| Updated: September 3, 2024Forex 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.
Fusion Markets74-89% of retail CFD accounts lose money
IC Markets70.64% of retail investor accounts lose money
Global Prime74-89% of retail CFD accounts lose money
easyMarkets71% of retail investor accounts lose money
Spreadex64% of retail investors lose money
AxiThe vast majority of retail client accounts lose money
Saxo Bank65% of retail investor accounts lose money
IG70% of retail client accounts lose money
Swissquote61% of retail investor accounts lose money
Iron FX67.62% of retail investor accounts lose moneyHungarian Forex Brokers Ranked by Trustpilot Score
| Forex Broker | Trustpilot Reviews | |
|---|---|---|
| 1. Fusion Markets | 1,662 | 4.9 ⭐ |
| 2. IC Markets | 37,770 | 4.6 ⭐ |
| 3. easyMarkets | 1,648 | 4.4 ⭐ |
| 4. Spreadex | 93 | 4.4 ⭐ |
| 5. Global Prime | 142 | 4.4 ⭐ |
| 6. Axi | 1,717 | 4.0 ⭐ |
| 7. Saxo Bank | 5596 | 3.7 ⭐ |
| 8. IG | 6,964 | 3.6 ⭐ |
| 9. Swissquote | 2445 | 3.5 ⭐ |
| 10. Iron FX | 0 | N/A ⭐ |
Hungarian Forex Brokers Ranked by Spread Commission
| Forex Broker | EURUSD | USDJPY | EURGBP | GBPUSD |
|---|---|---|---|---|
| 1. Fusion Markets | 0.07 | 0.13 | 0.23 | 1.01 |
| 2. Global Prime | 0.13 | 0.28 | 0.28 | 1.11 |
| 3. IG | 0.85 | 0.9 | 0.9 | 1.40 |
| 4. Spreadex | 0.6 | 9 | 0.9 | 0.8 |
| 5. Iron FX | 0.7 | 0.4 | 0.9 | 0.8 |
| 6. easyMarkets | 0.7 | 1.0 | 1.0 | 0.9 |
| 7. IC Markets | 0.8 | 0.8 |
| 0.8 |
| 8. Saxo Bank | 0.9 | 1.2 | 0.8 | 1 |
| 9. Axi | 1.2 | 1.4 | 1.1 | 1.2 |
| 10. Swissquote | 1.0 | 0.6 | 1.2 | 1.0 |
Hungarian Forex Brokers Ranked by Commission per Lot
| Forex Broker | Commission per lot |
|---|---|
| 1. Saxo Bank | $3 per lot |
| 2. easyMarkets | $0 |
| 3. IG | $0 |
| 4. Spreadex | $0 |
| 5. Iron FX | $0 |
| 6. Fusion Markets | $0 Classic Account, $4.50 round turn on Zero Account |
| 7. Global Prime | $0 Standard Accounts; $7 round turn on Raw Accounts |
| 8. Axi | $0 on Standard Account; $7 round trip on Pro Account |
| 9. IC Markets | $0 Standard MT; $6 round turn on Raw cTrader; $7 round turn on Raw MT |
| 10. Swissquote |
|
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
Fusion Markets Broker Details Supports Hungarian No Hungarian Currency (HUF) Yes Regulators ASIC, FSA (Seychelles), VFSC (Vanuatu) Min Deposit $0 Trading Platforms MetaTrader4, MetaTrader5, cTrader, DupliTrade, Fusion+ Copy Trade Trustpilot Rating 4.9 out of 1,662 reviews Number of Forex Pairs to Trade 90+ Leverage Forex & Metals: 1:30
Index CFDs: 1:5
Cryptocurrencies: 1:2 (ASIC), 1:10 (FSA, VFSC)Spread EURUSD: 0.07
USDJPY: 0.13
EURGBP: 0.23
GBPUSD: 1.01Forex Commission per Lot per Trade $0 Classic Account, $4.50 round turn on Zero Account Deposit Methods Visa, Mastercard, PayPal, Skrill, Neteller, Fasapay, Jeton Wallet, Perfect Money, Online Naira, Doku, Bitcoin, Ethereum, Litecoin, USDT, Tether, Ripple, bank wire Withdrawal Methods Visa, Mastercard, Bank Wire, Skrill, Neteller,Bitcoin, Ethereum, Litecoin, Tether, Ripple 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
Global Prime Broker Details Supports Hungarian No Hungarian Currency (HUF) No Regulators ASIC (No. 385620), VFSC (No. 40256) Min Deposit $0 Trading Platforms MT4 Desktop, MT4 Webtrader, MT4 Android Trustpilot Rating 4.4 out of 142 reviews Number of Forex Pairs to Trade 56 Leverage Forex & Metals: 1:500
Index CFDs: 1:100
Cryptocurrencies: Up to 1:2 (Retail); Up to 1:5 (Pro and VFSC)Spread EURUSD: 0.13
USDJPY: 0.28
EURGBP: 0.28
GBPUSD: 1.11Forex Commission per Lot per Trade $0 Standard Accounts; $7 round turn on Raw Accounts Deposit Methods Visa, Mastercard, PayPal, Skrill, Neteller, Gate8, Dragonpay, Fasapay, VNPay, Pagsmile, BPay, POLi, AstroPay, Bank Transfer, Interac, Perfect Money, PayID, Jeton, MiFinity, XPay, Crypto Withdrawal Methods Mastercard, Visa, Local Bank Transfer, Bank Wire Transfer, Skrill, Neteller, AstroPay, PayPal, Dragonpay, Perfect Money, Jeton, Interac, Cryptocurrencies
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
