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Best Forex Brokers in Hungary for 2024

Written by Zornitsa Stefanova
Zornitsa Stefanova is experienced forex and crypto analyst. She also covers various financial topics such as stocks trading and retirement investments.
, | Updated: May 15, 2024

Forex trading has captivated many a trader in Europe, and in Hungary, the practice is also gaining traction. Given Hungary’s status as a member of the European Union, traders who reside in the country have a plethora of forex brokers to pick from, seeing as there are plenty that are authorized by the regulators of the various members of the European Union. Licenses issued by the financial watchdogs of the European Economic Area are also valid options for Hungarian traders.

1Fusion Markets
Rating: 4.6 ⭐
74-89% of retail CFD accounts lose money
2Global Prime
Rating: 4.1 ⭐
74-89% of retail CFD accounts lose money
3Saxo Bank
Rating: 3.7 ⭐
65% of retail investor accounts lose money
4easyMarkets
Rating: 4.5 ⭐
71% of retail investor accounts lose money
5IG
Rating: 4.1 ⭐
70% of retail client accounts lose money
6Axi
Rating: 3.3 ⭐
The vast majority of retail client accounts lose money
7Spreadex
Rating: 4.4 ⭐
64% of retail investors lose money
8IC Markets
Rating: 4.8 ⭐
70.64% of retail investor accounts lose money
9Swissquote
Rating: 3.6 ⭐
61% of retail investor accounts lose money
10Iron FX
Rating: N/A ⭐
67.62% of retail investor accounts lose money

Hungarian Forex Brokers Ranked by Trustpilot Score

Hungarian Forex Brokers Ranked by Spread Commission

Forex BrokerEURUSDUSDJPYEURGBPGBPUSD
1. Fusion Markets0.110.130.150.11
2. Global Prime0.130.280.280.22
3. IG0.60.90.90.9
4. Spreadex0.690.90.8
5. Iron FX0.70.40.90.8
6. easyMarkets0.71.01.00.9
7. IC Markets 0.80.80.80.8
8. Saxo Bank0.91.20.81
9. Axi1.21.41.11.2
10. Swissquote1.71.61.72.0

Hungarian Forex Brokers Ranked by Commission per Lot

Forex BrokerCommission per lot
1. Saxo Bank$0
2. easyMarkets$0
3. IG$0
4. Spreadex$0
5. Iron FX$0
6. Fusion Markets$2.25 per lot
7. Global Prime$3.50 per lot
8. Axi$3.50 per lot
9. IC Markets $3.50 per lot
10. Swissquote$9 per lot

Important Note: For some, freedom of choice to this extent can be somewhat overwhelming, and those new to forex trading might be especially perplexed by the variety of brokers available. Moreover, there are many factors that a trader would need to consider in order to be able to properly judge if a broker is reputable or not. If this applies to you, our team has set out to make choosing your next forex broker as easy as possible by listing the best forex brokers that accept Hungarian clients.

Top 10 FX Brokers in Hungary

  1. TRADE NOW74-89% of retail CFD accounts lose money
    Fusion Markets Broker Details
    RegulatorsASIC, Financial Services Authority of Seychelles, VFSC
    Min DepositNo min deposit
    Trading PlatformsMetaTrader4, MetaTrader5, cTrader, DupliTrade, Fusion+ Copy Trade
    Trustpilot Rating4.6 out of 1409 reviews
    Number of Forex Pairs to TradeOver 200
    LeverageForex & Metals: 500:1
    Index CFDs: 100:1
    Cryptocurrencies: 10:1
    SpreadEURUSD: 0.11
    USDJPY: 0.13
    EURGBP: 0.15
    GBPUSD: 0.11
    Forex Commission per Lot per Trade$2.25 per lot
    Deposit MethodsVisa, Mastercard, PayPal, Skrill, Neteller, Fasapay, Jeton Wallet, Perfect Money, Online Naira, Doku, Bitcoin, Ethereum, Litecoin, USDT, Tether, Ripple, bank wire
    Withdrawal MethodsVisa, Mastercard, Bank Wire, Skrill, Neteller,Bitcoin, Ethereum, Litecoin, Tether, Ripple

    Founded by Australian trading experts, Fusion Markets was launched in 2017 and is currently one of the top destinations for traders all over the globe. While it is common for brokers to advertise low spreads, Fusion Markets was actually recognized by Brookerchooser, receiving the award “Lowest Spread Forex Broker” four years in a row.

