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Paybis 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.
Bity 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 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 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%. View Bitcoin ATMs
Bitfinex 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.
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We maintain our own database of Bitcoin ATMs in Hungary. Here is a list of the ATMs we've gathered. You can submit an ATM to us by using our contact form.
ATM
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Sell Buy Sell Buy Sell Buy Sell Buy Sell Buy Sell Buy Sell Buy Sell Buy Sell 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. There are 46 ATMs throughout Hungry, with 30 in Budapest, making it a bitcoin hot spot. 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 Coldcard 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 growing 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 exchange rate. In February 2022, Hungary Central Bank governor György Matolcsy, supported the Russian ban of cryptocurrency and stated in his blog, “Time has come to ban crypto trading and mining in the EU.” It doesn't look like the crypto policy will improve.
The good news is that for 2022 the tax policy has changed to a new flat rate of 15% for individual income from cryptocurrency. Previously Hungarians paid 30.5% on profits made from cryptocurrency transactions.(2)
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).
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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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 containing 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”.(3)
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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.
You can use our Bitcoin ATM finder tool to find the one nearest you.
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.
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.
BuyBitcoinWorldWide writers are subject-matter experts and base their articles on firsthand information, like interviews with experts, white papers or original studies and experience. We also use trusted research and studies from other well-known sources. You can learn more about our editorial guidelines.
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