Norway, in general, has a positive attitude towards blockchain technology. There have been no particular attempts to restrict cryptocurrency even though the country’s financial regulator has issued warnings regarding the risk involved with them. As a result, the market for cryptocurrencies and other such virtual assets has been growing in Norway.
Many marketplaces and crypto exchange service providers have come up here in the past few years. Therefore, crypto traders in Norway are in a positive position as they have several crypto exchanges available to them.
To assist you in learning more about this, we have compiled this list of the best Bitcoin exchanges in Norway.
7 Best Crypto Exchanges in Norway
Coinbase
Crypto beginners would be at home at Coinbase. It is a simple and accessible exchange for traders starting from zero. With around 250 tradable assets, there is no dearth of options for you.
If you’re looking for more advanced options though, you should check out Coinbase’s Pro platform. It has advanced charting and market tracking tools in contrast to the basic version which is meant more for basic crypto buying/selling.
Coinbase has a solid mobile app that works on both iOS and Android devices. It has all the features of the web version so you can trade anytime anywhere. You can utilize its portfolio manager to keep track of your assets and investments.
Although Coinbase already keeps the majority of the assets in offline storage, you can also use the Coinbase Vault with time-delayed withdrawals for added safety.
Traders interested in further exploring Web3 apps can use Coinbase for that. You can easily access popular apps such as Galxe, OpenSea and Magic Eden with the Coinbase mobile app.
Features
✔️Over 250 assets available for trading
✔️Public company listed on NASDAQ
✔️Two versions available
✔️Offline storage and Coinbase Vault for securing funds
Pros and Cons
✅Straightforward interface ❌Costly trades on basic version
✅Great crypto collection ❌Poor customer service reviews
✅Fantastic mobile app
✅Trades on Coinbase Pro are
less expensive
Trading Fees
Coinbase fees explained
Customer Reviews
Coinbase is an exchange trusted by users
Coinbase’s customer service needs an overhaul
Why We Picked It
Coinbase is a straightforward exchange that maintains a high standard of transparency and accountability. The Coinbase basic and pro platforms have been developed keeping in mind the needs of beginner and advanced traders respectively. It has a fantastic mobile app that works the same as the web version.
Kraken
Kraken, one of the oldest cryptocurrency exchanges, is also the first exchange to be approved as a Special Purpose Depository Institution(SPDI) in America. It started operations more than a decade ago with just Bitcoin, Litecoin, and Euro trades and now has over 200 cryptocurrencies available for spot, futures and margin trading.
Besides that, Kraken offers crypto indices, OTC services and the opportunity to stake assets to earn interest on them. You can check out both flexible and bonded products and choose the ones that are compatible with your investment goals.
Kraken’s Proof-of-Reserves report is publicly available on its website so that any interested person can access and verify the results. People can report vulnerabilities in its system via the Kraken Bug Bounty program and receive rewards as per the severity of the reported vulnerability.
On a basic level, Kraken users are encouraged to turn on 2-factor authentication(2FA) and the Global Settings Lock(GSL) for the highest level of security.
Features
✔️200+ cryptocurrencies available for trading
✔️One of the oldest operating exchanges
✔️Proof-of-Reserves reports open to public
✔️Uses 2FA and GSL for security
Pros and Cons
✅Massive coin collection ❌Not very good for new traders
✅Several types of trades can be ❌Higher fees on Kraken basic
done
✅Many assets for staking
✅Different fiat currencies supported
Trading Fees
Kraken Instant Buy fees explained
Kraken Pro fees explained
Customer Reviews
Kraken is a convenient platform for trading
Transactions can involve high fees on Kraken
Why We Picked It
Kraken is in general a stable and reliable exchange. It offers several products apart from basic trading features that are suitable for both new and expert traders. It also follows the best industry practices for securing accounts and funds.
Crypto.com
Crypto.com is slightly different from other crypto exchanges in that it focuses on developing and promoting its mobile app more than its web version. Its efforts seem to be paying off as the Crypto.com mobile app is one of the fastest growing crypto trading apps with approximately 50 million active users in 2022.
With over 250 cryptocurrencies, it has a variety of assets available for trading including its native Cronos(CRO) token. Plus, you don’t have to pay anything for token deposits or crypto-to-crypto conversions on Crypto.com. There is also a Crypto.com wallet where you can store your assets, an NFT marketplace for users who are into art tokens, a healthy number of assets for staking as well as a prepaid Visa card.
