In the rapidly evolving world of forex trading, finding the right broker can be both challenging and overwhelming, especially in a country like Pakistan where the market is growing at a fast pace. This article provides a comprehensive guide to the best Forex brokers available in Pakistan for 2024, taking into account varied aspects such as platform usability, trading fees, customer service, regulation, and much more. These brokers have been meticulously evaluated and ranked to give traders, both beginners and experts, an insightful and reliable resource to make an informed choice.
Best Forex Brokers in Norway
Diverse Trade Instruments; suitable for experienced traders with broad asset interests
Social Trading; ideal for beginners looking to learn from and copy trades of experienced traders
Variety of Currency Pairs; suitable for forex traders looking to diversify their currency trading portfolio
more
Comparison of Best Forex Brokers in Norway
Forex Broker
License
Minimum Spread
Maximum Leverage
Minimum Deposit
Open account
Details
Compare
Best Forex Brokers in Norway Reviewed
① IG
IG is a well-established broker that offers a comprehensive range of trade instruments including forex, commodities, indices, cryptocurrencies and more.
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⭐⭐⭐⭐⭐ |
| Min Deposit | 0 |
| Tradable Instruments | 17,000+, forex, indices, cryptocurrencies, shares, commodities, ETFs, options, interest rates, bonds |
| Demo Account | Yes |
| Trading Fees | Average 1 pip (EUR/USD) |
| Trading Platforms | Online trading platform, Mobile trading app, Progressive web app, ProRealTime, MT4, L2Dealer |
| Deposits & Withdrawals | Credit/debit cards (MasterCard/Visa), bank transfer |
| Customer Support | 24h/day, except from 6 am to 4 pm on Saturday (UTC+8)-live chat, phone, email |
Pros:
√ Wide variety of trade instruments
√ Strong customer support
√ Advanced educational resources
Cons:
× Limited payment options.
× Complicated for beginners
② eToro
As a pioneer in the world of social trading, eToro enables traders to follow and replicate the trades of experienced traders.
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⭐⭐⭐⭐⭐ |
| Min Deposit | $10 |
| Tradable Instruments | 3000+, Stocks, Cryptocurrencies, Currencies, Commodities, ETFs |
| Demo Account | Yes |
| Trading Fees | Around 3 pips (EUR/USD) & commission-free |
| Trading Platforms | MT4, eToro proprietary platform |
| Deposits & Withdrawals | ＄5 withdrawal fee for ＄30 withdrawal amount, eToro Money, credit/debit cards, PayPal, Neteller, Skrill, Rapid transfer, iDEAL, Klarna / Sofort Banking, bank transfer, Online Banking – Trustly (EU region), Przelewy 24 |
| Customer Support | 24/5 live chat, email |
Pros:
√ Excellent platform for social trading
√ Diverse asset selection
√ User-friendly platform
Cons:
× Higher than average spreads
× Withdrawal fee applicable
③ Forex.com
Forex.com offers a robust platform especially known for a wide variety of currency pairs.
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⭐⭐⭐⭐⭐ |
| Min Deposit | $100 |
| Tradable Instruments | currency pairs, precious metals, energies, indices, bonds, cryptocurrencies and equities |
| Demo Account | Yes |
| Trading Fees | From 0.018 pips (EUR/USD) |
| Trading Platforms | Forex.com, MT5 |
| Deposits & Withdrawals | Free - cards (Visa, Mastercard, Maestro), bank wire transfer, Skrill and Neteller |
| Customer Support | 24h live chat, phone, email |
| Bonus | Up to $5,000 (New Account Opening) |
Pros:
√ User-friendly MT5 platform
√ A wide variety of currency pairs
√ New account opening bonuses are offered
Cons:
× MT4 are not available
④ IC Markets
IC Markets is a low-cost broker known for its competitive spreads and fee structure.
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⭐⭐⭐⭐⭐ |
| Min Deposit | $200 |
| Tradable Instruments | 1780+, forex pairs, commodities, stocks, cryptocurrencies, indices, bonds, futures |
| Demo Account | Yes |
| Trading Fees | From 0.6 pips & no commission (Std) |
| Trading Platforms | MT4, MT5, cTrader |
| Deposits & Withdrawals | Credit/debit cards, PayPal, Neteller, Skrill, UnionPay, Wire Transfer, Bpay, Broker to Broker, POLI, Thai/Vietnamese Internet Banking, Rapidpay, Klarna |
| Customer Support | 24/7 live chat, phone, email |
Pros:
√ Low spreads and commission-free
√ High execution speed
√ Good customer service
Cons:
× Limited educational resources
× Minimal additional services
⑤ Saxo
Saxo offers a sophisticated trading platform and excels in market research and analysis tools.
