Turkey or Türkiye is fast emerging as one of the hottest crypto destinations. As per the Crypto Currency Research Report, there were over 5 million crypto holders in Turkey in 2020.
This number has only grown then and according to cryptocurrency exchange Paribu, at least 8 million people were engaged with cryptocurrency in Turkey in 2022.
Rising inflation and a volatile and rapidly falling Turkish lira(TRY) are the major reasons for crypto adoption by the people in Turkey. Investing in cryptocurrency has helped them offset the problems of inflation and decreasing purchasing power.
Cryptocurrency also makes cross-border money transfers easy and helps startups to get access to global funding.
Cryptocurrency and by extension cryptocurrency exchanges are, therefore, thriving in Turkey. There are a lot of crypto exchanges in Turkey and it can be overwhelming to go through all of them to find the right one.
Therefore, we have compiled this list of the best crypto exchanges in Turkey so that you can learn about the various crypto exchanges in the country and the services offered by them.
Top 7 Cryptocurrency Exchanges in Turkey
Paribu
Paribu is a Turkish cryptocurrency exchange launched in 2017. It is one of the largest cryptocurrency exchanges in Turkey and offers 100+ cryptocurrencies to users for trading. It supports TRY and you can easily buy/sell crypto with just a click of a button.
Paribu is a KYC-compliant exchange and therefore, you need to verify your identity before you can start trading on the platform. You can deposit both TRY and cryptocurrency to fund your Paribu account.
It uses the maker-taker system for determining trading fees. The fees charged are higher on low-volume trades and vice versa. The highest maker-taker rate on Paribu is 0.25% maker fee and 0.35% taker fee.
Features
✔️Home-grown exchange
✔️100+ cryptocurrencies available
✔️Uses maker-taker model for trading fees
✔️2-factor authentication, phone pin for security
Pros and Cons
✅Decent crypto selection ❌Margin trading not supported
✅Supports TRY
✅Mobile app available
✅Mandatory KYC verification
Trading Fees
Paribu exchange trading fees
Customer Reviews
Paribu is a popular crypto exchange in Turkey
Paribu’s customer support may not be the best
Why We Picked It
Paribu is a native Turkish exchange that caters specifically to the Turkish market. You can buy a variety of crypto here using TRY in just one step. The fees here are competitive, especially for high-volume trades. It also has a mobile app for both Android and iOS devices that can be used to trade crypto from anywhere.
Coinbase
Coinbase is one of the largest cryptocurrency exchanges in the world and also offers its services in Turkey. It is a straightforward exchange suitable for people who are still new to crypto trading. You can also install the Coinbase mobile app which is very easy to use and has all the features and functionalities of the web version.
Coinbase has a native crypto wallet in which you can store your cryptocurrency. Since it is a non-custodial wallet, you remain in control of your private keys. Your assets are held on a 1:1 basis and most of the user assets are kept in cold storage for security.
For additional security, you can keep your crypto assets in the Coinbase Vault which has a time-delayed withdrawal feature.
Coinbase also acts as a gateway to Web3 and you can also explore NFT collections here. You can get a customized Web3 profile on Coinbase and can also check out the profiles of other users. Plus, you get to access popular DApps such as OpenSea and Aave on Coinbase Web3.
Features
✔️Second largest cryptocurrency exchange in the world
✔️Over 250 cryptocurrencies available for trading
✔️Listed on NASDAQ
✔️Coinbase Vault with time-delayed withdrawals
Pros and Cons
✅Simple UI ❌Trading on basic version is expensive
✅Native Coinbase wallet ❌High staking commission
✅Great learning resources
✅Assets are held 1:1
Trading Fees
Coinbase cryptocurrency exchange fees
Customer Reviews
Coinbase is a secure exchange for crypto trading
Network fees can make trades costly on Coinbase
Why We Picked It
Coinbase, with its simple and minimalist user interface, is one of the best options for beginner traders. You can very conveniently buy or sell crypto here with a single click. Adequate security measures are taken on this platform and Coinbase Pro offers users access to sophisticated analytical tools.
Kraken
Another major cryptocurrency exchange operating in Turkey is Kraken. It is a highly-liquid exchange with 200+ cryptocurrencies available for buying, selling and trading. In addition, Kraken lets you set target prices at which your trades are automatically executed. You can also enable recurring buys here to build up your long-term portfolio.
