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How to Buy Bitcoin in Hungary

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.

Hungarians currently pay 30.5% on profits made from cryptocurrency transactions, but there is a tax proposal being considered by the government to reduce the tax rate to 15%. The primary goal is to not only minimize tax evasion, but the lower tax rate could also attract more crypto traders and investors to the country. If the new legislation is approved by the parliament, the changes will take effect in 2022.

Budapest - the capital of Hungary

One of the easiest ways to buy Bitcoin in Hungary is through the cryptocurrency exchanges outlined above. There are several exchanges offering Bitcoin in Hungary, allowing you to 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 considered before selecting one.

Additionally, Bitcoin buyers need to keep in mind that certain exchanges might require you to get a wallet of your own before being able to buy the digital currency. Even if there is no requirement, 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.

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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There are three main types of Bitcoin wallet and all of them are supported in Hungary:

• Software (desktop or mobile - iOS and Android wallets
• Hardware wallet
• Cold-storage (paper or steel wallets, the latter of which are used to backup your main wallet.

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Ethereum (ETH) has established itself as the second most popular digital currency, after Bitcoin. Its smart contract features allow unique apps to be built on top of its platform. Below you will find exchanges in Hungary that allow you to buy ethereum. Once you buy, you should withdrawal your ETH directly to your own crypto wallet.

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Thanks to Tesla founder Elon Musk, Dogecoin (DOGE)—a coin that started as a meme about the shiba inu dog—has recently become a popular digital currency. Below you can find crypto exchanges in Canada that allow you purchase Dogecoin.

About Dogecoin: Dogecoin has become one of the most famous altcoin blockchains. Dogecoin was founded by Jackson Palmer and Billy Markus on December 6, 2013. Thanks to its popularity on Robinhood, it hit an all time high of $0.42 on April 20. Doge started the year at under $0.01 USD. It is an open source blockchain, meaning its code is publicly available for anyone to see.

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Litecoin (LTC) is one of largest cryptocurrencies by market cap. Below you can find a list of brokerages in Hungary that allow you to buy litecoin and other crypto assets for good exchange rates.

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Hungarian citizens being scammed via online ads

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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Does Coinbase work in Hungary?

Citizens of Hungary can convert, buy, and sell cryptocurrencies with fiat. Supported payment methods are:

• Bank Deposit
• PayPal
• 3D Secure Credit Card
• Debit Card
• Credit Card

Where Can I Find a Bitcoin ATM in Hungary?

Hungary offers several ATMs for its citizens to buy Bitcoins with Cash.

You can use our Bitcoin ATM finder tool to find the one nearest you.

What is the price of Bitcoin in Hungary?

Bitcoin prices are changing every second.

The best way to find the most up-to-date price of Bitcoin is to check out our Bitcoin price page.

How do I cash out of Bitcoin in Hungary?

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.