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⭐⭐⭐⭐⭐ |
| Min Deposit | HKD10,000 |
| Tradable Instruments | Stcoks, ETFs, bonds, mutual funds, IP0, forex, futures, forex options, listed options |
| Demo Account | Yes |
| Trading Fees | Around 0.4 pips (EUR/USD) & commission-free (forex) |
| Trading Platforms | SaxoInvestor, SaxoTraderGO, SaxoTraderPRO |
| Deposits & Withdrawals | Free, Visa, MasterCard, Visa Debit, Visa Electron, MasterCard Debit, Maestro (for UK residents), Visa Dankort (for Denmark residents), Carte Bleue (for France residents) |
| Customer Support | 24/5 phone, email |
Pros:
√ Outstanding research tools
√ Broad product portfolio
√ Excellent platform functionality
Cons:
× High minimum deposit requirement
× Complex pricing structure
⑥ XTB
XTB is known for its user-friendly platform and is ideal for new traders.
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⭐⭐⭐⭐ |
| Min Deposit | 0 |
| Tradable Instruments | 5400+, Forex, Commodities, Indices, Shares, ETFs, Stock CFDs, ETF CFDs |
| Demo Account | Yes |
| Trading Fees | From 0.1 pips & commission-free |
| Trading Platforms | xStation 5, xStation Mobile |
| Deposits & Withdrawals | Free deposits, Bank transfers, credit/debit cards (MasterCard/Maestro/Visa) |
| Customer Support | 24/5 live chat, phone, email |
Pros:
√ A broad selection of financial instruments
√ User-friendly platform
√ Speedy account opening
Cons:
× Spreads can be higher in some instances.
× Some advanced research tools are limited to certain account types.
⑦ AvaTrade
AvaTrade is known for its wide array of educational resources, making it a good choice for beginner traders.
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⭐⭐⭐⭐⭐ |
| Min Deposit | $100 |
| Tradable Instruments | 1250+, forex, stock index, stock, commodities, ETFs |
| Demo Account | Yes |
| Trading Fees | Typical 0.9 pips on (EUR/USD) & commission-free |
| Trading Platforms | MT4, MT5, WebTrader, AvaTrade Go |
| Deposits & Withdrawals | MasterCard, Visa, PayPal, Skrill, Neteller, Wire Transfer, etc. |
| Customer Support | Mon - Fri 8:00 - 23:00 live chat, phone, email |
Pros:
√ Extensive educational content
√ Wide selection of trading platforms
√ Diverse choice of financial instruments
Cons:
× The withdrawal process is slow compared to other brokers
× No 24/7 customer support
⑧ XM
XM provides fast execution speeds, making it a suitable choice for day traders.
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⭐⭐⭐⭐ |
| Min Deposit | $5 |
| Tradable Instruments | 1000+, forex, CFDs on indices, commodities, stocks, metals and energies |
| Demo Account | Yes |
| Trading Fees | From 1 pip & commission-free (Std) |
| Trading Platforms | MT4, MT5, XM WebTrader |
| Deposits & Withdrawals | Credit/debit cards, Paypal, Skrill Moneybookers, Neteller, WebMoney, CashU, GiroPay |
| Customer Support | 24/7 live chat, phone, email |
| Bonus | Up to $2,000 |
Pros:
√ Fast order execution
√ Low deposit requirement
√ Good customer service
Cons:
× Higher spread on standard accounts
× Commissions are applied to the share account
⑨ CMC Markets
CMC Markets offers a wide array of markets to trade in, including forex, commodities, indices, and more.
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⭐⭐⭐⭐ |
| Min Deposit | 0 |
| Tradable Instruments | forex pairs, indices, cryptocurrencies, commodities, shares & ETFs, treasuries |
| Demo Account | Yes |
| Trading Fees | Around 0.7 pips (EUR/USD) & commission-free |
| Trading Platforms | MT4 |
| Deposits & Withdrawals | POLi, PayPal, credit/debit cards, bank transfers, cash/cheque |
| Customer Support | 7:30 am – 5:30 pm AEDT live chat, 24/6 phone |
Pros:
√ Wide variety of markets
√ Well-regarded platform
√ Good educational materials
Cons:
× MetaTrader5 is not available.
