Summary
Cryptocurrency is legal in Hungary, with a regulatory framework in place. The Magyar Nemzeti Bank (MNB) oversees crypto activities. Popular payment methods include bank transfers and credit cards. Many exchanges support trading in Hungarian Forint (HUF). Key laws include AML/CFT regulations and tax reporting requirements. Here are the best crypto exchanges for Hungarian users:
Best Crypto Exchanges in Hungary
When selecting a crypto exchange in Hungary, it’s crucial to consider factors such as supported cryptocurrencies, trading fees, deposit methods, and regulatory compliance. Hungarian users benefit from platforms that offer local currency support (HUF) and preferred payment methods like bank transfers and credit cards. Let’s examine the top exchanges available to Hungarian crypto enthusiasts:
1. OKX
Users:
50m
Free Demo:
Mobile App:
Bonus:
$10
Cryptos:
350+
Leverage:
100x
Spot Fees:
0.14%/0.1%
Futures Fees:
0.01%/0.06%
Pros
- Highly efficient trading platform
- 350+ assets
- Free demo trading
- Fiat supported
- 24/7 customer support
Cons
- Not available in the US
- Not beginner-friendly
- Limitations and restrictions in Europe
OXK Overview
OKX is the third largest crypto exchange sorted by daily derivatives volume. This is no surprise since OKX’s focus lies in offering a high-efficiency leverage trading experience. While the UI is not necessarily beginner-friendly, it is one of the fastest and most reliable platforms we have come across.
Over 300 coins are supported on OKXs spot market while 250 contracts are available for futures trading with up to 100x leverage. What makes OKX stand out is its extensive liquidity which are without a doubt at the top of the game.
With low futures fees starting at 0.02% maker and 0.05% taker, OKX ensures a cost efficient derivatives trading environment. Spot trading fees however are on the more expensive side starting at 0.14% for makers and 0.23% for takers.
You can easily deposit funds using your credit/debit card. Additionally, you can deposit and withdraw fiat using your personal bank account, making OKX a reliable platform for on- and off-ramp funds.
2. Binance
Users:
200m
Free Demo:
Mobile App:
Bonus:
$100
Cryptos:
400+
Leverage:
125x
Spot Fees:
0.1%
Futures Fees:
0.02%/0.05%
Pros
- Most comprehensive crypto exchange
- Most advanced features and products
- 24/7 customer support
- 400+ cryptocurrencies
- Reputable with over 200 million users
- Best liquidity
Cons
- Not beginner friendly
- Restricted in many regions due to regulations
- EU traders must use BNFCR for futures trading
Overview
Reaching over 200 million registered users in 2024, Binance is by far the largest crypto exchange in the world. The platform is incredibly comprehensive, offering crypto traders all the tools they need to make a profit in the crypto market.
With over 400 cryptocurrencies to trade, leverage of up to 125x, directly integrated charts from TradingView with tons of technical analysis tools, and many more features, Binance has secured its spot as one of the best crypto exchanges.
Binance offers a wide variety of products, including spot, margin, futures, and options trading, staking, lending, P2P, automated bot trading, copy trading, and even an NFT marketplace. It is safe to say that crypto geeks will find everything they are looking for on Binance.
The trading fees on Binance are very affordable. Binance charges 0.1% trading fees on the spot market (makers and takers alike), which is the industry standard. Where Binance excels is the futures market with fees of only 0.02% for makers and 0.05% for takers.
3. Bitfinex
Users:
3M
Free Demo:
Mobile App:
Bonus:
6% rebate fee
Cryptos:
194+
Leverage:
100X
Spot Fees:
0.10%/0.20%
Futures Fees:
0.020%/0.0650%
Pros
- High trading volumes
- Upto 100X leverage
- Educational center with diverse resources available
- Advanced trading tools
Cons
- Complex interface for beginners
- History of controversy
- Poor liquidity
Bitfinex Overview
Bitfinex is a prominent cryptocurrency exchange offering a comprehensive trading platform for both retail and institutional investors. The exchange supports over 194 cryptocurrencies, providing spot trading with fees of 0.10% for makers and 0.20% for takers. Bitfinex also features futures trading with up to 100x leverage, charging 0.020% for makers and 0.0650% for takers.
