How To Buy And Sell Cryptocurrency In Turkey? | UseTheBitcoin

Key Takeaways

• To buy crypto in Turkey, pick a trusted exchange, select a legal exchange, complete KYC verification, fund your account, and decide how to store your coins securely.

• Selling is just as simple: transfer your coins to an exchange, set your price, and sell and withdraw your money.

• Stay informed on Turkey’s crypto regulations, taxation rules, and secure storage practices to make sound trading decisions.

Cryptocurrency is becoming increasingly popular in Turkey as a way to save, invest, and trade. With trusted local exchanges like Paribu and BtcTurk and international platforms like Binance, buying crypto is now easier than ever. Local payment options, including FAST transfers and Papara, make it convenient to deposit Turkish Lira (TRY) and start trading. This guide will walk you through the steps to buy cryptocurrency in Turkey while ensuring you understand the local platforms, regulations, and tips for secure transactions.

How to Buy Cryptocurrency in Turkey: A Step-by-Step Guide

Buying crypto in Turkey is straightforward, with several local and international exchanges available. This guide will take you through each step of buying cryptocurrency in Turkey.

Choose a Cryptocurrency Exchange in Turkey

The first step is selecting a reliable exchange. In Turkey, popular local exchanges include Paribu, BtcTurk, and Bitexen. These platforms allow you to trade directly with Turkish Lira (TRY). International exchanges like Binance and Coinbase are also widely used but may require extra steps for deposits and withdrawals.

Why Choose Local Exchanges?

• Paribu: Known for its simple interface and strong customer support in Turkish.
• BtcTurk: One of the oldest and most trusted exchanges in Turkey, supporting a wide range of cryptocurrencies.
• Bitexen: Offers bonuses and a variety of tokens for new users.

If you’re new to crypto, start with a local exchange like Paribu or BtcTurk, as they integrate easily with Turkish banks.

Create and Verify Your Account

After choosing an exchange, you need to sign up and verify your identity to comply with Turkey’s regulations.

Sign Up: Use your email address and create a strong password.

Identity Verification (KYC): Submit your TC Kimlik (Turkish ID) or passport and a selfie for verification. Some platforms may also ask for proof of address, like a utility bill.

Enable Security: Activate two-factor authentication (2FA) for extra protection.

Verification on platforms like Paribu and BtcTurk is usually fast, often taking just a few minutes to a few hours.

Deposit Turkish Lira (TRY)

Once your account is verified, you’ll need to deposit Turkish Lira to buy cryptocurrency. Local exchanges make this process very convenient:

Bank Transfers (EFT/FAST): Most Turkish exchanges support instant bank transfers from banks like Ziraat Bankası, İş Bankası, and Garanti BBVA.

Papara: Some platforms, like Binance, allow you to fund your account using Papara, a popular digital wallet in Turkey.

Credit/Debit Cards: Certain platforms let you buy crypto directly with a card, though this might come with higher fees.

Use the FAST system for instant and free bank transfers, especially if you’re depositing funds during non-banking hours.

Choose the Cryptocurrency You Want to Buy

After your funds are deposited, decide which cryptocurrency to purchase. Popular choices in Turkey include: Bitcoin (BTC), Ethereum (ETH), USDT or USDC etc. 

Many Turkish users prefer stablecoins like USDT to protect their savings against the volatility of the Turkish Lira.

Place a Buy Order

Now you’re ready to buy cryptocurrency:

Go to the “Buy” section of the exchange.

Enter the amount of TRY you want to spend or the amount of cryptocurrency you want to buy.

Choose your order type:

• Market Order: Buy instantly at the current price.
• Limit Order: Set a target price, and the order will execute when the market matches it.

Confirm your transaction. Your cryptocurrency will appear in your wallet after the purchase.

Beginners should use market orders for quick and easy purchases. Limit orders are better for experienced traders looking to get the best price.

Secure Your Cryptocurrency

Once you buy crypto, keeping it safe is very important.

Exchange Wallets: These are easy to use but less secure for long-term storage.

External Wallets: Use wallets like Trust Wallet or MetaMask for online storage. For maximum security, consider hardware wallets like Ledger Nano or Trezor.

Always back up your wallet recovery phrase in a secure place. Never share your private keys or recovery phrase with anyone.

