The 5 best Forex Brokers and platforms in Hungary – Comparisons and reviews 

Profit in forex trading is hardly guaranteed. The foreign exchange market is full of business risks, and the hazard increases if you deal with an unsuitable broker.

See the list of the best Forex Brokers in Hungary:

Forex Broker:
Review:
REgulation:
Spreads:
Assets:
Advantages:
Open account:
1. Capital.com
Capital.com logo
CySEC, FCA, ASIC
Starting 0.0 pips variable & no commissions
6,000+
(70+ currency pairs)
+ Best platform
+ TradingView charts
+ MT4
+ Leverage up to 1:500
+ Best education
+ Personal support
Live-account from $ 20(Risk warning: 79% of retail CFD accounts lose money)
2. BlackBull Markets
BlackBull Markets logo
FSPR, FSCL
Starting 0.0 pips & negotiable commission per 1 lot
500+
(64+ currency pairs)
+ ECN Broker
+ Deep pool execution
+ High liquidity
+ Best execution
+ Leverage 1:500
+ MT4/MT5
Live-account from
$ 200(Risk warning: 79% of retail CFD accounts lose money)
3. RoboForex
RoboForex logo
IFSC
Starting 0.0 pips & $ 4.0 commission per 1 lot traded
9,000+
(50+ currency pairs)
+ Huge variety
+ Micro accounts
+ Free bonus program
+ Leverage up to 1:2000
+ ECN accounts
+ MT4/MT5/cTrader
Live-account from $ 10(Risk warning: 79% of retail CFD accounts lose money)
4. Pepperstone
FCA, ASIC, DSFA, SCB
Starting 0.0 pips & $ 3.5 commission per 1 lot
1,000+
(40+ currency pairs)
+ Fast execution
+ Large FX Broker
+ Good service
+ MT4/MT5/cTrader
+ TradingView Charts
Live-account from
$ 200(Risk warning: 74-89 % of retail investor accounts lose money when trading CFDs)
5. IQ Option
IQ Option logo
CySEC
Starting 0.1 pips variable & no commission
500+
(25+ currency pairs)
+ Easy to use
+ Binary Trading
+ Support 24/7
+ Min. Deposit 10$
+ Lowest spreads on main trading hours
Live-account from $ 10(Risk warning: Your capital might be at risk.)

Based on the many tests we conducted on different platforms, we can recommend these five forex brokers suitable for Hungarian traders:

  1. Capital.com 
  2. BlackBull Markets
  3. RoboForex
  4. Pepperstone
  5. IQ Option

Read our overview of these brokers below:

1. Capital.com

The official website of the forex broker Capital.com

Summary:

  • License – CySEC, FCA.
  • Headquarters – London.
  • Instruments – Forex and CFDs, including stocks, cryptocurrencies, indices, and commodities. 
  • Minimum deposit – $20
  • Spreads – from 0.8 pips (major pairs).
  • Commission – 0
  • Payment methods – MasterCard, Visa, Maestro, Bank wire, Apple Pay, and PayPal.

Capital.com is among the few low-cost reputable brokers in Europe.

The broker offers a conducive trading environment with varieties of instruments to trade at a low cost. Hungarian traders can trade stocks on zero commission using the broker’s Invest account. The account was launched recently to allow European and UK clients to trade stocks commission-free.

Capital.com offers the MetaTrader 4 and its platform, specially designed to suit beginners and experienced traders. 

Capital.com offers using the MetaTrader 4 on various devices, such as desktop and mobile

Hedging and scalping are allowed on these platforms, and traders can access accounts on their mobile phones.

Customer support is always available throughout the weekdays, and traders get a lot of support from the broker’s premium educational content. 

A major drawback with Capital.com is the lack of MetaTrader 5. Traders can access exciting features like the Autochartist and a free VPS with this broker.

(Risk warning: 79% of retail CFD accounts lose money)

2. BlackBull Markets

The official website of the Forex Broker BlackBull Markets

Overview:

  • License – FMA, FSA.
  • Headquarters – New Zealand.
  • Instruments – Forex, shares, indices, stocks, bonds, energies, and ETFs.
  • Minimum deposit – $200
  • Spreads – from 0.0 pip on the raw ECN account and 0.8 pip on the standard account. 
  • Commission – $0 on standard, $3 per 1 lot traded.
  • Payment methods – Skrill, Neteller, WebMoney, credit card, debit card.

BlackBull Markets is a New Zealand brokerage company established in 2014.