The platform is known for its high liquidity and large trading volumes, catering to active traders and investors. Bitfinex offers a mobile app for on-the-go trading and a paper trading account for users to practice strategies risk-free.
Advanced features include margin trading, over-the-counter (OTC) services, and a variety of order types. The exchange implements robust security measures, including cold storage for the majority of user funds.
While Bitfinex provides a feature-rich environment for experienced traders, its complex interface may be challenging for beginners. The platform’s history of security incidents and regulatory scrutiny in some jurisdictions are potential concerns for users.
4. Uphold
Users:
3m
Free Demo:
Mobile App:
Bonus:
None
Cryptos:
200+
Leverage:
Not Supported
Spot Fees:
1.4%
Futures Fees:
Not Supported
Pros
- Beginner-friendly exchange
- Fully regulated and licensed in the US
- Great customer support
- Comprehensive fiat deposit methods
- Passive income products
Cons
- Lacks advanced features
- Very high spot trading fees
- Poor liquidity
- No futures trading offered
Uphold Overview
Uphold is a versatile crypto trading platform that allows users to trade a wide range of assets, including cryptocurrencies, precious metals, fiat currencies, and U.S. equities. The platform provides access to over 250 digital currencies and allows users to trade in fiat currencies and precious metals.
What makes Uphold special is its Cross-Asset Trading feature. Users can trade directly between different asset classes (e.g., BTC to gold) without first converting to a fiat currency.
Trading fees vary depending on the type of asset that you are trading. However, Upholding fees are very high compared to industry standards.
Users have access to crypto staking, generating yields of up to 13% of your initial asset deposit.
Additionally, Uphold offers a trading interface appealing to beginners who want to buy and hold crypto assets. It doesn’t provide advanced trading tools and isn’t suitable for day trading, making it less ideal for experienced traders.
5. Kraken
Users:
10m
Free Demo:
Mobile App:
Bonus:
None
Cryptos:
220+
Leverage:
100x
Spot Fees:
0.25%/0.4%
Futures Fees:
0.02%/0.05%
Pros
- Very beginner-friendly
- Low futures trading fees
- Free demo trading
- Fiat supported
- 24/7 customer support
- Fully regulated
Cons
- High spot trading fees
- Lacks advanced features
- Poor liquidity for futures trading
- Complicated Demo trading
Kraken Overview
Kraken stands out as one of the most beginner-friendly crypto exchanges. With an easy to understand UI, simple features, and a straightforward approach, Kraken has onboarded over 10 million users to its platform from all around the world.
Spot traders can access over 220 cryptocurrencies for buying and selling. For traders seeking more buying power, Kraken offers a leverage trading platform with up to 50x leverage on selected assets such as BTC.
In terms of fees, Kraken has a different approach for spot and futures trading. While spot trading fees are relatively high (0.25% maker and 0.4% taker), the futures fees are very low (0.02% maker and 0.05% taker). Based on your 30-day trading volume, you can obtain additional fee discounts.
What we love about Kraken is its comprehensive fiat support. You can deposit funds using your credit card or bank transfer. Once you are done trading, you can withdraw fiat currencies such as EUR or USD back to your personal bank account to lock in your profits.
Is Crypto Legal and Regulated in Hungary?
Cryptocurrency is legal in Hungary, but it operates within a regulatory framework. The Magyar Nemzeti Bank (MNB), Hungary’s central bank, oversees crypto activities and has issued guidelines for market participants. In 2022, Hungary introduced legislation to align with EU regulations, including the Markets in Crypto-Assets (MiCA) framework.
The Hungarian Financial Supervisory Authority (HFSA), merged with the MNB, monitors crypto exchanges and service providers. These entities must register with the MNB and comply with Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) regulations.
Hungary’s National Tax and Customs Administration classifies cryptocurrencies as “other assets” for tax purposes. While crypto trading is legal, the government requires exchanges to implement Know Your Customer (KYC) procedures and report suspicious transactions to authorities.
Is Crypto Taxable in Hungary?