    In addition to offering traders tight spreads, Fusion Markets is committed to offering the best value for your trading, charging a significantly low commission of only $2.25 per lot ($4.50 per side). As you can see, const-effectiveness is one of the main values of this top-shelf broker.

    Safety is always a priority for Fusion Markets, with major regulatory bodies like the Australian Financial Services (license No.385620), the Financial Services Authority of Seychelles (license No.SD096), and authorities in Vanuatu regulating the services provided by the broker. Under ASIC’s (Australian Securities & Investments Commission) regulation, the broker also provides a negative balance protection to some of its clients.

    With no minimum on deposits and a wide range of popular trading platforms like MetaTrader4, MetaTrader5, cTrader, and more, it is no surprise that Fusion Markets is one of the top choices of traders. With an average score of 4.6 out of 5 on Trustpilot, this broker has received an Excellent rating from more than 1,300 happy customers.

    Key Pros

    • Offers some of the lowest spreads
    • ASIC clients enjoy a negative balance protection
    • Supports popular trading platforms
    • Offers two copy trading platforms
    • Supports fiat and crypto payment solutions

    Key Cons

    • Does not offer investor protection
    • Traders outside Australia have no negative balance protection
    • Cannot set up an account in a minor currency
  2. TRADE NOW74-89% of retail CFD accounts lose money
    Global Prime Broker Details
    RegulatorsASIC (No. 385620), VFSC (No. 40256)
    Min Deposit$0 (No min. deposit requirements)
    Trading PlatformsMT4 Desktop, MT4 Webtrader, MT4 Android
    Trustpilot Rating4.1 out of 100 reviews
    Number of Forex Pairs to Trade56
    LeverageForex & Metals: 500:1
    Index CFDs: 100:1
    Cryptocurrencies: 10:1
    SpreadEURUSD: 0.13
    USDJPY: 0.28
    EURGBP: 0.28
    GBPUSD: 0.22
    Forex Commission per Lot per Trade$3.50 per lot
    Deposit Methods

    Visa, Mastercard, PayPal, Skrill, Neteller, Dragonpay, VNPay, Gate8, FasaPay, PromptPay, Pagsmile, QR Code (THB), BPAY, POLi, AstroPay, Bank Wire Transfer, Interac, Perfect Money, PayID, MiFinity, Jeton, XPay, Cryptocurrencies

    Withdrawal Methods

    Mastercard, Visa, Local Bank Transfer, Bank Wire Transfer, Skrill, Neteller, AstroPay, PayPal, Dragonpay, Perfect Money, Jeton, Interac, Cryptocurrencies

    Global Prime is a reliable brokerage that has been providing low-cost trading services since 2010. Regulated by the watchdogs of Vanuatu and Australia, the broker facilitates trading with over 150 financial instruments, including indices, bonds, commodities, cryptocurrencies, and more than 50 currency pairs. Major-pair spreads on raw accounts start at zero pips, with most orders being executed within 10 milliseconds on average. The broker works with MT4 only but plans to soon expand its range of supported platforms with cTrader, MT5, and TradingView.

    These excellent trading conditions, coupled with a streamlined registration process, fee-free transactions to and from customer accounts, and round-the-clock support, have earned the broker a solid 4.1 score on Trustpilot. Still, there is scope for improvement as the company offers no cent and swap-free accounts for Islamic customers. The broker has no compensation scheme for client funds, either, which is yet another area Global Prime could improve in.

    Key Pros

    • Overseen by a top-tier financial regulator (ASIC)
    • No fees on deposits and withdrawals
    • Low fees for FX trading
    • Streamlined sign-up process
    • A broad range of currency pairs

    Key Cons

    • Could use more trading platforms
    • A limited range of educational resources
    • Does not offer Islamic or cent accounts
  3. TRADE NOW65% of retail investor accounts lose money
    Saxo Bank Broker Details
    RegulatorsFCA (No. 551422), FSA Denmark (No. 1149), MAS (No. 200601141M), ASIC (No. 32110128286), SFC Hong Kong (No. 1395901), FSA Japan (No. 0104-01-082810)
    Min Deposit$0 (Classic accounts)
    Trading PlatformsSaxoTraderGO, SaxoTraderPRO, TradingView
    Trustpilot Rating3.7 out of 5596 reviews
    Number of Forex Pairs to Trade185+
    LeverageForex & Metals: 30:1
    Index CFDs: 20:1
    Cryptocurrencies: 2:1
    SpreadEURUSD: 0.9
    USDJPY: 1.2
    EURGBP: 0.8
    GBPUSD: 1
    Forex Commission per Lot per Trade$0
    Deposit MethodsVisa, Visa Electron, Mastercard, Maestro, Bank Transfer, Quick Payment
    Withdrawal MethodsBank Transfer

