5 Best Online Forex Brokers in Hungary – In Depth Review 2023

Many brokers also include helpful educational and research tools to provide beginners an enhanced knowledge about the trading process. The signup bonus for the newbies is also outstanding for traders in Hungary. Moreover, it is safe, trusted, and has a long-term history in the world of Forex.

The services that international brokerages offer are different from one broker to another, and people find many dissimilarities regarding difficulties in available products, fees, and account opening.

A few brokers only offer CFD and forex products, while the others are just boasting broader portfolios that include futures and stocks. In the following reviews, we will check the selected brokers’ aspects accessible to the clients from Hungary.

Best Online Forex Brokers in Hungary

5 Best Online Forex Brokers in Hungary

#1. Best Advanced for Non-US Traders: Avatrade

AvaTrade has more than ten years of expertise in the market and has won various honors for its platforms. Under the Markets in Financial Instruments Directive, their brokerage services are available throughout the European Economic Area. The British Virgin Islands Financial Services Commission regulates AVA Trade Ltd worldwide.

At the same time, its European subsidiary, AVA Trade EU Ltd, is incorporated in Hungary and controlled by the Central Bank of Hungary. Hungary is one of the countries where they offer AvaTrade’s services. While there are no AvaTrade offices in Hungary, clients from Hungary may use a specialized Hungarian language website and a direct customer hotline.

Along with the technical features in it, the traders can develop custom mathematical indicators and tools for performing an analytical operation which is upon the conditions set previously of the trader. With dedicated web trading platforms like meta-trader and Avatrade acting as an alternative, it offers a huge variety of platforms catering to automated and manual traders.

How does it work?

AVA Trade’s trading platforms are available on desktop, mobile, and tablet devices. AvaTrade provides a free 21-day demo account for clients to practice trading and familiarise themselves with the various platforms.

AvaTrade accepts wire transfers (with a minimum deposit of €500) and debits or credit cards (with a minimum deposit of €100) from all around the world. It should mention that clients in Europe do not have access to e-wallets. Euros are frequently recognized and utilized in Hungary, and they may use it as the account’s foundation currency.

Learners may access free instructional resources on AvaTrade’s website, including free webinars, eBooks, instructive videos, articles, and in-depth market research. SharpTrader, a dedicated learning platform, can also be utilized.

Using AVA Trade’s systems, customers may access over 250 financial products across many marketplaces. Bonds, equities, commodities like oil, indices, and cryptocurrencies are all traded as contracts for difference (CFDs) (CFDs). Customers may also trade forex using the AvaTrade platforms, including MetaTrader 4.

Pros

• Fast and effortless account opening
• Different withdrawal and deposit issues
• Excellent research tools
• Effective and reliable functioning

Cons

• Incredible inactivity fees
• Average forex fees

Price

In non-trading fees, there is no fees withdrawal or minimum deposit and no account fees. All the brokerage accounts of AvaTrade are subject to inactivity fees, which is 50 dollars.

Suppose you do not use it for three months, Followed by 100 dollars of administration fees if you stay inactive for a year. This amount is deducted from the trading account.

Typical spreads are suggestive amounts because they are largely powered by macroeconomic events and market conditions that impact markets’ financial futures association. In terms of margin trading, the requirements for margin are the subjects to be changed based on the new release, market volatile and trade size.

#2. Best Intermediate for Non-US Traders: FXCC

FXCC offers forex traders to trade on Forex and silver and gold, indices on trusted MetaTrader 4., available as web or download solution. We will log in to Traders Hub to explore minimum regulations, demo, deposits, and leverage accounts in this online broker review. This is your chance to learn further about FXCC.

FXCC follows the STP/ECN model; it offers a competitive price and execution without re-quotes or intervention. The clients choose three accounts from and then trade on precious metals, indices, and Forex on the well-known MT4 terminal. It is possible when trading CFDs with this provider making it a great trading platform.

FXCC provides MT4 to every client accessible on various gadgets and major web browsers. The platform has many advanced features for trading. This includes a built-in library with more than 50 indicators for indicating technical analysis. There is also access to plus embedded charts, stop and pending orders, the market for accurate analysis.

How does it work?

As the second-best forex broker, it also provides users to leverage. It can make multiple the initial accounts balance. But as a matter of fact, it should be used very wisely as it can increase the power of losses too.

For the convenience of traders, they can start a risk-free trial of 30 days on a demo account to easily test new strategies and practice skills before they commit real money. Following some easy steps, you can start up with your practice account loaded with virtual funds of 10000 dollars.

You can connect your trading account from any place with the help of the MT4 mobile phone app. Due to its easy-to-use reliability and interface, the state-of-the-art platform gets good feedback.

