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How much does it cost to use a cryptocurrency ATM in Hungary?

Author: LB 2020-08-26 805

For those who are less familiar with the cryptocurrency scene in Central Europe, I can tell that there are several countries where you can use cryptocurrency ATMs and the financial market is less regulated than in Asia or in the US. Today I decided to go and check out a Bitcoin ATM in the capital of Hungary and see how much they charge for buying cryptocurrencies. Let’s see the results.

Most of the ATMs are operated by CoinCash in Hungary and they have installed cryptocurrency machines from General Bytes at several locations in the capital city.

A few days ago, I visited Austria and the Czech Republic with the same purpose and I found that although the machines operate in a very similar way there are significant differences in the fee they deduct from these crypto transactions.

First of all I used Google Maps to locate the machines in Budapest. Here is what I found:

So there is a Bitcoin ATM on Széll Kálmán tér not too far from the tram station. You have to look for a burger shop if you come to this place, because the ATM’s abode is a restaurant. This is the burger shop:

Bitcoin ATM at Széll Kálmán tér

And the Bitcoin ATM looks like this:

The machine.

So today I wanted to purchase Bitcoins, but you can see that the machine supports Ethereum and Litecoin too. Speaking of the languages you can set the ATM to display text in German or English in addition to Hungarian.

The display

Now let’s choose “Purchase”:

The purchase button

And then you have to choose the range you want to buy Bitcoins for. This time it was less than 300.000 Hungarian forint.

Choosing the range

The next step was to register my phone number. This step is missing from the machines in Vienna and the Czech Republic.

Entering a phone number

You can see that this machine supports both Euro and Hungarian forint banknotes.

Choosing currency

This is how I inserted a 10.000 HUF banknote into the machine:

Inserting a banknote into the Bitcoin ATM

The machine should detect the banknote and you will be notified of the fixed fee the machine is charging for this transaction. This was 1500 HUF in this case or roughly 5 USD. This is not negligible and this made me travel to Austria and the Czech Republic.

The banknote was detected

The transaction was success and the machine displayed the following screen:

Successful transaction

The Bitcoin arrived in my digital wallet and I saw that it was 26.92 USD.

The Bitcoin arrived

If I exchange this amount of USD into HUF I see that it equals to 8060 HUF, which is almost 2000 HUF less than what I inserted.

Exchanging Bitcoin

This means that the transaction fee in this case was almost 20%. Well this machine is definitely not cheap.

You can support me using the following BTC address: 1D6qYk7mWQFE1K5tUgqimjiCLT66AHdyNX

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