The broker appeals to traders who strictly prefer ECN execution. They offer full ECN order executions on trade. Meaning the tightest spreads and speedy execution is guaranteed. 

BlackBull Markets is a ECN broker

BlackBull Markets operates with a license from New Zealand’s Financial Markets Authority (FMA) and the Financial Service Authority of Seychelles (FSA).

The broker does not yet hold a regulatory license from any financial body. Although, they have a reputation as one of the best and low-cost genuine ECN forex dealers.

Trading services with this broker are available on MetaTrader 4 and 5. Traders can also download its mobile app, which has all the necessary features to aid the trader. 

One serious disadvantage of BlackBull Markets is the high minimum deposit of $200 for the standard account with STP execution. Trading on the prime account requires at least $2000. Many reputable brokers allow trading with much lower minimum deposits.

(Risk Warning: Your capital can be at risk)

3. RoboForex

The official website of the Forex Broker RoboForex

At a glance:

  • License – IFSC.
  • Headquarters – Belize
  • Instruments – Forex, indices, metals.
  • Minimum deposit – $10
  • Spreads – from 0.1 pip on the ECN account and 0.7 pips on a standard account.
  • Commission – zero commission on the standard account. $2 on ECN.
  • Payment methods – Bank wire, Visa, MasterCard, Unionpay, Neteller, and Skrill.

RoboForex is a reputable online broker offering forex and CFD trading services at a competitive price.

Traders have several options in terms of account types and trading platforms. There are commission-free and commission-based accounts, allowing traders to choose their fee structure. The ECN and Prime are commission-based with tight spreads as low as 0.1 pip. The Pro standard is suitable for beginners because of the simple fee model and trading tools.

RoboForex account types in comparison

Trading is carried out of the MT4, MT5, cTrader, and RTrader. So traders can access many valuable tools to improve trading decisions. 

The broker is known for its several bonus and programs that further reduce costs for the customer. But we found a major disadvantage with RoboForex, and that’s the withdrawal fees that customers have to pay to get funds out. RoboForex is among the very few brokers who charge withdrawal fees.

(Risk Warning: Your capital can be at risk)

4. Pepperstone 

The official website of the Forex Broker Pepperstone

Overview:

  • License – CySEC, BaFin, FCA, FSCA, DFSA.
  • Headquarters – Australia 
  • Instruments – Forex and CFDs.
  • Minimum deposit – $0 ($200 recommended).
  • Spreads – from 0.1 pip on the razor and 0.7 pips on a standard account.
  • Commission – zero commission on the standard account. $3 on ECN.
  • Payment methods – Wire transfer, MasterCard, Visa, POLi, BPay, Neteller, Skrill, and PayPal. 

Pepperstone is one of the best ECN forex and CFD online broker. This company is well regulated in Europe, the UK, Africa, and Asia. 

Pepperstone provides world-class trading services on the famous and powerful MetaTrader 4 and 5, and the cTrader. Many effective trading tools are available, including numerous charts, indicators, analyses, and complete support.

Pepperstone cTrader

Social and copy trading is available, and Pepperstone offers free VPS to enrich active traders’ experience on its platforms. Automated trading support is also provided.

Hungarian traders can be sure of ECN execution, meaning they can get the best deals at competitive costs, not to mention the speed.

The only disadvantage that we see with this broker is their limited-time access to the free demo. Customers can only use the demo for 30-days.

(Risk warning: 74-89 % of retail investor accounts lose money when trading CFDs)

5. IQ Option

The official website of the forex broker IQ Option

Summary

  • License – CySEC
  • Headquarters – Cyprus 
  • Instruments – Forex, stocks, ETFs, binary, and digital options.
  • Minimum deposit – $10
  • Spreads – from 0.8 pips
  • Commission – $0
  • Payment methods – Wire transfer, Skrill, Visa, MasterCard, and Neteller.

IQ Option is a European forex and binary options dealer. The company is considered one of the best brokers for binary options (Only for professional traders and outside EAA countries). Although, binary and digital options are banned in Hungary. The broker is among the best choices for forex trading because of its credibility and competitive fees.

The broker offers its award-winning app for trading, suitable for beginners and skilled traders. The app is highly intuitive, and VIP clients can enjoy free VPS and exclusive deals on its platform.

IQ Option desktop and mobile application

A major drawback of trading with IQ Option is the high withdrawal fees when using bank transfers. Traders may have to avoid this payment method.

(Risk warning: Your capital might be at risk.)

What are the financial regulations in Hungary?

Forex trading activities keep increasing in Hungary as the volume recorded goes up month after month. 

