Best Crypto Exchanges in Hungary

Summary: For Hungarian investors eager to dive into the world of Bitcoin and other cryptocurrencies, choosing exchanges that adhere to the regulations set by the Hungarian Financial Supervisory Authority is crucial. These approved platforms offer easy HUF deposits through common payment methods, including bank transfers, mobile payments, and credit or debit cards, ensuring a seamless investment process.

To guide you effectively, we've analyzed and listed the top 5 exchanges for those living in Hungary. These platforms stand out for their reliability and security, making them excellent choices for anyone looking to explore the cryptocurrency market in Hungary.

1. eToro - Best Crypto Exchange in Hungary
2. Bybit - Best Feature-Rich Exchange
3. Uphold - Best Transparent Trading Platform
4. Binance - Best for Trading Derivatives
5. Kraken - Best for Institutional Investors

Best Cryptocurrency Exchange Hungary

After carefully reviewing more than 20 cryptocurrency platforms, we've pinpointed the top five choices for investors in Hungary. Our analysis focused on crucial aspects such as adherence to the Hungarian National Bank's (Magyar Nemzeti Bank) regulations, the diversity of supported cryptocurrencies, user-friendliness, options for depositing Hungarian Forint (HUF), and the overall cost of transactions. As a result of our detailed examination, we're excited to showcase the five premier digital asset exchanges operating in Hungary.

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1. eToro

In Hungary, eToro is recognized as a leading investment platform, offering an impressive selection of over 4,500 assets. This range includes top cryptocurrencies like Bitcoin, Ethereum, and Solana, as well as sought-after crypto stocks, such as Coinbase. Additionally, eToro provides access to unique Bitcoin ETFs from well-regarded entities, including IBIT by Blackrock, offering Hungarian investors diverse ways to enhance their portfolios.

Designed with Hungarian users in mind, eToro makes the EUR deposit process straightforward, fully compliant with Hungary's rigorous regulatory standards. The platform accommodates various investment approaches with several deposit methods, including local bank transfers and credit/debit cards. Its competitive fees and attractive spreads make eToro a top choice for those looking to invest in cryptocurrencies and ETFs in Hungary.

• Fees: eToro operates with a variable spread fee model, around 1%.
• Supported Assets: Offering more than 4,500 assets, ranging from premier cryptocurrencies and innovative ETFs to a wide selection of stocks.
• Regulatory & Licensing: eToro complies with the regulatory standards set by Hungarian and European financial authorities, ensuring a safe investment environment.
• HUF Deposit Methods: Includes local bank transfers, SEPA, debit/credit cards, and other popular Hungarian payment methods.

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2. Bybit

Bybit emerges as Hungary's second-best cryptocurrency exchange, particularly noted for its expertise in derivatives trading. It boasts over 1,000 digital assets paired with best-in-class trading features across spot, futures and crypto options markets, appealing to novices and institutional traders. A highlight for Hungarian users is its seamless and free local deposit options, simplifying EUR transactions. 

Bybit excels in futures trading, offering up to 25x leverage and staking options, thus broadening the investment horizons for Hungarian investors. Its attractive fee structure, including a maker fee of 0.01% and a taker fee of 0.06%, together with stringent security protocols, solidify Bybit's status in the Hungarian market. With a global following of over 10 million users, Bybit is recognized for its reliable services and comprehensive asset portfolio.

• Fees: Bybit introduces competitive fees with a maker fee of 0.01% and a taker fee of 0.06%.
• Supported Cryptocurrencies: Features a vast selection of over 1,000 digital assets, catering to diverse investment preferences.
• Regulation & Licensing: Adheres to European and Hungarian regulatory guidelines, offering a secure and compliant trading environment.
• HUF Deposit Methods: Provides a variety of deposit methods including local bank transfers, debit, and credit cards.

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3. Uphold

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 Financial Conduct Authority (FCA).
• HUF Deposit Methods: Bank Transfer, Credit/Debit Card, SEPA, Google Pay & Apple Pay.

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4. Binance

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.

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5. Kraken

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.

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Is Crypto Regulated in Hungary?

In Hungary, engaging in cryptocurrency activities like buying, selling, holding, and trading is fully legal, though cryptocurrencies are not considered legal tender. The Hungarian National Bank (Magyar Nemzeti Bank) plays a pivotal role in regulating the crypto space. For taxation, cryptocurrencies are seen as assets. Businesses that engage in converting crypto to fiat and provide custody services must follow strict anti-money laundering (AML) and counter-terrorism financing (CTF) guidelines. Additionally, the Hungarian Financial Supervisory Authority monitors to ensure all crypto-related activities align with Hungary's financial laws.

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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.

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Bottom Line

In summary, for those in Hungary ready to explore the vibrant world of cryptocurrencies, selecting the right exchange is key. This choice is made easier with our curated list of top platforms, each rigorously vetted for compliance with Hungarian regulations, ease of HUF transactions, and security measures. The standout exchanges - eToro, Bybit, Uphold, Binance, and Kraken - offer a diverse range of assets and sophisticated trading tools, all while ensuring a seamless and safe investment process. Delving into the crypto market with these platforms means banking on reliability and security, setting the stage for a rewarding investment journey in Hungary.