Brokers With NOK Accounts
The Norwegian Krone (NOK) is one of the world’s most stable currencies and the 14th most traded currency in the forex market. Some brokers offer a choice of base currencies including the NOK. This guide will list the best brokers with NOK accounts, explain how to compare them, and detail the benefits of choosing a platform that accepts Krone.
Brokers With NOK Accounts
What Is A NOK Account?
Brokers with NOK accounts will hold your trading funds in Norwegian Krone. Your base currency simply determines which fiat money—such as GBP, USD, or NOK, for example—your account is denominated in. You can choose your base currency when registering and setting up your trading account.
By selecting NOK as your base currency, trading statements, deposit requirements, and profits and losses are all converted into NOK, regardless of whether you deposit in another currency, such as USD or EUR. The deposited funds will automatically be converted at the interbank rate. Fees, commissions, account charges, or other miscellaneous costs will be charged in NOK too.
The Norwegian Krone is the national currency and legal tender of Norway. It is one of the world’s most stable currencies in 2021, alongside the Swiss Franc (CHF) and the Japanese Yen (JPY), and is frequently traded. NOK is the 14th most traded currency in the world and is closely correlated to the Swedish and Danish Krone.
The Norwegian Krone is regulated by Norway’s central bank, the Norges Bank, which is responsible for overseeing monetary policy and interest rates to maintain the currency’s financial stability and low level of inflation.
Norway is Western Europe’s leading oil exporter, meaning shifts in the global price of oil can affect the value of the NOK. During the oil crisis of 2015, the NOK reached its lowest level since 2002. However, nowadays NOK has a much tighter correlation with the Euro (EUR) than with the price of oil or other Scandinavian country currencies.
Pros Of Brokers With NOK Accounts
- Fees – most brokers offering NOK accounts as a base currency have no conversion fees plus free deposits and withdrawals, though third-party fees may still apply. Credit and debit card payments in NOK are instant and usually free too.
- Speed – funding and withdrawing from a NOK account via local bank transfer can be quick—usually no more than 1 to 2 working days for domestic transfers due to the lack of currency conversion lag time. International NOK bank transfers can take between 5 and 7 days.
- Conversions – NOK forex investors will benefit from trading at brokers with NOK accounts as the risk of losing capital when converting profits and losses to and from different currencies is diminished.
- Regulation – brokers with NOK accounts are quite likely to be registered with a regulatory body such as the Financial Supervisory Authority of Norway (FSA, formerly Finanstilsynet) or Europe’s most trusted regulator, the Cyprus Securities and Exchange Commission (CySEC). It’s possible they are also regulated by other bodies for residents outside of Norway.
- Access – brokers with NOK accounts provide easy access to the financial markets, especially for Norwegian investors. Traders can speculate on stocks, cryptos, commodities as well as forex without having to convert their NOK into GBP, USD, or EUR, for example.
How To Check A Broker Offers A NOK Account
The best place to check whether a broker offers a NOK account is at the sign-up section of the website. The platform’s deposits and withdrawals page should also indicate accepted currencies. Failing all else, contact the broker’s customer support team.
On the off chance that your country of residence may change, it’s worth clarifying with a broker beforehand if base currencies in a live account can be amended once an account has been opened.
How To Compare Brokers With NOK Accounts
Here we list some of the key considerations when choosing brokers with NOK accounts:
- Fees – it’s worth checking that a broker’s deposit and withdrawal fees are competitive and transparent. Also, investigate what the minimum deposit is to open a live account.
- Platforms – make sure you understand what features and technical tools are available with a broker’s trading platform, such as MetaTrader 4 and MetaTrader 5 or more tailored proprietary platforms. It is also worth checking whether it is accessible via a mobile app and/or a desktop download.
- Regulation – forex brokers are not required to be authorised by the Finanstilsynet (FSA of Norway) to accept residents of Norway. However, choosing a regulated broker is highly recommended. The Finanstilsynet company register can be searched to verify whether or not a broker is authorised.
- Assets – available trading markets vary among brokers with NOK accounts. If you are a retail trader looking to build a diverse portfolio, you should check the list of instruments that a broker has available, whether that be forex, cryptos, stocks, or commodities.
- Demo accounts – most brokers provide a demo account, allowing you virtual funds in your choice of currency to test the platform’s features before you invest real money. It’s also a great way to practice your skills and strategies.
- Customer support – good customer service is always an important factor to consider when choosing a broker, including whether there is a phone number, live chat support, or email customer services.
Final Word On Brokers With NOK Accounts
Brokers with NOK accounts unlock several advantages, particularly for investors in Norway but also for active forex traders. As one of the world’s most stable currencies, many top brokers offer NOK accounts and are regulated by the appropriate bodies. Check out our list of the top providers with NOK accounts to get started.
What Is A NOK Trading Account?
A broker with a NOK account offers the Norwegian Krone as its base currency. This represents the currency used to trade but also the currency that will be charged for fees, commissions, and transaction reporting.
Why Use Brokers With NOK Accounts?
Those who will benefit most from a NOK account are those based in Norway. The advantages for these traders are zero exchange rate fees, low deposits and withdrawals, and easy access to the financial markets.
Can Anyone Open An Account With Brokers That Offer A NOK Account?
Generally, any trader can open a NOK account regardless of where they reside. Select NOK during account registration but beware it may not be possible to change your base currency once you’ve opened your account.
How Can I See If A Broker Offers A NOK Account?
Check the broker’s website—usually terms and conditions in the accounts section—to see if it offers a NOK account. If it’s not clear, contact the broker’s customer support team.
How Do I Know Which Brokers With A NOK Account Are Best?
When searching for a broker that offers a NOK account, important factors to consider include the available trading tools, market access, plus spreads and commissions. In addition, using a regulated broker to open a NOK account is highly recommended. See our list of the best brokers with NOK accounts to get started.