We may receive advertising compensation when you click certain products. Before jumping into this page, an important disclosure.
You'll need a Bitcoin wallet before you buy since some exchanges require one.
Don't have a wallet? Read our guide on the best Bitcoin & cryptocurrency wallets.
This ad promotes virtual cryptocurrency investing within the EU (by eToro Europe Ltd. and eToro UK Ltd.) & USA (by eToro USA LLC); which is highly volatile, unregulated in most EU countries, no EU protections & not supervised by the EU regulatory framework. Investments are subject to market risk, including the loss of principal.
Paybis Buy Now Paybis is a popular & cryptocurrency exchange. They serve 180 countries and 48 US states and are registered with FinCEN, making them a more trusted, regulated exchange. Paybis offers incredibly high limits and super fast payouts, not to mention 5 minute ID verification and nearly perfect review scores on Trustpilot.
Coinbase Pro Coinbase's exchange, Coinbase Pro, is one of the largest Bitcoin exchanges in the United States. Users can fund their accounts via bank transfer, SEPA, or bank wire. Coinbase Pro offers good prices and low fees, but their confusing user interface may initially prove difficult to navigate.
Bitpanda Pro Buy Now Bitpanda Pro is Bitpanda's traditional exchange product, where users trade with each other instead of buying directly from Bitpanda. This means lower fees and more advanced trading options than Bitpanda's main brokerage service.
Bity Buy Now Bity is a Bitcoin exchange and ATM operator, based in Switzerland. Their 5 ATMs allow for a quick first purchase and only require phone verification for an initial buy limit of 1,000 EUR or CHF. Their online service accepts wire transfers, SOFORT and online bank transfers.
Bitstamp Buy Now BitStamp is one of the world's largest and most well-known Bitcoin exchanges. Deposits can be made through bank transfer, SEPA transfer, international bank wire, and now even credit cards.
Bitcoin ATMs Buy Now You can use our Bitcoin ATM map to buy bitcoins with cash. Bitcoin ATMs can be a quick and easy way to buy bitcoins and they're also private. That convenience and privacy, however, comes with a price; most ATMs have fees of 5-10%.
Bitfinex Buy Now Hong Kong-based Bitfinex has long been one of the largest USD Bitcoin exchanges in the world. Bitfinex accounts may be funded by bank wire only, their fee on accepting such transfers is low at only 0.1%.
In August 2016, however, it was hacked and lost around 30% of its users funds. While Bitfinex can be helpful for buying large amounts of bitcoins, it is probably best to not use the exchange until it fully compensates affected users.
There aren't any Bitcoin exchanges based in Hungary, but Hungarian citizens have 20 popular exchanges available to them. Coinbase and Coinmama are some of the biggest exchanges that serve Hungary, but they (like most exchanges) require identity verification.
LocalBitcoins is another private option available to Hungarians, which facilitates the peer-to-peer exchange of Bitcoin without requiring identity verification.
Bitcoin ATMs are another great way to buy Bitcoin privately, and they're popular in Hungary. Budapest is a Bitcoin ATM hot spot, with more than 30 in the city. That's more than a few other European countries combined!
Regardless of your payment method or exchange of choice, storing your tokens with a hardware wallet is essential. You should secure your Bitcoin with a Ledger Nano S or Trezor for maximum security.
Software wallets are alright, but they can't compete with the protection that hardware wallets provide.
With your wallet situation sorted, buying is pretty easy in Hungary thanks to the country's Bitcoin-friendly legislation. Choose an exchange above, verify your ID, connect your payment method, and buy away.
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The economy of Hungary is the 35th largest export economy in the world being based mostly on foreign trade. More than 80% of productive capacity is owned by private companies, and more and more, crypto is a gorwiing part of that economic activity, though no exchanges have opened up locally in the country.
That's because the Hungarian government has not yet established the legal framework regarding cryptocurrency transactions, explaining its view that the cryptocurrency hasn’t been issued by a central financial authority and the Hungarian National Bank hasn’t confirmed an exchage rate.
There are ways to buy Bitcoin and crypto in Hungary, and one of the easiest is through the cryptocurrency exchanges outlined above. There are several exchanges offering Bitcoin in Hungary, and you can easily select one based on your requirements and preferences using our guide. Different exchanges have different transaction fees, withdrawal limits, payment modes, and verification processes that need to be kept in mind before users select one.
Additionally, Bitcoin buyers need to keep in mind the fact that certain exchanges might require them to get a wallet of their own before they are able to buy the digital currency. Also, it is recommended to have a wallet of your own for security reasons, preferably a hardware wallet. If you don’t have a wallet, refer to our guide on the Best Bitcoin and Cryptocurrency Wallets to choose one.
