How to Buy Cryptocurrency in Turkey
Buying cryptocurrency in Turkey
Naci Agbal, the Central Bank’s chief, announced the bank’s intentions of adopting a central bank digital currency (CBDC) in 2020. He added that Turkey will begin pilot testing in 2021. This isn’t surprising news, having in mind that Turkey has been considering the adoption of a national cryptocurrency and researching its possibilities since 2019. The development of a CBDC comes as a result of the central bank’s struggle with high inflation and rise in consumer prices. Concerns regarding cash payments and measures like social distancing during the pandemic only seem to promote the transition towards virtual currencies, giving momentum for the CBDC adoption. What’s more, Turkey’s population is very interested in cryptocurrencies. 20% of the population have, at some point in their lives, owned some form of cryptocurrency. Almost half of Turkey’s population intend to use cryptocurrencies should paper money decline over time, which is very likely considering the circumstances.
As of 20/03/2021
These exchanges all accept customers from Turkey. While they broadly offer the same services and you can buy cryptocurrency at all of them, there can be differences in transaction fees, security, verification requirements, deposit methods and features, as shown below
Based in Singapore and registered in the British Virgin Islands, Bybit is a P2P cryptocurrency exchange offering perpetual futures products with 100:1 leverage. Bybit can process 100k transaction per second which is a great feature for leveraged trading.
- Advanced and secure technology
- Anonymous accounts
- Attractive trading bonuses
- Very low fees
- Limited asset coverage
- No option instruments
Kraken has a good reputation for security and protection of your funds and operates across the USA (except NY), Canada, the EU and Japan
- It can be used to trade against fiat options
- Robust security measures
- Free SEPA deposits in Europe
- Not a very beginner-friendly interface.
- No card deposit options