How to Buy Cryptocurrency in Hungary
Buying cryptocurrency in Hungary
In December 2016, the National Bank of Hungary issued a warning to consumers about using virtual currencies and its risks, as they are unregulated without proper rules regarding liability, guarantee or compensation to protect the consumers’ interests. Despite such warnings, crypto has been an almost permanent fixture and a growing part of Hungary’s economic activity. Unfortunately, local exchanges in Hungary are yet to open up. This could be due to a lack of an established legal framework regarding cryptocurrencies and cryptocurrency trading. There is no bank or any financial organization which would recognize cryptocurrencies as legal currency. Even though there aren’t any local Bitcoin exchanges, Hungarians still have about 20 exchanges available to them, like Coinbase and Coinmama. To those who favor a more private option, there are BitCoin ATMs available all over Hungary. Budapest is considered a hotspot for Bitcoin ATMs, counting over 30 ATMs in the city itself.
As of 20/03/2021
Exchanges Info
These exchanges all accept customers from Hungary. While they broadly offer the same services and you can buy cryptocurrency at all of them, there can be differences in transaction fees, security, verification requirements, deposit methods and features, as shown below
Binance
Binance is one of the largest crypto exchanges with low fees, 100s of coins, and high trading leverage. It is one of the easiest & cheapest exchanges for crypto trading.
Hundreds of coins and pairs
- Very low fees
- High liquidity
No US residents
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Bybit
Based in Singapore and registered in the British Virgin Islands, Bybit is a P2P cryptocurrency exchange offering perpetual futures products with 100:1 leverage. Bybit can process 100k transaction per second which is a great feature for leveraged trading.
- Advanced and secure technology
- Anonymous accounts
- Attractive trading bonuses
- Very low fees
- Limited asset coverage
- No option instruments
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Kraken
Kraken has a good reputation for security and protection of your funds and operates across the USA (except NY), Canada, the EU and Japan
- It can be used to trade against fiat options
- Robust security measures
- Free SEPA deposits in Europe
- Not a very beginner-friendly interface.
- No card deposit options
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Uphold Disclaimer: Asset availability on the Uphold platform is subject to region. All investments and trading are risky, and may result in the loss of capital. Cryptoassets are largely unregulated and are not subject to protection
Uphold
Based in Charleston, South Carolina. Serves over 184 countries and has done over $4 billion in transactions. Offers convenient options to swap between crypto, fiat, equities, and precious metals.
- Open to US residents
- Integrated with Brave Browser
- Over 50 different coins
- Also offers precious metals and equities
- Convenient and cheap deposit/withdrawal methods
- High trading fees
- Smaller coin selection compared to some
- No Paypal withdrawal option
- No instant debit card withdrawals
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