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
These are the 5 best brokers that offer accounts with NOK as the base currency:
Brokers With NOK Accounts Comparison
| Broker | Minimum Deposit | Instruments | Platforms | Visit |
|---|---|---|---|---|
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$0 | Forex, CFDs, Indices, Shares, Commodities, Futures, Bonds, Cryptos (Bahamas Entity Only) | MT4 | Visit |
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- | Forex, CFDs, Stocks, Indices, Commodities and Cryptos | Skilling Trader, MT4, cTrader, TradingView | Visit |
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$0 | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Treasuries, Custom Indices, Spread Betting | Web, MT4 | Visit |
|
$100 | CFDs, Forex, Stocks, Commodities, Indices, Crypto, ETFs, Bonds, Spread Betting (UK Only) | Markets.com Web/App Platform, MT4, MT5 | Visit |
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$0 | Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies | Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral | Visit |
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$100 | Forex, CFDs, indices, shares, commodities, metals, cryptocurrencies, bonds, binary options | MT4, AlgoTrader | Visit |
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$0 | Stocks, Cryptos, Commodities | Own | Visit |
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$10 | Options, Stocks, Commodities, Forex, Crypto, Futures, | Expert Option Web Platform | Visit |
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$2500 | Stocks, ETFs, Cryptos, Options, Bonds | Own | Visit |
#1 - Trade Nation
Why We Chose Trade Nation
Trade Nation is a top FX and CFD broker regulated in multiple jurisdictions including the UK and Australia. The firm offers low-cost fixed and variable spreads on 1000+ assets with robust trading platforms and training materials. The Signal Centre can also be used for trade ideas.
"Trade Nation is a good choice for newer traders looking for a wide range of financial markets on a user-friendly platform. There is no minimum deposit, free funding options and strong education."
- DayTrading Review Team
- Instruments: Forex, CFDs, Indices, Shares, Commodities, Futures, Bonds, Cryptos (Bahamas Entity Only)
- Regulator: FCA, ASIC, FSCA, SCB, FSA
- Platforms: MT4
- Minimum Deposit: $0
- Minimum Trade: 0.1 Lots
- Leverage: 1:500 (entity dependent)
Pros
- A choice of trading platforms and apps, including MT4, make the brand a good fit for savvy traders
- Trade Nation is a multi-regulated and respected broker that previously operated as Core Spreads
- There is a low minimum deposit for beginners
Cons
- Fewer legal protections with offshore entity
#2 - Skilling
Why We Chose Skilling
Skilling is a multi-asset broker founded in 2016 and based in Cyprus. The brand offers hundreds of day trading instruments with competitive spreads from 0.1 pips and beginner-friendly platforms. Skilling are also regulated in Europe and beyond with a transparent pricing structure. You can sign up and start trading in three easy steps.
"Skilling maintains its position as a top pick for beginners looking for a competitive zero commission account with direct access to a copy trading feature. It will also serve experienced strategy providers looking to earn commissions, or anyone looking to trade forex during extended hours."
- DayTrading Review Team
- Instruments: Forex, CFDs, Stocks, Indices, Commodities and Cryptos
- Regulator: CySEC
- Platforms: Skilling Trader, MT4, cTrader, TradingView
- Minimum Trade: 0.01 Lots
Pros
- The broker has a solid global reputation and is regulated by top-tier authorities including the CySEC
- Skilling continues to strengthen its investment offering recently introducing weekend forex trading on 7 currency pairs
- The Skilling Copy solution is accessible directly from the cTrader web terminal, making it easy for strategy providers to manage their portfolios
Cons
- You can only access shares in the Skilling Trader platform and fewer instruments are available overall in the MT4 accounts
- Skilling trails alternatives like IG when it comes to research tools that can help day traders make informed decisions
#3 - CMC Markets
Why We Chose CMC Markets
Established in 1989, CMC Markets is a respected broker listed on the London Stock Exchange and authorized by several tier-one regulators, including the FCA, ASIC and CIRO. More than 1 million traders from around the world have signed up with the multi-award winning brokerage.
