Forex trading continues to expand globally, and Norway is no exception. Danish financial firm Saxo Bank is the only regional option, but many international Forex brokers cater to the rising demand among Norwegian retail traders. Before seeking out the best Forex brokers in Norway, traders should know what to look for from their Forex brokers to ensure a competitive environment, understand the pros and cons of Forex trading in Norway, and consider applicable taxes and leverage.
I have outlined the core aspects and provided a brief guide on getting started to avoid beginner mistakes and shorten the learning curve. Are you ready to start Forex trading in Norway? Read this guide to get ahead of the crowd.
- BlackBull Markets, Best ECN trading environment, with scalping and hedging.
- Eightcap, Competitive pricing + excellent daily videos.
- FP Markets, ECN trading with leverage up to 1:500.
- Pepperstone, Great ECN execution on MT4/5, cTader, TradingView and Pepperstone proprietary platform.
- Axi, Spreads starting from 0.0 pips + leverage up to 1:500.
BlackBull Markets
In Summary Best ECN trading environment, with scalping and hedgingBlackBull Markets delivers institutional-grade trading conditions via Equinix servers located in New York (NY4), London (LD5), and Tokyo (TY3), resulting in an average order execution speed of less than 75 milliseconds. Data feeds of 66+ third-party providers ensure ultra-deep liquidity in the commission-based ECN accounts, featuring trading fees between $4.00 and $6.00 per lot and raw spreads. Therefore, I rank BlackBull Markets among the best Forex brokers in Norway.
Traders can use MT4, MT5 and cTrader, all of which support algorithmic trading. Copy traders can diversify through BlackBull Markets CopyTrader, ZuluTrade, and Myfxbook Autotrade. Meanwhile, TradingView caters to social traders.
Pros & Cons
- ECN/NDD execution model with deep liquidity
- Institution-grade pricing for retail traders via proprietary price aggregation
- ZuluTrade and Myfxbook for social trading
- Leverage of up to 1:500
- Limited deposit options
Eightcap
In Summary Competitive pricing + excellent daily videosThe availability of Capitalise AI, enabling algorithmic trading in a code-free MT4 environment, places Eightcap among the best Forex brokers in Norway on my listing, as it provides a unique competitive advantage. Eightcap also upgrades MT5 with the FlashTrader plugin and offers an AI-powered economic calendar. A well-balanced asset selection, including 100+ cryptocurrency CFDs, competitive leverage, and low, commission-based trading fees, make Eightcap ideal for full-time Forex traders.
Algorithmic traders get 24/5 low-latency Forex trading via VPS hosting, and Eightcap connects social traders to TradingView, where 50M+ peers share trading ideas and discuss markets. Customer support is available 24/5.
Pros & Cons
- Low minimum deposit and high leverage of up to 1:500
- Competitive cost structure
- Excellent technology infrastructure and seasoned management team
- Daily research and quality educational content
- Limited leverage in some areas
FP Markets
In Summary ECN trading with leverage up to 1:500FP Markets ranks among the best Forex brokers in Norway due to a 12-plugin package upgrade for the MT4/MT5 trading platforms. FP Markets also offers cTrader and IRESS. Traders benefit from competitive commission-based trading fees featuring raw spreads from 0.0 pips for a commission of $6.00 per 1.0 standard round lot. VPS hosting ensures 24/7 low-latency Forex trading.
Copy traders can diversify via Myfxbook AutoTrade, fee-based Signal Start, or in-house FP Markets Copy Trading, while MAM/PAMM accounts cater to traditional account management services. Social traders can connect to TradingView with 50M+ peers to share trades and discuss markets.
Pros & Cons
- Choice of trading platforms and auxiliary trading tools
- Very competitive cost structure and excellent asset selection
- Low minimum deposit requirement and leverage of up to 1:500
- Well-regulated and trustworthy
- Availability of Iress geographically restricted
Pepperstone
In Summary Great ECN execution on MT4/5, cTader, TradingView and Pepperstone proprietary platformPepperstone, founded in 2010 and headquartered and regulated in Australia, the U.K., and Dubai, is probably the most well-known ECN Forex broker in the world. As an ECN broker, Pepperstone offers raw spreads and low commissions. Taken together, Pepperstone’s “Razor” account offers one of the most competitive costs of trading in Forex that you will find anywhere. In addition to their global headquarters in Australia, Pepperstone also have presences in London, England, where they enjoy full regulation by the Financial Conduct Authority (FCA), and in Dubai, where they are regulated by the Dubai Financial Services Authority (DFSA). Pepperstone is also regulated by the Cyprus Securities And Exchange Commission (CySEC) in Cyprus, the Capital Markets Authority of Kenya (CMA) in Kenya, the Securities Commission of The Bahamas (SCB) in The Bahamas and the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) in Germany.
