The Ukrainian Hryvnia is the national currency of Ukraine and has been so since 1996. Before then, Ukraine used a currency called Karbovanets, which suffered from hyperinflation in the early 1990s due to the collapse of the USSR. This currency was set at a rate of 100,000 karbovantsiv = 1 hryvnia during the transition to the new Ukrainian Hryvnia. The Hryvnia is sometimes written as “hryvnya” or “grivna” due to its Russian language counterpart. The Ukrainian Hryvnia is not overly popular and widely used in the online trading community. Generally, if the trading broker is based in the Ukraine they will accept the Ukrainian Hryvnia as a viable currency, but brokerages outside of the country rarely accept this currency as it is not widely used outside of Ukraine.show more
The Ukrainian Hryvnia is represented by the symbol or sign, “₴”. However, this symbol is not available in the English text and therefore most international brokers and websites will use the symbols abbreviation, “hrn”. This symbol precedes the value of the currency when written, much like the US Dollar and many other currencies. Another way to represent the Ukrainian Hryvnia is by its ticker or code, (UAH). This code always follows the currency, much like most other currencies in the world. The Ukrainian Hryvnia has 9 common banknotes being; ₴1, ₴2, ₴5, ₴10, ₴20, ₴50, ₴100, ₴200, ₴500. As well, the Hryvnia is broken up into denominations of 100, each one being called kopiyka. Therefore, the Hryvnia has 4 commonly used coins being; 5, 10, 25, 50 kopiyok.
When the Ukrainian Hryvnia was first introduced, the rate of exchange was 1.76 UAH per 1 USD. However, since then the currency has devalued significantly and is now exchanged at a rate of 28 UAH per 1 USD. Since the exchange rate has devalued so much over the years and continues to fall, there are very few international online trading brokerages that accept the Ukrainian Hryvnia. Most trading brokers prefer to accept the Euro or will allow deposits of the Hryvnia, but only for it to be exchanged for Euros. Another way to exchange Hryvnia is to deposit the currency into an e-wallet with an exchange service built into it. Then you could use the e-wallet to transfer the exchanges funds to an online trading broker.
Online trading brokers who accept the Ukrainian Hryvnia offer traders a wide variety of banking options. Basically, all of the standard deposit and withdrawal methods apply to Ukrainian brokers. Debit cards and credit cards can be used, bank transfers, wire transfers, and e-wallets, are the most common. Trading brokers residing outside of the Ukraine, may only accept deposits and withdrawals via e-wallets in another currency. Upon depositing your Ukrainian Hryvnia funds into an online trading broker, be sure to check the available withdrawal methods. Often times the withdrawal methods differ from the deposit methods, and you may not even be aloud to withdraw Ukrainian Hryvnia, but only Euros or another currency.