Best Forex Brokers in Norway for 2024

Written by Naylyan Nazifova
Naylyan Nazifova is a recognised expert in the online trading field. She has many publications and analysis covering forex trading, stock investing and personal finance. 
, | Updated: May 15, 2024

The foreign exchange market has gained a lot of popularity among professional and retail traders across Europe, and traders who reside in Norway are certainly no exception. The Financial Supervisory Authority (FSA) is the entity that ensures that the said individuals can participate in the forex market safely, and it holds companies accountable for any transgressions and unfair practices committed against Norwegian traders. You can pay a visit to the FSA’s website at https://www.finanstilsynet.no/, or follow the account @Finanstilsynet on the social media platform X (formerly Twitter).

1Fusion Markets
Rating: 4.6 ⭐
74-89% of retail CFD accounts lose money
2Global Prime
Rating: 4.1 ⭐
74-89% of retail CFD accounts lose money
3AvaTrade
Rating: 4.5 ⭐
76% of retail investor accounts lose money
4City Index
Rating: 4.2 ⭐
69% of retail investor accounts lose money
5IG
Rating: 4.1 ⭐
70% of retail client accounts lose money
6CMC Markets
Rating: 4.2 ⭐
71% of retail investor accounts lose money
7Markets.com
Rating: 4.7 ⭐
74.2% of retail investor accounts lose money
8Iron FX
Rating: N/A ⭐
67.62% of retail investor accounts lose money
9XTB
Rating: 3.7 ⭐
80% of retail investor accounts lose money
10Libertex
Rating: 4.0 ⭐
74.91% of retail investor accounts lose money

Norwegian Forex Brokers Ranked by Trustpilot Score

Norwegian Forex Brokers Ranked by Spread Commission

Forex BrokerEURUSDUSDJPYEURGBPGBPUSD
1. Libertex0.10.30.30.4
2. Fusion Markets0.110.130.150.11
3. Global Prime0.130.280.280.22
4. CMC Markets0.50.71.10.9
5. Markets.com0.60.70.90.9
6. IG0.60.90.90.9
7. Iron FX0.70.40.90.8
8. AvaTrade0.91.31.21.3
9. XTB0.9141.32.2
10. City Index1.11.81.62

Norwegian Forex Brokers Ranked by Commission per Lot

Forex BrokerCommission per lot
1. AvaTrade$0
2. City Index$0
3. IG$0
4. Markets.com$0
5. Iron FX$0
6. XTB$0
7. Libertex$0
8. Fusion Markets$2.25 per lot
9. CMC Markets$2.50 per lot
10. Global Prime$3.50 per lot

Important Note: Plenty of foreign brokers have decided to offer their services to Norwegian traders. While the said companies do need to notify Norway’s financial regulator, the Financial Supervisory Authority (FSA), they do not need to apply for a license if they are already regulated by an EEA entity. This, in turn, means that Norwegian traders have a vast selection of brokers to pick from.

If you are new to trading, however, making the choice might seem to be quite a difficult task. With this in mind, our team has set out to do all the heavy lifting in order to present you with a list of the most reliable forex brokers that are suitable for a Norwegian audience. This article will, therefore, be of great interest to anyone eager to find out more about these brokers and Norway’s forex legislation.

Top 10 FX Brokers in Norway

  1. TRADE NOW74-89% of retail CFD accounts lose money
    Fusion Markets Broker Details
    RegulatorsASIC, Financial Services Authority of Seychelles, VFSC
    Min DepositNo min deposit
    Trading PlatformsMetaTrader4, MetaTrader5, cTrader, DupliTrade, Fusion+ Copy Trade
    Trustpilot Rating4.6 out of 1409 reviews
    Number of Forex Pairs to TradeOver 200
    LeverageForex & Metals: 500:1
    Index CFDs: 100:1
    Cryptocurrencies: 10:1
    SpreadEURUSD: 0.11
    USDJPY: 0.13
    EURGBP: 0.15
    GBPUSD: 0.11
    Forex Commission per Lot per Trade$2.25 per lot
    Deposit MethodsVisa, Mastercard, PayPal, Skrill, Neteller, Fasapay, Jeton Wallet, Perfect Money, Online Naira, Doku, Bitcoin, Ethereum, Litecoin, USDT, Tether, Ripple, bank wire
    Withdrawal MethodsVisa, Mastercard, Bank Wire, Skrill, Neteller,Bitcoin, Ethereum, Litecoin, Tether, Ripple

    Founded by Australian trading experts, Fusion Markets was launched in 2017 and is currently one of the top destinations for traders all over the globe. While it is common for brokers to advertise low spreads, Fusion Markets was actually recognized by Brookerchooser, receiving the award “Lowest Spread Forex Broker” four years in a row.

