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Hungary is a core Forex market for many leading Forex brokers due to its excellent infrastructure, highly educated trader base, and rising retail Forex demand. Hungary is an EU member but operates outside the Eurozone and has its domestic currency, the Hungarian Forint, which, unlike most currencies, has no decimals. Are you ready to start Forex trading in Hungary? Read my analysis and learn what the best Forex brokers in Hungary offer. It also includes a guide to help avoid beginner mistakes and shorten the learning curve.
- Pepperstone, Great ECN execution on MT4/5, cTader, TradingView and Pepperstone proprietary platform.
- FP Markets, ECN trading with leverage up to 1:500.
- Eightcap, 1:500 maximum leverage and cutting-edge trading tools.
- BlackBull Markets, 1:500 maximum leverage with ultra-low trading fees and deep liquidity.
- Octa, A commission-free broker with a proprietary copy trading service.
Pepperstone
In Summary Great ECN execution on MT4/5, cTader, TradingView and Pepperstone proprietary platformI rank Pepperstone among the best Forex brokers in Hungary as it offers Hungarian Forex traders the AUD/HUF, the CHF/HUF, the EUR/HUF, the GBP/HUF, the NZD/HUF, and the USD/HUF with average spreads of 27.3, 43.8, 33.6, 51.0, 25.7, and 34.1 pips, respectively in the commission-based Razor account for a €5.20 commission per 1.0 standard round lot. The well-balanced asset selection features 1,200+ assets.
The 28-plugin Smart Trader Tools package and third-party service Autochartist upgrade MT4 and MT5. Traders benefit from deep liquidity pools and fast execution. Pepperstone connects social traders with 50M+ peers to TradingView and also offers cTrader.
Pros & Cons
- Excellent choice of trading platforms consisting of MT4/MT5, cTrader, TreadingView and Pepperstone Platform
- Market-leading MT4/MT5 upgrade package, Autochartist, and API trading
- Social trading support via Signal Start, MetaTrader Signals, Copy Trading by Pepperstone, DupliTrade
- Leverage of up to 1:400 depends on jurisdiction and superb trade execution
- Demo accounts have 60-day time limits
FP Markets
In Summary ECN trading with leverage up to 1:500Hungarian Forex traders can trade the EUR/HUF and the USD/HUF with minimum spreads of 0.0 pips and average spreads of 19.7 and 14.9 pips, respectively. The overall asset selection covers six sectors, including cryptocurrency CFDs and ETFs. The €50 minimum deposit is payable via five payment processors. Traders get a maximum leverage of 1:30 with negative balance protection.
FP Markets features its competitively priced Raw account with spreads from 0.0 pips for a commission of $6.00 per 1.0 standard round lot, which is ideal for scalpers. Therefore, I rank FP Markets among the best Forex brokers in Hungary.
Pros & Cons
- Choice of trading platforms and auxiliary trading tools
- Very competitive cost structure and excellent asset selection
- Low minimum deposit requirement and leverage of up to 1:500
- Well-regulated and trustworthy
- Availability of Iress geographically restricted
Eightcap
In Summary 1:500 maximum leverage and cutting-edge trading toolsI rank Eightcap among the best Forex brokers in Hungary due to its deep liquidity and well-balanced asset selection of 800+ assets covering five sectors, including cryptocurrencies. Hungarian Forex traders get the EUR/HUF and the USD/HUF with average spreads of 19.5 and 24.5 pips, respectively. The minimum deposit is €100 with a maximum leverage of 1:30 with negative balance protection.
Eightcap also offers an AI-powered economic calendar and has no trading strategy restrictions. TradingView account requires the more expensive commission-free cost structure, but MT5 traders get raw spreads from 0.0 pips for a $7.00 commission per 1.0 standard lot.
Pros & Cons
- Low minimum deposit and high leverage of up to 1:500
- Competitive cost structure
- Excellent technology infrastructure and seasoned management team
- Daily research and quality educational content
- Limited leverage in some areas
BlackBull Markets
In Summary 1:500 maximum leverage with ultra-low trading fees and deep liquidityThe institutional trading conditions place BlackBull Markets among the best Forex brokers in Hungary. Traders receive competitively priced commission-based ECN accounts, deep liquidity pools, and superb data feeds from 66+ third-party providers. The industry-leading asset selection features 26,000+ assets, including the USD/HUF, with average spreads as low as 17.9 pips.
BlackBull Markets upgrades MT4/MT5 with Autochartist, offers cTrader the proprietary mobile app BlackBull Trader, BlackBull Invest for buy-and-hold portfolios, and connects social traders with 50M+ peers to TradingView. Copy traders can diversify via ZuluTrade, Myfxbook Autotrade, and the proprietary BlackBull Markets alternative, while beginners receive quality educational content.
Pros & Cons
- ECN/NDD execution model with deep liquidity
- Institution-grade pricing for retail traders via proprietary price aggregation
- ZuluTrade and Myfxbook for social trading
- Leverage of up to 1:500
- Limited deposit options
Octa
In Summary A commission-free broker with a proprietary copy trading serviceOcta maintains a balanced asset selection of highly liquid assets focused on Forex, with commission-free spreads from 1.0 pips or $10.00 per 1.0 standard round lot. The minimum deposit requirement is €50, and Octa offers commission-free deposits and withdrawals via bank wires. Select Forex pairs and some commodities and indices for short sellers are swap-free for all traders, offering a notable cost advantage for overnight trading strategies like swing traders. Therefore, I rank Octa among the best Forex brokers in Hungary.
Traders get the user-friendly, proprietary OctaTrader trading platform, featuring price alerts and notifications, and the easy-to-use mobile app.