Saxo Bank Broker Details Supports Hungarian No Hungarian Currency (HUF) No Regulators FCA (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$200,000 + Platinum $1,000,000 + VIP Trading Platforms SaxoTraderGO, SaxoTraderPRO, TradingView Trustpilot Rating 3.7 out of 5596 reviews Number of Forex Pairs to Trade 185+ Leverage Forex & Metals: 1:30
Index CFDs: 1:20
Cryptocurrencies: 1:2Spread EURUSD: 0.9
USDJPY: 1.2
EURGBP: 0.8
GBPUSD: 1Forex Commission per Lot per Trade $3 per lot Deposit Methods Visa, Visa Electron, Mastercard, Maestro, Bank Transfer, Quick Payment Withdrawal Methods Bank Transfer 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
easyMarkets Broker Details Supports Hungarian No Hungarian Currency (HUF) No Regulators CySEC (license no. 079/07), ASIC (license no. 246566), FSA (license no. SD056), and FSC (license no. SIBA/L/20/1135). Min Deposit $100 Trading Platforms easyMarkets, MetaTrader 4, MetaTrader 5, TradingView Trustpilot Rating 4.4 out of 1,648 reviews Number of Forex Pairs to Trade 60+ Leverage Forex & Metals: 1:30
Index CFDs: 1:20
Cryptocurrencies: 1:2Spread EURUSD: 0.7
USDJPY: 1.0
EURGBP: 1.0
GBPUSD: 0.9Forex Commission per Lot per Trade $0 Deposit Methods Visa, Mastercard, JCB, Amex, Skrill, Neteller, Fasapay, Sofort, iDEAL, Web Money, BPay, Bank Transfer Withdrawal Methods Visa, Mastercard, JCB, Amex, Skrill, Neteller, Fasapay, Sofort, iDEAL, Web Money, BPay, Bank Transfer 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
IG Broker Details Supports Hungarian No Hungarian Currency (HUF) No Regulators ASIC, FCA, DFSA, CFTC, FMA, FINMA, BaFin, MAS, JFSA, FSCA, BMA (Bermuda) Min Deposit $50 Trading Platforms MT4, L2 Dealer, ProRealTime, IG proprietary software Trustpilot Rating 3.6 out of 6,964 reviews Number of Forex Pairs to Trade 80+ Leverage Forex & Metals: 1:30
Index CFDs: 1:20
Cryptocurrencies: 1:2Spread EURUSD: 0.85
USDJPY: 0.9
EURGBP: 0.9
GBPUSD: 1.40Forex Commission per Lot per Trade $0 Deposit Methods Visa, Mastercard, Bank Transfer, Wire Transfer, Visa Electron, Discover, PayPal Withdrawal Methods Visa, Visa Electron, Mastercard, Discover, Bank Transfer 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
Axi Broker Details Supports Hungarian No Hungarian Currency (HUF) No Regulators ASIC, FCA, CySEC, DFSA, FSA (Saint Vincent and the Grenadines) Min Deposit $0 Trading Platforms MT4 Desktop, MT4 WebTrader, Axi Mobile Trustpilot Rating 4.0 out of 1,717 reviews Number of Forex Pairs to Trade 80 Leverage Forex & Metals: 1:30
Index CFDs: 1:20
Cryptocurrencies: 1:2Spread EURUSD: 1.2
USDJPY: 1.4
EURGBP: 1.1
GBPUSD: 1.2Forex Commission per Lot per Trade $0 on Standard Account; $7 round trip on Pro Account Deposit Methods Visa, Mastercard, Bank Transfer, Neteller, Skrill, AstroPay, Fasapay, Przelewy24, Boleto, Pix, Bitcoin, Ethereum, Ripple, Litecoin, Tether, Stellar Withdrawal Methods Mastercard, Visa, Bank Transfer, Przelewy24, Fasapay, Skrill, AstroPay, Pix, Boleto, Neteller, Bitcoin, Ripple, Ethereum, Litecoin, Tether, Stellar 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
Spreadex Broker Details Supports Hungarian No Hungarian Currency (HUF) No Regulators FCA (No. 190941) Min Deposit $0 Trading Platforms TradingView, proprietary software Trustpilot Rating 4.4 out of 93 reviews Number of Forex Pairs to Trade 60+ Leverage Forex & Metals: 1:30
Index CFDs: 1:20
Cryptocurrencies: 1:2Spread EURUSD: 0.6
USDJPY: 9
EURGBP: 0.9
GBPUSD: 0.8Forex Commission per Lot per Trade $0 Deposit Methods Mastercard, Visa, Maestro, Direct Debit, Check, Bank Transfer Withdrawal Methods Visa, Maestro, Mastercard, Bank Transfer, Check 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
IC Markets Broker Details Supports Hungarian No Hungarian Currency (HUF) No Regulators FSA (Seychelles), CySEC, ASIC Min Deposit $200 Trading Platforms MetaTrader4, MetaTrader5, cTrader, ZuluTrade Trustpilot Rating 4.6 out of 37,770 reviews Number of Forex Pairs to Trade 61 Leverage Forex & Metals: 1:30
Index CFDs: 1:20
Cryptocurrencies: Up to 1:2 (Retail); Up to 1:5 (Pro)Spread EURUSD: 0.8
USDJPY: 0.8
EURGBP:- 0.00 (Raw)
- 1.00 (Standard)