Understand Turkey’s Crypto Regulations and Taxes

Cryptocurrency is legal in Turkey, but it’s not considered legal tender. Regulations require exchanges to verify users’ identities and follow Anti-Money Laundering (AML) laws. While there are no specific taxes on holding crypto, profits from trading or selling may be subject to income tax. Keep a record of all your transactions, including purchases and sales, as they may be required for tax reporting in the future.

How to Sell Cryptocurrency in Turkey?

Selling cryptocurrency in Turkey is a straightforward process, especially if you’ve already purchased crypto and are familiar with local platforms. 

Transfer Your Cryptocurrency to a Local Exchange

Before you can sell, ensure your cryptocurrency is in the wallet of a local exchange like Paribu, BtcTurk, or Bitexen.

• If your crypto is stored in an external wallet (like Trust Wallet or a hardware wallet), transfer it to the exchange’s wallet.
• Copy the wallet address from the exchange, and double-check to ensure accuracy before sending the funds.

Transactions with stablecoins like USDT or USDC are often faster and cheaper, especially on platforms like Binance that support multiple networks (e.g., TRC20 for low fees).

Select the Amount to Sell

Once your crypto is in your exchange wallet, navigate to the Sell section.

• Enter the amount of cryptocurrency you want to sell. You can specify the amount in crypto (e.g., 0.01 BTC) or its equivalent in Turkish Lira (TRY).
• Review the current market price offered by the exchange to ensure you’re satisfied with the rate.

If you’re selling a large amount, check the liquidity of the market to avoid price slippage. Platforms like BtcTurk PRO are ideal for high-volume transactions.

Choose Your Sell Order Type

Turkish exchanges generally offer two types of sell orders:

Market Order: Sell immediately at the current market price. This is the fastest option and is ideal for users who want instant cashouts.

Limit Order: Set a specific price at which you want to sell. The order will only execute if the market reaches your target price.

Use limit orders during periods of market volatility to maximize profits. However, if you need cash quickly, market orders are more practical.

Convert Crypto to Turkish Lira (TRY)

After the sale is complete, the proceeds will appear in your exchange wallet as TRY. Some platforms also allow you to convert directly to stablecoins like USDT if you’re planning to reinvest later.

Withdraw Turkish Lira to Your Bank Account

Once your TRY balance is in your exchange wallet, withdraw it to your Turkish bank account. Here’s how:

Link Your Bank Account: Most exchanges require you to verify your bank account. Ensure the account name matches the name on your exchange account to avoid issues.

Choose a Withdrawal Method:

• EFT/FAST Transfers: Supported by major Turkish banks like Ziraat Bankası, İş Bankası, Akbank, and Garanti BBVA. FAST transfers are instant, even outside regular banking hours.
• Papara: Some platforms allow withdrawals to Papara, a popular digital wallet in Turkey.

FAST transfers are the fastest and most reliable way to withdraw funds to your Turkish bank account, especially for smaller amounts.

Popular Cryptocurrency Exchanges in Turkey

Turkey is one of the leading countries in cryptocurrency adoption, with millions of users actively trading digital assets. Here’s a list of the most popular cryptocurrency exchanges in Turkey:

1. Paribu

Founded: 2017

Users in Turkey: Over 5 million

Why It’s Popular:
Paribu is the most widely used cryptocurrency exchange in Turkey, known for its simple interface and strong integration with the Turkish banking system. It supports SPEI transfers and allows users to deposit and withdraw Turkish Lira (TRY) seamlessly. Paribu offers a mobile app with full Turkish language support, making it accessible for beginners and experienced traders alike.

Number of Cryptocurrencies: Over 60, including Bitcoin (BTC), Ethereum (ETH), and Tether (USDT).

Unique Features:

• 24/7 customer support in Turkish.
• Easy bank integration for instant TRY deposits and withdrawals.
• Advanced trading options available for professionals.

Cons:

• Higher trading fees compared to some international exchanges.

Regulations: Fully compliant with Turkish AML (Anti-Money Laundering) laws and identity verification (KYC) requirements.