    Established in 1992, Saxo Bank provides a superior trading experience across multiple asset classes and more than 71,000 financial instruments. The brokerage is operated by one of Denmark’s largest investment banks and carries licenses from several first-tier financial regulators, including the British FCA, Australia’s ASIC, and Singapore’s MAS. Saxo Bank provides a solid choice from over 185 major, minor, and exotic currency pairs available for commission-free trading at highly competitive spreads.

    Apart from trading on the spot markets, Saxo Bank clients can dabble in Forex forwards, vanilla options, contracts for difference, and futures. All costs are built into the spreads as the brokerage charges no additional commissions on foreign exchange trades. Customers looking to diversify their portfolios can trade in various hard and soft commodities, equity indices, mutual funds, bonds, and ETFs. Its somewhat limited range of deposit and withdrawal methods is one of the very few shortcomings of Saxo Bank, whose overall score on Trustpilot averages 4.2 out of 5 stars.

    Key Pros

    • Offers a varied range of major, minor, and exotic FX pairs
    • Provides tier-1 liquidity for high order fill rates
    • Boasts over 30 years of experience in the financial industry
    • Offers more than 140 FX forward contracts
    • Excellent fill rates for FX majors like EUR/USD

    Key Cons

    • Steep minimum deposits for VIP and Platinum accounts
    • Overcrowded and hard-to-navigate website
    • Customizing SaxoTraderPRO for desktop takes some time
  4. TRADE NOW71% of retail investor accounts lose money
    easyMarkets Broker Details
    RegulatorsCySEC (license no. 079/07), ASIC (license no. 246566), FSA (license no. SD056), and FSC (license no. SIBA/L/20/1135).
    Min Deposit$100
    Trading PlatformseasyMarkets, MetaTrader 4, MetaTrader 5, TradingView
    Trustpilot Rating4.5 out of 1618 reviews
    Number of Forex Pairs to Trade60+
    LeverageForex & Metals: 30:1
    Index CFDs: 20:1
    Cryptocurrencies: 2:1
    SpreadEURUSD: 0.7
    USDJPY: 1.0
    EURGBP: 1.0
    GBPUSD: 0.9
    Forex Commission per Lot per Trade$0
    Deposit MethodsVisa, Mastercard, JCB, Amex, Skrill, Neteller, Fasapay, Sofort, iDEAL, Web Money, BPay, Bank Transfer
    Withdrawal MethodsVisa, Mastercard, JCB, Amex, Skrill, Neteller, Fasapay, Sofort, iDEAL, Web Money, BPay, Bank Transfer

    Starting in 2001, nowadays, easyMarkets is one of the top brokers that cater to the preferences of a wide range of traders, with several licenses authorizing the brand to operate in multiple markets. To ensure traders’ safety, the broker is regulated by authorities like CySEC (license no. 079/07), ASIC (license no. 246566), FSA (license no. SD056), and FSC (license no. SIBA/L/20/1135).

    Being among the pioneers in online trading, easyMarkets was the first one to introduce advanced tools like dealCancellation, Freeze Rate, and Inside Viewer. As for the platforms available to members of the broker, first, we would like to highlight the easyMarkets platform, which boasts a simple design and a selection of advanced trading tools that will appeal to experienced traders. Meanwhile, there is also the alternative to use platforms like MetaTrader 4 and 5 as well as TradingView. Mobile trading is also very accessible thanks to the dedicated easyMarkets app available to both Android and iOS users.

    Competitive spreads and low fees are also among the features that make easyMarkets a preferable destination for a large number of traders. The company enjoys an average score of 4.6 out of 5 on Truspilot’s review platform, further cementing the broker’s reputation. Going live requires a minimum deposit of only $100, with the broker supporting a wide selection of deposit methods.