You can use both fiat and crypto to fund your Kraken account. It is very easy to buy cryptocurrency here with a debit or credit card and bank transfers in certain places. Margin traders can get up to 5x leverage on Kraken. Crypto futures too can get returns with up to 50x leverage.
Kraken has ISO 27001 certification and it also conducts Proof-of-Reserve audits periodically the results of which can be viewed on the exchange’s website. It uses advanced cold storage for user funds and runs a bug bounty program where people are rewarded for reporting security vulnerabilities.
Features
✔️More than 200 cryptocurrencies for trading
✔️Has Basic and Pro versions
✔️Enables futures, spot and margin trades
✔️Conducts Proof-of-Reserve audits
Pros and Cons
✅Awesome crypto selection ❌Fees are higher on Kraken Instant Buy
✅Kraken Pro is less costly ❌Reports of accounts being hacked
✅Automated recurring buys
✅Personalized OTC services
Trading Fees
Fees for Kraken Instant Buy
Fees for Kraken Pro
Customer Reviews
Withdrawing funds is easy on Kraken
ID verification can take time on Kraken
Why We Picked It
Several crypto trading types are supported on Kraken and you can also set up automated recurring buys here. In addition to that, you can invest in crypto indices, check out OTC services and stake your assets to earn interest on Kraken. It runs a bug bounty program to encourage people to find and report potential security vulnerabilities on the platform.
Crypto.com
Singapore-based Crypto.com is a famous cryptocurrency exchange. It is particularly known for its focus on mobile app-based trading. You can use over 20 fiat currencies to buy and trade in more than 250 cryptocurrencies on the Crypto.com app. It also charges minimal fees for debit and credit card transactions and bank transfers.
Crypto.com helps you stay on top of the game with price movement alerts for your desired cryptocurrencies. Staking cryptocurrencies including stablecoins on Crypto.com can get you some good returns. Private members can even get an extra 2% p.a. rewards denominated in CRO.
You can get discounts on trading fees by locking up CRO on Crypto.com. The exchange is ISO 27001-certified and keeps user assets on a 1:1 basis. Crypto.com’s Proof-of-Reserves reports can be publicly viewed and verified by anyone on its website.
Features
✔️Focuses on trading from mobile app
✔️250+ cryptocurrencies available for trading
✔️Crypto loans are available
✔️Native token is known as Cronos(CRO)
Pros and Cons
✅Great crypto collection ❌Educational resources not good
✅Reasonable trading fees ❌Not a beginner-friendly platform
✅Assets held on 1:1 basis
✅Asset staking opportunities
Trading Fees
Fees for Crypto.com exchange
Customer Reviews
The Crypto.com app is full of different trading features
Crypto.com’s customer service is not very good
Why We Picked It
You can trade cryptocurrencies anytime anywhere with Crypto.com. You should have no problem using the app if you have ever used stock trading apps. The fees on Crypto.com are not very high and you can also lock up the CRO token to get discounts on trading fees.
Bybit
Bybit is a good cryptocurrency exchange suitable particularly for traders who want something more than regular crypto trading on a platform. For regular traders, Bybit offers spot and margin trading. Along with that, derivatives trading is also supported here. Crypto-to-crypto conversions are free on Bybit and have zero slippage.
Trading bots enable you to automate your trades and the Bybit Launchpad gives you early access to new tokens. You can also receive personalized recommendations for investment tools based on an AI-based technical analysis of your profile. There is an NFT marketplace too for you to explore and a Bybit wallet where you can store your crypto and NFTs.
Bybit uses data encryption technologies, trusted execution environment(TEE) and threshold signature schemes(TSS) to maintain platform security.
Features
✔️Platform for derivatives trading
✔️280+ spot trading pairs available
✔️Biggest USDC Options marketplace
✔️Employs encryption technologies, TEE and TSS for security
Pros and Cons
✅User-friendly platform ❌Not very good for spot trading
✅Low trading fees ❌Trade statistics are unverified
✅Multiple order types supported
✅Demo trading feature
Trading Fees
Trading fees levels for Bybit cryptocurrency exchange
Customer Reviews
Bybit has an excellent user interface
Users allege price manipulation on Bybit
Why We Picked It
Bybit is a great platform for derivatives trading but also supports other popular trading types. Both the website and mobile app have excellent UI and work very well. Further, Bybit is known for its fast transaction settlement speeds. The exchange also implements all relevant security measures such as data encryption.
OKX
The OKX cryptocurrency exchange has plenty on offer for different types of crypto traders. Beginners can directly buy cryptocurrency with fiat money and indulge in spot trading. For traders with a little more experience, OKX offers margin, options and futures trading.