× No 24/7 customer support.
⑩ FXCM
FXCM is known for its strong customer service and support system.
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⭐⭐⭐⭐ |
| Min Deposit | $50 |
| Tradable Instruments | currency pairs, precious metals, commodities, global stock indices, treasury bonds |
| Demo Account | Yes |
| Trading Fees | Typical 1.3 pips (EUR/USD) |
| Trading Platforms | MT4, FXCM Hub |
| Deposits & Withdrawals | Online banking payments, bank transfers, etc. |
| Customer Support | 24/5 live chat, phone, email |
| Bonus | Up to $500 welcome bonus |
Pros:
√ Excellent customer service
√ Robust trading platform
√ Good educational materials
Cons:
× Limited payment options.
× High spread costs
Forex Brokers in Norway FAQs
Is Forex Trading Legal in Norway?
Yes, Forex trading is legal in Norway. Norwegians can trade in the Forex market freely. However, it's crucial to note that while trading itself is legal, the market is decentralized and largely unregulated, making it important for traders to select their Forex brokers carefully.
In Norway, the Financial Supervisory Authority of Norway (Finanstilsynet) is the main regulatory body for Forex and other financial markets. This body is responsible for supervising financial institutions such as banks, insurance companies and securities trading, including Forex brokers. They ensure these entities operate in compliance with laws and regulations to maintain a secure and transparent financial market.
Is Forex Trading Safe in Norway?
Forex trading, including in Norway, involves substantial risk. It's indeed legal and possible to make profits, but it's also quite possible to incur significant losses. The safety of forex trading can relate more to the precautions traders take rather than the nature of the forex market itself.
How to Verify If a Forex Broker is Regulated in Norway?
In Norway, the financial markets are regulated by The Financial Supervisory Authority of Norway (Finanstilsynet). To verify if a Forex broker is regulated in Norway, you can follow the steps below:
Visit the Broker's Website: Look for the regulatory information usually provided at the bottom of their homepage or in the 'About Us' or 'Legal' section. Trusted brokers normally make this information readily available.
Check the Regulator's Website: Visit the website of The Financial Supervisory Authority of Norway and use their database to verify the broker's regulatory status.
Check The Broker's Registration Number: Regulated brokers usually provide their registration number on their website. You can cross-check this with the records on the regulator's website.
Contact the Regulator Directly: If you can't find the information or need clarification, you can contact The Financial Supervisory Authority of Norway directly and inquire about the broker.
Is Forex Trading Profitable in Norway?
Forex trading can indeed be profitable in Norway. However, the profitability of forex trading depends greatly on various factors, many of which are under the trader's control.
These factors include, but are not limited to:
Knowledge and Experience: Understanding the fundamentals of forex trading, including how to read forex pairs, what affects currency movements, and mastering trading techniques are all crucial to becoming profitable.
Strategy: Having a well-tested trading strategy that you stick to can increase your chances of becoming profitable.
Risk Management: Incorporating risk management techniques into your trading strategy can limit potential losses. This might involve setting stop-loss orders and only risking a small portion of your account on individual trades.
Emotional Control: Successful trading can involve substantial psychological pressure; maintaining emotional calm and staying disciplined with your strategy is essential, even during times of substantial gains or losses.
Broker Selection: It's essential to choose a reliable and regulated broker to make sure trades are executed at the best possible prices, ensuring fair trading practices, and providing helpful customer service.
Is Forex Trading Taxable in Norway?
Yes, Forex trading profits are taxable in Norway. Any profits earned from Forex trading are usually subject to capital gains tax. However, the actual rate can vary based on several circumstances including the individual's total income, the nature of their trades, and other personal factors.
Losses on forex trading may also be deductible depending on the specific rules. This means if you have made a loss on your trades, it might be possible to write this off against any tax that you owe.
The exact rules surrounding taxation of Forex trading in Norway are complex and are subject to change, so it would be prudent to seek advice from a tax professional or the local tax authority to get the most accurate information relevant to your situation. Remember to keep records of all your trades so that you can provide evidence of your earnings and losses, should you need to.
Please remember it's crucial to abide by all tax laws and regulations in your country. Tax evasion can result in severe penalties.
Are There Forex Trading Limitations in Norway?
In Norway, as with most countries, there are no specific limitations on how much you can trade in the Forex market. A trader's buying power is largely determined by the financial resources they have at their disposal and the leverage provided by their broker.