    In addition to offering traders tight spreads, Fusion Markets is committed to offering the best value for your trading, charging a significantly low commission of only $2.25 per lot ($4.50 per side). As you can see, const-effectiveness is one of the main values of this top-shelf broker.

    Safety is always a priority for Fusion Markets, with major regulatory bodies like the Australian Financial Services (license No.385620), the Financial Services Authority of Seychelles (license No.SD096), and authorities in Vanuatu regulating the services provided by the broker. Under ASIC’s (Australian Securities & Investments Commission) regulation, the broker also provides a negative balance protection to some of its clients.

    With no minimum on deposits and a wide range of popular trading platforms like MetaTrader4, MetaTrader5, cTrader, and more, it is no surprise that Fusion Markets is one of the top choices of traders. With an average score of 4.6 out of 5 on Trustpilot, this broker has received an Excellent rating from more than 1,300 happy customers.

    Key Pros

    • Offers some of the lowest spreads
    • ASIC clients enjoy a negative balance protection
    • Supports popular trading platforms
    • Offers two copy trading platforms
    • Supports fiat and crypto payment solutions

    Key Cons

    • Does not offer investor protection
    • Traders outside Australia have no negative balance protection
    • Cannot set up an account in a minor currency
  2. TRADE NOW74-89% of retail CFD accounts lose money
    Global Prime Broker Details
    RegulatorsASIC (No. 385620), VFSC (No. 40256)
    Min Deposit$0 (No min. deposit requirements)
    Trading PlatformsMT4 Desktop, MT4 Webtrader, MT4 Android
    Trustpilot Rating4.1 out of 100 reviews
    Number of Forex Pairs to Trade56
    LeverageForex & Metals: 500:1
    Index CFDs: 100:1
    Cryptocurrencies: 10:1
    SpreadEURUSD: 0.13
    USDJPY: 0.28
    EURGBP: 0.28
    GBPUSD: 0.22
    Forex Commission per Lot per Trade$3.50 per lot
    Deposit Methods

    Visa, Mastercard, PayPal, Skrill, Neteller, Dragonpay, VNPay, Gate8, FasaPay, PromptPay, Pagsmile, QR Code (THB), BPAY, POLi, AstroPay, Bank Wire Transfer, Interac, Perfect Money, PayID, MiFinity, Jeton, XPay, Cryptocurrencies

    Withdrawal Methods

    Mastercard, Visa, Local Bank Transfer, Bank Wire Transfer, Skrill, Neteller, AstroPay, PayPal, Dragonpay, Perfect Money, Jeton, Interac, Cryptocurrencies

    Global Prime is a reliable brokerage that has been providing low-cost trading services since 2010. Regulated by the watchdogs of Vanuatu and Australia, the broker facilitates trading with over 150 financial instruments, including indices, bonds, commodities, cryptocurrencies, and more than 50 currency pairs. Major-pair spreads on raw accounts start at zero pips, with most orders being executed within 10 milliseconds on average. The broker works with MT4 only but plans to soon expand its range of supported platforms with cTrader, MT5, and TradingView.

    These excellent trading conditions, coupled with a streamlined registration process, fee-free transactions to and from customer accounts, and round-the-clock support, have earned the broker a solid 4.1 score on Trustpilot. Still, there is scope for improvement as the company offers no cent and swap-free accounts for Islamic customers. The broker has no compensation scheme for client funds, either, which is yet another area Global Prime could improve in.

