BtcTurk Crypto Exchange Review 2023 : Pros & Cons

What Is Crypto Exchange ?

A crypto exchange, sometimes referred to as a cryptocurrency exchange or a digital currency exchange, is a marketplace where investors and regular people may purchase, exchange, and trade different cryptocurrencies.

Users can trade cryptocurrencies for fiat money like USD, EUR, or other conventional currencies on these exchanges, or they can exchange one cryptocurrency for another.

A cryptocurrency exchange’s main goal is to give users a marketplace where they can conduct their crypto transactions. These platforms frequently support a number of the most well-known cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and many more.

Users must register for an account on the exchange by providing the required security and identification details. Users can fund their exchange wallets with cryptocurrencies or fiat currency once they’ve enrolled. Users can make orders to buy or sell a variety of coins. These orders are matched with orders placed on the exchange by other users.

What Is BtcTurk Crypto Exchange ?

BtcTurk is a centralized exchange based in Istanbul, Turkey. It claims to be the first exchange of its kind in Turkey and the world’s fourth Bitcoin and cryptocurrency exchange platform. BtcTurk claims to serve more than 5 million registered users and allows Turkish Lira deposits and withdrawals through its integration with seven Turkish banks – this service is available 24 hours a day, seven days a week. BtcTurk currently offers Turkish Lira and USDT pairs. Those signed up to BtcTurk | Kripto can trade with Turkish users, enjoy lower exchange fees and withdraw Bitcoin without any transfer fees.

BtcTurk Crypto Exchange Quick Facts

How To Register At BtcTurk Exchange?

To register on BtcTurk , click Register Now button at the top of the page. You can also start creating an account directly through the form on the main page.

You only need to enter your e-mail and come up with a password. If there is a referral code, it is also entered at this stage. Password requirements: at least 8 characters, numbers, upper and lower case.

Click ” Create Account ” then go to your email to verify it. Enter the code you received and registration is complete. You can start replenishing your account.

BtcTurk Exchange Supported Countries

BtcTurk Exchange is a cryptocurrency exchange that supports users from various countries around the world. However, the availability of services may vary depending on the location of the user.

Exceptions are the US, China, Japan and countries in the Middle East. Syria and North Korea are also countries whose nationals cannot trade on BtcTurk .

How To Verify Your BtcTurk Cryptocurrency Account ?

There is no mandatory verification at BtcTurk , but you can pass it if you wish. At the moment, the only restriction imposed on unverified users is the withdrawal limit of Free. In the future, depending on the actions of regulatory authorities, conditions may change.

For verification, you can use one of four documents to choose from: passport, driver’s license, identity card or residence permit. Artificial intelligence is used to evaluate the authenticity of documents. This service is provided by the Onfido online identification service, already used by the BtcTurk , Revolut platforms.

How To Buy Crypto Or Deposit Crypto At BtcTurk Crypto Exchange?

There are two main options for topping up your balance on BtcTurk . Firstly, you can buy cryptocurrency with a bank card – it’s fast and convenient. Go to the ” Buy crypto ” -> ” Buy crypto with a credit card ” section.

Choose a cryptocurrency (currently there are 13 coins available for purchase in this way). Enter the amount and select the fiat currency to be used for payment.

After that, you will need to select a payment channel: each of them has conditions. You can choose between Simplex, Mercuryo, Banxa and Moonpay. Click ” Buy ” next to the appropriate option.

Agree to the terms and confirm the transition to the site of the payment provider. Enter information about the card and its owner, confirm the transaction. Cryptocurrency will be credited to the exchange account within a few minutes.

Second Method

You can transfer digital assets to the balance of the exchange from any external crypto wallet. For this:

• Go to the “Deposit” section from the “Assets” menu.

• From the drop-down list, you can select the cryptocurrency you want to deposit into your account.
• The wallet address will appear. You need to copy it and send funds to it from another wallet or exchange. Please note that only bitcoin can be sent to bitcoin addresses, similarly with other coins.
• You can also click “Show QR code” – for transfers from a mobile wallet, this is a more convenient option.