Further, crypto-to-crypto conversions are very easy and free on OKX with zero slippage. You can also check out the copy trading feature if you want to trade like a pro. There are also trading bots available on OKX that can automatically execute trades on your behalf.
On OKX, you can invest in many types of simple and structured products which will help you in growing your crypto assets. Cryptocurrency loans are also available here and you can get access to new and interesting crypto projects with the Jumpstart Mining initiative.
Features
✔️400+ cryptocurrencies available for trading
✔️OKX Chain is the native blockchain
✔️Multiple networks supported by OKX wallet
✔️Spot, margin and options trading available
Pros and Cons
✅Low trading fees ❌Customer support is not good
✅Several payment options ❌Fee structure is complicated
available
✅Great educational resources
✅Crypto loans available
Trading Fees
OKX cryptocurrency exchange fees
Customer Reviews
OKX is a crypto exchange that is easy to navigate
OKX’s customer service is bad
Why We Picked It
You can conduct any type of trade on OKX and are charged very low fees for the same. You get opportunities to grow your crypto holdings on OKX with its variety of flexible and bonded products. Crypto lending is also supported here and you get to check out new projects with the Jumpstart Mining initiative.
KuCoin
While KuCoin is mainly known for its massive crypto collection, it has much more to offer to users. The regular spot and margin trading options are available on KuCoin at very low fees. Along with that, it also supports derivatives trading as well as cryptocurrency lending.
With KuCoin Earn, you get some good opportunities to invest in various types of products and increase the value of your crypto holdings. You can also buy, sell, swap or simply explore several NFT collections in KuCoin’s NFT marketplace. Plus, you can get up to 20% commission if you invite your friends to the platform.
Further, asset security on KuCoin is ensured with multisig technology. It also encrypts data during transit, storage and while the data is being used. Accounts are also monitored for suspicious activity and instant alerts are sent out to users in case such activity is detected.
Features
✔️Over 700 available cryptocurrencies
✔️Exchange supports many languages
✔️KuCoin token(KCS) is the native coin
✔️Employs encryption technology for security
Pros and Cons
✅Huge coin collection ❌Fees calculation is difficult
✅Fees are towards the lower end ❌No proper vetting of coins
✅Runs a referral program
✅NFT marketplace available
Trading Fees
KuCoin cryptocurrency exchange fee levels
Customer Reviews
There are lots of cryptocurrencies to explore on KuCoin
KuCoin’s customer service needs improvements
Why We Picked It
KuCoin is a great platform if you have the ability to sift through hundreds of cryptocurrencies to find something worthwhile. Not just that, you can use KuCoin Earn to earn interest and grow your crypto holdings. KuCoin also has an NFT marketplace with interesting collections.
Top 3 Decentralized Exchanges in Turkey
UniSwap
Decentralized exchanges like UniSwap are generally the choice of traders whose top priority is privacy. While centralized exchanges like Coinbase have mandatory KYC requirements, this is not the case with decentralized platforms like UniSwap. These platforms give users the freedom to trade crypto as they want.
UniSwap also lets users trade as they want without asking for any sort of identifying information. If you have a crypto wallet, you are good to go. There are no middlemen here but a bunch of smart contracts that detail how liquidity pools are to be created and liquidity is to be provided.
You can instantly swap a ton of ERC-20 tokens on UniSwap at fees that are proportional to the nature of the pair being swapped. A part of the collected fees is given as compensation to liquidity providers.
Features
✔️Built on the Ethereum blockchain
✔️Uses the AMM system
✔️UNI is the native token
✔️Smart contracts are open-source
Pros and Cons
✅Access to many ERC-20 tokens ❌Coins are not vetted
✅NFTs available for buying and ❌Issue of high Ethereum gas fees
selling
✅Buy crypto with bank account
✅Governed by the community
Trading Fees
Pool fees tiers for UniSwap exchange
Customer Reviews
UniSwap exchange comes with a minimalistic UI
High gas fees are a major issue on UniSwap
Why We Picked It
One of the main advantages of UniSwap is that you can immediately start trading cryptocurrency by connecting a crypto wallet. It is an accessible platform with a slick user interface. Further, holding the UNI token gets you the right to vote on governance proposals on the platform.
PancakeSwap
Like UniSwap, PancakeSwap is a famous decentralized exchange. It is similar to UniSwap in many ways except that it runs on the BNB Chain and therefore, primarily facilitates BEP-20 token swaps.
