensive array of technical analysis indicators, making it a preferred choice for global forex traders.
• MetaTrader 5 (MT5): An enhanced version of MT4, offering more indicators, timeframes, and market options.

Check out our dedicated guides on best MT4 brokers and best MT5 brokers.

• cTrader: Tailored for high-frequency traders and scalpers, providing a responsive platform for quick decision-making. Read more about best cTrader brokers.
• TradingView: Operates as a browser-based social trading platform, offering advanced research tools and access to global markets. See our detailed list on the best TradingView brokers.
• In-House Proprietary Software: Some brokers develop their unique trading software to meet the specific needs of their clients.

In my 15 years of trading experience, I have consistently favored brokers that offer platforms accessible across multiple devices. This feature grants me the flexibility to manage my trading account through desktop, laptop, or mobile devices when needed.

Many brokers provide demo trading accounts, offering an excellent opportunity to test various platforms across different devices and identify the one that best suits your preferences. You can also check out our dedicated guide on best forex trading platforms.

What to avoid when choosing a forex broker in Norway?

Here are some things to avoid when choosing a forex broker in Norway:

• Unregulated Brokers: Without regulatory protections, you have no recourse if your broker steals your funds or engages in fraudulent practices.
• Lack of Transparency: A reputable broker will readily disclose its regulatory status and trading fees. Difficulty in finding this information is a red flag, indicating a lack of transparency and the potential for hidden charges or unfair practices.
• No Physical Presence: Brokers with no physical offices or live customer support are a red flag. Reputable brokers will have offices in well-known regions with teams of employees.
• Unrealistic Profit Promises: Brokers promising quick and substantial returns should be approached with skepticism. All trading involves risk.

How to avoid forex and CFD scams?

Regrettably, there are a number of scams in the forex and CFD industry targeting Norwegian traders. To safeguard yourself from such situations, adhere to these guidelines:

• Trade exclusively with brokers regulated by well-known financial authorities and validate their licenses on the regulatory body’s official website.
• Verify that the broker operates from a physical office in a region with a robust and reputable regulatory framework.
• Ensure the presence of live customer support to assist with any issues you may encounter.
• Conduct a thorough background check by examining online news articles and broker reviews.
• Only use payment methods that you are familiar with for deposits and withdrawals.
• Carefully review the broker’s terms and conditions before making any commitments.

And if you are still uncertain, you can always check out our database of reviews to find the most reliable brokers.

Our Methodology

We evaluate brokers using a proprietary rating system that involves analyzing 250 data points across nine core categories, which include:

• Trustworthiness: We verify the licenses of each broker with the regulator in the jurisdiction they operate in.
• Fees: We open a live trading account to view the broker’s trading fees and test them to the industry average.
• Trading platform and tools: We test the features and user-friendliness of each trading platform.
• Tradable instruments: We examine the number of tradable instruments to ensure there is a diverse range of markets available.
• Customer support: We interact with the customer support team to test their knowledge and helpfulness.
• Payment methods: We explore the different deposit and withdrawal methods to identify their fees and processing times.
• Account types: We examine each account type and check for execution methods, minimum deposits, and other available features.
• Research and education: We assess the quality of the broker’s research and educational materials.

We abide by our strict guidelines for editorial integrity based on the objective standards we have set for our reviews. You can read more about our review process here.

For this guide, we verified that each broker not only accepts traders from Norway but also operates entities in compliance with the Financial Supervisory Authority of Norway (Finanstilsynet) and aligns with ESMA’s MiFID II directive. Additionally, we looked for localized features, including websites and customer support in Norwegian, as well as the presence of offices in Norway. We also ensured there is a good range of tradable instruments denominated in NOK.

Meet Our Writers

The team of forex and CFD writers and editors at FX Empire is composed of trading industry professionals and seasoned financial journalists. Our writers have been published on leading financial websites such as Investopedia and Forbes. In addition, they all have extensive trading experience.

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