    Key Pros

    • Overseen by a top-tier financial regulator (ASIC)
    • No fees on deposits and withdrawals
    • Low fees for FX trading
    • Streamlined sign-up process
    • A broad range of currency pairs

    Key Cons

    • Could use more trading platforms
    • A limited range of educational resources
    • Does not offer Islamic or cent accounts
  3. TRADE NOW76% of retail investor accounts lose money
    AvaTrade Broker Details
    RegulatorsFFAJ (License No.1574),CySEC (No. 347/17) ISA (No. 514666577), IIROC, ADGM / FSRA (No.190018), CBI (No.C53877), BVIFSC (No. SIBA/L/13/1049), FSCA(No.45984), ASIC(No.406684)
    Min Deposit$/€100
    Trading PlatformsMetaTrader4, MetaTrader5, WebTrader, AvaTadeGO, AvaSocial
    Trustpilot Rating4.5 out of 8469 reviews
    Number of Forex Pairs to Trade55
    LeverageForex & Metals: 30:1
    Index CFDs: 20:1
    Cryptocurrencies: 2:1
    SpreadEURUSD: 0.9
    USDJPY: 1.3
    EURGBP: 1.2
    GBPUSD: 1.3
    Forex Commission per Lot per Trade$0
    Deposit MethodsVisa, Mastercard, Skrill, WebMoney, Neteller, bank wire
    Withdrawal MethodsVisa, Mastercard, Skrill, WebMoney, Neteller, bank wire

    AvaTrade is one of the most well-experienced brokers offering online trading since 2006. Licensed and regulated to operate across six continents, this brand focuses on offering CFD and Forex trading, with popular platforms like MetaTrader 4 and 5 available to members of the broker. Alongside the MetaTrader platform, AvaTrade also offers its AvaTrade WebTrader and AvaTradeGO platforms, which introduce several innovative features such as AvaProtect.

    Those inexperienced in trading can also try copy trading with AvaTrade’s AvaSocial platform. Trading on the go is also a seamless process, with AvaTrade’s mobile platforms, all available on the AvaTrade mobile app, available both to Android and iOS users.

    It is no wonder that so many traders have chosen to trust AvaTrade, with the brand offering some of the greatest trading conditions online. Hedging on short selling and scalping is allowed, with traders having no restrictions to worry about. Fast order executions as well as competitively low spreads are also some of the reasons that have earned the broker a score of 4.6 out of 5 on Trustpilot. A total of 9 jurisdictions regulate the services offered by Ava Trade, with the Financial Futures Association of Japan, the Cyprus Securities and Exchange Commission, and the Australian Securities and Investments Commission being some of them.

    Key Pros

    • Regulated by 9 jurisdictions in 6 continents
    • Offers various trading platforms suitable for beginners and expert traders
    • Enables smooth mobile forex trading via dedicated app
    • Offers 55 forex options and numerous CFDs
    • Easy copy trading via the AvaSocial platform

    Key Cons

    • Retail account pricing trails behind top brokers’ offerings
    • Desktop platform may seem a tad outdated
    • Many payment solutions are country-specific
  4. TRADE NOW69% of retail investor accounts lose money
    City Index Broker Details
    RegulatorsFCA (No. 446717), CySEC (No. 400/21), MAS, ASIC
    Min Deposit$250
    Trading PlatformsMT4, WebTrader (proprietary), TradingView
    Trustpilot Rating4.2 out of 314 reviews
    Number of Forex Pairs to Trade82
    LeverageForex & Metals: 30:1
    Index CFDs: 20:1
    Cryptocurrencies: 2:1
    SpreadEURUSD: 1.1
    USDJPY: 1.8
    EURGBP: 1.6
    GBPUSD: 2
    Forex Commission per Lot per Trade$0
    Deposit MethodsVisa, Visa Electron, Mastercard, Maestro, PayNow, Bank Transfer, Online Banking, PayPal, PayID, BPAY, EFT
    Withdrawal MethodsMastercard, Visa, Visa Electron, Maestro, PayPal, Bank Transfer

    City Index gives traders access to over 6,000 financial markets tradable at highly competitive pricing. Established in 1983, the company has a long track record of delivering low-cost trading with a varied range of financial instruments, including forex, stocks, equity shares, hard and soft commodities, bonds, and options. Spread betting is also available to customers from specific jurisdictions. City Index offers a superb proprietary web-based trading platform, although third-party software like MetaTrader 4 and TradingView also pose viable options for registered customers.

