Sonja Horn
Chief Executive Officer

Welcome to Entra’s fourth quarter presentation brought to you here from Oslo. Let me start by enlighting you on what you can see on this picture. This is Christian Krohgs gate 2 in Oslo, our planned redevelopment project, which we, in the quarter announced that we have entered into a partnership with Skanska to develop.

So moving on to the highlights. Rental income of NOK 787 million in the quarter. That is NOK 20 million up compared to same quarter last year, meaning also that the effects from previous divestments have been offset by an increase through projects feeding into the management portfolio. Net income from property management of NOK 425 million in the quarter, that is up with NOK 108 million compared to same quarter last year, mainly explained by the completion and divestment of our project in Trondheim. The net value changes in the quarter were NOK 56 million. And in that, we have also included the positive value uplifts on the investment properties of NOK 111 million. Profit before tax of NOK 476 million in the quarter, and our EPRA NRV is up with NOK 2 per share to NOK 169 in the fourth quarter. We’ve had a good quarter in respect of operations with a positive net letting of NOK 4 million, and we have also completed 3 projects this quarter, one new build project in Trondheim, which also has been forward sale. So upon closing of that transaction, we have taken a gain of NOK 101 million in the fourth quarter.

And our Board has decided to

“Locally, the prices are very much linked to geopolitical instability, they’re linked to supply and demand at global level… and money markets, currency exchange rates, which again there’s no ability for people in Northern Ireland to control,” explained Smyth.

In the vast and often turbulent ocean of the financial markets, your broker is your vessel. Choose a sturdy, well-equipped ship, and you can navigate through economic storms to reach your destination.

Choose a leaky raft, and you may find yourself sinking before you even leave the harbor. As we settle into 2026, the retail forex industry has become more competitive than ever. Hundreds of brokers are vying for your attention with flashy advertisements and promises of low spreads. However, for the serious investor, the decision must be based on rigorous due diligence rather than marketing hype. Whether you are a seasoned trader looking to switch providers or a novice taking your first steps, selecting the right partner is the single most critical decision you will make. This guide breaks down the essential criteria for choosing a broker that aligns with your financial goals and risk appetite.

1. Regulation and Safety of Funds

The first rule of trading is preservation of capital. Before you even look at spreads or trading platforms, you must verify the broker’s regulatory status. In 2026, the distinction between regulated and unregulated entities is stark.

The Importance of Tier-1 Licenses

A reputable broker will always be authorized by a top-tier regulatory body. In the UK, this is the Financial Conduct Authority (FCA). Other respected regulators include ASIC (Australia) and CySEC (Cyprus). These bodies enforce strict standards, such as segregating client funds from the company’s operating capital. According to Wikipedia, regulatory oversight is the primary defense against fraud in the retail forex market, ensuring that brokers adhere to fair practices and maintain sufficient capital reserves.

Negative Balance Protection

Ensure your broker offers negative balance protection. This feature guarantees that you cannot lose more than your initial deposit. In a market known for its volatility, where gaps can occur over the weekend, this safety net is indispensable for managing your long-term financial health.

2. Trading Costs and Transparency

Every pip counts. Over the course of a year, the difference between a 1-pip spread and a 2-pip spread can amount to thousands of pounds in transaction costs. However, low costs should not come at the expense of execution quality.

Spreads vs. Commissions

Brokers generally operate on two models:

• Commission-Free: You pay no separate fee, but the cost is built into a slightly wider spread.
• Raw Spread/ECN: You get spreads as low as 0.0 pips but pay a fixed commission per lot traded. For high-volume traders and scalpers, the raw spread model often proves cheaper. A leading forex broker will be transparent about these costs, displaying them clearly on their website rather than hiding them in the fine print.

Hidden Fees

Be wary of non-trading fees. Some brokers charge for withdrawals, inactivity, or even currency conversion. Always check the “banking” or “funding” section of the broker’s site to ensure you won’t be penalized for moving your own money.

3. Execution Speed and Infrastructure

In 2026, technology is the great equalizer. The speed at which your order travels from your terminal to the market can determine whether you make a profit or suffer “slippage” (getting filled at a worse price than expected).

Dealing Desk (DD) vs. No Dealing Desk (NDD)

• Market Makers (DD): These brokers take the other side of your trade. While they offer stable spreads, there is an inherent conflict of interest.
• NDD/STP Brokers: These brokers route your orders directly to liquidity providers (banks, hedge funds). This model is generally preferred by professional traders as it ensures transparency and faster execution without human intervention.

Platform Stability

Does the broker offer industry-standard platforms like MetaTrader 4 (MT4), MetaTrader 5 (MT5), or cTrader? Proprietary platforms can be good, but they often lack the advanced customizability of established software. Ensure the platform has a track record of stability during high-impact news events.

4. Range of Markets and Instruments

While your primary focus might be forex, a diversified portfolio is key to risk management. The best brokers in 2026 act as multi-asset gateways.

Beyond Currency Pairs

Look for a broker that offers access to:

• Commodities: Gold, Silver, Oil.
• Indices: S&P 500, FTSE 100, DAX.
• Shares: Access to global equities. Having all these assets under one roof allows you to hedge your positions. For example, if the USD weakens, you might want to long Gold. Being able to do this instantly on the same account is a massive logistical advantage.

5. Customer Support and Education

Even the best technology fails occasionally, and you will eventually have a question. When that happens, you need immediate answers.

24/7 Availability

The forex market runs 24/5, and crypto markets run 24/7. Your broker’s support should match these hours. Test their live chat before you sign up. Do they answer in seconds, or are you stuck in a queue?

Educational Resources

A broker invested in your success will provide educational tools. Look for webinars, daily market analysis, and tutorials. Furthermore, understanding risk and return is fundamental to your survival in the markets; a good broker will provide resources that help you grasp these concepts rather than just encouraging you to trade blindly.

Conclusion: Making the Final Call

Choosing a forex broker is not a decision to be rushed. It requires balancing cost, safety, and technological capability. By focusing on regulated entities that offer transparent pricing and NDD execution, you set a solid foundation for your trading career. Remember, the goal is not just to find a place to trade, but to find a partner that facilitates your growth as an investor. Take your time, test their demo accounts, and ensure they meet the high standards required for trading in 2026.

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