Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Summary: The best approach for Hungarian investors interested in buying Bitcoin and other cryptocurrencies is to use exchanges that comply with the regulatory framework established by the Hungarian Financial Supervisory Authority. These authorized platforms facilitate the straightforward deposit of Hungarian Forint (HUF) through widely accepted payment methods, such as bank transfers, mobile payment options, and credit or debit cards.
To assist you efficiently, we've reviewed the top 5 exchanges available to Hungarian residents. These exchanges have been identified as the most reliable and secure options for individuals interested in participating in the cryptocurrency market in Hungary.
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Best Cryptocurrency Exchange Hungary
Through an extensive review of over 20 cryptocurrency platforms, we have identified the top five options suited for Hungarian investors. Our evaluation emphasized factors like compliance with regulations set by the Hungarian National Bank (Magyar Nemzeti Bank) and relevant financial authorities, the range of supported digital assets, ease of use, Hungarian Forint (HUF) deposit methods, and the fee structure. Following our thorough investigation, we present the 5 leading digital asset exchanges in Hungary.
eToro is highly regarded in Hungary for its distinctive approach to cryptocurrency trading, combining an accessible platform with social trading elements. A standout feature is its CopyTrading function, which enables less experienced traders to replicate the trades of advanced professionals, thus bridging the knowledge gap. eToro's diverse asset offering includes cryptocurrencies, stocks, ETFs, and commodities, allowing for broad portfolio diversification.
Investors in Hungary users particularly appreciate its user-friendly mobile app and web interface, which simplify trading and can be used in several languages, including Hungarian. The platform also complies with European financial regulations, ensuring a high level of user security and trust. eToro's community-oriented features, like social news feeds and forums, foster a collaborative trading environment, making it an attractive choice.
- Fees: eToro operates on a variable spread fee structure, typically around 1%.
- Supported Assets: The platform supports over 3,000 assets for trading, including crypto, stocks, indices, ETFs, and commodities.
- Regulation & Licensing: Regulated by the Cyprus Securities and Exchange Commission (CySEC).
- HUF Deposit Methods: Bank Transfer, SEPA, Credit Card, Debit Card, Klarna, Skrill, Neteller, and PayPal.
Bybit stands out in the Hungarian market for its comprehensive and advanced trading features, especially in derivatives like futures and perpetual contracts, which offer up to 25x leverage. Known for its high-performance matching engine, capable of handling 100,000 transactions per second, it ensures minimal slippage even during volatile market conditions. The platform's user interface balances sophistication with usability, making it suitable for all levels of traders.
It offers an extensive range of educational resources, which are particularly beneficial for Hungarian users seeking to deepen their investing knowledge. The platform provides a diverse range of features besides trading, including staking with both fixed and flexible terms and lending and borrowing services that allow you to lend your assets for a yield or borrow funds by putting up BTC as collateral. Aside from investing in over 920 cryptocurrencies, Bybit also supports thousands of NFTs through its inbuilt marketplace.
- Fees: Deposits and withdrawals are free. 0.01% maker fee and 0.06% taker fee, 0.1% fee for spot trading.
- Supported Assets: Invest in over 920 cryptocurrencies.
- Regulation & Licensing: Registered to operate in Europe.
- HUF Deposit Methods: Credit Card, Debit Card, Wise, Bank Transfer, Zen, Google Pay & more.
Uphold is recognized in Hungary for its transparent and versatile trading platform. Unique to Uphold is its 'Anything-to-Anything' trading feature, which allows direct trading across different asset classes, including over 250 cryptocurrencies, fiat currencies, precious metals, and US equities. This eliminates the need for multiple transactions, saving time and reducing fees.
Its commitment to transparency is evident in its regular proof of reserves audits and clear fee structure. The platform also integrates bank account connectivity and debit card services for Hungarian users, facilitating easy fund transfers and withdrawals. Additionally, Uphold is one of the only exchanges that undergo regular auditing to show all user's funds are being held on a 1:1 basis.
- Fees: Free HUF deposits, except cards that charge a 2.49% fee. Trading fees vary between 0.8% - 1.2% depending on the asset.
- Supported Assets: 250+ cryptocurrencies.
- Regulation & Licensing: Regulated by the FCA.
- HUF Deposit Methods: Bank Transfer, Credit/Debit Card, SEPA, Google Pay & Apple Pay.
Binance is favored in Hungary, particularly for its comprehensive range of derivative products, including futures contracts, options, and leveraged tokens, appealing to traders seeking sophisticated trading tools. The platform's low fee structure, starting at 0.1% per trade, combined with high liquidity, makes it an attractive option for both retail and professional traders. Binance also offers advanced charting tools and a range of order types, catering to the nuanced needs of experienced traders.