    Over 80 major, minor, and exotic currency pairs are available to FX traders at City Index. Average spreads go as low as 0.5 pts, with no commissions on spot forex trades and forex CFDs. The broker enjoys an excellent reputation for delivering lightning-fast order execution, with few to no requotes. Currency-pair orders are filled within 0.02 seconds on average. City Index is overseen by ASIC, FCA, and CySEC and provides tier-1 bank liquidity. Its parent company (StoneX Group) is publicly listed on Nasdaq, further adding to the broker’s excellent reputation.

    Key Pros

    • No commissions on spot forex and CFD trades
    • Lightning-fast speed of order execution
    • Long track record spanning over 40 years
    • Over 1 million registered customers
    • Excels in delivering quality educational content

    Key Cons

    • No support for MT5 for the time being
    • Higher min. deposit requirements compared to rival brokers
    • Stores client funds in top-tier banks like J.P. Morgan
  5. 5. IG
    TRADE NOW70% of retail client accounts lose money
    IG Broker Details
    RegulatorsASIC (No. 515106), FCA (No. 114059), CFTC, DFSA (No. F001780), MAS, BMA
    Min Deposit$50
    Trading PlatformsMT4, L2 Dealer, ProRealTime, IG proprietary software
    Trustpilot Rating4.1 out of 6723 reviews
    Number of Forex Pairs to Trade80+
    LeverageForex & Metals: 30:1
    Index CFDs: 20:1
    Cryptocurrencies: 2:1
    SpreadEURUSD: 0.6
    USDJPY: 0.9
    EURGBP: 0.9
    GBPUSD: 0.9
    Forex Commission per Lot per Trade$0
    Deposit MethodsVisa, Mastercard, Bank Transfer, Wire Transfer, Visa Electron, Discover, PayPal
    Withdrawal MethodsVisa, Visa Electron, Mastercard, Discover, Bank Transfer

    IG is a trusted online broker regulated in multiple jurisdictions, including Australia, Singapore, Dubai, the UK, and the US. It provides low-cost trading in thousands of financial markets, ranging from forex and commodities to cryptocurrencies, shares, bonds, and indices. Seasoned traders can dabble in options contracts, bonds, and spread betting. Interest rate trading is also available to IG customers.

    The brokerage charges no commissions on forex trades, deriving its profits mostly from spreads. IG predominantly caters to customers looking to capitalize on price movements without purchasing underlying assets by offering them a broad range of CFDs. Forex traders have access to complex speculative instruments like turbo warrants, vanilla options, contracts for difference, and barrier options.

    IG’s proprietary software does an excellent job at delivering seamless trading sessions, although clients can also connect third-party platforms like MT4 and ProRealTime to their IG accounts. Both platforms are suitable for algorithmic trading. Moving funds to and from your live account is entirely free, although the broker could expand its range of accepted payment methods. Cards, bank transfers, and PayPal are the only banking options IG works with at the moment. Bank transfers have no minimum threshold on deposits.

    Key Pros

    • Towering selection of over 17,000 tradable markets
    • Listed on the FTSE 250 index
    • Competitive pricing and low forex spreads
    • No fees on deposits or withdrawals
    • Demo accounts for risk-free forex trading practice

    Key Cons

    • Payment options are a bit limited
    • Customer support is slow to respond during busy hours
  6. TRADE NOW71% of retail investor accounts lose money
    CMC Markets Broker Details
    RegulatorsAFS (licenses no.238054 and no. 246381), FCA (licenses no. 173730 and no. 170627
    Min Deposit$0
    Trading PlatformsCMC Markets’ Next Generation, MetaTrader 4
    Trustpilot Rating4.2 out of 1923 reviews
    Number of Forex Pairs to Trade330+
    LeverageForex & Metals: 30:1
    Index CFDs: 20:1
    Cryptocurrencies: 2:1
    SpreadEURUSD: 0.5
    USDJPY: 0.7
    EURGBP: 1.1
    GBPUSD: 0.9
    Forex Commission per Lot per Trade$2.50 per lot
    Deposit MethodsVisa, Mastercard, PayPal, Bank Transfer
    Withdrawal MethodsVisa, Mastercard, PayPal, Bank Transfer

    When it comes to online trading, trusting a worldly-wise broker like CMC Markets, which pounced on the scene way back in 1989, is always the best decision. In 1996, the brand launched its operations online, claiming to be the first to complete a forex deal online. While this cannot be confirmed, the company certainly is one of the pioneers of online trading, currently ranking among the most trustworthy brokers online.

