Online trading in Norway has been booming. However it can be a challenging task to find the best stock broker in Norway because the competition in the trading industry is fierce. Norway residents will need to look for an international online brokers and trading platforms, since there are almost no local stock brokers registered in Norway. The main Norwegian financial markets regulatory Finanstilsynet does not even require brokers to become locally authorised.
Since Norway is a part of EEA, any EU licensed brokerage will gladly open an online trading account for Norwegian traders.
List of Top Online Trading Platforms in Norway
- Skilling – The Best International Online Broker in Norway
- eToro – Great Multi-Asset Broker for Beginners
- XTB – Zero Commision Stocks & ETFs
- Interactive Brokers
- SAXO Bank
Skilling.com
Skilling is the best trading platform in Norway. It is originally a nordic online broker with norwegian ownership that has been established in 2016 with the initial goal to cater to Scandinavian traders and investors. In the meantime, Skilling has become the fastest growing CFD broker in Europe, catering not only to Norwegians and Swedes but also to people from all across Europe.
73% of retail investor accounts lose money.
- Norwegian ownership
- Registration with BankID
- Norwegian Kr. as a base currency
- Automatic identity verification for Norwegian citizens
- Standard leverage up to 30x (with CySEC license)
- High leverage of up to 500x (register with FSA license)
- Very low spreads
- Negative balance protection
- Hundreds of trading assets
- CySEC, FSA license; FCA UK approval
- MT4, cTrader, TradingView, Skilling Trader
- CFDs only
- At the moment no deposits using PayPal
eToro
eToro was first set up back in 2007 and has become a trailblazer in the industry of social trading, allowing more people to access the financial markets than ever. The copy trading feature paved the way for increased involvement when it was first established within the online trading industry. eToro has also been at the forefront of additional financial innovations, including CopyPortfolio™.
There is a vast array of more than 3000 CFD instruments available to trade with.
eToro is currently regulated in Europe by the Cyprus Securities and Exchange Commission (CySEC).
76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
- Best copy trading apps
- One of the largest online brokers with 4 mil. clients
- Best mobile trading app
- 1600+ Real stocks without commision
- CFDs on Indices, ETFs, Commodities, Metals
- ASIC, CySEC, FCA license
- No Metatrader, cTrader, TradingView
- Limited educational materials
How to choose the right brokerage in Norway
It is important to realise that there are a number of important things to look at before choosing your online stock broker, if you are Norwegian resident.
Check out our helpful guide below.
- Registering via BankID ( Skilling broker offers this option at the moment) will make your life easier (no need to upload private documents)
- Norwegian Krona (NOK) as a base currency for your trading account – this will save you lot of money in the future on foreign exchange fees. Foreign exchange fees between NOK and USD,EURO are expensive..
- Direct bank wire transfer without any fees for depositing and withdrawing money
- Money deposit stored in the Norwegian banks (only Skilling offers this option at the moment)
- A trading platform that comes in the Norwegian language
- Norwegian speaking customer service
- Easy to use software
- Trading accounts that are allowed in Norway, such as Islamic Trading Accounts, Standard, Mini, and Micro.
Norway regulation
Norway is a current member of the EEA, which shares many regulatory guidelines with the European Securities and Markets Authority (ESMA), a well-known EU regulator.
When it comes to the Forex market in Norway, the main regulatory body is the Markets in Financial Instruments Directive (MiFID), the same body that governs over the entirety of the European economic area. However, Norway also has the Finanstilsynet as an additional regulatory body, also known as the Financial Supervisory Authority of Norway. This body was first set up in 1986 and oversees all financial companies across the country.
FAQ’s (People Also Ask):
1. Can I use eToro in Norway ?
Yes you can use eToro in Norway, because the broker is fully regulated by Cysec to conduct business across the whole EEA area including Norway.
2. Can I trade forex in Norway ?
Yes it is legal to trade forex in Norway. Foreign exchange is regulated by Finanstilsynet. International brokers are not required to get license from Financial Supervisory Authority of Norway.
3. Which broker is the best for beginners ?
The best broker for beginners is eToro.
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