All You Need to Know about Top Forex Brokers In Norway

Many successful Forex trading markets tend to be overlooked simply because they are not marketed as well as the other major ones – or the country in which they are located just does not necessarily associate with the vibrant world of FX. This is also the case with Norway. One of the strongest economies in the region, this country manages to both maintain high standards of living for its citizens and make a variety of sectors of the national economy thrive. Among them is the Norway Forex market which is largely defined by its efficient regulations, smooth functioning, and flawless reputation. Nevertheless, for some reason, Forex trading is not that popular among the Norway people, despite the opportunities that it offers – and there are plentiful.

In the guide that you are about to read we will dive deep into the world Norway FX market, and assess whether the lack of its popularity can be attributed to any particular malfunctioning of the system. We will examine and list down the best Forex brokers in Norway, discuss the main regulatory body and the functions that it performs to facilitate the market, and provide you with a final verdict of whether or not you should consider getting into Forex trading in Norway. Please read our guide until the end to make sure that you possess all the information necessary to make an informed decision.

Recommended Forex trading platforms in Norway

Choosing the right broker is the single most important – and probably the hardest decision that both the beginners and experienced traders are faced with. Whether or not your broker is reliable, qualified, and client-oriented will, in the long run, define your opportunities for profits. Should you make the wrong choice, what you might end up with is a lot of unnecessary stress at best, or, in the worst-case scenario, huge losses that you will have to pay back somehow. It does not, therefore, come as a surprise that the entire process of looking for the broker can already be quite stressful. For the purpose of making it a bit easier and less stressful for you, we have compounded a comprehensive list of the best Forex brokers in Norway, the opportunities that they offer, and the key advantages of trading with them.

XM Group

XM Group Forex Review

Minimum deposit




Maximum leverage


US Clients

No Review

Minimum deposit

100 currency units



Maximum leverage


US Clients


IQ Option

IQ Option Review – can the broker be trusted?

Minimum deposit

10 USD



Maximum leverage


US Clients


Financial Supervisory Authority of Norway, and how it works

It is probably easy for everyone to agree that the way in which the country’s Forex market is regulated is the single most important driver of its success and sustainable growth. The trick to that is finding a perfect balance between enough regulations to reinforce customer safety and not too many limitations that can potentially damage the market’s development. When assessing the Norwegian FX environment, it is clear the regulatory body there has managed to find that perfect balance of persistently protecting the market integrity with the regulations imposed upon the Forex trading brokers in Norway, all while facilitating the market growth.

Finanstilsynet or the Financial Supervisory Authority of Norway ( FSA) was established in 1986 to function as a regulatory body under the direct supervision from the Norwegian Ministry of Finance. The area of its responsibilities is quite extensive, as it oversees the proper functioning of banks, insurance, and finance companies, e-money institutions, audit and accountancy firms, markets for financial instruments, and, of course, the Forex trading brokers in Norway.

The main goal of this entity is to sustain the overall supervision of the financial sector and facilitate customer protection in every sector that it is directly responsible for. The FSA does so by combining cooperation and communication with the relevant actors, imposing regulatory measures for the sectors’ development, issuing licenses, and supervising and monitoring the functioning of the actors involved in each individual sector. Below, we will focus on the key regulatory measures that have translated into the rapid development of the Norwegian FX market.

How brokers obtain the FSA license

One of the main ways in which regulatory bodies from all over the world are regulating their respective Forex trading markets is by issuing licenses to the local brokers. Now it is necessary to note that such licenses are not compulsory, however, if the broker is looking to increase its prestige and attract more clients  – it is definitely a good idea to obtain one. Possessing this particular “stamp of approval” ultimately means that the broker has an additional layer of reassurance that it is both qualified enough to provide its services, and, in case, something goes wrong, the government will be able to step in and assist its clients, since the broker has become their direct responsibility after the license has been issued.

When it comes to the FSA, the procedure of obtaining a license for the Forex trading brokers in Norway is strict, yet pretty straightforward. On top of that, foreign brokers that have already obtained a license from the other EU-based regulatory body have a right to start operating inside Norway. For example, a broker that has obtained their license from a body such as popular Cyprus- based CySEC, or the UK-based FCA will have to notify the Norwegian FSA and, upon meeting its requirements – begin operating within the country.

Protecting your financial safety

As we keep mentioning on multiple occasions, one of the most common and time-proven methods of the regulatory bodies all over the world to ensure the safety of the traders is demanding the brokers that wish to be licensed to keep their operational funds separately from the funds of their traders. The reason for this is that before such a measure was introduced, the FX market has experienced a surge of cases where the brokerage has misused the funds of its clients, whether intentionally or otherwise. Moreover, in the unfortunate event of trader going bankrupt, the traders associated with it had their funds frozen, or even lost for good. Some of the best Forex in Norway are carefully following this regulation and, by doing that, provide their clients with some much-needed peace of mind in terms of the safety of their money. Overall, this regulation is just another demonstration of how regulatory bodies in Europe and across the world are dedicated to the idea of customer protection.

