March 16, 2023 01:31 PM
Overview
Costs & Margins
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EUR/NOK is an exotic forex pair representing how many Norwegian kroner equal one euro. The value of this currency pair is strongly correlated to changes in oil prices and interest rates in both Norway and the eurozone.
Crude oil and natural gas are the main exports of Norway, shipped mainly to neighboring countries such as Germany, Netherlands, and Sweden. Disruptions to international financial markets can also affect the EUR/NOK exchange rate because of the turbulence they cause oil markets.
The krone is highly correlated to both the Danish krone and Swedish krona. All three currencies are commonly accepted when making payments in these neighboring Scandinavian countries.
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Margin From7.0 %
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Trading Hours24 hours / day *
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Min Trade Size1000
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Long-0.37
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Short-0.24
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Min Stop Distance0.002 points
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Spreads
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Spreads From0.00327 Points
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Margins
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0 - 4000 0007.0 %
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4000 000 - 8100 0007.0 %
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8100 000 - 16000 0007.0 %
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16000 000 - 20000 00010.0 %
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20000 000 +30.0 %
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Dealing
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Spreads0.00327 Points
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Margins
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0 - 4000 0007.0 %
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4000 000 - 8100 0007.0 %
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8100 000 - 16000 0007.0 %
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16000 000 - 20000 00010.0 %
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20000 000 +30.0 %
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Forex explained
What is forex?
Forex is the process by which traders can buy one currency and simultaneously sell another, with the goal to profit from the direction price is likely to take in the future. With a daily trading volume of more than $6.5 trillion, the forex market is the most traded in the world, and is open 24 hours a day, 5 days a week for banks, institutions and individuals worldwide.
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Why trade forex
People trade forex for a range of reasons, including the unmatched liquidity of the market, the ability to trade on leverage, the opportunity to take positions in both rising and falling markets, the lack of hidden fees or commissions, and the accessibility of markets being open 25 hours a day, five days a week.
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How to trade forex
In order to trade forex, there are a few key steps to follow. First, you need to select a currency pair. Many traders choose a major pair such as EUR/USD due to high liquidity. Next, analyzing the market is key to understanding the technical and fundamental drivers that may affect price. Once you understand how to read the quote, it's time to open your position by going long or short.
You'll need to monitor your trade, with many traders using technical indicators to make better sense of price action, and features such as stops and limits to manage risk. Finally, you can close your position when the market hits a price at which you want to exit.
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