    Forex traders will be pleased to see that the broker covers a wide range of currency pairs, while other types of traders will also appreciate the numerous CFDs and spread betting available on CMC Markets’ platforms. The broker offers its clients the proprietary platform Next Generation, which is rather intuitive and easy to use. Unfortunately, the Next Generation platform does not support automated trading. However, those who prefer this style of trading may install the MetaTrader 4 platform, also supported by CMC Markets.

    One of the best qualities of CMC Markets is the company’s transparency as it is publicly traded and licensed by some of the most reliable authorities in this industry. Regulated by the ASIC, the broker is authorized by the AFS to offer derivative products under license no.238054 and stockbroking services under license no. 246381. The broker has also been licensed by the UK’s FCA, operating under license no. 173730 and license no. 170627 (spread betting). It comes as no surprise that CMC Markets has become a top destination for numerous traders who have given the broker an average score of 4.2 out of 5 on Trustpilot.

    Key Pros

    • Publicly traded reputable brand
    • One of the first online forex brokers
    • Covers an extensive selection of currency pairs
    • Offers proprietary trading platform
    • Enables smooth mobile trading

    Key Cons

    • Automated trading available only on MetaTrader4
    • Fees on stock CFDs can be high
    • Supports a limited number of payment methods
  7. TRADE NOW74.2% of retail investor accounts lose money
    Markets.com Broker Details
    RegulatorsASIC (license no. 424008), FCA (license no. 481853), CySEC (license no. 092/08), FSCA (license no. 46860), FSC (license no. SIBA/L/14/1067), FSA (license no. 27030 BC 2023)
    Min Deposit$100
    Trading PlatformsMetaTrader 4, MetaTrader 5, WebTrader, Mobile App
    Trustpilot Rating4.7 out of 1165 reviews
    Number of Forex Pairs to Trade50+
    LeverageForex & Metals: 30:1
    Index CFDs: 20;1
    Cryptocurrencies: 2:1
    SpreadEURUSD: 0.6
    USDJPY: 0.7
    EURGBP: 0.9
    GBPUSD: 0.9
    Forex Commission per Lot per Trade$0
    Deposit MethodsVisa, Mastercard, PayPal, Apple Pay, Skrill, Neteller, Bank Transfer
    Withdrawal MethodsVisa, Mastercard, PayPal, Apple Pay, Skrill, Neteller, Bank Transfer

    When it comes to online trading, it is always recommended to trust only reliable brokers that are capable of offering great trading conditions to their clients. Luckily for you, Markets.com is one of the most reputable trading brands, operating since 2008 and offering traders a wide selection of markets. Whether you are an expert in trading or you are a beginner, at Markets.com, you can find plenty of tools to help you improve your trading sessions.

    Security is one of the broker’s strongest suits, with major regulators like ASIC, FCA, CySEC, and many more overlooking the operations of Markets.com. To make the trading process smoother and more intuitive, the brand supports popular platforms like MetaTrader 4 and 5 as well as WebTrader. The dedicated Markets.com app will also allow a seamless transition to mobile trading, with both MT4 and MT5 adapted for mobile trading.

    When it comes to managing your deposits and withdrawals at Markets.com, you will be able to choose from several convenient methods, including bank cards, popular e-wallets, and bank transfers. Withdrawals are also possible via the same selection of methods, enabling easy bankroll management for members of the broker.

    Key Pros

    • Offers tight spreads and low fees for FX traders
    • Traders can choose from over 50 currency pairs
    • Supports a wide range of payment methods
    • Mobile trading available through dedicated app
    • Supports popular trading platforms

