Summary
Cryptocurrency is legal in Turkey, though subject to increasing regulation. The Central Bank of Turkey prohibits using crypto for payments, but trading remains permitted. Popular payment methods include bank transfers and credit cards. The Turkish Lira (TRY) is widely supported on major exchanges. The Capital Markets Board of Turkey oversees crypto regulations, while the Financial Crimes Investigation Board (MASAK) enforces anti-money laundering measures. Here are the best crypto exchanges in Turkey:
Best Crypto Exchanges in Turkey
For Turkish investors looking to enter the cryptocurrency market, selecting a reliable exchange is crucial. This article examines the top crypto exchanges available in Turkey, focusing on key factors such as supported cryptocurrencies, trading fees, and deposit methods. We’ll also address the legal and regulatory landscape for digital assets in the country.
When choosing an exchange in Turkey, it’s essential to consider platforms that support the Turkish Lira (TRY) and offer convenient payment methods like bank transfers and credit cards. These features ensure seamless transactions for Turkish users.
1. Bybit
Users:
40m
Free Demo:
Mobile App:
Bonus
$30,000
Cryptos:
600+
Leverage:
100x
Spot Fees:
0.1%
Futures Fees:
0.02%/0.055%
Pros
- Low fees
- 600+ supported crypto assets
- 100x leverage and deep liquidity
- Advanced order types and additional features
- Great 24/7 customer support
- Automated copy trading
Cons
- Regulatory uncertainty in Europe and USA
- May be confusing for beginners
- Cryptocurrency investments carry high risks
Overview
Bybit stands out as one of the most advanced crypto exchanges with deep liquidity and low fees. Bybit users can trade Spot, Futures, Options, NFTs, and even Inscriptions. Additionally, Bybit offers copy trading and bot trading to automate your income streams. Bybit copy trading is one of the best in the crypto industry.
Where Bybit excels is its derivatives platform with 320+ perpetual futures contracts and up to 100x leverage. With advanced order types such as TWAP or Iceberg orders, Bybit caters to experienced traders seeking the best options.
On the spot market, Bybit supports over 500 cryptos and up to 10x margin, making Bybit a versatile crypto exchange.
With low fees of 0.1% maker and 0.1% taker for spot trading and 0.02% maker and 0.055% taker for futures trading, Bybit has highly competitive fees. To top it all off, Bybit offers fee discounts based on your 30-day trading volume. The more you trade, the more you save.
2. MEXC
Users:
15m
Free Demo:
Mobile App:
Bonus
$20,000
Cryptos:
2400+
Leverage:
300x
Spot Fees:
0.05%
Futures Fees:
0.01%/0.04%
Pros
- Lowest Trading Fees
- 2000+ supported crypto assets
- 300x leverage and deep liquidity
- 24/7 customer support
- Best for altcoin and leverage trading
Cons
- Not available in the US
- Newly launched coins pose high risk
- May request KYC in the future
Overview
MEXC is known as the crypto exchange with the lowest fees. What makes MEXC stand out is its 0% maker fee offer, meaning you can trade without any fees. However, the spot and futures taker fees start at 0.02%. No crypto exchange can compete with the MEXC fee structure.
If you are a day trader seeking high leverage, MEXC may be one of your best options. With 300x leverage over 400 futures contracts and by far the lowest fees, MEXC is truly a day trading heaven.
Even if you are not interested in leverage trading, MEXC has you covered with over 2000 supported cryptocurrencies on the spot market. While MEXC offers tons of new altcoins, we recommend being cautious as the legitimacy of newly listed projects may be questionable.
All in all, MEXC is arguably the best option for high-frequency traders seeking low fees to get the best value for money.
3. BTCTurk
Users:
3m
Free Demo:
Mobile App:
Bonus:
None
Cryptos:
120+
Leverage:
Not Supported
Spot Fees:
0.1%/0.1%
Futures Fees:
Not Supported
Pros
- Very beginner-friendly
- Native Turkish Crypto Exchange
- TRY Fiat transaction supported
- Fully regulated in Turkey
- Reliable Turkish customer support
Cons
- Lacks advanced features
- Only for turkish residents
- No Demo trading offered
- Poor liquidity
BTCTurk Overview
BTCTurk is one of the largest and most trusted cryptocurrency exchanges in Turkey, offering a variety of features for both beginner and advanced traders. The platform supports over 50 digital assets, including major cryptocurrencies like Bitcoin, Ethereum, and Litecoin.
