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
Operating since 2012, Bitfinex has a huge range of coins and trading pairs, a good user interface and low trading fees.
- Very low trading fees
- Large range of coins and trading pairs
- High liquidity
- Slow account verification
- Two major hacks
OKEx is the second-largest cryptocurrency exchange in the world by volume. It posts over $2 billion in trades daily and has over 400 trading pairs.
- Good range of coins
- DEX trading
- No hacking history
- Not available in US
- KYC required
Founded in 2017, KuCoin has already managed to establish itself as â€śThe Peopleâ€™s Exchange.â€ť With 200+ cryptocurrencies and more than 400 markets, it has become one of the hubs for cryptocurrency trading.
- Vast selection of altcoins
- Ability to stake & earn crypto yields
- Robust security features
- No forced KYC checks
- No fiat currency deposits
- Trading volume is low
Changelly allows you to trade cryptocurrency without registration or verifying the identity through KYC. Being a non-custodial exchange, Changelly doesnâ€™t require you to keep any deposits. The platform also works as a fiat-to-crypto gateway.
- Non-custodial exchange
- Great way to switch altcoins
- Doesnâ€™t require extensive KYC
- 2FA security and high exchange limit
- A high transaction fee of 0.5%
- Unclear owners
- Sometimes their service is quite slow
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