Brokers With HUF Accounts
Brokers with HUF accounts cater to Hungarian traders. Account holders can speculate on local markets, such as the Budapest Stock Exchange, in addition to global assets and forex pairs with the Hungarian Forint. Importantly, HUF trading accounts can also help reduce currency conversion fees for local traders.
In this guide, we list the best brokers with HUF accounts in 2022. We also share tips for comparing platforms and getting the most out of accounts denominated in the Hungarian Forint.
What Is A HUF Trading Account?
When opening a trading account, clients are asked to select an account base currency. Depending on the broker and specific account, traders may only have one currency choice or be offered a wide selection to choose from.
Having an account with the Hungarian Forint as its base currency allows investors to hold funds in HUF without converting money to another currency, such as USD, EUR or GBP. This comes with the advantage of not needing to face often unfavorable exchange rates when depositing or withdrawing in a native currency.
In addition, Hungarian traders can easily understand profits, losses and commissions when using HUF. While if clients select an alternative such as EUR or USD, it may be more difficult to comprehend these values at a glance.
Finally, brokers with HUF accounts are more likely to be overseen by local financial watchdogs, such as the Hungarian Financial Supervisory Authority (HFSA), as well as accepting local deposit and withdrawal options.
The Hungarian Forint can trace its roots back to 1325 when a gold-based currency named the florentinus was established by then-ruler Charles Robert. However, the region utilized several alternative monies until the reintroduction of the Forint in 1946 following record hyperinflation of the Hungarian pengő.
For many, the Forint symbolized stability and remained a dependable currency for over two decades in spite of regional political fluctuations. Despite some turbulence after this point, the currency was re-stabilized in the early 1990s following significant economic reforms.
Today, the Forint remains a well-traded and utilized currency within Hungary due to high domestic trade and the nation’s popularity with tourists. Moreover, Hungary is one of only nine EU member states to retain its own currency instead of adopting the Euro.
HUF is also available in the forex markets as an exotic cross-pair with other currencies like EUR, USD and GBP.
Benefits Of Brokers With HUF Accounts
There are several advantages to brokers with HUF trading accounts:
- Account values are easy to understand at a glance
- Faster, local deposit methods will often be available
- No conversion charges for depositing or withdrawing HUF
- Brokers with HUF accounts are more likely to be licensed by a local or regional regulator, such as the HFSA
Disadvantages Of Brokers With HUF Accounts
Downsides to HUF trading accounts include:
- Less deposit and withdrawal methods support HUF
- High amounts are required compared to leading currencies
- Local monies are generally less stable than popular currencies
- There is a limited list of brokers with HUF accounts
How To Check If Brokers Support HUF Trading Accounts
The process of checking the base currencies supported by an online broker varies depending on the specific firm.
Some brokerages will state their supported currencies in the account types section on their websites. At the same time, other providers may require potential traders to take several steps toward account creation before disclosing their options.
If whether a broker supports a HUF trading account is not immediately apparent, most brokers will have a live chat feature on their website where a customer service team member will be happy to clarify the issue.
At this stage, it is also worth checking the supported deposit and withdrawal options and the currencies available with each method. This information is usually provided on a company’s website under a section named “deposit methods” or similar. If not, investors can again contact customer support for additional information.
Alternatively, use our list of the best brokers with HUF accounts to get started.
How To Compare Brokers With HUF Accounts
While brokers that offer HUF base currency accounts may be scarce, we recommend only singing up to firms that are competitive in the following areas:
Fees & Commissions
High trading fees can eat into hard-earned profits, so ensure that your chosen brokerage has tight spreads and low commissions. This is particularly important when trading forex pairs like the USD/HUF and EUR/HUF where spreads can widen during periods of low liquidity.
Also ensure that there are no hidden charges, such as inactivity or platform fees. Deposit and withdrawal charges should ideally be free or very low.
Having access to a reliable and intuitive trading platform is a must for serious traders. In addition, investors should look for brokers that support programs with plenty of technical analysis tools, fast trade execution and various order types.
Security & Regulation
The security of personal data and funds should be a priority for investors in the online financial space. To this end, finding a broker licensed by a reputable regulator such as the Cyprus Securities & Exchange Commission (CySEC) or UK Financial Conduct Authority (FCA) gives traders the best chance at safety.
Brokers with HUF trading accounts may also be licensed by the Hungarian MNB, the Magyar Nemzeti Bank, which offers oversight to local financial organizations.
Alternatively, offshore brokers may be regulated by bodies such as the Seychelles Financial Services Authority (FSA). These regulators still provide some protection to investors but are not as stringent as more reputable bodies.
Range Of Instruments
Before signing up with a new broker, it is worth investigating the range of instruments the firm offers.
For example, some brokers offer crypto CFD trading while others are required by their regulator to exclude this market. Likewise, some brands allow their clients to trade soft commodity CFDs, which is not a supported market on other platforms.
There is also often a great deal of difference within markets. For example, some brokers provide 80+ forex instruments spanning major, minor and exotic currency pairs, while others may only offer less than 40 products. Importantly, the top brokers with HUF accounts offer forex pairs with the Hungarian Forint.
Confirm that your chosen broker supports the assets you wish to trade– most firms list their products on their websites to make it easy for potential clients to see.
Deposit & Withdrawal Methods
It is also crucial to ensure that brokers with HUF accounts support low-cost, fast and reputable payment methods. This is especially important when looking to open an account in a less popular currency such as HUF.
Credit and debit cards, bank transfers and e-wallets such as Skrill, PayPal and Neteller are good options for investors. In contrast, bank wire transfers are slow and often costly.
Final Word On Brokers With HUF Accounts
Brokers with HUF trading accounts offer several advantages to Hungarian investors, such as forfeiting currency conversion fees, often supporting fast, local deposit and withdrawal methods, and allowing traders to asses fees and position values at a glance. However, due to the chiefly domestic use of the currency, not many brokers offer the Hungarian Forint as an account base currency. Our experts have compiled a list of the top brokers with HUF accounts to help traders get started.
What Is A HUF Trading Account?
A HUF trading account uses the Hungarian Forint as its base currency. Traders can view asset prices, fees and commissions in HUF when using this type of account. Clients can also make deposits and withdrawals in HUF without currency conversion charges.
Which Brokers With HUF Accounts Are The Best?
Key areas to look for in a broker include low trading fees and commissions, desired supported assets, strong regulation and intuitive trading platforms. LegacyFX is one of the top brokers with a HUF trading account.
Should I Use HUF Or EUR In My Trading Account?
EUR is the more universally supported and stable currency, offering investors a more comprehensive range of brokers with EUR accounts. However, using HUF streamlines deposits and withdrawals for Hungarian clients and allows them to comprehend account balances at a glance.
How Can I Tell If A Broker Supports HUF Trading Accounts?
Most brokers display the supported base currencies in their account types section. If customers cannot find this information, they can contact a firm’s customer support team for guidance. Alternatively, use our list of the best brokers with HUF accounts.