BTCTurk provides spot trading with a 0.1% maker fee and a 0.15% taker fee. The platform also offers margin trading with up to 10x leverage, catering to users looking for more advanced strategies.
One of the key pros is its strong focus on security, with two-factor authentication and cold storage for digital assets. Additionally, BTCTurk provides a user-friendly mobile app and responsive customer support.
On the downside, the platform is primarily tailored to Turkish users, and support for international traders is limited. Additionally, the exchange lacks some advanced features like futures trading, which might be a con for more seasoned traders.
4. Gemini
Users:
30m
Free Demo:
Mobile App:
Bonus:
$10
Cryptos:
76+
Leverage:
20x
Spot Fees:
0.25%/0.35%
Futures Fees:
0.02%/0.07%
Pros
- Most beginner-friendly exchange
- Fully regulated and licensed
- Great customer support
- Reputable with over 100 million users
- Comprehensive fiat deposit methods
Cons
- Lacks advanced features
- Very high spot trading fees
- Only 20x leverage and 76 cryptos
Gemini Overview
Gemini is a cryptocurrency exchange and custodian known for its strong emphasis on regulatory compliance and security.
The platform prioritizes security and employs various measures to protect user funds and data. These include two-factor authentication (2FA), cold storage, hardware security keys, and regular security audits. Gemini also offers insurance for digital assets held in its custody.
Gemini functions primarily as a spot trading platform, offering access to over 76 cryptos for active trading. Trading fees are set at 0.25% for makers and 0.35% for takers.
What makes Gemini stand out is its wide range of crypto services. Aside from spot trading, Gemini offers, Custody services, Gemini Earn, Gemini Pay, Active Trader, and many more to help users earn passive income and improve the overall trading experience on the platform.
5. OKX
Users:
50m
Free Demo:
Mobile App:
Bonus:
$10
Cryptos:
350+
Leverage:
100x
Spot Fees:
0.14%/0.1%
Futures Fees:
0.01%/0.06%
Pros
- Highly efficient trading platform
- 350+ assets
- Free demo trading
- Fiat supported
- 24/7 customer support
Cons
- Not available in the US
- Not beginner-friendly
- Limitations and restrictions in Europe
OXK Overview
OKX is the third largest crypto exchange sorted by daily derivatives volume. This is no surprise since OKX’s focus lies in offering a high-efficiency leverage trading experience. While the UI is not necessarily beginner-friendly, it is one of the fastest and most reliable platforms we have come across.
Over 300 coins are supported on OKXs spot market while 250 contracts are available for futures trading with up to 100x leverage. What makes OKX stand out is its extensive liquidity which are without a doubt at the top of the game.
With low futures fees starting at 0.02% maker and 0.05% taker, OKX ensures a cost efficient derivatives trading environment. Spot trading fees however are on the more expensive side starting at 0.14% for makers and 0.23% for takers.
You can easily deposit funds using your credit/debit card. Additionally, you can deposit and withdraw fiat using your personal bank account, making OKX a reliable platform for on- and off-ramp funds.
Is Crypto Legal and Regulated in Turkey?
Cryptocurrency is legal in Turkey, but it operates within a complex regulatory environment. In April 2021, the Central Bank of Turkey (CBRT) issued a regulation prohibiting the use of cryptocurrencies for payments, citing excessive volatility and lack of regulation as primary concerns. However, trading and holding cryptocurrencies remain legal.
The primary regulatory body overseeing the crypto market in Turkey is the Capital Markets Board (CMB). The CMB has been working on establishing a regulatory framework for digital assets, focusing on investor protection and market integrity.
Additionally, the Financial Crimes Investigation Board (MASAK) plays a crucial role in enforcing anti-money laundering (AML) regulations in the crypto sector. In May 2021, MASAK introduced new guidelines requiring crypto asset service providers to comply with AML regulations and conduct know-your-customer (KYC) procedures.
While the regulatory landscape continues to evolve, Turkish authorities are working towards creating a balanced framework that allows for innovation while mitigating risks associated with cryptocurrencies.
Is Crypto Taxable in Turkey?