However, it's important to note that while there are no imposed limits on trading volume or frequency, brokers do impose margin requirements. This means traders need to have a certain amount of capital in their accounts to maintain open positions.
It's also worth noting that while there may be no explicit limits, responsible trading should always be practised. This includes using protective measures such as stop-loss orders and practising sound risk management techniques.
As with trading in any country, all traders in Norway should adhere to any applicable laws and regulatory guidelines, including reporting of taxable income.
Lastly, some brokers may have their limitations, such as minimum and maximum deposit limits, trading size limits, and withdrawal limits. These limitations can vary from broker to broker.
How to Start Forex Trading in Norway?
Education: First, learn about Forex trading. Understand the terminology, read educational materials, watch tutorial videos and complete courses, which are widely available online. Key areas to focus on include how to analyze currency pairs, understanding trading platforms, and mastering trading strategies.
Choose the Right Forex Broker: Look for brokers that are regulated by a reputable financial regulatory authority, have a reliable platform, competitive spreads, and have strong customer support. Remember to read reviews of different brokers and try out their demo accounts.
Open a Trading Account: Once you've chosen your broker, you'll need to open a trading account. This will typically involve providing some personal information and completing a verification process.
Deposit Funds: Next, you'll need to deposit funds into your trading account. The methods for depositing funds will depend on the broker, but common methods include bank transfers, credit/debit card transfers, or electronic wallets.
Develop a Trading Plan: Develop a trading plan that includes your financial goals, risk tolerance level, methodology, and evaluation criteria. Also, consider implementing risk management strategies to protect your investments.
Start Trading: Begin your trading activity. Start with small trades and gradually increase as you gain experience and confidence. Always analyze your trades to learn from both your successes and failures.
Continuous Learning: The Forex market is dynamic and constantly changing. Stay informed about global economic events and news that might affect currency values. Regularly review and adjust your strategies as needed.
What are the Best Forex Trading Hours in Norway?
The Forex market operates 24 hours a day five days a week, but to maximize the potential of making profitable trades, it is important to understand the best hours to trade. The best hours to trade Forex in Norway typically coincide with the opening hours of the major financial markets, as this is often when the highest volume of trading activity occurs, and most opportunities are likely to present themselves.
These can be broken down into:
Tokyo Session (Asian session): Opens at 1:00 AM (during Central European Time) when it's 8:00 AM in Tokyo.
London Session (European session): Opens at 8:00 AM (CET) when it's 9:00 AM in London.
New York Session (American session): Opens at 2:00 PM (CET) when it's 8:00 AM in New York.
The most significant trading volume occurs during the overlap of the London and New York sessions from around 2:00 PM to 6:00 PM CET. Therefore, this period is considered the most favourable trading hours for Forex traders in Norway.
However, the 'best' trading hours can also depend on the currency pairs you're planning to trade. If you're looking to trade the EUR/USD pair, the best time would typically be during both the U.S. and European market hours, but if you're looking to trade the USD/JPY, the best time would usually be during the U.S. and Asian market hours.
Which Forex Broker is Best for Beginners in Norway?
Considering the table and specifically looking at the needs of beginners, eToro is the best Forex broker for beginners in Norway.
eToro stands out because of its Social Trading platform. As a beginner, understanding the complexities of Forex trading can be daunting. With eToro's social trading feature, beginners can learn by copying the trades of experienced traders. They can gain insights into the strategies and decision-making processes of successful traders, which can prove invaluable for their learning curve.
Moreover, eToro's user-friendly interface would make it easy for beginners to get familiarized with the platform and start trading. They also provide a variety of educational resources where beginners can learn more about Forex trading.
Nevertheless, while eToro provides an excellent starting platform, beginners should still take the time to educate themselves about the Forex market, understand the risks involved, and possibly seek financial advice before starting to trade.
Final Thoughts
In conclusion, while embarking on your Forex trading journey in Pakistan, selecting the right broker plays a pivotal role. Despite the comprehensive information provided, it's always crucial to carry out individual research, keeping personal trading needs and investment goals in mind. Trading comes with inherent risks, and it's essential to understand these risks fully and ensure the broker you choose complies with the regulatory standards. Choosing the 2024 best broker can form the bedrock of your trading success, serving as a trustworthy partner in your financial journey.
Disclaimer
Trading Forex (foreign exchange) carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange, you should carefully consider your investment objectives, level of experience, risk appetite, and the possibility of incurring losses. There is a possibility that you may sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
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