Cryptocurrency is subject to taxation in Hungary, with specific regulations in place. The Hungarian tax authorities consider crypto gains as “other income” and apply relevant tax rates. As of 2024, the personal income tax rate on crypto gains is 15%, which is applied to the profit made from selling or exchanging cryptocurrencies.
Capital gains from crypto transactions are taxable events. If an individual’s annual crypto income exceeds 600,000 HUF (approximately 1,600 EUR), they are required to pay an additional 13% social contribution tax on the amount exceeding this threshold.
Mining income is also taxable and may be subject to both personal income tax and social contribution tax. Crypto-to-crypto transactions are considered taxable events, and individuals must calculate the gain or loss based on the fair market value of the cryptocurrencies at the time of the transaction.
Disclaimer:
Tax laws are subject to change, and individual circumstances may vary. It is strongly advised to consult with a qualified tax professional or financial advisor for personalized guidance on cryptocurrency taxation in Hungary.
How to Buy Crypto in Hungary
Purchasing cryptocurrency in Hungary has become increasingly accessible. We recommend using OKX for its extensive selection of cryptocurrencies and competitive fees. Whether you’re interested in buying Bitcoin, Ethereum, or other digital assets, follow these steps to start your crypto journey:
- Pick a Crypto Exchange: Opt for a trusted platform, such as OKX, that caters to Hungarian users. Make sure the exchange supports your payment options and adheres to local KYC regulations.
- Register and Complete Verification: Sign up on the selected exchange and finish the KYC verification process by submitting the required identification documents to comply with Hungary’s regulations.
- Fund Your Account: Deposit Hungarian Forint (HUF) into your exchange account. Popular funding methods in Hungary include SEPA bank transfers, credit/debit cards, and local solutions like SimplePay.
- Choose Your Cryptocurrency: Select the crypto you want to invest in. Common choices include Bitcoin (BTC), Ethereum (ETH), or stablecoins such as Tether (USDT) and USD Coin (USDC).
- Execute the Trade: Place a market or limit order to purchase your chosen cryptocurrency. Always double-check transaction fees and details before finalizing the trade.
- Secure Your Crypto: After buying, decide whether to store your assets on the exchange or move them to a personal wallet for better security.
By following these guidelines, residents of Hungary can securely and effectively start their cryptocurrency investment journey while staying compliant with local regulations.
Best Crypto Wallets in Hungary
Selecting a secure crypto wallet is crucial for Hungarian users to safeguard their digital assets. Here are some top wallet options available:
- Ledger: As a top provider of hardware wallets, Ledger offers secure offline storage with devices like the Nano X and Nano S Plus, protecting a wide range of cryptocurrencies from online threats.
- Trezor: Another well-known hardware wallet maker, Trezor offers models such as the Trezor One and Trezor Model T. These wallets support many cryptocurrencies and easily integrate with various platforms.
- Trust Wallet: A widely-used mobile wallet that supports multiple blockchains, Trust Wallet features a simple interface and a built-in DApp browser, making it ideal for both beginners and seasoned crypto users.
- Exodus: A user-friendly wallet available on both desktop and mobile, Exodus is known for its sleek design and integrated exchange feature. It supports numerous cryptocurrencies and includes a portfolio tracker for easy monitoring.
- MetaMask: A versatile browser extension and mobile wallet, primarily used for Ethereum and ERC-20 tokens. It’s essential for engaging with decentralized applications (DApps) and decentralized finance (DeFi) platforms.
When selecting a wallet, think about factors like security, supported assets, and ease of use. For maximum security, hardware wallets like Ledger and Trezor are best for long-term storage. On the other hand, software wallets such as Trust Wallet and MetaMask provide convenience for frequent transactions and interacting with DApps. Always ensure you download wallets from trusted sources and practice proper key management and backup protocols.
Bottom Line
For Hungarian crypto enthusiasts seeking the best crypto exchanges in Hungary, we recommend OKX as the top choice, offering a wide range of assets and competitive fees. Binance follows closely as a solid alternative, providing high liquidity and diverse trading options. Both platforms support HUF transactions and comply with local regulations, ensuring a secure and efficient crypto trading experience for Hungarian users.