Hungarians are generally actively involved in financial markets trading and investment.

The Magyar Nemzeti Bank MNB (Central Bank of Hungary) is responsible for financial market activities in Hungary. The bank ensures safe practices among brokers and the entire financial industry.

MNB logo

As Hungary is a member of the European Union and part of the European Economic Area (EEA), the MNB policies are derived from the European Union’s Markets in Financial Instruments Directive (MiFID). 

That means Hungarian traders can deal with a broker holding a license from any financial body bound by MiFID regulations.

MNB creates policies that ensure the country operates a financially stable and competitive economy in the Euro zones. The bank has the authority to investigate suspicions or financial crimes and take action by penalizing its regulated companies if necessary. 

Hungary’s central bank also devises regulations and policies that ensure the financial market remains stable.

Through this regulatory body, Hungary does not condone any unlicensed forex/CFD broker or unregulated financial company in the country.

MNB takes quick action against unauthorized entities and scammers, making sure that the customer receives full protection. 

Customer satisfaction is of great importance to this regulator. MNB has several departments that handle customer complaints to ensure each is given full attention. Several customer protection laws are in place, and the MNB has a department that monitors these laws to ensure the customer is getting the best service.

The Penzugyi Bekelteto Testulet (PBT) is the MNB’s dispute settlement board. This arm of the central bank is highly effective and helps customers settle disputes with MNB licensed bodies.

PBT logo

All of these show that Hungary’s central bank is serious about making sure the environment is safe and secure for the financial market’s trading and investment.

(Risk warning: 79% of retail CFD accounts lose money)

Security for traders in Hungary 

Hungary is safe to trade forex and invest in the financial market. The central bank, MNB, has many regulations to make this so.

Hungarian traders would be safe to choose brokers in their country or others outside holding any EU regulatory license. 

As Hungary is an important market for forex trading and financial market investments, many brokers have set up shops to offer citizens quality service.

It is difficult for unregulated brokers to operate in Hungary because of MNB’s strict watchfulness. Moreso, many Hungarians are informed about investment risk and how to stay safe.

Hungarians know enough to register with domestic brokers holding the MNB license. International brokerage companies that operate with a reputable EU license are safe since they adhere strictly to MiFiD policies. 

Is it legal to trade Forex in Hungary?

Yes, it is. Forex trading is legal and widespread in Hungary. 

Many laws exist that protect customers from scammers or dubious brokers. Regulations are in place to ensure and enforce customers’ safety in Hungary. Therefore, traders feel safe and confident in engaging in forex trading activities. 

Forex trading via laptop

How to trade Forex in Hungary – A straightforward tutorial

Though the trader can be sure of customer protection while trading in Hungary, they too have a personal responsibility to stay safe.

This means using a secured internet connection for trading, the proper device, and choosing the right broker according to one’s trading goals.

Many brokers use platforms that are compatible with mobile phones. Therefore, any internet-enabled device, such as smartphones, tablets, or computers, will do.

As for the internet, we do not recommend an internet that has public access. That way, you can be sure that your data remains secure. Also, make sure the internet is stable.

The choice of broker plays an important role in your profitability as a trader. The broker should offer quality trading services and favorable trading conditions. A favorable trading condition means your trading costs are reasonable and do not take all the profit. 

These are the signs that the broker might be the right one:

  • The broker must be well-regulated.
  • Spreads and fees must be competitive.
  • A free demo must be available for testing.
  • 24-hours customer support.
  • Popular payment methods available for traders to use in Tajikistan. 

If the broker meets these requirements, they are worth a try. If not, you have to keep looking for a broker. Thankfully, we have recommended the best ones here. So your search would not be tiresome. 

Steps to trading forex:

1. Open an account for Hungarian traders

IQ Option sign-up process

Once you choose the broker, go to the official website to sign up.

You should be directed to the site for Hungarian customers since many regulated brokers designs country-specific webpage for customers. 

The create account option on the page is usually the boldest tab as the broker ensures it stays visible to prospective customers. 

Click on that option and follow the instructions. The page may differ according to the country. But, in most cases, the system requests a phone number and email, full name, or all of those mentioned here. Enter the information and click on “create an account. 

Check your email or message box for an authentication link. The system is programmed to send this link automatically to verify the initial information you provide.

Click on the link to finish this authentication and complete the signup process.

As we mentioned, registration may differ by region. It is part of financial regulations to confirm the customer’s identity and residential address in most countries. Therefore, the broker requests a government-issued ID and utility bill showing the client’s address. This KYC information is a basic rule in most regions.