Pros

• 100% first deposit
• Free Virtual Private Server
• Includes MetaTrader 4 platform
• high leverage trading

Cons

• It does not include Denmark based traders
• Lacks different trading platforms

Price

FXCC is a commission-free broker whose fees are based on the spread system. The great thing about the firm is that spreads are very tight. For example, the EUR/USD pair has spreads that range from 0.0 pips to 0.4 pips. This is one of the lowest in the industry.

There are also swap rates on leveraged overnight trades as well as mark-up and currency conversion fees. The broker also charges inactivity fees so be aware of that. Either way, when you compare fees here with other brokers, they are very competitive indeed.

#3. Best Overall Broker: Forex.com

Forex.com is a licensed forex, spot commodity, and CFD trading platform. The broker is a New York Stock Exchange corporation subsidiary that has provided retail trading platforms for over two decades.

CFD trading is available at Currencies.com on various asset types, including forex, indices, stocks, and commodities. Due to its vast choice of goods, focus on trading education, setup instruction, and 30-day sample account, Forex.com should be evaluated by any trader. MetaTrader 4 is a popular platform among experienced traders who prefer it over Forex.com’s online trader.

You don’t need any prior trading expertise to open an account with the broker. Traders must, however, answer a few questions to show that they comprehend the trading products and the dangers that come with them.

How does it work?

FOREX.com gives accessibility to more than 80 currency pairs along with a competitive spread over various types of accounts to clients. A navigable and well-organized website along with complete disclosure of fees and services, research, and education tools. Furthermore, multiple user interfaces are on par along with the industry’s standards and regulatory oversight place.

So it depends upon your location and the entity holding your account that what is available for you on FOREX.com. You can trade cryptocurrency using CFDs; also, underlying asset trading is not available, for instance, buying bitcoin.  The web Trading Platform of FOREX.com is recommendable for casual traders because it is simple to browse through place trades and markets and conduct searches.

Within the forex platform, the investors can access economic calendars, positions, charts, news and order or trade history, access research reports and trade signals, and market analysis from the FOREX.com analysts.

 Pros

• A wide variety of products
• TradingView charts
• Ideal for high-volume traders
• User-friendly and reliable

Cons

• No guaranteed for clients
• Lacks effective website maintenance

Price

Like most brokers offering financial services for Hungary forex trading, you will pay a spread-based commission with Forex.com. This is a standard practice in most established brokerages in the world. There are however some assets including stocks and ETFs that attract fixed commissions with this provider.

Also, the spreads paid will depend on the assets you intend to buy. For example, the EUR/USD pair attracts a spread of 1.3 pips while the GBP/USD currency pairs will start from 1.1 pips. This is a bit higher compared to other online brokers out there but well within the industry average. You will also incur a hefty inactivity fee with Forex.com. However, these fees will only kick in after one full year of inactivity.

#4. Best for International Forex Traders: eToro

eToro offers commission-free stock trading and a quick and painless account opening process. It includes unique features such as social trading, which allows you to mimic other traders’ techniques.

There are two easy account kinds offered by eToro: a live account and a demo (or virtual) account, which allows you to test the site with fake money. The Financial Conduct Authority (FCA) circulates eToro in Hungary, while the Securities and Investment Commission regulates the company in Hungary .

The main point of your experience with eToro is the ease it provides to complete tasks and carry out basic operations. The more instruments include searching the market available, making watchlists, and directly placing trades from the watchlist.

How does it work?

EToro platform features investors who like to follow risk-control rules and want to be duplicated. The retail account holders are accessible to mimic trading strategies and trades of many successful customers in real-time and automatically.

Note that the copy trading in and itself does not hold a guarantee of losses either gains. This platform is a little pricier concerning its competitors for trading Forex and CFDs. Although the recent introduction of zero-dollars commission and cutting spreads for the trading stock is beneficial.

All the investors on the eToro are trading manually. EToro does not permit completely trading systems like those supported by M.T. Thus, when you copy trade the Etoro, it is guaranteed that every placed trade is manual.

Pros

• 15 cryptocurrencies options
• Easy-to-use website
• Great community for traders

Cons

• Broad Spreads for trading cryptocurrencies
• $25 minimum deposit

Price

Like many forex brokers, eToro uses a spread-based system to charge commissions albeit there are certain assets that have fixed commissions as well. First, it is important to note that the social trading app offers zero commission trading on all stocks in the US. There are no ticketing fees, stamp duty, or markup up fees. It’s simply 100% free of charge.

But other assets attract fees. For example, for folks who want to try CFD trading on crypto, fixed commissions will be charged as a percentage of the trade volume. For instance, Bitcoin attracts a fee of 0.75% of the trade volume while Ether stands at 1.9%. Fees for buying crypto can go as high as 5% of the trade volume. For currency pairs, it all depends on the pair and its liquidity. Nonetheless, spreads on currencies start from as low as 1 pip while those on commodities start from 2 pips.