    Key Cons

    • Offers only CFD and FX products
    • Charges inactivity fee
    • No dedicated platform for copy trading
  8. TRADE NOW67.62% of retail investor accounts lose money
    Iron FX Broker Details
    RegulatorsFCA (licensing no. 585561), FSCA (licensing no. 45276)
    Min Deposit$100
    Trading PlatformsMetaTrader 4, WebTrader, VPS, PMAM, TradeCopier, Mobile App
    Trustpilot RatingN/A out of N/A reviews
    Number of Forex Pairs to Trade80+
    LeverageForex & Metals: 30:1
    Index CFDs: 20:1
    Cryptocurrencies: 2:1
    SpreadEURUSD: 0.7
    USDJPY: 0.4
    EURGBP: 0.9
    GBPUSD: 0.8
    Forex Commission per Lot per Trade$0
    Deposit MethodsVisa, MAstercard, Bank Wire, Skrill, Neteller, China Union Pay, Fasapay, Perfect Money, Bitwallet, Paysafecard
    Withdrawal MethodsBank Wire

    Founded in 2010, Iron FX is a broker with extensive experience in the trading field, offering traders a vast selection of products. Providing CFDs on forex pairs, commodities, indices, shares, and futures, this online brokerage is a great place for a vast variety of traders. With seven different types of accounts, members of Iron FX can pick the option that suits their preferences the best, with each of the account types offering either low or low fees that offer the best value for your trading.

    Unfortunately, while Iron FX was regulated by the Cyprus Securities and Exchange Commission (CySEC), its Bermuda entity currently holds no license authorizing its operations. Meanwhile, its UK and South African entities are regulated by the Financial Conduct Authority (FCA) and the Financial Sector Conduct Authority (FSCA), respectively. We would also like to highlight the company’s dedication to traders’ safety, with Iron FX utilizing enterprise-class security tools to keep you and your money safe.

    Members of the broker will have access to trading platforms like MetaTrader 4, WebTrader, VPS, PMAM, and TradeCopier as well as the mobile app of Iron FX that enables seamless trading on the go. To fund your account, you are required to deposit $100, which is the minimum required for the standard account type.

    Key Pros

    • Offers a wide selection of trading instruments
    • Supports several popular trading platforms
    • Enables easy trading on the go via dedicated app
    • Supports various deposit methods
    • Traders can choose from 7 different account types

    Key Cons

    • Bahamas entity operates with no license
    • Trustpilot score not available due to many fake review detected
    • Withdrawals are possible only via bank wire
  9. 9. XTB
    TRADE NOW80% of retail investor accounts lose money
    XTB Broker Details
    RegulatorsFCA (License No. FRN 522157), CySEC (License No.169/12), FSC (FSC License No.: 000302/438), IFSC (License No.: 000302/46.), KNF (N/A), CNMV (N/A), BaFin (N/A), FSCA (N/A), FSA (N/A)
    Min Deposit$0
    Trading PlatformsxStation 5, xStation Mobile
    Trustpilot Rating3.7 out of 1044 reviews
    Number of Forex Pairs to Trade50+
    LeverageForex & Metals: 30:1
    Index CFDs: 20:1
    Cryptocurrencies: 2:1
    SpreadEURUSD: 0.9
    USDJPY: 14
    EURGBP: 1.3
    GBPUSD: 2.2
    Forex Commission per Lot per Trade$0
    Deposit MethodsPayPal, Bank Transfers, Skrill, Visa, Mastercard
    Withdrawal MethodsBank Transfers, Visa, Mastercard, Skrill

    Established in 2002 under the name X-Trade, XTB is a broker of Polish origin that traders from across the globe gravitate towards thanks to its low fees, excellent reputation, and versatile selection of financial instruments that encompasses forex, stocks, ETFs, and more.

    This broker’s operations are overseen by multiple regulatory entities, including but not limited to Poland’s Financial Supervision Authority (KNF) and the British Financial Conduct Authority (FCA). What is more, it also offers negative balance protection, which is an absolute must for many modern traders.

    Although XTB does not support the familiar MT4, MT5, NinjaTrader, or cTrader platforms, the broker does offer its proprietary xStation 5 platform. It comes in several variants, the first one being the convenient web platform. There are also dedicated software applications for desktop computers and smartphone devices.