    Key Pros

    • Offers tight spreads and low fees
    • Supports trading of over 60 currency pairs
    • Regulated by several reputable authorities
    • Supports a wide range of payment methods
    • Offers a proprietary platform

    Key Cons

    • Number of supported products is somewhat limited
    • Does not offer copy trading platform
    • Traders from certain countries may have access to fewer payment methods
  5. 5. IG
    TRADE NOW70% of retail client accounts lose money
    IG Broker Details
    RegulatorsASIC (No. 515106), FCA (No. 114059), CFTC, DFSA (No. F001780), MAS, BMA
    Min Deposit$50
    Trading PlatformsMT4, L2 Dealer, ProRealTime, IG proprietary software
    Trustpilot Rating4.1 out of 6723 reviews
    Number of Forex Pairs to Trade80+
    LeverageForex & Metals: 30:1
    Index CFDs: 20:1
    Cryptocurrencies: 2:1
    SpreadEURUSD: 0.6
    USDJPY: 0.9
    EURGBP: 0.9
    GBPUSD: 0.9
    Forex Commission per Lot per Trade$0
    Deposit MethodsVisa, Mastercard, Bank Transfer, Wire Transfer, Visa Electron, Discover, PayPal
    Withdrawal MethodsVisa, Visa Electron, Mastercard, Discover, Bank Transfer

    IG is a trusted online broker regulated in multiple jurisdictions, including Australia, Singapore, Dubai, the UK, and the US. It provides low-cost trading in thousands of financial markets, ranging from forex and commodities to cryptocurrencies, shares, bonds, and indices. Seasoned traders can dabble in options contracts, bonds, and spread betting. Interest rate trading is also available to IG customers.

    The brokerage charges no commissions on forex trades, deriving its profits mostly from spreads. IG predominantly caters to customers looking to capitalize on price movements without purchasing underlying assets by offering them a broad range of CFDs. Forex traders have access to complex speculative instruments like turbo warrants, vanilla options, contracts for difference, and barrier options.

    IG’s proprietary software does an excellent job at delivering seamless trading sessions, although clients can also connect third-party platforms like MT4 and ProRealTime to their IG accounts. Both platforms are suitable for algorithmic trading. Moving funds to and from your live account is entirely free, although the broker could expand its range of accepted payment methods. Cards, bank transfers, and PayPal are the only banking options IG works with at the moment. Bank transfers have no minimum threshold on deposits.

    Key Pros

    • Towering selection of over 17,000 tradable markets
    • Listed on the FTSE 250 index
    • Competitive pricing and low forex spreads
    • No fees on deposits or withdrawals
    • Demo accounts for risk-free forex trading practice

    Key Cons

    • Payment options are a bit limited
    • Customer support is slow to respond during busy hours
  6. 6. Axi
    TRADE NOWThe vast majority of retail client accounts lose money
    Axi Broker Details
    RegulatorsASIC (No. 318232), FMA (No. 518226), FCA (No. 466201), FSA (St. Vincent and Grenadines)
    Min Deposit$0
    Trading PlatformsMT4 Desktop, MT4 WebTrader, Axi Mobile
    Trustpilot Rating3.3 out of 1436 reviews
    Number of Forex Pairs to Trade70+
    LeverageForex & Metals: 30:1
    Index CFDs: 20:1
    Cryptocurrencies: 2:1
    SpreadEURUSD: 1.2
    USDJPY: 1.4
    EURGBP: 1.1
    GBPUSD: 1.2
    Forex Commission per Lot per Trade$3.50 per lot
    Deposit MethodsVisa, Mastercard, Bank Transfer, Neteller, Skrill, AstroPay, Fasapay, Przelewy24, Boleto, Pix, Bitcoin, Ethereum, Ripple, Litecoin, Tether, Stellar
    Withdrawal MethodsMastercard, Visa, Bank Transfer, Przelewy24, Fasapay, Skrill, AstroPay, Pix, Boleto, Neteller, Bitcoin, Ripple, Ethereum, Litecoin, Tether, Stellar

    Since 2007, Axi has served 60,000 traders from more than 100 countries, offering low-cost trading with over 290 financial instruments across five major asset classes. The company carries licenses from Australia’s ASIC, New Zealand’s FMA, and the UK’s FCA. It enjoys a fine reputation among traders worldwide and has not seen any controversies.

