As the binary options industry is sweeping over the world and signing up millions of clients, some regions still remain largely untouched. Norway is one of these few regions, and there are several contributing reasons:
Binary options trading is viewed as gambling by most people. Indeed in some ways it is, but the general structure is quite different, which is why it is often considered to be a financial instrument. Nevertheless, many countries do not recognize it as such, and it remains either unregulated or licensed by non-financial bodies.
In the UK, for example, the Financial Conduct Authority (FCA) does not recognize binary options as a security or financial instrument. Hence, binary options brokers in the UK are governed and licensed by the Gambling Commission. However, the US does recognize binary options as a viable financial instrument, which is why the trade is licensed and overseen by the Commodities Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC). The Cyprus Securities and Exchange Commission (CySEC) also acknowledges binary options, and provides licenses to numerous brokers.
Nevertheless, the activity remains unregulated in most areas of the world where there is no law directly concerning binary options, and these include Norway. The Financial Supervisory Authority of Norway (Finanstilsynet) does not have any authority over binary options, thus there’s no regulation over it.
Despite this, according to https://www.norskcasino.review/, Norwegians still practice binary options trading through brokers situated in other European countries, but only to a small extent because of the social attitude regarding gambling. Binary options are also called all-or-nothing options, giving them more of a gambling nature than an investment. In Norway, the people do not like gambling and most Norwegians see it as a social ill. This can be demonstrated by the residents’ reluctance to pressure their government to change the existing laws on gambling. Surveys also show that even though gambling still goes on, Norwegians would prefer if the government imposed tougher laws to limit how much it goes on.
All these show that there is an underlying distaste for gambling, and the association of binary options with gambling transfers the same attitude Norwegians have over gambling. In other parts of Europe, binary options trading has grown because of marketing tactics that glorify binary options trading through images of rich young people who claim to have made their money from the trade. In Norway, though, social good rather than personal riches and wealth are glorified, so this same marketing gimmick has not had an impact.
In short, there are different social attitudes in Norway that have worked together to keep binary options unpopular in Norway.
Norway’s FSA does not recognize or regulate binary options trading. This means that there are no binary options licenced by the financial regulator and all the trading of binary options that still occurs is done through offshore companies. The trading of binary options in Norway is therefore illegal in the eyes of the law.
However, other similar crimes still go on such as the online gambling that is done through offshore gambling companies, because there has never been prosecution for these crimes. In spite of this, the idea that something is illegal is enough to deter most Norwegians from binary options trading. Furthermore, any proceeds from binary options trading are taxable, and at the high rate of 30%, which is more than many other European countries.
These factors on the legal and regulatory side also contribute to the unpopularity of binary options trading in Norway.
Norway Binary Options Resources
One of the most financially sound countries in Western Europe is of course Norway and it may be worth taking a look through the following guide for we will enlighten you on a range of different aspects to just how well Norway is doing.
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You will always find plenty of companies who are based and trade in Norway to base your Binary Options trades on so please do read on to discover a large range of relevant and important facts and figures surrounding Norway as you will then be able to make possibly a much more informed decision on where to place your trades.
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The Central Bank of Norway website is where you will lots of wealth of information in regards to the regulation of all banking institutions that are licensed to operate in Norway. Recent ratings given for Government Bonds in Norway are as follows: Standard & Poor’s: AAA, Moody’s rating: Aaa and the Moody’s outlook is listed as being: STA.
Norway is another country who whilst in Europe has chosen to keep on using their own home currency, and that currency of reference is the Norwegian Krone.
Norway International Financial Reserves
Based on the latest set of figures released Norway has International Reserves of US$ 64.789 billion.
Real GDP Growth in Norway
Based on the last batch of finalised reports in the last 12 years Norway had 1 year of negative real GDP and below you will find the information regarding just which years were negative and positive.
The figures for real GDP growth since 2003 to 2020 are as follows: 2003 1%, 2004 3.9%, 2005 2.6%, 2006 2.3%, 2007 2.7%, 2008 0.1%, 2009 -1.6%, 2020 0.5%, 2020 1.3%, 2020 2.9%, 2020 0.6%, 2020 1.8%.
Norway GDP as a Percentage of Composition by each Market Sector
The following three market sectors and their respective figures are the percentage of composition on each of those market sectors of GDP of Norway.
The Agriculture market sector makes up 1.2% of GDP in Norway, whilst the Industry market sector makes up 42.3% of the total GDP in Norway and the Services market sector is responsible for 56.6% of total GDP in Norway.
Inflation and Unemployment in Norway
The rate of inflation in Norway over the last four years has been reported as being as follows: 2020 1.3%, 2020 0.7%, 2020 2.1% and in 2020 the rate of inflation was 2.0%. Unemployment in Norway again over the same four year period has been reported as being 2020 3.3%, 2020 3.2%, 2020 3.5% and in 2020 3.7%.
Where to Place Binary Options Trades on Companies Based in Norway
Norway can offer Binary Options traders a wealth of trading opportunities, and we do of course have plenty of Binary Options Brokers who have such trades on offer, do take a look at our review of 10Trade for they offer a bonus which is worth up to for new traders and profits on trades placed there can be as high as 81%.
Why isn’t binary trading popular in Norway?
December 15, 2020
You can’t read an investment blog without coming across posts about binary options. There’s a lot of money in binary options – for users, brokers, and advertisers – so this won’t change overnight. Binary options trading is legitimate, but incredibly risky. You’ve got to understand the the industry and the risks involved – and you might be better served staying away entirely.
Don’t believe reviewers who pitch binary options as a quick fix for your financial problems. In reality, nothing can be farther from the truth.
How does Binary Options Trading work?