You can also get discounts on the trading fees paid if you stake a certain amount of CRO tokens. In addition, Crypto.com has adopted multi-factor authentication(MFA), address whitelisting and cold storage to ensure the safety of user assets and data.
Features
✔️Promotes mobile app-based trading
✔️Over 250 cryptocurrencies available for trading
✔️Supports crypto lending
✔️Cronos(CRO) is native token
Pros and Cons
✅Fantastic coin selection ❌Insufficient educational resources
✅Competitive fee rates ❌Not exactly beginner-friendly
✅Native Web3 wallet
✅MFA and address whitelisting
Trading Fees
Crypto.com fees explained
Customer Reviews
Crypto.com has a terrific app
Users have reported problems with withdrawals on Crypto.com
Why We Picked It
You can trade on the go with the Crypto.com mobile app. The fees here are fairly low and you can further reduce them by staking CRO. You can also explore NFTs on Crypto.com and use the app for making merchant payments.
Bybit
Bybit is one of the top cryptocurrency exchanges that is regularly introducing new features and attractive offers for its users. Though primarily focusing on derivatives trading, Bybit has plenty on offer for spot traders too.
If you are swapping perpetuals on Bybit, you can conveniently use USDC and USDT as collateral for the same. You can also use USDC as collateral for inverse contracts and options contracts. It supports copy trading as well which can be a great option for traders to imitate the strategies of top traders without needing to go through the details of complex trading strategies.
Bybit utilizes AI to analyze your investment profile and recommend tools that are best for your needs and trading style. It also offers an in-built wallet with which you can explore the world of Web3 and DApps.
Features
✔️Mainly for derivatives trading
✔️280+ pairs available for spot trading
✔️Has world’s largest USDC Options marketplace
✔️Copy trading available
Pros and Cons
✅Simple UI ❌Not the best for spot trades
✅Trades are not costly
✅Demo trading available
✅In-built wallet
Trading Fees
Bybit fees explained
Customer Reviews
Bybit has excellent features and coin selection
Users report accounts being locked on Bybit
Why We Picked It
Bybit is a fantastic exchange, particularly for crypto derivatives traders. It has a slick interface, a native Web3 wallet and it enables fast transaction settlement with its 100K TPS matching engine.
OKX
OKX, a cryptocurrency exchange founded by Star Xu and based in Seychelles, is known for its competitive fees, strong APIs and quick transactions. The whole ecosystem is powered by its native blockchain known as OKX Chain and its native token OKB.
On OKX, you can indulge in spot, margin and options trading as well as also dabble in perpetual swaps. Here, you can also avail of crypto mining services and crypto loans. The exchange has a native OKX Wallet which supports around 40 networks and you can use it to explore DeFi apps. Plus, you should check out the Jumpstart Mining initiative if you are interested in farming DeFi tokens.
Features
✔️400+ assets for trading
✔️Has native blockchain and native token
✔️OKX Wallet compatible with 40+ networks
✔️Farming DeFi tokens via Jumpstart Mining
Pros and Cons
✅Lower trading fees ❌Complex fee structure
✅Multiple payment options ❌Poor customer support
✅Extensive learning material
✅Demo trading available
Trading Fees
OKX trading fees explained
Customer Reviews
OKX is an easily navigable platform
OKX’s customer support needs improvements
Why We Picked It
You can indulge in several types of trades on OKX. There is a demo trading mode where you can practice and test out your strategies before applying them for actual trades. Crypto mining services and DApps are also available here.
Bitstamp
Bitstamp is one of the oldest cryptocurrency exchanges still in existence. Registered in Luxembourg, it was initially developed as a European alternative to the then-dominant exchange Mt.Gox but is now available globally.
Bitstamp is a simple platform and what it lacks in terms of features, it makes up in terms of security and reliability. It has a whopping 50 licenses and certifications and is registered as a payment institution in Luxembourg.
Bitstamp is quite transparent about the fees it takes for different types of transactions and there are no hidden charges. It follows the maker-taker model and all the information about different trading expenses are easily available on its website.
Low-volume trades below $1,000 are free on Bitstamp. Beyond that, the maker/taker fees start at 0.30%/0.40% which keeps decreasing as the trading volume increases.