All you’ll need to do is to scan and upload these documents. Then the signing process will be complete.

2. Start with a demo or real account

Opening a real or demo account with IQ Option

The next step after registration is to trade. First, you could trade on the demo account to acquaint yourself with this broker.

We recommend using the demo before funding the live account for trading. Whether you’re a novice or experienced, the demo is useful and will help you learn more about the chosen broker.

New traders can use it to see what trading is like on the forex market. They can practice trading and learn the function of important tabs on the platform without financial risk.

Existing and skilled traders can see what a broker’s trading environment is like in a risk-free locale. Many experienced traders also use demos to test strategies before using them for real.

A few traders may prefer a live account for testing. Real trading accounts give access to ALL the broker’s functions applicable to the account. Traders can also experience a real market with all the emotions and tensions. Undoubtedly, learning and confidence-building are better in a real trading environment. We recommend using a standard account and trading micro-lots in this case.

3. Deposit money

Depositing money with IQ Option

After practicing with the demo, it is time to do real trading with actual money. Or, if you’ve skipped the demo to test with a micro account, you need to fund with real cash.

The broker often assists new customers with this. But it should be fairly easy. Remember what we mentioned that reputable brokers must provide “hassle-free payment methods.”

The common and easy methods include Visa, MasterCard, local bank deposits, wire transfer, Neteller, Skrill, PayPal, and in some cases, Bitcoin and Tether.

Notice:

The payment methods are depending on your country of residence. Forex Brokers are offering all kinds of methods separately for each country.

4. Use analysis and strategies 

IQ Option technical analysis tutorial

Many new traders make the mistake of trading the market blindly. They place trades based on hunches and very little analysis. 

Very few are lucky to win with this method. These few still fail after a short while and get discouraged from continuing the venture.

Success in forex trading demands work. The trader must invest time to conduct market analyses and develop an effective trading approach. 

These two items are the recipe for successfully trading the forex market. 

Through market analysis, the trader becomes savvy in the market instrument. Having adequate knowledge about an asset helps you make the right trading decision.

The analysis allows you to apply the proper strategy to make gains in the market.

Crucial market analyses are:

  • Fundamental 
  • Technical analysis 

Foreign exchange fundamentals refer to the economy that powers the currency. Therefore, the economic factors are responsible for the exchange rate’s rise and drop. These factors are the gross domestic product (GDP), the Central bank’s interest rate, trade surplus or deficit, etc. 

The trader learns about these factors and becomes insightful about their influences.

Technical analysis is a popular one. Many traders focus on this, and they are called technical traders. The trader uses tools and indicators to identify price patterns in the chart. Trading opportunities exist in these patterns, and the trader finds them. Technical analysis shows the best entry and exit points in the price chart. 

The trader must mix these analyses with a functional strategy to trade profitably.

Proven forex strategies include:

  • Breakout
  • Range trading
  • Carry trading
  • Price action 
  • Etc.

(Risk warning: 79% of retail CFD accounts lose money)

Conclusion: The best Forex Brokers are available in Hungary

Hungarian traders are lucky as its authorities ensure a secure environment for trading and investing. It is up to the trader to choose the right broker that suits their style. Additionally, they must study the best strategies and apply them accurately to trade the market profitably.

FAQ – The most asked questions about Forex Broker Hungary :

How does a trader in Hungary trade forex?

Traders in Hungary can trade forex by choosing a broker. The broker should be of top quality with great reviews. He should offer traders the best features. A trader can signup with one of the brokers we mentioned. These brokers allow you to access many underlying markets, further enhancing their trading experience. 

Which forex brokers operating in Hungary offer to trade with low fees and commissions?

Few forex brokers allow traders to trade with low fees and investments. However, you can trade by paying very low fees if you choose Pepperstone, IQ Option, RoboForex, BlackBull Markets, and Capital.com. These brokers also offer you a perfect trading experience. Besides, they have no deposit and withdrawal fees. So, a trader can trade on these platforms with a free mind. 

What is the minimum deposit amount for traders in Hungary to start trading forex?

If traders in Hungary wish to trade forex, they can start with an initial investment of $10. Online trading platforms for forex trading allow you to begin with a low minimum deposit. For example, platforms such as IQ Option have a low minimum deposit. Besides, they offer several great features that make trading fun for traders. For example, you can access all top-notch trading indicators, which further helps you fetch more profits while trading. 

Last Updated on January 27, 2023 by Arkady Müller