    Key Pros

    • Bears the seal of approval of both the FCA and the KNF, along with other regulators
    • Mobile-friendly platform
    • Offers negative balance protection
    • Standard users are not charged commission when it comes to forex
    • Low fees

    Key Cons

    • Traders from the US cannot register and trade at XTB
    • No support for MT5 and other popular platforms
    • Withdrawals under certain thresholds are accompanied by fees
  10. TRADE NOW74.91% of retail investor accounts lose money
    Libertex Broker Details
    RegulatorsCySEC (CIF Licence number 164/12), BaFin (BaFin ID: 10161686 / Bak No.: 161686)
    Min Deposit$10
    Trading PlatformsLibretex Trading Platform, MT4, MT5
    Trustpilot Rating4.0 out of 9328 reviews
    Number of Forex Pairs to Trade50+
    LeverageForex & Metals: 30:1
    Index CFDs: 20:1
    Cryptocurrencies: 2:1
    SpreadEURUSD: 0.1
    USDJPY: 0.3
    EURGBP: 0.3
    GBPUSD: 0.4
    Forex Commission per Lot per Trade$0
    Deposit MethodsPayPal, Visa, Mastercard, Sofort, iDeal, Trustly, Skrill, Giropay, Sepa International Bank Wire, Multibanco, P24, BLIK, eService, Neteller
    Withdrawal MethodsSEPA International Bank Wire, PayPal, Visa Mastercard, Skrill, Neteller

    Libertex’s roots date back to 1997, making it a broker with nearly three decades of experience in the field of trading. Forex, cryptocurrencies, ETFs, and bonds are a few examples of what markets are available, and cost-effectiveness is one of the broker’s key characteristics thanks to tight spreads and a lack of commissions when it comes to some assets.

    Traders are presented with several options in terms of platforms, the first one being Libertex’s own. If you wish to trade on the go, the said platform can be downloaded from the App Store or Google Play. Both MT4 and MT5 are available as well.

    Libertex’s efforts to provide traders with an excellent experience have paid off, resulting in the broker earning a 4.0 score on Trust Pilot and a range of accolades, including the one dubbed “Best Trading Experience” granted by the Ultimate Fintech Awards.

    In the event that something goes wrong or you need to find a piece of information about Libertex, the broker’s Help Desk Portal can be of great help. You may also reach out to the customer support team via live chat when necessary.

    Key Pros

    • Great variety in terms of markets
    • Users have a range of deposit and cashout solutions to pick from
    • Available in English, Spanish, French, Portuguese, and other languages
    • Negative balance protection
    • Traders can contact the customer support staff via live chat

    Key Cons

    • No longer available for UK traders
    • Does not accept traders from the US
    • Somewhat lacking in terms of educational resources

Is Forex Trading Legal in Norway?

Indeed, Norwegian traders are allowed to participate in the forex market, both as retail users of foreign exchange brokers and as professionals. Contracts for difference and indices are also legal, and the same applies to stocks. What retail Norwegian users will not be able to trade, however, are binary options. They have been forbidden since 2018, as Norway decided to follow in the footsteps of the European Securities and Markets Authority.

Forex trading is fully regulated in Norway, and companies are expected to either apply for a license from the Financial Supervisory Authority (FSA) or be authorized by another regulator in the European Economic Area. In either case, they will need to inform the FSA regarding their Norway-facing operations. A range of ESMA’s rules, including leverage being capped at 30:1 for major forex pairs and the requirement for negative balance protection to be provided to retail traders, apply to FSA-licensed brokers.

Financial Supervisory Authority (FSA) Regulation Info

If you reside in Norway, brokers and pretty much any companies that offer financial services answer to the Financial Supervisory Authority (FSA) of Norway, which is known as Finanstilsynet in Norwegian. This regulator has been around for around four decades and its establishment was achieved through the joining of the Bank Inspection Agency, the Norwegian Insurance Council, and the Broker Control Agencies. Currently, the FSA is headquartered in Oslo. Its rules and restrictions when it comes to trading are largely in line with those of the European Securities and Markets Authority.

How can I verify FSA authorization?

The first thing you will need to do is check the broker’s own website. Often, licensing information is provided on the homepage, although in some cases it can be a bit more difficult to find and you might need to navigate multiple menus or go to the frequently asked questions page. If all else fails, there is always the option to ask the customer service team via email or live chat, depending on which option you prefer and what your broker offers.

Finanstilsynet also has a comprehensive registry of all investment firms that are authorized to offer forex trading to individuals from Norway, and this can serve to verify that the broker is indeed licensed.

Keep in mind that FSA licensing is not mandatory for Norway-facing brokers, so ESMA licensing or authorization from another EEA country besides Norway can also be suitable for a broker. Such brokers do need to notify the FSA if they are planning on accepting Norwegian users, however.

