A Comprehensive Guide to Bitcoin Exchange in Turkey
There are so many states around the world where people have developed a strong interest in the use of and investment in cryptocurrency. One country where the number of investors is increasing every single day is Turkey. The Turkish people tend to have an increasing appetite for cryptocurrency, and everyone is looking for that one reliable investment, which of course, is Bitcoin exchange in Turkey.
As the economy in Turkey continues to be in crisis, the only solution people have is to invest much of their savings in Bitcoin as well as other popular cryptocurrencies. Another good reason why Bitcoin exchange in Turkey is booming is due to the strict regulations on cash operations. Hence, Bitcoin exchange in Turkey is a good way to earn more income. Many investors have become financially stable by engaging in Bitcoin exchange in Turkey.
Do you want to learn more about the exchange of Bitcoin in this country or what regulations govern the Bitcoin trade? Well, in this article, you are going to learn this plus how and where to buy Bitcoin in Turkey, how to choose a reliable exchange, and the advantages of investing in Bitcoin. The only thing you need to do is to scroll down and get all the answers to your questions.
Best Platforms to Buy Bitcoin in Turkey
Sometimes, it can be tricky to find a safe and legal Bitcoin exchange in Turkey. This is the prime reason why you need to know some of the best platforms where you can purchase Bitcoin in this particular country. Luckily for you, we have compiled some.
- NakitCoins – This is one of the most reputable platforms that you can use to buy Bitcoin in Turkey. It is secure, private, and very easy to use. With NakitCoins, you can purchase or trade Bitcoins using another cryptocurrency as well.
- Crypto.com – If you have been in the crypto world for a while, you might have heard of Crypto.com. It is a popular exchange that usually supports more than 100 cryptos. This exchange offers security and is very fast and simple to use for Bitcoin exchange in Turkey.
- Kraken – This crypto exchange was founded in the year 2011 in San Francisco, USA. With Kraken, the user can exchange Bitcoin and other cryptocurrencies securely. It has an easy user interface, and the trader will not have any hurdles exchanging Bitcoin.
- CoinSmart – This year, CoinSmart has proven to be among the best crypto exchange platforms in Turkey. The main reason why you have probably not heard of them is that they usually spend more money improving the trading experience rather than on marketing. Their customer support is very good, and the platform is also safe for use. Moreover, the trading fees are very affordable.
- LocalBitcoins – With this platform, the user exchanges their Bitcoin with individual traders rather than the whole market. It is a user-friendly platform mainly because you are exchanging Bitcoin directly with other traders. Furthermore, you only pay a small fee to make transactions.
How to Buy Bitcoin in Turkey?
You need to understand how you can buy Bitcoin in Turkey. The process is pretty simple.
- Find a reputable Bitcoin wallet – Before anything else, you must find a Bitcoin wallet that you can rely on. First, you need to understand that Bitcoin wallets will only be used for the storage of your private keys and not to literally hold coins. There are many wallets that you can opt to use like hardware wallets, web wallets, and the like. Some exchanges offer or recommend wallets.
- Select a Bitcoin exchange – As Bitcoin exchange in Turkey continues to increase in popularity, various crypto exchanges that you can use to trade your Bitcoin have proven to be more reliable than others. Therefore, the second step when buying Bitcoin is choosing a reliable Bitcoin exchange. You can always rely on the ones listed above.
- Purchase Bitcoin – After you choose a platform, now you can go ahead and buy Bitcoin at your convenience. If you are a first-timer, it is advisable to get a Bitcoin broker to help you through the process. You can also ask a knowledgeable friend, watch tutorials, or read instructions provided by exchanges.
How to Choose a Good Bitcoin Exchange ?
Before choosing an exchange, you need to have the following factors in mind.
- Safety – Is the Bitcoin exchange that you have chosen secure? Does it have 2-factor authentication? Make sure you check these considerations before using a platform.
- Client support – It is essential for a Bitcoin exchange in Turkey or any other country to have a customer support team. In case a customer has any difficulties with the transactions, they can take care of all of the issues.
- Fee – Always check what fee an exchange will charge for Bitcoin exchange in Turkey. If it is affordable, then it is worth considering.
- Reputation – Make sure you check other customer reviews and see what they say about the platform. It will help you understand what experiences you might have when using the platform.
- Support for various currencies – Bitcoin is a popular digital currency. But if you need to trade it for other cryptos, then check if the platform you are choosing supports the use of other currencies.
Does Bitcoin Exchange in Turkey Involve Any Regulations?
As Bitcoin exchange in Turkey becomes more popular, the rules governing this become stricter. The Turkish government has worked tirelessly to put the whole exchange industry under its oversight. These are some of the applicable rules.
- The ban on crypto payments – Following a short while of using crypto for making payments in Turkey, the Central Bank of Turkey banned using crypto to pay for goods or services. The only things that are now legal are investments and crypto trading.
- Taxes – After crypto payments were banned, the next regulation the government implemented was the taxation of all crypto transactions as well as assets. Therefore, all crypto exchanges are AML-covered firms.
- Rules fallout – Even though Bitcoin cannot be used for payment, it is still a very valuable commodity that is likely to appreciate. Investors in Turkey and elsewhere can protect themselves from inflation by purchasing Bitcoin with fiat currency.
Is There Anything You Need to Know Before Purchasing Bitcoin in Turkey?
Yes, there are some facts you need to have in mind before you decide to make a Bitcoin exchange in Turkey. One important fact is that Bitcoin is volatile. This simply means that its price can fall or rise at any time. You cannot predict how high or low the Bitcoin investment will go.
Also, once a Bitcoin transaction is made, you cannot cancel it. Therefore, make certain that the address receiving the payment is the right one before you send it. This will ensure that you do not make any incorrect transactions and end up losing your Bitcoins.
Before you make a Bitcoin exchange in Turkey, comprehend the fact that BTC transactions are not private. People tend to believe that any transactions with Bitcoin in Turkey are anonymous while they actually are not. All your information including your public Bitcoin address, transaction info, and more can be seen by other users. If you want to conduct an anonymous transaction, coins that focus on privacy like Monero are readily available.
Benefits of Bitcoin Exchange in Turkey
There are a lot of advantages that come with investing and trading Bitcoin in Turkey. Take a look at some of them below.
- Quick transactions – If for instance, you are transacting with fiat money, it may take a long time to complete a transaction. On the other hand, Bitcoin transactions are almost instant. Remember that you are not using an intermediary, and this only means fewer hurdles and no waiting.
- The transaction fee is affordable – The good thing about investing in Bitcoin is that the fee involved in making the withdrawals or any trade is very low and affordable to anyone.
- Bitcoin exchange in Turkey is decentralized – Bitcoin is decentralized just like other crypto. This simply means that the government or any other body cannot interfere with its operation.
- The value of Bitcoin is high – Fiat currency can gradually or suddenly depreciate at any time. However, with Bitcoin, things are positively different. Over time, the price of Bitcoin has risen despite occasional downswings.
- Security – People sometimes fear investing in crypto because of concerns about online security. This does not apply to Bitcoin because a record of all transactions is made through a distributed ledger. This means that if anyone attempts to make any illegitimate change, the Bitcoin community will not confirm it to the blockchain.
Trust us, with the above information, you can start your Bitcoin exchange in Turkey without a hassle. You understand the best BTC platforms to use, how to choose them, how to make a BTC purchase, the laws concerning Bitcoin exchange in Turkey, and the benefits of this. The above article will always be available for you to double-check. Good luck.