Yesterday 08:36 PM
Overview
Costs & Margins
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GBP/NOK is an exotic forex pair representing how many Norwegian kroner equal one British pound. The pound is influenced most by monetary policy set by the Bank of England and economic data like GDP growth, job reports, and housing data.
While part of the EU, Norway maintains its own currency and sets its rate through the Central Bank of Norway. In times of euro instability, traders may focus their activity on Scandinavian currencies like NOK. Crude oil prices also affect the value of the krone as Norway is one of Europe’s largest oil exporters.
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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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Long0.01
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Short-0.7
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Min Stop Distance0.00545 Points
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Spreads
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Spreads From0.00718 Points
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Margins
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0 - 14000 0007.0 %
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14000 000 - 18000 00010.0 %
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18000 000 +30.0 %
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Dealing
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Spreads0.00718 Points
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Margins
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0 - 14000 0007.0 %
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14000 000 - 18000 00010.0 %
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18000 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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