Are my funds safe with forex brokers in Norway?

The FSA has very strict rules with regard to customer money and client safety in general. Much like other countries in Europe, Norway’s regulatory oversight pretty much adheres to the rules of the European Securities and Markets Authority. This means that in Norway, brokers need to ensure that the money of the company and the funds belonging to clients are kept segregated. In addition, leverage is relatively restricted when it comes to retail trading, and negative balance protection is also a requirement of both the FSA and ESMA.

Since brokers that offer their services to Norwegian traders are not technically required to have an FSA license, we should stress that the above protections apply to regulated brokers. Ones that are not licensed by the FSA might adhere to different regulatory requirements based on where they are based, so make sure to check which jurisdiction your broker is licensed in if they are not licensed by the FSA.

Do Norwegian brokers provide negative balance protection?

Norway-facing brokers do indeed provide negative balance protection to their retail clients. As negative balance protection is what dictates that the losses of a given user cannot amount to more money than they have in their balance, this is a very sought-after feature by retail traders. It is also mandated by Norway’s regulatory body and other entities that are responsible for licensing and regulating forex brokers.

If you are looking to become a professional trader, keep in mind that the negative balance protection rule that brokers need to adhere to only concerns retail traders. Thus, it is up to each broker to decide whether their professional clients will have the same safeguard as an option. Some have opted to offer negative balance protection to their pro users, while others exclude professionals from this service, so it all depends on which forex broker you have decided to go with.

Do you pay tax on forex trading in Norway

If you decide to participate in Norway’s foreign exchange market or you decide to trade other financial instruments, your profits will be taxed, so this is something to keep in mind before you get started if you are new to trading. The said taxes can vary greatly depending on the exact size of your trades, however.

How does the available leverage of Norwegian FSA-regulated brokers compare to the leverage of brokers regulated offshore?

If you are familiar with the leverage available in the vast majority of European jurisdictions, Norway’s leverage limits will be nothing new. Choosing to trade major pairs will mean that, as a retail trader, you will be limited to a leverage of 30:1 at most. Minor pairs, on the other hand, cannot be traded with a leverage of over 20:1 unless the person is a professional.

As for why leverage is restricted to such an extent, it mainly has to do with how much risk it involves. Trading with leverage essentially means that you are trading with money you have borrowed from your broker. In the case of leverage of 30:1, you are trading your own money times 30. This makes the potential profits far larger than they would have been otherwise, but it also makes it possible to amass substantial losses as well. Thus, only professional traders can take advantage of larger leverage if they reside in Norway.

As established, this is typical of European countries, but not all jurisdictions are as strict. In Poland, for instance, retail traders can choose to trade with a leverage of 100:1.

What do you need to qualify to be designated as a professional trader in Norway?

In general, the requirements are in line with European regulations. That is, a trader is given three criteria, and at least two of the said criteria must apply to them for the broker to accept their application for a professional account.

The first one requires that one must have made substantial transactions in the previous four quarters, specifically ten per quarter. The second criteria has to do with a user’s financial instruments portfolio, seeing as it needs to be €500,000+ in size. Finally, having worked in the financial sector for a year or longer will also serve to make it possible for you to successfully upgrade your trading account to a professional status.

If you do qualify, you will be able to enjoy impressive leverage, which is one of the biggest advantages of being a professional forex trader. You might no longer be eligible for negative balance protection, however, as brokers are not required to grant it to non-retail traders, so this might need to be factored into your plans depending on your broker.

What trading platforms are available to Norwegian traders?

You can count on having a number of platforms to pick from should you decide to trade forex in Norway. Brokers that target Norwegian traders tend to offer multiple options, the first sometimes being their own proprietary software. Industry staples like MT4 and MT5 are also a common sight in Norway-friendly brokers, with users often given the freedom to choose one or the other depending on their preferences. Apart from the aforementioned platforms, cTrader, NinjaTrader, and TradingView may also be provided.

It should also be noted that pretty much none of the Norway-facing brokers are desktop-exclusive. If you need to be able to keep track of your account on the go, a mobile application will usually be provided.

Below you can find some useful references with links to organisations that monitor the forex market in Norway.

  1. The Financial Supervisory Authority (FSA)