    The Sydney-based broker caters to customers with over 70 currency pairs and charges no commissions on FX trades conducted via Standard retail accounts. Commissions are in place only on Pro and Elite accounts but fall within the industry averages. Hard and soft commodities, equity indices, cryptocurrencies, and stocks are tradable at favorable conditions and low pricing via the MT4 platform.

    Leverage caps are jurisdiction-specific, with customers in some countries benefiting from leverage ratios of up to 500:1. Multiple base currencies are available for retail accounts, allowing traders to save on currency conversion fees. The broker caters to its international client base with over a dozen payment methods. Using payment solutions like Fasapay and Boleto is restricted to specific regions only.

    Key Pros

    • Provides multilingual customer support
    • Standard and Pro accounts available in 10 base currencies
    • No minimum deposit requirements on Pro and Standard accounts
    • Over 70 FX pairs tradable from zero pips
    • Swift order execution and tight spreads

    Key Cons

    • A limited choice of trading platforms
    • Below-average number of tradable symbols
  7. TRADE NOW64% of retail investors lose money
    Spreadex Broker Details
    RegulatorsFCA (No. 190941)
    Min Deposit$0
    Trading PlatformsTradingView, proprietary software
    Trustpilot Rating4.4 out of 93 reviews
    Number of Forex Pairs to Trade60+
    LeverageForex & Metals: 30:1
    Index CFDs: 20:1
    Cryptocurrencies: 2:1
    SpreadEURUSD: 0.6
    USDJPY: 9
    EURGBP: 0.9
    GBPUSD: 0.8
    Forex Commission per Lot per Trade$0
    Deposit MethodsMastercard, Visa, Maestro, Direct Debit, Check, Bank Transfer
    Withdrawal MethodsVisa, Maestro, Mastercard, Bank Transfer, Check

    Spreadex is a UK-regulated firm that provides financial spread betting and leveraged trading through contracts for difference. The company carries the stamp of approval of the Financial Conduct Authority (FCA) and has over 25 years of industry experience. Over 60,000 customers worldwide choose Spreadex for its competitive pricing, advantageous trading conditions, and diverse product range comprising more than 10,000 financial instruments.

    Clients can trade over 60 currency pairs with tight spreads averaging 0.6 pips on majors like the EUR/USD. Beyond Forex, Spreadex has decent enough coverage of the equity index, commodity, and stock markets. Options, bonds, interest rates, and exchange-traded funds are also available for trading at favorable conditions.

    Traders at Spreadex can stay ahead of the curve with weekly technical analysis, trading updates, and an economic diary, all available under the News & Analysis tab. Connecting your Spreadex account to TradingView is an option, although the broker’s proprietary software also ensures a seamless trading experience and fast order execution. Spreadex does not support MT4 and MT5 at the moment but has earned an above-average Trustpilot score of 4.5 stars despite this shortcoming.

    Key Pros

    • Provides access to over 10,000 tradable symbols
    • Well-designed and intuitive mobile trading app
    • Offers spread betting on FX pairs
    • Commission-free FX trading with tight spreads
    • Seamless registration process

    Key Cons

    • No support for MetaTrader 4 or 5
    • Licensed by a single financial regulator (FCA)
    • Deposits under $/£50 may incur additional charges
  8. TRADE NOW70.64% of retail investor accounts lose money
    IC Markets Broker Details
    RegulatorsCySEC (license No. 362/18), ASIC (license No. 335692)
    Min Deposit$200
    Trading PlatformsMetaTrader4, MetaTrader5, cTrader, ZuluTrade
    Trustpilot Rating4.8 out of 35964 reviews
    Number of Forex Pairs to Trade75
    LeverageForex & Metals: 30:1
    Index CFDs: 20:1
    Cryptocurrencies: 2:1
    SpreadEURUSD: 0.8
    USDJPY: 0.8
    EURGBP: 0.8
    GBPUSD: 0.8
    Forex Commission per Lot per Trade$3.50 per lot
    Deposit MethodsBank transfer, Visa, Mastercard, PayPal, Skrill, Neteller, Visa Direct, SafeCharge, Transact365, eCommPay, CardPay, Bpay, FasaPay, Poli, RapidPay, Klarna
    Withdrawal MethodsBank transfer, Visa, Mastercard, PayPal, Skrill, Neteller, Visa Direct, SafeCharge, Transact365, eCommPay, FasaPay, Poli, RapidPay, Klarna

    Launched in 2007, IC Markets is a well-experienced Australian-based broker, catering to traders across multiple markets. We recommend the brand mainly to forex traders due to its tight spreads and a rather decent currency pair coverage. Supporting the standard MetaTrader 4 and 5 platforms as well as cTrader and ZuluTrade, IC Markets offers a smooth trading experience to both seasoned and less experienced traders.

