Best Crypto Exchanges in Turkey

Best Cryptocurrency Exchanges in Turkey

We closely examined 18 cryptocurrency exchanges operating in Turkey, paying attention to how well they follow regulations from the Capital Markets Board (CMB). We focused on important factors like fees, the variety of coins available, platform features, and the options for depositing Turkish lira (TRY). Here's a breakdown of the top 5 platforms for Turkish users.

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1. Bybit

Bybit is the best crypto exchange in Turkey, offering a smooth user experience with Turkish language support and free Turkish lira (TRY) deposits. It supports over 1,400 cryptocurrencies to trade on spot, futures, and options markets. The platform also allows traders to use leverage up to 100x on various derivatives contracts, giving users room to maximize their gains.

In addition to its wide range of trading options, Bybit provides features like staking, lending, and borrowing to help users grow their crypto assets and earn up to 230% APY. Other tools include a demo account, copy trading services, an OTC Desk, trading bots, and an NFT marketplace. The platform also offers a crypto Visa card and TradeGPT for personalized trading strategies.

• Fees: Maker fee is 0.02%, taker fee is 0.055%, spot trading fees are 0.1%.
• Supported Assets: Over 1,400 digital assets.
• Regulation & Licensing: Regulated in Turkey and operating under ‘Bybit TR’.‍
• TRY Deposit Methods: Bank transfers, debit cards, Google Pay and Apple Pay.

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2. Gate.io

Gate.io is a strong contender for Turkish traders who value variety. With over 2,100 digital currencies available for trading, it offers one of the largest selections of coins on the market. The exchange supports spot, futures, and margin trading, with a focus on providing liquidity across less common altcoins. Users can trade derivatives contracts with up to 50x leverage.

The platform also provides users with staking services, lending options, copy trading, Gate Card and an Initial Exchange Offering (IEO) platform. It is a global exchange with over 16 million users and can be used in Turkish. With low fees and advanced security measures, Gate.io has built a solid reputation for offering a wide range of crypto-related services.

• Fees: Spot trading fees are 0.2% for both maker and taker.
• Supported Assets: Over 2,100 digital currencies.
• Regulation & Licensing: Complies with global regulatory standards.
• TRY Deposit Methods: Third-party payment gateways.

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3. Binance

Binance is the largest global crypto exchange with over 210 million users in Turkey and 100 other countries. Offering over 350 digital assets available for trading, it provides spot, futures, and options markets. Turkish users can also enjoy staking, lending and borrowing services, yield farming, and access to an NFT marketplace.

It has competitive fees, a wide variety of TRY payment methods, and local services for Turkish users, including live customer support. Its strong reputation for security, along with features like Binance Earn and Binance Launchpad, make it a top choice for anyone looking for a comprehensive trading platform.

• Fees: TRY transactions have fees from 0.5% to 2.99%, with a standard 0.1% spot trading fee and a 0.02%/0.06% futures rebate.
• Supported Assets: Over 350 cryptocurrencies.
• Regulation & Licensing: Binance operates without Turkish regulation.
• TRY Deposit Options: Advcash, credit cards, debit cards, bank transfers, and over 10 other methods.

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4. BtcTurk | Kripto

BtcTurk is a cryptocurrency exchange based in Istanbul, offering a Turkish interface and support for over 100 cryptocurrencies. It is one of the oldest and most trusted platforms in the country, with a focus on local users. The platform accepts several TRY deposit methods, making it a convenient choice for its customer base of 5 million traders looking to buy, sell, or hold crypto.

It takes security seriously, keeping 97% of assets in multi-signature cold wallets, and provides complete transparency in its assets through regular audits by KPMG. With competitive fees, high liquidity for quick transactions, and its sponsorship of the Turkish National Football Teams, BtcTurk demonstrates strong community commitment.

• Fees: Trading fees on BtcTurk PRO include an 18% VAT for Turkish residents.
• Supported Assets: Trade 102 cryptocurrencies.
• Regulation & Licensing: Regulated in Turkey with audits by KPMG.‍
• TRY Deposit Methods: Bank transfer and EFT.