Pros & Cons
- Excellent choice of trading platforms consisting of MT4/MT5, cTrader, TreadingView and Pepperstone Platform
- Market-leading MT4/MT5 upgrade package, Autochartist, and API trading
- Social trading support via Signal Start, MetaTrader Signals, Copy Trading by Pepperstone, DupliTrade
- Leverage of up to 1:400 depends on jurisdiction and superb trade execution
- Demo accounts have 60-day time limits
Axi
In Summary Spreads starting from 0.0 pips + leverage up to 1:500Pros & Cons
- No minimum deposit and high leverage for most international traders
- Autochartist plugin for MT4 and API trading for algorithmic traders
- AI-powered third-party trading analytics platform PsyQuation
- Excellent trading costs and social trading plus educational resources in 24 languages
- Limited asset selection
Top Norway Forex Brokers Comparison
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Regulators | FMA, FSA | ASIC, CySEC, FCA, SCB | ASIC, CMA, CySEC, FSCA | ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB | N/A |
Year Established | 2014 | 2009 | 2005 | 2010 | 2007 |
Execution Type(s) | ECN/STP, No Dealing Desk | ECN/STP, Market Maker | ECN/STP | No Dealing Desk, NDD | ECN/STP, Market Maker |
Minimum Deposit | |||||
Average Trading Cost EUR/USD | 1.3 pips | 1.0 pips | 1.2 pips | 1.1 pips | 1.2 pips |
Average Trading Cost GBP/USD | 2.0 pips | 1.2 pips | 1.4 pips | 1.4 pips | 1.3 pips |
Average Trading Cost Gold | $0.90 | $0.12 | $0.16 | $0.15 | $0.16 |
Trading Platform(s) | MetaTrader 4, MetaTrader 5, cTrader, Trading View | MetaTrader 4, MetaTrader 5, Trading View | MetaTrader 4, MetaTrader 5, cTrader, Proprietary platform, Web-based | Other, MetaTrader 4, MetaTrader 5, cTrader, Proprietary platform, Trading View+ | MetaTrader 4, MetaTrader 5, Web-based, ATpro platforms |
Islamic Account | |||||
Negative Balance Protection | N/A | N/A | |||
| Visit Website | Visit Website | Visit Website | Get Started Visit Website75-95% of traders on margin lose | Visit Website |
Forex Trading in Norway
Norway has a high-quality educational system, resulting in a well-educated trader base. As a wealthy country, Norwegian Forex traders commit to higher average deposits, but Norway lacks domestic Forex brokers. Therefore, the best Forex brokers in Norway are headquartered offshore and cater to the growing retail Forex demand from Norway with competitive trading conditions, including low trading fees, automated trading supports, and copy trading services.
How to Start Forex Trading in Norway
Beginners should consider my tips below to shorten their learning curve and highlight areas of study to focus on.
Here are my Forex trading tips:
1. Focus on in-depth education.
2. Approach Forex trading as a highly skilled profession and respect it as such
3. Trading psychology separates up to 90% of unprofitable traders from profitable ones.
4. Learn about the leverage-risk management relationship.
5. Understand how leverage magnifies profits and losses.
6. Appreciate how risk management is as important as your forex trading strategy.
7. Use a trading strategy that reflects your personality.
8. Low trading fees determine a competitive trading environment.
9. Master proper take profit and stop loss order placement.
What to Look for in a Forex Broker from Norway
I focused my research on finding the best Forex brokers in Norway on the aspects below.
Traders should look for the following:
- Forex Regulation - 10+ years of a clean regulatory track record.
- Low trading fees - Low trading fees and competitive swap rates, including positive ones.
- Trading platforms - Algorithmic and copy trading capabilities and a top-notch mobile trading app.
- Asset diversity - A balanced asset selection of liquid trading instruments.
- Deposits/Withdrawals - No deposit fees and low minimum requirements.
Forex Trading Regulations in Norway
The Finanstilsynet (Financial Supervisory Authority of Norway), established in 1986, regulates the domestic Forex market and financial companies in Norway. While Norway is not in the EU, Finanstilsynet adopted many European Securities and Markets Authority (ESMA) rules laid out by the Markets in Financial Instruments Directive II (MiFID II). A few exceptions include leverage restrictions for offshore Forex brokers, which do not require a Finanstilsynet license.
How Much Is Forex Leverage in Norway?
While Forex brokers physically present in Norway must restrict leverage to 1:30, there is no upper limit for the best Forex brokers in Norway headquartered in trader-friendly offshore jurisdictions, which often grant the industry standard of 1:500 leverage.
Forex Trading Taxation in Norway
Norwegian Forex traders are liable to pay taxes on their income. During my research to identify the best Forex brokers in Norway, I uncovered that Norway applies a capital gains tax of 22% on trading income, matching the corporate tax rate.
Trading with the best Forex brokers in Norway will offer Norwegian Forex traders a competitive edge that can help improve profitability. I urge Norwegian Forex traders to consult a licensed professional for up-to-date tax advice, to improve tax efficiency, and to ensure total compliance with the Norwegian tax code.
Pros and Cons of Forex Trading in Norway
I recommend that Norwegian Forex traders consider the pros and cons of Forex trading in Norway.
The Pros of Forex Trading in Norway
- Sufficient trading capital
- Well-educated trader base
- Ideal time zone to trade during the most liquid trading periods
- High-speed and stable internet connection
- Excellent trading infrastructure
The Cons of Forex Trading in Norway
- Relatively restrictive retail leverage if the Forex broker has a physical presence in Norway.
- Few brokers offer products and services in Norwegian.
- The availability of domestic assets is limited, with few NOK currency crosses at select Forex brokers.
- High trading fees for NOK currency crosses.
Bottom Line
Norway is home to a small but wealthy and highly educated Forex market with excellent trading conditions. The best Forex brokers in Norway are well-regulated offshore brokers who consider Norway a core market due to its wealth and growth potential. They offer Norwegians algorithmic trading, copy trading, social trading, and mobile apps.