The taxation of cryptocurrencies in Turkey is an area that lacks clear-cut regulations, but general tax principles apply. According to the Turkish Revenue Administration, cryptocurrency transactions may be subject to various taxes depending on the nature of the activity.
For individual investors, capital gains from cryptocurrency trading are generally considered as “other income” and subject to progressive income tax rates ranging from 15% to 40%. However, the tax treatment can vary based on the frequency and volume of transactions.
For businesses involved in cryptocurrency activities, profits are typically subject to corporate income tax at a rate of 20%. Additionally, the sale of cryptocurrencies may be subject to Value Added Tax (VAT) in certain circumstances, particularly if considered a commercial activity.
It’s worth noting that the Turkish government has been considering introducing specific regulations for cryptocurrency taxation. In 2021, there were discussions about potentially applying a fixed 15% tax on cryptocurrency gains, but as of now, no such specific legislation has been enacted.
Disclaimer:
Tax laws are subject to change, and individual circumstances may vary. It is strongly advised to consult with a qualified tax professional or financial advisor for personalized guidance on cryptocurrency taxation in Turkey.
How to Buy Crypto in Turkey
Purchasing cryptocurrencies in Turkey has become increasingly accessible, with several exchanges catering to Turkish investors. For those looking to enter the market, we recommend using Bybit, our top-rated exchange for Turkish users. Bybit offers a user-friendly interface, competitive fees, and supports a wide range of cryptocurrencies, including popular assets like Bitcoin, Ethereum, and Tether (USDT).
Here’s a step-by-step guide on how to buy cryptocurrencies in Turkey:
- Choose a Crypto Exchange: Pick a trustworthy exchange that accepts Turkish Lira (TRY) and provides convenient payment options. Make sure to check the exchange’s KYC policies and confirm compliance with local laws.
- Create an Account and Verify Your Identity: Register on the selected exchange and complete the identity verification process. This usually requires submitting personal details and identification documents.
- Fund Your Account: Deposit Turkish Lira into your account. Common payment methods in Turkey include bank transfers, credit cards, and occasionally, payment services like Papara or Ininal.
- Decide on the Cryptocurrency to Purchase: Choose which cryptocurrency you wish to buy. Bitcoin (BTC) and Ethereum (ETH) are often recommended for beginners, while stablecoins such as Tether (USDT) can help mitigate volatility.
- Place Your Order: Execute a trade to buy your selected cryptocurrency. You can generally opt for market orders (executed immediately at the current price) or limit orders (executed at a designated price).
- Secure Your Assets: After your purchase, consider moving your cryptocurrencies to a secure wallet for long-term storage, particularly if you’re handling larger sums.
Always conduct thorough research and only invest money you can afford to lose, as the cryptocurrency market can experience significant volatility.
Best Crypto Wallets in Turkey
Securing your cryptocurrencies with a reliable wallet is crucial for Turkish investors. There are several types of wallets available, each offering different levels of security and convenience. Here are some top wallet options for users in Turkey:
- Ledger: A popular hardware wallet brand, Ledger offers cold storage solutions like the Nano S and Nano X models. These devices provide offline storage for maximum security.
- Trezor: Another respected hardware wallet manufacturer, Trezor offers models like the One and Model T, providing robust security for long-term storage.
- Trust Wallet: A mobile wallet supporting multiple cryptocurrencies, Trust Wallet is user-friendly and offers built-in DApp browser functionality.
- Exodus: A desktop and mobile wallet with an intuitive interface, supporting a wide range of cryptocurrencies and offering built-in exchange features.
- MetaMask: A browser extension wallet primarily used for Ethereum and ERC-20 tokens, MetaMask is popular for interacting with decentralized applications (DApps).
When choosing a wallet, consider factors such as security features, supported cryptocurrencies, and ease of use. For large holdings, a combination of a hardware wallet for long-term storage and a mobile or desktop wallet for frequent transactions is often recommended.
Bottom Line
For Turkish investors seeking the best crypto exchanges in Turkey, Bybit and MEXC stand out as top choices. Bybit offers a comprehensive platform with competitive fees and a wide range of cryptocurrencies, making it ideal for both beginners and experienced traders. MEXC provides an extensive selection of over 1100 coins, catering to diverse investment strategies. Both exchanges support Turkish Lira deposits and offer robust security measures. When venturing into the crypto market in Turkey, these platforms provide reliable gateways for accessing digital assets while adhering to local regulations.
