Best Forex Brokers in Norway 2018
In this article, we have conducted diligent research into the best forex brokers in Norway. We have analysed all aspects of what makes a broker trustworthy and reputable within the industry including the regulations involved, the importance of the software and platform, account types, costs involved, customer service, and the additional services the best forex brokers provide.
How to Choose a Norwegian Forex Broker
Choosing a forex broker can be a daunting task. There are several things to consider and look into before settling on a broker- especially if you are a Norwegian trader. There are the same basic principles for choosing a broker wherever you are from, but how do you know which one is right for you and the country you reside?
- First and foremost, in the case of Norwegian traders, you need to consider whether the broker is trustworthy and regulated within your region.
- The types of trading accounts aloud specifically for Norwegian traders (Micro, Mini, Standard, Islamic Trading Accounts, etc.)
- Availability of customer service in the native language. As a Norwegian trader, you want to be able to communicate in your native language and be comfortable with the support they offer.
Now there are many more things to consider while choosing a forex broker, but the points mentioned above are important regarding Norwegian traders.
General Regulation & Norwegian Regulation
The Norwegian Forex market is regulated by the Markets in Financial Instruments Directive (known as MiFID), as is all of the European economic area. In addition to this regulatory body, it is also regulated by the Financial Supervisory Authority of Norway.
Some regulations which are specific to Norwegian forex brokers include:
- Foreign currency that is held by residents of Norway traders must be converted into krone within 30 days. Non-residents can get around this rule, which is very attractive to foreign investors.
- Regarding capital repatriation, traders must notify the central bank (Norges Bank) for tax purposes.
- The central bank has also revised regulations regarding payments in order to simplify and bring the system of Norway together and provide additional protection in the event of any errors.
Trading Platform & Software
The best forex brokers in Norway provide the most advanced and up to date trading platforms and software. Designed with the trader in mind, the best trading platforms offer an easy to use and visually pleasing interface, has a variety of analysis tools, and fast speeds for execution. A good trading platform will offer their traders up to date quotes and charts in an organized and easy to use format. The interface should be fast, informative, and easy enough to use. Many forex brokers in Norway offer a free trial of their platforms before a full commitment.
Commissions & Spreads
Spreads and commissions are both very important aspects of a forex broker. They go hand in hand and play a big part in whether the forex broker is worth your while. In fact, the spread is one of the most important things to consider when choosing a forex broker. All in all, you want a forex broker with a low spread, either fixed or floating as long as it’s low. That way you can keep your cost of each transaction lower. However, some brokers will charge a higher commission while offering lower spreads. These are two important things to understand when choosing a forex broker.
The best forex brokers offer a variety of account types to fit your trading needs. For a Norwegian trader, you want a forex broker that offers benefits specifically to being Norwegian. For example, some forex brokers in Norway will offer residents micro, mini, standard and even Islamic forex trading accounts to trade currencies and CFD’s.
Without the support of customer service in the native language of Norwegians, trading can become very difficult and frustrating if you run into problems. All the best forex brokers operating out of Norway offer support in many languages, ensuring quality care is taken for their customers.
The best forex brokers offer more than just an excellent trading platform, outstanding customer service, top of the line security, and competitive spreads, commissions and fees. The best forex brokers also provide an abundance of resources dedicated to educating their customers. These services can include webinars, learning resources, informative case studies and reports. Additional resources like these can make all the difference when trading forex.
When choosing our list of the best Norwegian forex brokers, we look at all aspects that make up an outstanding broker. We dedicate hours of research into the rules and regulations they abide by, analyse the software and interface of their platforms. Look into all the costs involved, and study the available account types, inquire into the quality of customer service, and whether the broker offers additional services. We ensure they meet all the guidelines we set out for them and create our list accordingly.
- New Zealand
- South Africa
- South Korea
- Hong Kong
- United Arab Emirates
- Russian Federation
List of Brokers
|BROKER||USER RATING||REGULATED BY||HEADQUARTERS||MIN. DEPOSIT||OFFICIAL SITE|
|ASIC, CySEC, FCA||Israel||$100||Open Account|
|ASIC, BVI, FSA(JP), FSB, MiFID||Ireland||$100||Open Account|
|ASIC, CySEC, FCA||Cyprus||$200||Open Account|
|CySEC, FSB||Cyprus||$100||Open Account|
|BaFin, FCA||United Kingdom||$300||Open Account|