Using BNB Chain also helps PancakeSwap avoid network congestion issues and as a result, users do not have to pay exorbitant gas fees here. In addition, PancakeSwap is full of interesting features and products with various types of rewards for users.
In syrup pools, you can stake PancakeSwap’s native CAKE token and earn passive income by staking assets on yield farms. There are also lottery programs that give you the opportunity to earn CAKE tokens and Initial Farm Offerings(IFOs) where you can access new tokens.
Features
✔️Developed on the BNB Chain
✔️Employs the AMM protocol
✔️CAKE is the native token
✔️Smart contracts are time-locked
Pros and Cons
✅Access to BEP-20 tokens ❌Bitcoin not supported
✅Innovative crypto product suite ❌Listing of low-quality coins
✅Trading fees are low
✅Staking opportunities for users
Trading Fees
Four trading fee tiers at PancakeSwap cryptocurrency exchange
Customer Reviews
PancakeSwap is one of the biggest and most popular DEXs
Cryptocurrencies are not verified on PancakeSwap
Why We Picked It
PancakeSwap is a cute and colorful exchange that makes crypto trading fun. The trading fees here are lower than the industry average and with the implementation of the v3, you get a much better trading experience. There are several products like IFOs and lottery programs that are bound to pique your interest.
Bisq
Bisq is slightly more complicated than other crypto exchanges. It is not an online platform developed on a chain like Ethereum or BNB Chain; Bisq is rather a computer application. It is a free application that you need to download and install on your computer for cryptocurrency trading. There is no mobile app and Bisq can be used only on a computer.
This may sound inconvenient but on the flip side, nothing can compete with Bisq in terms of privacy and decentralization. It is an open-source software accessible to anyone with a computer and internet connection.
Further, it is a very community-driven platform that is governed as a decentralized autonomous organization(DAO).
Another advantage of Bisq is that since its servers are geographically scattered, there is no possibility of a central failure. Even then, your funds always remain safe and in your custody, because Bisq itself is a non-custodial platform.
Features
✔️Free and downloadable computer application
✔️Platform is run as a DAO
✔️Native token is known as BSQ
✔️No fiat currency is supported
Pros and Cons
✅Complete decentralization ❌Need BTC/BSQ for payments
✅Community governance ❌Scant learning material
✅Servers are scattered worldwide
✅User retains control over private keys
Trading Fees.
Trading fees for Bisq exchange
Customer Reviews
Bisq follows the principle of complete decentralization for P2P trading
Bisq can be hard to navigate
Why We Picked It
Bisq is an exchange that strives to remain faithful to the principle and spirit of cryptocurrency. Here, no one interferes with crypto buyers and sellers and they are free to negotiate and conclude their trades. With Bisq, users retain custody over their private keys and therefore, don’t have to give up control of their funds.
Is Cryptocurrency Illegal in Turkey?
There is no detailed law regarding cryptocurrency in Türkiye(Turkey). However, payments using crypto assets are explicitly banned in the country as per the Regulation Prohibiting Payments through Crypto Assets(Central Bank Regulation). This is the only Turkish regulation that deals directly with cryptocurrencies.
As per the Central Bank Regulation, crypto assets cannot be used as payment instruments either directly or indirectly. However, this does not prohibit residents from buying, selling or transferring crypto assets.
While there is no specific regulation for the sale of crypto assets, they are usually covered under the general Turkish Code of Obligation. However, reports have been emerging of the Turkish government working on an Unofficial Draft Legislation on crypto assets.
The draft legislation aims to regulate crypto assets, crypto wallets, and crypto asset custody services and also impose some additional requirements on crypto asset service providers(CASPs) in Türkiye.
It is expected that CASPs will be required to obtain a license from the Central Markets Board of Türkiye(CMB) to operate in the country. The CMB will also have the power to issue legislation on issues related to CASPs and to decide on the designation of crypto assets to be traded on such platforms.
Therefore, Turkey is gearing up towards greater regulation of the crypto industry though it is still a work in progress.
Conclusion
Turkey is one of the fastest-growing cryptocurrency markets. As a result, several cryptocurrency exchanges have been incorporated and many international ones have also set up shop in the country. Turkish traders, therefore, have no dearth of options when it comes to crypto trading.
They can check out various options and then select the one most suited to their needs. However, they should be careful since there are no investor protection schemes in place as far as crypto assets are concerned. Hence, you should remember that due diligence is non-negotiable in the case of crypto investments.