How to Buy Cryptocurrency in Turkmenistan

Buying cryptocurrency in Turkmenistan

Buying cryptocurrency in TurkmenistanThe country of Turkmenistan, located in Central Asian, seems to have a significant lack of information regarding cryptocurrencies. When we google cryptocurrencies in Turkmenistan or use of Bitcoin in Turkmenistan, not a lot of concrete information regarding their legal status or regulation shows up in the results. Not even a statement regarding the stance of the country’s central bank could be found. The only available information relevant to this topic can be found in a response to a thread on a Russian mining forum. The opening poster wanted to know if it was possible to buy crypto in the country. The answer was that even the-over-counter or OTC markets barely exist in the region. Apparently, virtual currencies like Bitcoin can only be purchased using U.S. dollars. This proves to be quite problematic, as the government has been actively trying to restrict access to foreign currencies for citizens and local companies.
As of 20/03/2021

Exchanges Info

These exchanges all accept customers from Turkmenistan. 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

Bitfinex

Operating since 2012, Bitfinex has a huge range of coins and trading pairs, a good user interface and low trading fees.

Pros
  • Very low trading fees
  • Large range of coins and trading pairs
  • High liquidity
Cons
  • Slow account verification
  • Two major hacks
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Kucoin

Founded in 2017, KuCoin has already managed to establish itself as “The People’s Exchange.” With 200+ cryptocurrencies and more than 400 markets, it has become one of the hubs for cryptocurrency trading.

Pros
  • Vast selection of altcoins
  • Ability to stake & earn crypto yields
  • Robust security features
  • No forced KYC checks
Cons
  • No fiat currency deposits
  • Trading volume is low

Changelly

Changelly allows you to trade cryptocurrency without registration or verifying the identity through KYC. Being a non-custodial exchange, Changelly doesn’t require you to keep any deposits. The platform also works as a fiat-to-crypto gateway.

Pros
  • Non-custodial exchange
  • Great way to switch altcoins
  • Doesn’t require extensive KYC
  • 2FA security and high exchange limit
Cons
  • A high transaction fee of 0.5%
  • Unclear owners
  • Sometimes their service is quite slow
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Kraken

Kraken has a good reputation for security and protection of your funds and operates across the USA (except NY), Canada, the EU and Japan

Pros
  • It can be used to trade against fiat options
  • Robust security measures
  • Free SEPA deposits in Europe
Cons
  • Not a very beginner-friendly interface.
  • No card deposit options
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