    Cost-effectiveness is definitely one of the reasons for so many traders choosing the services of IC Markets. With no inactivity or withdrawal fees, traders can enjoy a better value for their trading. Forex commission fee is as low as $3.50 per lot traded, while the average spread for a standard pair like EUR-USD is 0.2 for raw spread accounts.

    The minimum deposit at IC Markets starts at $200, with traders having multiple secure payment options to choose from. Further ensuring its clients’ security, the broker follows strict trading guidelines imposed by regulators like the Cyprus Securities and Exchange Commission (License No. 362/18) and Australian Securities and Investments Commission ( License No. 335692). Another proof of the broker’s excellent trading services is the extremely high score of 4.8 out of 5 on Trustpilot.

    Key Pros

    • Offers a large number of forex pairs to trade
    • Great for forex traders due to low spreads
    • Supports all industry-standard trading platforms
    • Supports a wide range of payment solutions
    • Low forex trading commission

    Key Cons

    • Non-EU customers have no investor protection
    • Not listed on stock exchange
    • List of products can be further expanded
  9. TRADE NOW61% of retail investor accounts lose money
    Swissquote Broker Details
    RegulatorsFCA, MFSA, FINMA, DFSA, MAS, CySEC
    Min Deposit$0
    Trading PlatformsCFXD, MetaTrader 4, MetaTrader5
    Trustpilot Rating3.6 out of 2349 reviews
    Number of Forex Pairs to Trade80+
    LeverageForex & Metals: 30:1
    Index CFDs: 20:1
    Cryptocurrencies: 2:1
    SpreadEURUSD: 1.7
    USDJPY: 1.6
    EURGBP: 1.7
    GBPUSD: 2.0
    Forex Commission per Lot per Trade$9 per lot
    Deposit MethodsVisa, Mastercard, Bank Transfer, Online Banking
    Withdrawal MethodsVisa, Mastercard, Bank Transfer, Online Banking

    Swissquote is one of the most secure brokers you can trade with online. Starting as a financial company specializing in the development of financial software and web applications in 1990, by 1996, it introduced its first financial platform offering traders prices on all securities trading on the Swiss stock market. Today, Swissquote is publicly traded, runs two entirely online-operating banks, and is one of the most trustworthy brokers for Swiss traders as well as trading enthusiasts from multiple foreign markets.

    To offer seamless CFD and Forex trading to its customers, Swissquote has introduced its CFXD platform, boasting a simple interface that provides multiple features for an extra intuitive trading experience. In addition to CFXD, the broker also supports MetaTrader 4 and 5, while the Autochartist tool can offer traders access to a large library of charts and trading analysis.

    Offering only the best value for your trading is one of Swissquote’s strongest features. It offers competitive spreads as well as low margin rates. Traders’ accounts will enjoy cash deposit protection for transactions up to $/€100, 000 as well as negative balance protection. With major regulators like the FINMA, FCA, DFSA, and more regulating the services offered to Swissquotes customers, it comes as no surprise that many have trusted the broker with their investments.

    Key Pros

    • Publicly traded reputable brand
    • Broker with extensive experience in trading
    • Offers competitively low spreads
    • Supports various trading platforms
    • Forex traders can choose from over 80 currency pairs

    Key Cons

    • Traders must pay an inactivity fee
    • Desktop trading platform looks a bit outdated
    • Trading fees tend to be higher
  10. TRADE NOW67.62% of retail investor accounts lose money
    Iron FX Broker Details
    RegulatorsFCA (licensing no. 585561), FSCA (licensing no. 45276)
    Min Deposit$100
    Trading PlatformsMetaTrader 4, WebTrader, VPS, PMAM, TradeCopier, Mobile App
    Trustpilot RatingN/A out of N/A reviews
    Number of Forex Pairs to Trade80+
    LeverageForex & Metals: 30:1
    Index CFDs: 20:1
    Cryptocurrencies: 2:1
    SpreadEURUSD: 0.7
    USDJPY: 0.4
    EURGBP: 0.9
    GBPUSD: 0.8
    Forex Commission per Lot per Trade$0
    Deposit MethodsVisa, MAstercard, Bank Wire, Skrill, Neteller, China Union Pay, Fasapay, Perfect Money, Bitwallet, Paysafecard
    Withdrawal MethodsBank Wire

