Cryptocurrency Buying Guide : Turkey

Turkey is one among a whole bunch of countries that is still unsure about the actual place and legality of cryptocurrencies. The country in the past has given many contradictory signals about its stance on the cryptocurrency market and their use in the country.

While some high officials in the government are pro-cryptocurrency and believe that the market has the potential to essentially change the world, the other half of the government is still unsure and skeptical.

The silver lining, however, in the case of Turkey, in particular, is that the government and its banks have not officially banned the market. They have, rather, repeatedly issued warnings about the market’s volatility and high risk factor.

The cryptocurrency market and the community in the country operate in that very gray zone. It isn’t illegal to own and buy cryptocurrencies in the country but at the same time it is not accepted as legal either.

The Turkish Way

Turkey’s government’s indecisiveness about the cryptocurrency market and the community’s functioning has created a gray zone. A loophole that doesn’t exactly legalise the market but neither does it become illegal. The entire cryptocurrency community in Turkey works out of this very gray zone.

The cryptocurrencies and any digital asset related to the crypto market is not taxable as it does not fit into the tax guidelines of the country and works in the way that the market was actually supposed to; with the government having little to no control over individuals’ assets.

Since the trading of cryptocurrency isn’t illegal, there are a lot of exchanges that are accessible to traders in the country. They can use all major global exchanges and have a few of their own too.

Here is a list of the top 4 most used cryptocurrency exchanges in Turkey.

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Coinmama

Coinmama is a globally acclaimed exchange. The exchange is unique because it is a P2P-exchange hybrid. The platform accepts card payments and hard cash payments, only exception being that every card transaction on the platform is slapped with a 6% fee.

CEX.io

CEX.io is a cryptocurrency P2P network. Where sellers list their bitcoins and other altcoins for which buyers bid. The payment for these transactions are done directly to the user themselves and the platform accepts card payments, wire transfers and cash too depending on the users’ convenience.

LocalBitcoins

LocalBitcoins is a P2P platform that allows the exchange of Bitcoin and other altcoins in exchange for local currencies. LocalBitcoins is headquartered in Helsinki, Finland. LocalBitcoins is a very commonly used platform by both sellers and buyers of cryptocurrency. The handover of the bitcoin or other altcoins is seamless and almost immediate.

Cointed

Cointed is a cryptocurrency exchange that is very popular in Europe. It allows users from European countries to sell and buy bitcoin using bank transfers and SEPA transfers. The only issue that is commonly highlighted about the exchange is its low privacy features.