Best Crypto Exchanges in Hungary

Best Cryptocurrency Exchange Hungary

After reviewing the 24 cryptocurrency platforms available in Hungary, we've identified the top five options for local investors. We considered key factors such as compliance with the Hungarian National Bank (MNB) regulations, the range of supported cryptocurrencies, overall user experience, Hungarian Forint (HUF) deposit options, and fee schedule. Below is a comparison table of the 5 best exchanges for Hungarian traders.

‍

1. eToro

eToro is Hungary's leading multi-asset trading platform, providing access to a wide range of over 4,500 financial assets. Users can trade top cryptocurrencies such as Bitcoin, Ethereum, and Solana, along with stocks, commodities, and ETFs, all in one place. It offers a user-friendly interface that can be used in Hungarian, facilitates HUF deposits and has a simple sign-up process.

One of the key offerings is the copy trading feature, which allows users to automatically replicate the trades of successful investors and share strategies with other traders on the platform. With over 30 million registered customers globally, eToro users can benefit from a diverse community. There is also a demo account where clients can practice trading strategies without taking financial risk.

• Fees: Variable spread fee model of around 1%.
• Supported Assets: More than 4,500 cryptocurrencies, commodities, ETFs and stocks.
• Regulatory & Licensing: Regulated by the CySEC and available in Hungary.‍
• HUF Deposit Methods: Bank transfers, SEPA, debit cards and credit cards.

‍

2. Bybit

Bybit is a top choice for derivatives trading in Hungary, offering a robust platform for futures and perpetual contracts. Known for its advanced trading tools, it supports leverage up to 100x on 200 pairs, providing traders with opportunities for significant gains. In addition, users can buy and trade over 1,200 digital currencies on spot, as well as in futures and options markets.

Serving over 30 million registered users worldwide, it offers deep liquidity and instant execution, ensuring smooth trading experiences even during high volatility. Additionally, it features competitive fee structures, real-time market data, staking options, copy trading, lending and borrowing services, an NFT marketplace, a crypto Visa card and a comprehensive mobile app.

• Fees: Maker fee of 0.02% and a taker fee of 0.055% for futures and 0.1% for spot trading.
• Supported Assets: Over 1,200 digital assets.
• Regulation & Licensing: Adheres to European and Hungarian regulations.‍
• HUF Deposit Methods: Bank transfers, SEPA, Apple Pay, Google Pay, debit cards, and credit cards.

‍

3. Uphold

Uphold is popular in Hungary for its transparency and ease of use. The platform supports a wide range of 250 cryptocurrencies, alongside 4 precious metals and 27 fiat currencies. Its unique “anything-to-anything” trading experience allows users to trade directly between different asset classes without needing to convert to a base currency first.

Its commitment to transparency is evident in its regular proof of reserves audits and clear fee structure. The platform is one of the only exchanges that undergo regular external audits to show that all users' funds are being held on a 1:1 basis. Uphold is praised for its commitment to transparency, making it a reliable choice for traders who value openness and security. 

• Fees: 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) and available in Hungary.‍
• HUF Deposit Methods: Bank transfer, credit cards, debit cards, Google Pay and Apple Pay.

‍

4. Binance

Binance is highly recommended for beginners in Hungary, offering a wide range of more than 350 cryptocurrencies and provides various educational resources to help new traders get started. It is the largest exchange in the world serving over 190 million users across 100 countries and has a multilingual interface that can be used in Hungarian and 40 other languages.

The platform also features a user-friendly mobile app, advanced charting tools, and numerous trading options, including spot, futures, and margin trading with up to 50x leverage supported. Binance Academy offers extensive educational materials to enhance user knowledge and confidence in trading. Aside from trading, there is staking, lending and borrowing services.

• Fees: 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 Hungary.‍
• HUF Deposit Methods: Credit cards, debit cards, bank transfers, SEPA and ZEN.

‍

5. Kraken

Kraken is a great option for institutional investors in Hungary, known for its high security standards and extensive range of services. The platform supports over 250 cryptocurrencies and offers advanced trading features such as margin trading, futures, and staking. The institutional services include OTC trading, account management, and professional trading tools.

The professional interface, Kraken Pro, provides sophisticated trading tools like margin trading with up to 5x leverage and advanced order types. It is renowned for its rigorous security measures, including two-factor authentication, cold storage, and regular security audits. The platform's transparent fee structure and excellent customer service make it a trusted option for large-scale investors.

• 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 Hungary.‍
• HUF Deposit Methods: Debit card, credit card, and bank transfer.

‍

Is Crypto Regulated in Hungary?

Yes, digital assets are regulated in Hungary, and the country has recently implemented a comprehensive regulatory framework for crypto with the adoption of Act VII of 2024 on Markets in Crypto-Assets. Effective June 30, 2024, this Act aligns Hungary’s regulations with the EU’s Markets in Crypto-Assets Regulation (MiCA) and the Digital Operational Resilience Act (DORA). 

The law includes the issuance, public offering, and trading of crypto-assets, as well as the provision of related services and supervisory activities by the National Bank of Hungary (MNB). Key provisions include stringent requirements for knowledge and experience for advisors, detailed complaint handling procedures, and robust consumer protection measures. 

‍

How is Crypto Taxed in Hungary?

In Hungary, cryptocurrency transactions are subject to specific tax regulations. The Hungarian National Tax and Customs Administration (NAV) oversees these transactions. Profits from trading cryptocurrencies are considered "other income" and are taxed at a flat rate of 15%. Additionally, there is a social contribution tax of 15.5%, making the total tax burden on cryptocurrency gains 30.5%. 

Individuals must report their cryptocurrency income on their annual tax returns to ensure compliance. Losses from cryptocurrency transactions can be offset against gains within the same tax year, but cannot be carried forward. Businesses dealing in cryptocurrencies are required to follow corporate tax rules, including VAT where applicable.

‍

How to Buy Bitcoin in Hungary

If you're new to cryptocurrency investment, here’s an easy guide on how to buy Bitcoin through a digital asset exchange in Hungary:

1. Open an Account: Create an account on your chosen exchange by visiting the website, clicking on "Sign Up," and completing the identification process by uploading a photo ID and possibly a selfie or proof of address.
2. Deposit Hungarian Forint (HUF): Go to the deposit section of your account, select HUF as your deposit currency, and enter the amount to transfer. Confirm and complete the transaction using your preferred deposit method.
3. Select Cryptocurrency: Search for Bitcoin (BTC) in the trading section. Choose the HUF/BTC pair to see the current market rate. Review the available trading options, such as market and limit orders.
4. Execute Trade: Click 'buy' or 'trade' to purchase Bitcoin. Enter the amount of Bitcoin you want to buy or the amount of HUF you want to spend. Confirm the order details, including price and fees, and complete the trade.

This guide helps Hungarian users start trading digital assets by outlining the steps from account setup to executing trades.

‍

Bottom Line

In conclusion, Hungary's strong regulatory framework for crypto trading ensures a safe investment experience. The top exchanges for Hungarian traders include eToro, Bybit, Uphold, Binance, and Kraken, each offering distinct features. Whether you're a beginner or an institutional investor, these platforms provide reliable options. Understanding the tax implications can help Hungarian investors confidently engage in crypto trading.