    Founded in 2010, Iron FX is a broker with extensive experience in the trading field, offering traders a vast selection of products. Providing CFDs on forex pairs, commodities, indices, shares, and futures, this online brokerage is a great place for a vast variety of traders. With seven different types of accounts, members of Iron FX can pick the option that suits their preferences the best, with each of the account types offering either low or low fees that offer the best value for your trading.

    Unfortunately, while Iron FX was regulated by the Cyprus Securities and Exchange Commission (CySEC), its Bermuda entity currently holds no license authorizing its operations. Meanwhile, its UK and South African entities are regulated by the Financial Conduct Authority (FCA) and the Financial Sector Conduct Authority (FSCA), respectively. We would also like to highlight the company’s dedication to traders’ safety, with Iron FX utilizing enterprise-class security tools to keep you and your money safe.

    Members of the broker will have access to trading platforms like MetaTrader 4, WebTrader, VPS, PMAM, and TradeCopier as well as the mobile app of Iron FX that enables seamless trading on the go. To fund your account, you are required to deposit $100, which is the minimum required for the standard account type.

    Key Pros

    • Offers a wide selection of trading instruments
    • Supports several popular trading platforms
    • Enables easy trading on the go via dedicated app
    • Supports various deposit methods
    • Traders can choose from 7 different account types

    Key Cons

    • Bahamas entity operates with no license
    • Trustpilot score not available due to many fake review detected
    • Withdrawals are possible only via bank wire

Is Forex Trading Legal in Hungary?

Hungarian laws do not have pieces of legislation that prohibit forex trading, and the National Bank of Hungary (MNB) has licensed a certain number of foreign exchange brokers. Therefore, you do not need to worry about facing potential legal repercussions for partaking in forex trading if you are a Hungarian resident. You can pay a visit to the MNB’s website at: https://www.mnb.hu/.

Apart from the MNB, Cyprus Securities and Exchange Commission (CySEC) is another regulator that has given its seal of approval to a number of Hungary-friendly brokers, and many brokers are also licensed by other financial watchdogs across countries that are members of the European Union or jurisdictions considered to be a part of the European Economic Area.

MNB Regulation info

Hungary’s financial sector is regulated by the National Bank of Hungary (MNB), which has been in operation since 1924. In general, forex brokers that target a Hungarian audience can be licensed by the Hungarian National Bank, the Cyprus Securities and Exchange Commission (CySEC), or other regulators in the European Union or the European Economic Area.

Seeing as Hungarian regulators evaluate the performance of brokers based on the Markets In Financial Instruments Directive II (MiFID II) given its status as a member of the European Union, the rules that brokers need to follow in Hungary are quite similar to those that can be found across Europe.

How can I verify that a Hungary-friendly forex broker is licensed?

Regulated forex brokers make it easy to check if they are authorized to operate by a reputable regulatory body. Usually, this information will be provided on the footer of a forex broker’s homepage. Alternatively, a dedicated page might contain the said information. Another option is to check if your broker has dedicated a section of its FAQ to what its licensing status is in different jurisdictions. No matter the case, a confirmation should be available somewhere on the website. If you cannot find it, however, you may try asking a representative of the customer service staff.

As for what licenses in particular to be on the lookout for, authorization by the National Bank of Hungary will always be a welcome sight. Another suitable license can be that of the Cyprus Securities and Exchange Commission. In general, any broker licensed by a jurisdiction in Europe is pretty much guaranteed to be trustworthy.

Are my funds safe with forex brokers in Hungary?

In general, you will not need to worry about the safety of your money in terms of security or the potential for misuse. Forex brokers are required, by law, to guarantee that your funds and the company’s money are not in any way intermingled. In other words, brokers need to keep user money segregated in separate bank accounts if they wish to continue operating legitimately.

It should also be stressed that forex brokers utilize state-of-the-art encryption technology and other security measures in order to keep client funds, transaction data, and other information away from malicious third pirates.