Pros & Cons
- Quick withdrawals and deposits
- 0% commission and no overnight charges
- Space with personalised trading ideas
- Customer Support 24/7
- Mobile copy trading services available only for Android
Hungary Forex Brokers Comparison
| | | | ||
Regulators | ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB | ASIC, CMA, CySEC, FSCA | ASIC, CySEC, FCA, SCB | FMA, FSA | CySEC, FSCA, MWALI International Services Authority |
Year Established | 2010 | 2005 | 2009 | 2014 | 2011 |
Execution Type(s) | No Dealing Desk, NDD | ECN/STP | ECN/STP, Market Maker | ECN/STP, No Dealing Desk | Market Maker |
Minimum Deposit | |||||
Average Trading Cost EUR/USD | 1.1 pips | 1.2 pips | 1.0 pips | 1.3 pips | 0.9 pips |
Average Trading Cost GBP/USD | 1.4 pips | 1.4 pips | 1.2 pips | 2.0 pips | 1.3 pips |
Average Trading Cost Gold | $0.15 | $0.16 | $0.12 | $0.90 | $0.30 |
Trading Platform(s) | Other, MetaTrader 4, MetaTrader 5, cTrader, Proprietary platform, Trading View+ | MetaTrader 4, MetaTrader 5, cTrader, Proprietary platform, Web-based | MetaTrader 4, MetaTrader 5, Trading View | MetaTrader 4, MetaTrader 5, cTrader, Trading View | MetaTrader 4, MetaTrader 5, Proprietary platform |
Islamic Account | |||||
Negative Balance Protection | N/A | ||||
Get Started Visit Website75-95% of traders on margin lose | Visit Website | Visit Website | Visit Website | Visit Website |
How to Choose a Forex Broker from Hungary
My analysis focused on the criteria below, which the best Forex brokers in Hungary offer. These criteria apply to all trading requirements and are irrelevant to individual traders’ preferences.
All competitive Hungarian Forex brokers should offer the following:
- Regulation: A clean regulatory record exceeding 10+ years with a trader-friendly regulator. Hungarian Forex traders can choose between strict EU regulations and trader-friendly offshore alternatives. Please note that multi-regulated Forex brokers with an EU entity will always onboard Hungarian Forex traders via the EU entity.
- Trading Fees: Low Forex trading fees, as they define the competitiveness of the trading environment. The EUR/USD should not exceed costs of $10.00 per 1.0 standard round lot or 1.0 pips, ideally with volume-based rebates to decrease final trading fees.
- Trading Platforms: MT4 and MT5, which support algorithmic and copy trading. They also support API trading, connect to third-party trading tools, and have 25,000+ add-ons, custom templates, scripts, and EAs.
- Asset Selection: A balanced asset selection to ensure diversification and cross-asset trading opportunities.
- Deposits and Withdrawals: No internal transaction fees and low minimum requirements.
How to Start Forex Trading in Hungary
I advise beginners to consider my tips below to shorten the learning curve and highlight areas of study to focus on before opening a trading account with the best Forex brokers in Hungary.
Here are my Forex trading tips:
1. Focus on in-depth education.
2. Approach and respect Forex trading as a highly skilled profession.
3. You must master trading psychology, which separates up to 90% of unprofitable traders from profitable ones.
4. Understand the leverage-risk management relationship.
5. Comprehend how lot sizes impact risk management.
6. Risk management is as important as the trading strategy.
7. Use a trading strategy that reflects your personality.
8. Low trading fees determine a competitive trading environment.
9. Master proper take profit and stop loss placement.
What is the Maximum Forex Leverage in Hungary?
The maximum retail Forex leverage in Hungary, per ESMA restrictions, is 1:30, with negative balance protection to ensure traders cannot lose more than their deposits. The best Forex brokers in Hungary engage in forced liquidation once the account breaches select ratios. Forex traders must always use proper risk management when trading leveraged accounts and understand the leverage-risk management and lot sizes-risk management relationship.
Forex brokers in Hungary operating under ESMA regulations offer a professional account. The trading conditions a professional trader receives in Hungary and the entire EU are identical to what offshore Forex brokers provide retail traders and match the trading conditions all EU traders benefited from before the ESMA crackdown on leverage.
To receive professional trader classification in Hungary, traders must meet two of the three criteria below:
- Have made at least 10 transactions of sufficient amount per quarter in the previous 12 months
- Have at least one year of experience working in the financial markets sector
- Have a financial instruments portfolio that is worth at least €500,000
Forex Trading Regulations in Hungary
The Magyar Nemzeti Bank (MNB), the Hungarian central bank, regulates the Forex market and ensures all Forex brokers with an EU entity comply with ESMA regulations, including the Markets in Financial Instruments Directive II (MiFID II), with few exceptions that it cannot control, including leverage restrictions by offshore Forex brokers, which do not require an MNB license. No regulations prohibit Hungarian Forex traders from opening trading accounts with offshore Forex brokers.
Forex Trading Taxation in Hungary
Hungarian Forex traders must pay taxes on their income. During my research identifying the best Forex brokers in Hungary, I uncovered that Hungary levies a 15% capital gains tax. If Forex traders meet certain conditions, a 15.5% social tax is due on top of the 15% capital gains tax. I urge Hungarian Forex traders to consult a licensed professional for up-to-date tax advice, to improve tax efficiency, and to ensure total compliance with the Hungarian tax code.
Bottom Line
The best Forex brokers in Hungary are offshore Forex brokers, and many have an EU entity for Hungarian Forex traders who prefer to manage accounts under ESMA rules and regulations. Well-regulated offshore brokers with Hungary as a core market offer Hungarian Forex traders more competitive trading conditions, including lower trading fees, algorithmic trading, copy trading, social trading, and mobile apps. Beginners must start with in-depth education before funding an account.