Features
✔️One of the oldest cryptocurrency exchanges
✔️82 cryptocurrencies available
✔️Supports fiat currency deposits and withdrawals
✔️Multi-factor authentication(MFA) for security
Pros and Cons
✅Licensed platform ❌Limited cryptocurrencies available
✅Compulsory KYC verification ❌Does not support margin trading
✅Competitive trading fees ❌Only two assets for staking
✅Easy to use exchange
Trading Fees
Trading fees for Bitstamp
Customer Reviews
Bistamp is a trusted and KYC-compliant exchange
Users have faced problems with withdrawals on Bitstamp
Why We Picked It
Bitstamp is a well-known and trusted cryptocurrency exchange. It is easy-to-use and therefore, perfect for beginner traders. The fees here are standard and there are no hidden charges. It is a duly licensed exchange and also allows deposits and withdrawals in fiat currencies.
KuCoin
If you want a wide variety of crypto coins, KuCoin is the place to go. At 700+ cryptocurrencies, it has one of the biggest altcoin collections out there. Along with spot and margin trading, you can easily convert one cryptocurrency into another at KuCoin at zero fees.
KuCoin is a multi-lingual exchange with 20+ global communities where you can interact with traders in your preferred language. It also features trading bots that can be used to automate crypto trades. You can use these bots for spot grid, dollar-cost averaging, futures grid, infinity grid and smart rebalance.
KuCoin’s Halo wallet acts as your gateway to Web3 and helps you discover the latest crypto market trends and make multi-chain swaps at the best possible price. It is a social wallet where you can follow other wallets and even track their on-chain activities in the form of a social feed.
Features
✔️More than 700 cryptocurrencies available for trading
✔️Over 20 languages are supported
✔️Native token is called KuCoin Token(KCS)
Pros and Cons
✅Wide variety of crypto ❌Complex fee structure
✅Zero fees for crypto conversion ❌Trading bots can glitch
✅Bots to automate trades
✅Halo wallet to explore Web3
Trading Fees
KuCoin fees explained
Customer Reviews
Users can find underrated coins on KuCoin
KuCoin has poor customer service
Why We Picked It
KuCoin has a large number of cryptocurrencies available which increases your chances of finding a hidden gem here. It is a multilingual exchange with 20+ global communities. There are also trading bots available that automatically execute trades and a social wallet called Halo Wallet.
4 Top Decentralized Exchanges in Norway
UniSwap
Decentralized exchanges used to be somewhat of a niche but UniSwap managed to become popular among the mainstream crypto community. This is, to a large extent, due to its beginner-friendly interface which even casual crypto traders can easily navigate.
Developed with the help of the Ethereum Foundation, UniSwap has a number of ERC-20 tokens available for trading. This makes it an attractive and convenient option for trading since users do not have to go through the hassle of KYC verification here.
UniSwap is built on the foundation of community governance where it is essentially the community which decides the future of the platform. Users who hold UNI tokens can vote on proposals related to the governance of the network which are then implemented as per the community’s wishes.
Features
✔️Built on the Ethereum network
✔️Uses Automated Market Maker(AMM) system
✔️Native token UNI
✔️Voting on governance proposals by the community
Pros and Cons
✅No KYC needed ❌No official customer support system
✅Access to ERC-20 tokens
✅Compatibility with major crypto
wallets
✅Highly liquid platform
Trading Fees
UniSwap has three main tiers for pool fees- 0.05%, 0.30% and 1%. A new fee level of 0.01% was added in 2021.
Trading fees for UniSwap
Customer Reviews
UniSwap is a fine decentralized exchange
UniSwap has no mechanism for grievance redressal
Why We Picked It
UniSwap is a popular decentralized exchange with high liquidity. It gives you access to a wide variety of ERC-20 tokens without the hassle of KYC verification. UniSwap can be used with any major crypto wallet such as Metamask.
PancakeSwap
PancakeSwap is quite similar to UniSwap at a foundational level though they differ in several other areas. For instance, PancakeSwap does not run on Ethereum but on the BNB Chain. Therefore, it primarily deals in BEP-20 tokens though it supports a few ERC-20 tokens as well.
PancakeSwap is committed to its food-based theme which is reflected in the nomenclature of its key products. Its native token is CAKE which can be staked in syrup pools. There are Initial Farm Offerings(IFOs) where users can get early access to newly-listed tokens.
With its newly-released v3, PancakeSwap has improved its capital efficiency and promises lower slippage than before for traders. It has also introduced four tiers with extremely low fees as compared to PancakeSwap v2’s single 0.25% fee rate.