COMPARISON
Another way to buy Bitcoins in Hungary is through automated teller machines (ATMs). These ATMs allow users to instantly purchase the cryptocurrency using cash, and most of them only require a telephone number for verification, so long as you aren’t buying a lot of Bitcoin. You can locate Bitcoin ATMs in Hungary using our Bitcoin ATM Map.
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Hungary has access to many large Bitcoin and cryptocurrency exchanges.
Have a look at our favorites below:
This ad promotes virtual cryptocurrency investing within the EU (by eToro Europe Ltd. and eToro UK Ltd.) & USA (by eToro USA LLC); which is highly volatile, unregulated in most EU countries, no EU protections & not supervised by the EU regulatory framework. Investments are subject to market risk, including the loss of principal.
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There are three main types of Bitcoin wallet and all of them are supported in Hungary:
The Ledger Nano X is the newest crypto hardware wallet, and is very easy to use. It connects to iOS, Android & desktop computers.
ZenGo is an easy-to-use iOS and Android Bitcoin & crypto wallet. Start within 20 seconds.
Electrum is a Bitcoin-only wallet that has been around since 2011. It's easy to use, but has advanced features.
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Several Hungarians were victims of online ads generated by Hungarian sites promising great profits.
The scam followed a pattern: a website/social media ad led to a false website where a famous person told a story about how he/she got rich; from this website, the victim reached a registration page containg Bitcoin in its name and all the victim’s personal data was collected there
The final step was taken when the scammer was calling on the phone, pretending to call in the name of an investment platform and asking the victim to pay €250 for the first investment.
The Cybercrime Intelligence Unit of the National Investigation Bureau of Hungary called this scam “the €250 scam”.
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Mining Bitcoin in Hungary isn't a great idea because their average electricity price is 37 Forints per kWh ($0.11).
Although Hungary's electricity prices are low compared to the rest of Europe - and the United States - it's still not small enough to profitably mine Bitcoin.
Bitcoin mining has fallen a long way from its golden age when many people considered it a gold rush. Now, mining requires expensive, powerful mining hardware, time, energy, and a large upfront investment, which you probably won't see again.
According to our Bitcoin mining profitability calculator, you'd lose roughly $1,400 annually with Bitmain's newest miner, the S19.
Mining is profitable in countries with cheap electricity like China, Georgia, India, and Kuwait. Furthermore, mining is primarily dominated by massive mining companies that have thousands of ASIC miners running at scale.
Sadly, mining is no longer profitable for the little guy, which was the point of decentralizing the blockchain's verification in the first place.
If you want to buy Bitcoin, go to a trusted exchange, peer, or Bitcoin ATM - mining is not the best option.
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Citizens of Hungary can convert, buy, and sell cryptocurrencies with fiat. Supported payment methods are:
Hungary offers several ATMs for its citizens to buy Bitcoins with Cash.
The current price of Bitcoin in Hungary is HUF10,232,810.98, however this amount changes every minute, so always check the value on your local exchange.
Any exchange with a Hungarian forint trading pair will allow you to sell your Bitcoin for fiat currency. Bitpanda has HUF trading pairs for many popular coins.
Another way to sell Bitcoins in Hungary is through automated teller machines (ATMs). These ATMs allow users to instantly purchase and sell cryptocurrency using cash, however most of them require at least a phone number, so they aren't totally private. You can locate Bitcoin ATMs in Hungary using our Bitcoin ATM Map.
LocalBitcoins is another option. Here, you can buy and sell Bitcoin for a wide range of payment methods, from gift cards to bank transfers. LocalBitcoins is a peer-to-peer (P2P) exchange, where you buy and sell with another individual. This does introduce a degree of risk, though by ensuring that you conduct all business on the platform, make use of its escrow services, and only trade with users who have a good reputation, you'll minimize any potential problems.
You could also use a service like eGifter to sell your Bitcoin for gift cards.
Jordan Tuwiner is the founder of BuyBitcoinWorldwide.com. His work has been featured in The Guardian, International Business Times, Forbes, VentureBeat, CoinDesk and many other top Bitcoin media outlets. His articles are read by millions of people each year looking for the best way to buy Bitcoin and crypto in their country.
He has also written extensively about the history, technology, and business of the crypto world. Jordan is also the creator of some of the internet's most famous Bitcoin pages, including The Quotable Satoshi and Bitcoin Obituaries.
To learn more about Jordan, see his full bio.
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