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5. KuCoin

KuCoin is an excellent option for Turkish users interested in staking and earning passive income from their crypto holdings. The exchange offers a broad range of staking options through KuCoin Earn with up to 300% APY, as well as support for over 700 cryptocurrencies for trading. It also features spot, derivatives, and margin trading with 100x leverage.

The exchange provides a secure trading environment with advanced security measures, including Proof of Reserves (PoR), enhancing transparency and user safety. With low trading fees and a simple interface, KuCoin is a great option for both beginners and advanced traders. It can also be used in Turkish and accepts TRY deposits through several methods.

• Fees: Spot trading fees start at 0.1%, and derivatives are a 0.02%/0.06% maker/taker rebate.
• Supported Assets: Over 700 cryptocurrencies.
• Regulation & Licensing: Lacks regulation in Turkey.‍
• TRY Deposit Methods: Bank transfer, EFT Transfer, Skrill, Blik, STC Pay and Papara.

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Is Crypto Regulation in Turkey?

Yes, cryptocurrency is regulated in Turkey, and interest is booming thanks to new rules. The Capital Markets Board (CMB) has seen 47 crypto companies, including big names like Binance TR and OKX TR, apply for licenses under fresh regulations. This move comes after a new law passed in July 2024, setting up guidelines for crypto service providers.

While there’s no complete regulatory framework yet, crypto activity isn’t without oversight. The Central Bank banned using crypto for payments back in 2021, but trading and holding assets are still allowed. The Financial Crimes Investigation Board enforces Anti-Money Laundering (AML) rules, so exchanges must follow strict Know Your Customer (KYC) practices.

Turkey's crypto market is massive, with around $170 billion in trading volume, placing it among the top in the world. With the new rules, the government aims to build a more transparent and secure environment for crypto users, while keeping things safe and stable.

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How is Crypto Taxed in Turkey?

Turkey recently introduced a 0.03% transaction tax on cryptocurrency trading as part of broader fiscal reforms aimed at addressing the budget deficit caused by the 2023 earthquakes. This new tax targets the growing number of crypto transactions in the country, as many Turks have turned to digital assets to hedge against inflation and the declining lira.

The Turkish government projects that this tax could generate around 3.7 billion liras annually, providing a significant boost to public finances. Although the country had previously denied plans to impose direct taxes on crypto gains, this move marks a shift in approach. The Ministry of Treasury and Finance (HMB) is also considering further regulatory measures.

Currently, the tax is applied at the point of transaction, regardless of whether individuals make a profit or not. As the government continues to refine its approach to crypto regulation, Turkish investors should stay informed about how these changes could impact their trading activities and overall tax liabilities.

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How to Buy Bitcoin in Turkey

If you’re new to crypto in Turkey, buying Bitcoin is easier than you might think. Here's a quick guide to help you get started:

1. Set Up an Account: Pick a reliable crypto exchange that supports Turkish lira (TRY) deposits. Sign up, and go through the ID verification process, which usually means uploading your ID and proof of address.
2. Deposit Turkish Lira: After your account is good to go, head to the deposit section, select TRY, and add the amount you want to invest. Most exchanges accept bank transfers or credit/debit cards for this step.
3. Find Bitcoin: Go to the trading section and search for Bitcoin (BTC). You’ll see the current price for the TRY/BTC pair. You can either place a market order for instant buying or set a limit order if you want to wait for a specific price.
4. Make Your Purchase: Once you’ve decided, hit 'buy' and confirm the details, including fees, before finalizing your transaction.

Now you’re all set to start your Bitcoin journey within Turkey’s growing crypto environment.

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Bottom Line

In conclusion, Turkey’s crypto scene is booming, with more people turning to digital assets as a hedge against inflation. Exchanges like Bybit, Binance, and BtcTurk offer solid options for trading and staking, all with Turkish lira support. As regulations evolve and more exchanges get licensed, Turkey is shaping up to be a major player in the global crypto market.