Features
✔️Built on the BNB Chain
✔️Uses Automated Market Maker
✔️Four tiers for pool fees
✔️Native token CAKE
Pros and Cons
✅Access to BEP-20 tokens ❌No vetting of coins
✅Innovative products ❌Phishing scams
✅Trading with privacy
✅IFOs for access to new tokens
Trading Fees
PancakeSwap’s newly-launched v3 has four trading fee tiers- 0.01%, 0.05%, 0.25% and 1%. The majority share of the fee collected goes to the liquidity providers.
Trading fees for PancakeSwap
Customer Reviews
PancakeSwap is a reliable DeFi platform
PancakeSwap does not vet coins before listing
Why We Picked It
PancakeSwap does not face the problems that Ethereum-based exchanges face. The fees here are among the lowest in the industry and there are a lot of innovative products for you to choose from.
Curve Finance
For Curve Finance, stability is supreme. That is why, this decentralized exchange which specializes in stablecoin trading, is a bastion of stability in a sea of unpredictable platforms.
If you want to invest in stablecoins at a relatively low-risk platform, Curve Finance is the go-to place. Since it does not have a central order book, it utilizes the Automated Market Maker protocol which is a collection of smart contracts to facilitate trading on the platform.
These smart contracts automate the process by using algorithms to price the assets in a liquidity pool. Curve Finance also has a native token CRV. It plays a major role in the development of the platform as CRV holders are the ones who vote on proposals related to the platform.
Features
✔️Built on the Ethereum network
✔️Employs Automated Market Maker
✔️Provides liquidity for stablecoins
✔️Native token CRV
Pros and Cons
✅Low-risk exchange ❌Not suitable for beginners
✅Compatible with multiple
blockchains
✅Community governance by
CRV holders
Trading Fees
Fees for liquidity pools on Curve Finance can be between 0.04% to 0.4%.
Trading fees for Curve Finance
Why We Picked It
Curve Finance is a stable platform where algorithms price the assets in a liquidity pool. There are lesser chances of price manipulation and you can earn healthy sums in the short and long term via its liquidity pools.
DODO
DODO is a relatively new entrant in the decentralized crypto exchange space. While it is another Ethereum-based exchange, its use of the Proactive Market Maker system differentiates it from its contemporaries. This helps DODO provide better pricing to users as its oracles mimic human trading.
You can use Initial DODO Offerings(IDOs) to easily list tokens at a negligible cost. There are also no minimum deposit requirements to become a liquidity provider which has helped in making DODO a more inclusive exchange.
Features
✔️Built on the Ethereum network
✔️Uses Proactive Market Maker
✔️Native token DODO Coin
Pros and Cons
✅Cross-chain trading allowed ❌No fiat currency can be used
✅Nearly free listing of tokens
✅No minimum deposit needed
✅Liberty to create liquidity market
Trading Fees
Trading fees for DODO
Why We Picked It
DODO has low slippage and pretty much no possibility of impermanent loss. Its oracles help to provide the best possible price. Anyone can create a liquidity market on DODO and the listing of tokens is a simple and cost-effective process here.
Is Cryptocurrency Legal in Norway?
Norway does not have a separate legislation or regulatory framework to deal with the regulation of cryptocurrencies. However, crypto assets are not completely unregulated in the country as cryptocurrency service providers generally have to follow the principles of various existing laws such as contract law, criminal law and company law.
Crypto exchange service providers particularly have to adhere to the requirements of the Anti-Money Laundering Act(AML Act). Further, such service providers can only start operations after their registration has been completed by the Financial Supervisory Authority of Norway(FSAN).
Further, the Norwegian Personal Data Act 2018 which was incorporated to include the provisions of the EU’s GDPR also applies to blockchains that store personal data.
For tax purposes, cryptocurrencies are considered assets in Norway. Therefore, gains and income from cryptocurrency are considered to be capital income and taxed at a 22 percent rate.
Conclusion
There are several cryptocurrency exchanges operating in Norway offering many services to traders. While the country does not have any separate laws for them, the general KYC and personal data protection requirements are applicable on crypto assets. Therefore, cryptocurrencies are treated like assets in Norway even if it has not been written down in any legislation.
However, no matter the legal protections, cryptocurrency trading is a risky business. You can incur huge losses here if you go in uninformed. Hence, it is important to educate yourself on cryptocurrency and crypto trading before investing your money in it.