2. BtcTurk

Founded: 2013

Users in Turkey: Over 4 million

Why It’s Popular:
BtcTurk is one of the oldest and most trusted exchanges in Turkey, offering both a standard platform for beginners and BtcTurk PRO for advanced traders. The platform has a solid reputation for security and supports fast bank transfers from major Turkish banks.

Number of Cryptocurrencies: Over 90, including popular altcoins like Solana (SOL) and Cardano (ADA).

Unique Features:

• Offers staking options for certain cryptocurrencies.
• Advanced trading tools with detailed charting for professionals.
• Regular promotions and referral bonuses for users.

Cons:

• Interface can be slightly overwhelming for new users.

Regulations: Fully compliant with Turkish regulations, including mandatory KYC processes.

3. Binance (Turkey)

Founded: 2017 (Binance Global); Binance Turkey launched in 2020

Users in Turkey: Over 2 million

Why It’s Popular:
Binance is a global leader in cryptocurrency trading, and its localized Turkish platform offers low trading fees and a wide selection of cryptocurrencies. Binance Turkey supports direct TRY deposits and withdrawals via FAST bank transfers, making it convenient for local users.

Number of Cryptocurrencies: Over 350, including Bitcoin (BTC), Ethereum (ETH), and a vast selection of altcoins.

Unique Features:

• Lowest trading fees among major exchanges (starting at 0.1%).
• Advanced trading options like futures, margin trading, and staking.
• Integration with Papara for additional deposit options.

Cons:

• The platform’s advanced features may be overwhelming for beginners.
• Customer support is not fully localized compared to Paribu or BtcTurk.

Regulations: Operates under its global framework while adhering to Turkish financial laws for TRY transactions.

4. Bitexen

Founded: 2018

Users in Turkey: Over 1 million

Why It’s Popular:
Bitexen is a growing Turkish exchange offering user-friendly services and frequent promotional campaigns. It provides bonuses for new users and supports TRY transactions via FAST bank transfers. Bitexen also lists niche altcoins, attracting users looking for unique trading opportunities.

Number of Cryptocurrencies: Over 150, including smaller tokens not available on other Turkish exchanges.

Unique Features:

• Offers sign-up bonuses in cryptocurrencies like EXEN.
• Provides detailed analytics and charts for traders.
• 24/7 Turkish customer support.

Cons:

• Trading volume is lower compared to Paribu and BtcTurk.

Regulations: Complies with Turkish AML laws and KYC requirements.

5. Coinbase

Founded: 2012

Users in Turkey: Estimated at over 500,000

Why It’s Popular:
Coinbase is a global exchange known for its user-friendly platform and strong security measures. While it doesn’t support direct Turkish Lira (TRY) deposits, many Turkish users prefer Coinbase for its ease of use and educational resources. It is especially popular among users who want to trade or hold major cryptocurrencies like Bitcoin and Ethereum.

Number of Cryptocurrencies: Over 150, including emerging tokens and stablecoins.

Unique Features:

• Industry-leading security with insured USD wallets.
• Educational rewards for learning about new cryptocurrencies.
• Simple interface, ideal for beginners.

Cons:

• Does not support direct TRY deposits or withdrawals.
• Higher fees compared to local exchanges.

Regulations: Operates under international compliance standards and partners with local services for accessibility in Turkey.

Cryptocurrency Taxations and Regulations in Turkey

Taxation in Turkey

Turkey currently has no specific crypto tax laws, but profits from trading may be taxed as income under general tax rules, with rates ranging from 15% to 40%. Business transactions involving crypto could also be subject to VAT (KDV). Traders are advised to keep detailed transaction records in Turkish Lira (TRY) for future tax compliance.

Regulations in Turkey

Crypto is legal for trading and investment but not recognized as legal tender. Exchanges like Paribu and BtcTurk must comply with KYC and AML rules, requiring user identity verification. Banks cannot process crypto payments, but regulatory changes are expected to introduce clearer guidelines for the market.

Conclusion

Buying cryptocurrency in Turkey is simple when using trusted exchanges and local payment methods like FAST transfers or Papara. With platforms like Paribu, BtcTurk, and Binance, you can securely trade popular cryptocurrencies like Bitcoin and Ethereum. By following this guide and staying informed about local regulations and best practices, you can confidently navigate Turkey’s growing cryptocurrency market.