Constant audits and reports

In order to be effective, the regulation of the FX market has to be both up-to-date with any development that it might be undergoing, and executed continuously, without interruption. For that purpose, various regulatory bodies require their licensed brokers to submit periodic reports and audits that are then carefully reviewed by the body. The purpose of such a measure is to ensure that the broker does not cease to follow the regulations of the country where it is operating – a notion that should clearly be reflected in the report that it submits. On top of that, such reports are a great way for the regulatory body to determine any malicious and take timely and appropriate measures to prevent them.  Finally, those reports are also used by the countries’ regulatory entities to single out the pitfalls withing the FX market functioning and address them accordingly.

When it comes to the Norwegian FSA, which is very dedicated to the notion of customer protection and market development, this regulatory measure is a perfect complimentary measure to its already efficient code of conduct.

Ban on high-risk activities

In an attempt to limit the number of directions from which the traders can end up with significant losses the Norwegian FSA, like many other regulatory bodies within the region, has introduced a number of bans, not the activities that have potentially high risks associated with them. Although one might argue that by introducing such bans, regulatory bodies are taking up the role of moral compasses, and people should be able to make their own decisions and face the consequences, the truth is – in the long run, such regulations are not doing anything beyond looking out for the best interests of the traders.

So what are the main bans that the FSA has introduced so far? Well, to begin with, Norway was among the first countries that introduced a complete ban on binary trading. This particular kind of trading was so risky, that almost every single trader that was ever involved in it has experienced at least one case of big losses. Similarly, any type of selling and advertising of high Contracts For Difference (CFDs) is outlawed in Norway. Forex trading brokers that do offer CFDs have to provide both a full disclaimer if the risk that they involve and ensure the “stop-loss policy” which is put in place to limit the damages of the potential losses for the traders.

Limited trading features

Commitment to customer protection often encompasses protecting traders from themselves. This is definitely the case with the leverages, that remain to be the topic of the heated debate for many years now and, possibly, for many more to come. The opportunities that this particular trading tool has to offer, are, indeed, astonishing. However, it can also be the cause of some of the greatest losses after the trading session, additional money that need to be repaid, and, possibly, even the life-time of debt.  While the tool is more or less secure in the hands of the experienced brokers, when it comes to the beginners, the situation can be drastically different.  Amateur traders can get overly excited by the opportunity of earning more while investing less, and, ultimately, lose a lot of money.

Many countries across the world have banned the provision of leverages altogether, however, Norway and the FSA went ahead with the recommendations provided by the European Securities and Market Authorities (ESMA) and reduced the maximum leverage that the Forex trading brokers in Norway can provide down to 30:1. Although the opinions on leverages might vary, in the long run, having a cap on them will actually be more beneficial for the traders and will rid them of the unnecessary risks.

Will you find any bonuses with Norwegian brokers?

Bonuses and promotions are used by the brokers to expand and sustain their respective client base. They can also be very beneficial for the traders, as the bonuses can be used to kickstart or boost one’s trading session. For that reason, many traders pay extra attention to what various brokers have to offer in that regard, and ultimately, it can become a single most important deciding factor. There are two main types of bonuses that the broker can offer- welcome bonuses and refill bonuses. Welcome bonuses have used a sign of gratitude and are gifted upon the trader joining the broker or after the first deposit is made. In turn, refill bonuses are tokens of appreciation issued periodically to the returning traders.

Unfortunately, in Norway, as with the other European countries, the provision of such bonuses is prohibited, due to their role of attracting people into something that can potentially be a risky enterprise. Nevertheless, Forex trading brokers in Norway offer a variety of other tools that can also translate into lucrative profits.

Getting started with top Norwegian Forex brokers

In Norway, the legal age of adulthood is 18 years old, and anyone who has reached it or beyond has a right to start trading Forex. If you meet the standards issued by the broker of your choice, the entire process of getting started in the FX market should be pretty straightforward and hassle-free.

When it comes to the cost of starting to trade, we can say that it is completely free of charge. What we mean by that is that there will be no additional costs or fees for the actual procedure of joining the broker. You will, however, be required to make a deposit which will later be used in your trading session. The amount of the minimum deposit will depend heavily upon the broker that you choose – some of the best Norwegian Forex brokers require something as little as 5 USD to get you started, while others might be asking for a minimum of 500 USD.

Best Norwegian Forex brokers, and how to get them

Having examined the overall state of the FX market in Norway, we are happy to say that it is easy to recommend someone to get into it. The national economy is strong and ever-growing, which automatically means that every industry is enjoying the development at a rapid speed. To top this up, the local regulatory body – FSA does a terrific job at performing its functions in a way that is both beneficial for the overall market development and security to the traders involved in it. If you are currently living in Norway, we highly suggest that you explore the opportunities that the FX market and the Forex trading brokers in Norway have to offer.