Hungarian users benefit from Binance’s multilingual support, including Hungarian, and a user-friendly mobile app, ensuring accessibility and convenience. The exchange’s commitment to security is evident in its Secure Asset Fund for Users (SAFU), an emergency insurance fund that adds an extra layer of protection for users' funds.
- Fees: Variable deposit fees (based on method) and withdrawals are free. The spot trading fee is 0.1%, and the futures maker/taker rebate is 0.02%/0.07%.
- Supported Assets: 350+ cryptocurrencies.
- Regulation & Licensing: Regulated in Europe.
- HUF Deposit Methods: Credit/Debit Card, Bank Transfer, SEPA & ZEN.
Kraken is distinguished in the Hungarian market for its robust security measures and comprehensive services tailored to institutional investors. The platform offers high liquidity and low fees, with a tiered fee structure that rewards high-volume trading. Kraken’s professional interface, Kraken Pro, provides sophisticated trading tools like margin trading with up to 5x leverage, futures trading, and advanced order types.
For Hungarian institutional clients, Kraken offers dedicated account management and OTC trading services. The exchange’s strong commitment to regulatory compliance and its industry-leading security practices, including cold storage and strict surveillance systems, assure institutional clients of the safety and integrity of their investments.
- Fees: 0.01% maker orders and 0.02% taker orders.
- Supported Assets: 200+ spot markets and 100+ markets available with margin.
- Regulation & Licensing: Regulated in Europe and Hungary.
- HUF Deposit Methods: ACH Transfer, Debit Card, Credit Card, and more.
Is Crypto Legal in Hungary?
Cryptocurrency is completely legal in Hungary for activities such as buying, selling, holding, and trading, although it is not recognized as legal tender. The key regulatory bodies overseeing cryptocurrency operations in Hungary include the Hungarian National Bank (Magyar Nemzeti Bank).
Cryptocurrencies are typically classified as assets for tax purposes. Businesses involved in crypto-to-fiat transactions and offering custody services are required to adhere to anti-money laundering (AML) and counter-terrorism financing (CTF) regulations. Furthermore, the Hungarian Financial Supervisory Authority ensures that digital asset activities comply with the nation's financial regulations.
Is Crypto Taxed in Hungary?
In Hungary, transactions involving cryptocurrencies are subject to taxation. The oversight of these transactions falls under the purview of the Hungarian National Tax and Customs Administration (NAV). Profits from digital asset transactions are regarded as capital gains and are taxed under the relevant provisions of the Personal Income Tax Law in Hungary. The taxation rates for these gains are determined by the overall income, which includes earnings from cryptocurrency transactions.
Activities like mining are considered business income in Hungary and are taxed according to standard income tax regulations. Similarly, income generated from staking activities falls under the category of investment income and is taxed at comparable rates. Hungarian residents must report their crypto holdings in their annual tax filings if the aggregate value crosses a certain threshold. With the continuously adapting landscape of digital asset regulations, Hungarian investors and traders must stay updated on the latest tax laws and reporting requirements to ensure they fulfill their fiscal responsibilities.
How to Buy Bitcoin in Hungary
For those interested in venturing into the cryptocurrency market in Hungary, here's a straightforward and comprehensive guide to get you started:
- Find Compliant Platform: Seek out exchanges that comply with Hungarian financial regulations.
- Set Up Account: Register using your email, create a strong password, and fulfill the Know Your Customer (KYC) requirements by submitting necessary identification documents and proof of address.
- Fund Account in HUF: Deposit money into your account using Hungarian banking methods, such as bank transfers, mobile payment systems, or debit/credit cards.
- Acquire Cryptocurrency: Select the cryptocurrency you want to purchase and the quantity, either in HUF or its cryptocurrency equivalent, then complete the purchase.
- Safeguard Assets: Move your cryptocurrencies to a private wallet to ensure greater security and control over your assets.
By following these steps and choosing a reputable, regulated exchange, you can confidently and lawfully participate in cryptocurrency transactions in Hungary.
The Bottom Line
In conclusion, navigating the cryptocurrency market in Hungary requires careful selection of the right digital asset exchange. Our detailed review has identified eToro, Bybit, Uphold, Binance, and Kraken as the top five options, each offering unique features and services to cater to the diverse needs of Hungarian investors. These platforms comply with Hungarian financial regulations and provide various services and tools essential for effective investing and trading.