Best Forex Brokers in Norway for 2021

Forex trading is very attractive in Norway. However It can be a challenging task to find the best forex brokers in Norway  since competition in the forex industry is fierce. Norway residents will need to look for an international online brokers, since there are almost no local ones in the country. The main regulatory  Finanstilsynet does not even require foreign fx brokers to become locally authorised.

Since the country is a part of EEA, it means any EU licensed brokerage will gladly open a forex account for Norwegian residents.

 

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Best Norway forex brokers

  • Skilling – #1 Best Online FX Broker Norway
  • Pepperstone – Best international forex trading broker
  • eToro – Best Social Trading Platform
  • XTB – Best for Education & Ease of Use

Skilling.com – Award Winning Norway Forex Broker

This nordic online broker with norwegian ownership has been established with the goal to cater to Scandinavian traders!

 

Pros
  • Nordic broker with 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 licenses; FCA approval
  • MT4, cTrader, Skilling Trader are available
Cons
  • CFDs only
  • At the moment no depositgs using PayPal

>> Read Skilling review <<

Visit Skilling

eToro – Social Trading Platform

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. Not only this, but the famous broker offers a vast array of crypto assets for its users to trade with. eToro is currently regulated by the Cyprus Securities and Exchange Commission (CySEC).

>> Read eToro review <<


How to choose the best forex broker in Norway

It is important to realise that there are a number of important things to look at before choosing your forex brokerage,  if you are Norwegian resident.

Check out our helpful guide below.

  1. Registering via BankID  ( Skilling broker offers this option at the moment) will make your life easier (no need to upload private documents)
  2. Norwegian Krona (NOK) as a base currency for your trading account – will save you lot of money in the future on foreign exchange fees. Foreign exchange fees between NOK and USD,EURO are expensive..
  3. Direct bank wire transfer without any fees for depositing and withdrawing money
  4. Money deposit stored in the Norwegian banks (Skilling offers this option at the moment)
  5. A trading platform that comes in the Norwegian language
  6. Norwegian speaking customer service
  7. Easy to use software
  8. Trading accounts that are allowed in Norway, such as Islamic Trading Accounts, Standard, Mini, and Micro.

 


Norway financial markets 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.

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