#5. Best for Forex Trading: HYCM

Since 1998, HYCM, a subsidiary of the Henyep Group, which has been providing trading services from Hong Kong since 1977, has operated under a Hungary license. The organization is working worldwide, with a particular concentration on Haryung, Europe, and the Middle East.

HYCM handles approximately 25,000 orders per day, has spread as low as 0.2 pips, and has a 12 millisecond average execution time. This broker provides a well-regulated trading environment for clients, with over 300 assets spread across five sectors.

Traders can choose between the popular MT4 and its unsuccessful successor, the MT5. HYCM only offers the most basic automated trading, whereas both fully support it. The trading platform remains sub-par without the essential third-party plugins to unlock full capability.

Clients can use the mobile version, but the web trader isn’t available. Traders would have to use their money to improve the available choices or risk trading at a disadvantage; either alternative is undesirable.

How does it work?

When your money is deposited with HYCM, the funds are in the bank, and safe, which has capital for accomodating withdrawal wishes even if it is out of business for any reason. Hence, in conclusion, we know that HYCM is safe and secure.

HYCM provides Advanced Financial Chart tools for comparison and researched-backed analysis over financial investments and markets by top analysts.

The platform is accessible on various devices from Windows P.C. to IOS devices and online by Web Browser. Moreover, the platform is for Seasoned experts and New Traders. The users also get benefits from the use of languages.

Pros

• In the use of 10,000+ HYCM traders and users
•   Founded in 1977
• Minimum deposit by $100
• Regulated through FCA

Cons

• Not ASIC Regulated
• It doesn’t offer VPS

Price

Brokers provide state-of-the-art mobile trading apps, educational resources, financial tools, and online trading platforms. For brokerages for maintaining such services and reap revenue in the form of a company.

Brokers might cost clients multiple trading charges, which you must be aware of because they can affect the bottom line. The withdrawal fees differ depending upon the selected payment method for withdrawing. All brokers have specific withdrawal rules on withdrawing funds from the trading account. Although, it costs fees on the inactive accounts.

An inactivity fee for the account means the price charged to a registered brokerage customer. However, there aren’t any deposit fees. But bank/3rd party trader fees can apply, and there isn’t any commission fee over CFD instruments.

How do we rank the Best Online Forex Brokers in Hungary?

The ranking above of the best forex brokers Hungary was done through extensive research, consultations with industry experts, and overall customer feedback. However, there were some general attributes that we fully focused on in determining which forex broker is the most ideal when it comes to trading CFDs, forex, and other assets. The first thing that the team considered in detail here was safety.

As you know, over the last few years forex markets have been filled with scam brokers. For this reason, we wanted to make sure that each of the brokers above is regulated by the central bank of Hungary and other tier-1 bodies. In most cases, brokers regulated by the central bank tend to be safe and reliable.

Also, the team wanted to see how much in trading fees do brokers charge. If you ask any investor, they will tell you that the biggest priority for them, other than making profits, is to pay minimal trading fees. Well, it appears the brokers above do quite well in this regard. Our team basically compared trading fees with the industry average and choose those that offer the best rates for each financial instrument.

There was also some in-depth analysis of trading platforms. As a rule, the team sought to find out how fast, reliable, and easy to use each of these platforms are. Brokerages that had superior trading technology were ranked higher. We also assigned weighted rankings based on customer support, ease of opening and funding an account, investor education and market research, and trade execution as well.

How to choose the Best Online Forex Brokers in Hungary?

The forex trading market is filled with a huge chunk of brokers. But it does not mean that every broker is ideal for you. In fact, before you choose a broker you must ask yourself what your trading needs are and which broker meets them best. Despite this, there are a few steps you should follow before you choose a regulated broker.

First, decide what type of assets you want to trade. There are of course the usual asset classes like stocks, indices, currency pairs, and ETFs. But you can also buy crypto, metals, and so many others. It’s only when you decide what you want to buy and sell that you can choose forex brokers in Hungary that work.

Secondly, ask yourself how much money you are willing to start with. You see, most CFD brokers have minimum account deposits. You must meet these minimums before you start trading. If indeed the account minimum is higher than what you are willing to invest, then find a more accommodative broker.

Thirdly, assess your trading experience. CFDs are very complex and require a lot of due diligence before you invest. In that case, always go for brokers that offer extensive investor education and in-depth market research to help you make informed investment decisions. You may also want to choose brokers that are fully regulated, those that charge low fees, and recognizable brands with a reputation of trustworthiness in the forex market.