Last but not least, as pretty much all Hungary-facing brokers are regulated by European financial watchdogs, you can also trust that negative balance protection will be provided by your broker of choice. This will only apply to you if you are a retail trader, however.

Do Hungarian brokers provide negative balance protection?

CySEC and other Europe-based regulators impose ESMA’s negative balance protection rules. The said regulations dictate that retail traders must be offered negative balance protection. Therefore, if you make sure to stick with EU-friendly brokers as a Hungarian, you will also be eligible for negative balance protection so long as you have not made trading your profession.

Mandatory negative balance protection is a relatively recent development in foreign exchange, and the reason for its widespread adaptation can be traced back to 2015, when Switzerland’s National Bank scrapped the Swiss franc’s peg to the Euro. The repercussions for forex traders were significant, with many traders incurring substantial debt as a result of their account balances going below zero. This, in turn, underscored just how crucial negative balance protection can be for retail participants in the foreign exchange market, hence the regulations that are in place today.

Do you pay tax on forex trading in Hungary?

In Hungary, capital gains are taxed at a rate of 15%. These taxes are not automatically deducted, however. Instead, if you reside in Hungary, you will need to manually report your taxes. Failing to do so can have negative consequences, particularly fines.

How does the available leverage of Hungarian brokers compare to the leverage at brokers regulated elsewhere?

Given Hungary’s status as a member of the EU, Hungarian clients will typically trade at brokers that are licensed by the Cyprus Securities and Exchange Commission, the MNB, or another European regulator. This, in turn, will dictate the maximum amount of leverage they have access to.

Essentially, traders will not be able to take advantage of a leverage of over 30:1 when it comes to major foreign exchange pairs. In contrast, minor pairs’ leverage is capped at 20:1. If you wish to trade with higher leverage, you will need to work toward becoming a professional trader.

As established, the above limits are not atypical of European countries. Germany and France, for instance, are also jurisdictions where leverage is regulated in the same manner, seeing as brokers that operate in the said countries must abide by ESMA’s rules. Some countries have decided to not impose the exact same limits, however, with Poland being one such example. Retail forex traders based in Poland can trade with a leverage of up to 100:1 when the trades involve major pairs, and many consider this to be a major perk of participating in the foreign exchange market in Poland. The US is also more generous leverage-wise compared to most of Europe, as the Securities and Exchange Commission permits major currency pair leverage of 50:1 at most.

If you are curious about why the above limits have been set, it mainly has to do with the level of risk involved. Leverage carries great potential in terms of profits, but it can easily drain traders of their capital and more seeing as trading is conducted with borrowed funds.

What do you need to qualify to be designated as a professional trader in Hungary?

In general, whenever you wish to create a professional account at a forex broker, or you plan on upgrading your retail one to a pro status, the broker will demand that you meet two of three main requirements. The said conditions are based on the rules of the European Securities and Markets Authority.

The first eligibility requirement has to do with your trading history. Basically, if you have made at least 10 trades per quarter in the past four quarters, and each of the said trades was substantial, then you meet one of the broker’s criteria.

Next, whether you get a professional account or not might be a matter of your professional experience. This has to do with whether you have worked in the financial sector for a year or more and are particularly knowledgeable about the trading of derivatives.

Last but not least, you will be able to obtain a professional account if, in addition to another requirement, you have also fulfilled the criteria of having a financial instruments portfolio of over €500,000.

What trading platforms are available to Hungarian traders?

As one’s access to trading platforms is dependent on the broker they have chosen to go with, a trader’s experience will vary quite a lot based on their broker of choice. One thing that will not change across brokers, however, is their compatibility with mobile devices. Pretty much all online brokers recognize how crucial portability has become for the vast majority of modern traders. Of course, desktop clients of foreign exchange software are provided by default, so PC users do not need to worry if a forex broker they are eyeing is mobile-friendly.

The vast majority of forex brokers support both MetaTrader 4 and MetaTrader 5, so these are some of the platforms most Hungarian traders will be able to look forward to using. Although both MT4 and MT5 are exceptionally popular, they are not the only available options. Often, you will come across brokers that offer platforms like cTrader, which have also gained traction among forex traders. Some brokers also develop their own platforms, and they are typically just as useful and feature-rich as MT and other options that traders are likely to be familiar with.

Below you can find some useful references with links to organisations that monitor the forex market in Hungary.

  1. The National Bank of Hungary (MNB)