"With advanced charting tools and an extensive range of tradable CFDs, including an almost unrivalled selection of currencies and custom indices, CMC Markets provides a fantastic online platform for traders of all levels. "
- DayTrading Review Team
- Instruments: CFDs, Forex, Stocks, Indices, Commodities, ETFs, Treasuries, Custom Indices, Spread Betting
- Regulator: FCA, ASIC, MAS, CIRO, BaFin, FMA, DFSA
- Platforms: Web, MT4
- Minimum Deposit: $0
- Minimum Trade: 0.01 Lots
- Leverage: 1:30 (Retail), 1:500 (Pro)
Pros
- CMC Markets is heavily regulated by reputable financial authorities and maintains its stellar reputation, helping to ensure a secure and trustworthy trading environment.
- CMC offers excellent pricing, including tight spreads and low trading fees for all but stock CFDs. The Alpha and Price+ schemes also offer perks for active traders with up to 40% discounts on spreads.
- The web platform delivers a fantastic user experience with advanced charting tools for day trading and customizable features, catering to both beginners and experienced traders. MT4 (but not MT5) is also supported.
Cons
- The CMC Markets app offers the complete trading package but the design and user experience trails category leaders like eToro.
- An inactivity fee of $10 per month is applied after 12 months of inactivity, which may deter casual investors.
- Trading stock CFDs incurs a relatively high commission, especially compared to the cheapest brokers like IC Markets.
#4 - Markets.com
Why We Chose Markets.com
Markets.com is a respected broker, offering multi-asset trading opportunities through CFDs or spread betting (UK only). Established in 2008, the brand has an impressive 4.3 million registered customers and is overseen by trusted regulators, including the FCA, ASIC and CySEC. 79.1% of retail accounts lose money.
"Markets.com is best for active traders looking for a regulated broker with low fees and fast execution speeds of 82ms. Beginners will also enjoy the in-house platform with its user-friendly interface, clear navigation and dynamic charts."
- DayTrading Review Team
- Instruments: CFDs, Forex, Stocks, Commodities, Indices, Crypto, ETFs, Bonds, Spread Betting (UK Only)
- Regulator: FCA, CySEC, ASIC, FSCA, FSC
- Platforms: Markets.com Web/App Platform, MT4, MT5
- Minimum Deposit: $100
- Minimum Trade: 0.01 Lots
- Leverage: 1:30
Pros
- There's good customer support with responses in <1 minute during testing
- The $10 inactivity fee is only charged after 12 months of no trading activity (many competitors start charging after only 3 months)
- CFD and spread-betting opportunities are available on multiple asset classes including forex, stocks, ETFs, bonds and indices
Cons
- The single retail account option doesn't offer traders any choice of trading conditions, or any additional perks for active trading
- There are no auto or copy trading terminals outside of the MetaTrader platforms, such as DupliTrade
- Unlike some top competitors like XM, customer support is not available on the weekend
#5 - Interactive Brokers
Why We Chose Interactive Brokers
Interactive Brokers (IBKR) is a premier brokerage for experienced traders, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.
"Interactive Brokers is one of the best brokers for advanced day traders, providing powerful charting platforms, real-time data, and customizable layouts, notably through the new IBKR Desktop application. Its superb pricing and advanced order options also make it highly attractive for day traders, while its diverse range of equities is still among the best in the industry."
- DayTrading Review Team
- Instruments: Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies
- Regulator: FCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB
- Platforms: Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral
- Minimum Deposit: $0
- Minimum Trade: $100
- Leverage: 1:50
Pros
- The TWS platform has clearly been built for intermediate and advanced traders and comes with over 100 order types and a reliable real-time market data feed that rarely goes offline.
- IBKR continues to deliver unmatched access to global stocks with tens of thousands of equities available from 100+ market centres in 24 countries.
- IBKR is one of the most respected and trusted brokerages and is regulated by top-tier authorities, so you can have confidence in the integrity and security of your trading account.
Cons
- You can only have one active session per account, so you can’t have your desktop program and mobile app running simultaneously, making for a sometimes frustrating trading experience.
- IBKR provides a wide range of research tools, but their distribution across trading platforms and the web-based 'Account Management' page lacks consistency, leading to a confusing user experience.
- TWS’s learning curve is steep, and beginners may find it challenging to navigate the platform and understand all the features. Plus500's web platform is much better suited to new traders.
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.
NOK Explained
The Norwegian Krone is the national currency and legal tender of Norway. It is one of the world’s most stable currencies in 2024, 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.
FAQ
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.