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The Hungarian Forint is the official currency of Hungary even though the nation is part of the European Union. It is said that the Hungarian Forint may be replaced by the Euro in due time, but it seems this won’t happen until the 2020s. Though the currency has an impending replacement date, many online trading brokerages accept the currency for deposits or accept the currency upon conversion to a more popular one such as Euros. The Hungarian Forint is issued by the Central Bank of Hungary and has been in existence since 1946 when the country attempted to stabilize the economy after World War II. With Hungary’s status as an EU member state, the Hungarian Forint has gained more credibility as a stable and tradable currency.
show moreThe Hungarian Forint differs from the worlds top currencies because it does not have a specific sign or symbol to represent the currency. Instead the currency is represented by two letters being, “Ft” and the abbreviation/code of the Hungarian Forint being (HUF). When writing the currency, the symbol “Ft” follows the unit of currency. If the currency is shown with the abbreviation (HUF), it precedes the currency. For example, it is shown as: 10 Ft and HUF 10. There is no other currency with the same symbolization as the Hungarian Forint, so traders should have no problems differentiating the currency from others.
Since the Hungarian Forint is not the most popular and widely accepted currency out there, many online trading brokerages may not accept the currency for deposits. If this is the case, the Hungarian Forint can be easily exchanged for Euros. Most online brokerages servicing Hungarians will have a built-in exchange into their trading platform. Traders can simply deposit Hungarian Forints and they will be exchanged for Euros for a small fee that is charged by the exchange which is integrated into the platform. Alternatively, Hungarian traders can use other online exchanges to easily convert Hungarian Forints to which ever currency they please. Again, the exchange will charge a small fee for the conversion, but none the less, it can be done.
Depositing and withdrawing Hungarian Forints can be done via variety of methods. Although the most common ones are through credit and debit cards, and international e-wallets. Traders who are lucky enough to trade with a brokerage supporting Hungarian banks can deposit and withdraw funds through international and local money transfers. This can be the cheapest method, although fees do tend to vary, especially for international brokerages outside of Hungary and the European Union. All in all, banking with Hungarian Forints is generally easy as they are closely tied with the European Union and the Euro.