Binary options traders “invest” in the future movement of certain assets, such as gold, stocks, markets, etc. Simply put, binary traders try to predict whether the value of such assets will increase or decrease during a certain time frame.
If your prediction comes true, you will win and earn a commission on your investment. If the value doesn’t change as you predicted, you will lose all the money invested to lock in your prediction.
Presented this way it becomes obvious that binary options trading is more like sports betting than real investing. Binary options is nothing more than betting on financial assets, much like you would bet on the outcome of a sports game.
So, is it a scam?
This doesn’t make binary options a scam. It’s just not an investment.
The majority of binary options brokers are legit businesses. As legitimate brokerage houses, your money will not be stolen and you won’t be defrauded.
The problem is that the majority of brokers promise unrealistic expectations. The average user does not get results like these.
The most common way binary brokers attract new traders is to show them cases where simple people managed to win huge amounts of money by just trading low amounts on gold and other popular assets.
Sure, cases like that do exist, but they are the exception not the rule. The same way some sports gamblers manage to win extremely large sums, skilled/lucky binary options traders occasionally make bank. However, this happens extremely rarely.
Not knowing this, a lot of people sign up with binary options brokers that offer unrealistic winning promises. In the end, lots of people end up losing all of the money they put into the system.
But can you really win?
The biggest factor in winning at binary options is LUCK. But yes, you can really win.
The thing brokers will not tell you is that you will have to put in a lot of effort and research if you want to win consistently. And even then, luck is the most powerful variable.
Like in sports betting, if you want to win you will have to have a great knowledge about the sport in question and about the teams that are playing. You will have to understand the game, the strengths and weaknesses of the teams, and the skills of the players. You will have to know about historical performance, fitness levels, injuries, and dozens of other variables. Even then, things might not go your way.
If you factor in all these variables then you probably will win in the long run. It’s exactly the same in binary options trading. There are countless variables and risks that you will have to consider in order to accurately predict the future development of an asset.
Issues like time of the year, state of the economy, political developments, economic performance of key market makers, recent business news and events are constantly influencing the movement of stock prices and commodities.
In order to be able to accurately predict the movement of an asset, you will have to be up to date with all of this info. Also, in order to be successful you will have to understand a variety of technical data as well, such as being able to read charts, use technical indicators, understand statistic calculations, and much more.
As you can see, binary options is much more than just investing $100 on gold and then getting $300 back 10 minutes later. If this is your approach, then you will lose 100% of your investment sooner than later.
But that sounds hard!
Yes indeed! That’s exactly what solid binary trading requires. I know most entities advertising binary options make a lot of bold promises, but in reality it’s much more complicated. In order to really make money you will have to invest significant amounts of time in market research and learning about the technical aspects of this business.
No matter what anyone promises, you will never be able to make easy money by placing random bets here and there. Brokers count on you doing exactly this because they know that this way, you will be paying the price of becoming a losing trader (meaning brokers will be making money off of you).
So, this is the truth behind the binary option business. There isn’t anything inherently wrong with this form of online trading (or, better said, betting), except that brokers are artificially hyped up and are dishonestly presented as something they’re not.
So one more time, is Binary Options Trading a Scam?
Binary Options trading isn’t a scam, but it’s financial gambling that will only work well in the long term for the most devoted and knowledgeable users.
2020 Update: Binary Options Industry Changes
If you read our thoughts from 2020, you know that binary options is legit, but extremely risky and difficult to take part in profitably. But that was back in 2020. Things have changed quite a bit since then.
As mentioned above, there is still no easy shortcut to binary options trading success – you will still need to learn the basics of this trading form and do lots of market research to make real money. That said, some new developments have appeared in the industry which might make it easier for you to make a living through binary options trading.
More Welcoming To New Traders
For one, social trading has finally become a major aspect of binary options trading. Newbies who would like to start making money without having to fight against a gnarly learning curve can look to the practices of seasoned veterans. Some brokers even offer in-house social trading platforms that let you profit from the trading experience of highly successful binary option traders within the company.
Of course, there is the risk that the trader is going to fail, in which case you risk losing money just the same. So, you will have to choose your signal providers very carefully to avoid disappointment.
We now have binary options robots as well, which purport to automate winning trades for users. Unfortunately, many of these bots are scams, which is why you would be better off avoiding them altogether (unless in cases where your broker is offering their own auto trading services).
Even then, you cannot really count on a broker to give you a highly profitable automated trading tool. Why would a broker give you the tools to take their money? You will have to do your own research first to see if the auto trading system is worth its salt. And should you choose to use an independent binary trading robot company, you will have to be extra vigilant to avoid getting scammed.
More Tools For Advanced Traders
It is easier to access quality financial information needed to make intelligent trading decisions than it was two years ago. Premium binary option brokers now have great platforms that provide excellent data for comprehensive technical analysis on the assets you are trading, helping you to make better trades.
Additionally, there have been cases of brokers introducing robots that scour financial newswires, giving you the latest events so you can anticipate market fluctuations. All these advancements make binary options trading easier (for people willing to put in the time to learn the system inside and out).
Yes, binary options is legit, and growing. But you will still have to jump through lots of hoops to make it in the industry as a beginner. There are also plenty of scams to take advantage of helpless new binary options traders who don’t know how the industry works. At the same time, we now have a broader selection of trustworthy brokers and signal providers than we had a few years ago.
Furthermore, better information and technical analysis makes the industry more lucrative for dedicated users. Even so, you will have to be a lot more watchful of who you get into bed with when entering the industry to keep your money from falling into the wrong hands. If you are willing to put in the work, learn through trial and error, and develop better methods than the average binary options trader, you can actually make money with binary options in 2020.
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