Choose Asia Forex Mentor for Your Forex Trading Success

If you have a keen interest in establishing a successful career in forex trading and aspire to achieve substantial financial gains, Asia Forex Mentor stands as the optimal choice for the best forex, stock, and crypto trading course. Ezekiel Chew, renowned as the visionary behind trading institutions and banks, is the driving force behind Asia Forex Mentor. On a personal note, Ezekiel consistently achieves seven-figure trades, a distinction that truly sets him apart from other educators in the field. Here are the compelling reasons that underpin our recommendation:

Comprehensive Curriculum: Asia Forex Mentor offers an all-encompassing educational program that covers stock, crypto, and forex trading. This well-structured curriculum equips aspiring traders with the knowledge and skills necessary to excel in these diverse markets.

Proven Track Record: The credibility of Asia Forex Mentor is firmly established through its impressive track record of producing consistently profitable traders across various market sectors. This achievement serves as a testament to the effectiveness of their training methodologies and mentorship.

Expert Mentors: At Asia Forex Mentor, students benefit from the guidance and insights of experienced mentors who have demonstrated remarkable success in stock, crypto, and forex trading. These mentors provide personalized support, enabling students to navigate the intricacies of each market with confidence.

Supportive Community: Joining Asia Forex Mentor brings access to a supportive community of like-minded traders pursuing success in the stock, crypto, and forex markets. This community fosters collaboration, idea-sharing, and peer learning, enhancing the overall learning experience.

Emphasis on Discipline and Psychology: Success in trading necessitates a strong mindset and disciplined approach. Asia Forex Mentor provides crucial psychological training to help traders manage emotions, handle stress, and make rational decisions during trading.

Constant Updates and Resources: The financial markets are dynamic, and Asia Forex Mentor ensures that students remain up-to-date with the latest trends, strategies, and market insights. Continuous access to valuable resources keeps traders ahead of the curve.

Success Stories: Asia Forex Mentor takes pride in a multitude of success stories where students have transformed their trading careers and achieved financial independence through their comprehensive forex, stock, and crypto trading education.

In summary, Asia Forex Mentor emerges as the premier choice for those seeking the best forex, stock, and crypto trading course to carve a rewarding career and achieve financial prosperity. Through its comprehensive curriculum, experienced mentors, practical approach, and supportive community, Asia Forex Mentor provides the necessary tools and guidance to mold aspiring traders into accomplished professionals across diverse financial markets.

Conclusion: Best Online Forex Brokers in Hungary

Picking the right broker often comes down to personal choice. But despite this, there are a few brokers out there that typically stand out more than others. AvaTrade is a prime example of that in fact, for traders in Hungary, there is no better option out there than AvaTrade. There are of course several reasons for this.

To start with, this is actually a home-grown broker based in Hungary. Although AvaTrade has expanded into so many countries, it still remains a truly Hungarians broker regulated by the local central bank. AvaTrade is also regulated by some of the top tier-1 agencies including the UK Financial Conduct Authority FCA, The Australian Securities and Investment Commissions ASIC, and so many others. This gives you that extra bit of safety and security as you trade global financial markets.

You should also know that AvaTrade has invested in developing state-of-the-art trading platforms with fast trade execution and superior trading tools. There are over 1200 tradable assets too, a superb customer support team, and some of the lowest fees.

Although this does not constitute financial advice, it’s safe to say that AvaTrade is the ultimate choice for any trader. But there are a few shortcomings too, including high inactivity fees and account deposit minimums of USD 100. But other than that, this is a solid forex broker and should be a great place to start for Hungarian forex investors.

Best Online Forex Brokers in Hungary FAQs

Is Forex trading legal in Hungary?

Trading Forex is legal in a state, and currency exchange occurs daily. Many people get the misconception about trading forex being considered unsecured. Well, this isn’t the case as it is most active. Forex trading is legal in Hungary for conducting business currency exchange.

Forex is a crucial component of export and import, along with investing internationally. The thing necessary is when you trade forex, you should choose a reputable and secured breaker with regulations. It is not banned to trade forex in Hungary as many international online brokers provide favorable trade conditions.

What are retail investor accounts?

A non-professional investor is a retail or individual investor. These investors have a lot of effect on the market, as trading forex has become popular in Hungary and the volume of trades increased over the last five years. The retail investor accounts lose money rapidly due to leverage.

An individual who doesn’t pursue an investing career is a retail investor—this is a large span of specialties and skill levels. How about checking market works of retail investing, won’t and pros and its size for a retail investor, opposed an institutional investor. You have to take the high risk of losing your money of retail investor accounts.

Does forex broker lose money?

No, brokers don’t forfeit cash when a client earns profit as it’s not a counterparty. When you make profits when trading on an exchange, a counterparty loses on your trades. A broker barely facilitates work and does not affect your loss or gain.

Do you know it’s common to lose money when trading even with the best forex trading platform? Some require a minimum deposit with the currency pair, and the financial conduct authority ensures to save from circumstances. You will not lose money when trading CFDs and get the maximum advantage.