GBPUSD: 0.8Forex Commission per Lot per Trade $0 Standard MT; $6 round turn on Raw cTrader; $7 round turn on Raw MT Deposit Methods Bank transfer, Visa, Mastercard, PayPal, Skrill, Neteller, Visa Direct, SafeCharge, Transact365, eCommPay, CardPay, Bpay, FasaPay, Poli, RapidPay, Klarna Withdrawal Methods Bank transfer, Visa, Mastercard, PayPal, Skrill, Neteller, Visa Direct, SafeCharge, Transact365, eCommPay, FasaPay, Poli, RapidPay, Klarna 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
Swissquote Broker Details Supports Hungarian No Hungarian Currency (HUF) Yes Regulators FCA, MFSA, FINMA, DFSA, MAS, CySEC Min Deposit $1,000 Trading Platforms CFXD, MetaTrader 4, MetaTrader5 Trustpilot Rating 3.5 out of 2445 reviews Number of Forex Pairs to Trade 80+ Leverage Forex & Metals: 1:30
Index CFDs: 1:20
Cryptocurrencies: 1:2Spread EURUSD: 1.0
USDJPY: 0.6
EURGBP: 1.2
GBPUSD: 1.0Forex Commission per Lot per Trade - $/€0 on Premium and Prime Accounts;
- $/€2.5 per side per lot for Elite Accounts
Deposit Methods Visa, Mastercard, Bank Transfer, Online Banking Withdrawal Methods Visa, Mastercard, Bank Transfer, Online Banking 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
Iron FX Broker Details Supports Hungarian No Hungarian Currency (HUF) Yes Regulators FCA (licensing no. 585561), FSCA (licensing no. 45276) Min Deposit $100 Trading Platforms MetaTrader 4, WebTrader, VPS, PMAM, TradeCopier, Mobile App Trustpilot Rating N/A out of N/A reviews Number of Forex Pairs to Trade 80+ Leverage Forex & Metals: 1:30
Index CFDs: 1:20
Cryptocurrencies: 1:2Spread EURUSD: 0.7
USDJPY: 0.4
EURGBP: 0.9
GBPUSD: 0.8Forex Commission per Lot per Trade $0 Deposit Methods Visa, MAstercard, Bank Wire, Skrill, Neteller, China Union Pay, Fasapay, Perfect Money, Bitwallet, Paysafecard Withdrawal Methods Bank Wire 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/ for further information on forex trading regulations in Hungary.
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. The MNB keeps a register of all market participants authorized to provide their services in Hungary. Residents can search broking companies by brand name, identifier number, registration number, or ISIN code. 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 1:30 when it comes to major foreign exchange pairs. In contrast, minor pairs’ leverage is capped at 1:20. 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 1:100 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 1:50 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.
Hungarian forex traders will find more extensive information on their local regulatory framework in the external links provided in this section. The links lead to additional details on the watchdogs governing the provision of forex services in Hungary, the local licensee database, and how to lodge complaints for unethical practices on your broker’s side.
- MNB (Hungarian National Bank) maintains the stability of the local financial markets and ensures fair practices on behalf of all market participants through close supervision of their operations.
- MNB’s register provides comprehensive information on all locally licensed brokers complying with Act CXXXIX of 2013. Companies targeting Hungarians without proper authorization are also listed there, along with their domains. Traders can search brokers by name or registration number (in the case of licensed entities).
- The MNB frequently issues warnings against forex brokers and other market participants targeting the Hungarian market without due authorization. The database includes domestic warnings as well as notices issued by foreign regulatory authorities based in the EEA and the EU.
- CySEC’s register provides details on brokers offering their services in EU and EEA member states, including Hungary. Such companies can legally accept Hungarians through a passporting system without obtaining express authorization from the MNB.
- Submit your complaints to the MNB if experiencing issues with a broker or another financial service provider. Keep in mind that the Central Bank handles complaints only if consumers have first addressed their issues with the financial firms and no resolution has been reached.