How To Withdraw Crypto Asset From BtcTurk Exchange ?

Having completed all the necessary trading operations, it’s time to withdraw the received assets to an external wallet. Go to ” Assets ” -> ” Withdraw “. Please note that the operation is only available after enabling two-factor authentication in the settings. This is for added security and requires less than a minute, so don’t neglect this measure.

Select a cryptocurrency and enter the withdrawal amount. Each coin has its own withdrawal fee, for example, for BTC it is 0.00057 BTC. Click ” Output “. By default, the exchange processes applications three times a day, however, hourly withdrawals are available for Premium users. Also, the time of receipt of the cryptocurrency is affected by the workload of the blockchain network.

How To Secure Your BtcTurk Account ?

There are several steps you can take to help secure your BtcTurk account and protect your funds:

1. Use a Strong and Unique Password : Ensure your password is strong and unique by using a combination of uppercase, lowercase, numbers, and special characters. Don’t use anything that could be easily guessed, such your name or birthdate. Use a different password for your BTCTurk account and don’t use the same one for other websites.
2. Beware of Phishing Attempts: Be wary of emails or websites that ask for your account information using trickery. Always check the URL of the website twice before entering your login details.
3. Maintain Device Security: Use current antivirus and anti-malware software to secure any computer, smartphone, or other device you use to access your BTCTurk account. Update your operating system and programs frequently to fix any security flaws.
4. Use Secure Communication Channels: Use the secure channels offered by BTCTurk for contacting customer service or resolving sensitive account-related issues. Email and other non-encrypted messaging services should not be used to send critical information.
5. Check Account Activity Frequently: Check your account activity frequently to look for any unwanted access. Contact BTCTurk’s customer care right away if you observe any atypical or suspicious transactions.
6. Be Wary of API Access: If you utilize API keys for trading, make sure you are aware of the potential repercussions and that you are using them safely. Only give API keys the rights that are absolutely necessary, and keep an eye on their usage.
7. By taking these steps, you can help protect your BtcTurk account and reduce the risk of unauthorized access to your funds.

Fees taken when buying virtual currency

BTCTurk Trading fees

A trade gets the taker fee if the trade order immediately matches an order already on the order book, which is removing liquidity from the order book.

A trade gets the maker fee if the trader order not immediately matches an order already on the order book, which is adding liquidity to the order book.

This exchange offers a taker fee of 0.09% (for crypto-to-crypto trading). This fee is below the industry average which is around 0.25%. The exchange also offers a discount to makers, and their maker fees are set to 0.05% (for crypto-to-crypto trading). These fees are competitive indeed.

Many exchanges have trading fees that are reduced as volumes are increased, meaning that you are incentivized to trade in higher volumes. The fees listed in this review and in the comparison table are excluding any such volume discounts. The trading fee volume discounts for BTCTurk are as set out in the below picture:

BTCTurk Withdrawal fees

To our understanding, BTCTurk does not charge any fees of their own when you withdraw crypto from your account at the platform. Accordingly, the only fee you have to think about when withdrawing are the network fees. The network fees are fees paid to the miners of the relevant crypto/blockchain, and not fees paid to the exchange itself. Network fees vary from day to day depending on the network pressure.

Generally speaking, to only have to pay the network fees should be considered as below global industry average when it comes to fee levels for crypto withdrawals. 

Deposit Methods

BTCTurk offers wire transfer as a deposit method, but you can’t deposit via credit card. As wire transfer is an available deposit method, it makes this exchange an “entry-level exchange”. This means that new cryptocurrency investors can start off their trading career at BTCTurk.

How To Contact BtcTurk Customer Support Team?

If you need help with your BtcTurk account or have any questions, you can contact BtcTurk customer support through the following methods:

Go to BtcTurk’s website: Visit the BtcTurk official website. The URL of the website is probably “https://www.btcturk.com/”.

Look for the “Support” or “Contact Us” page: Most websites feature a section specifically devoted to contact or customer service information. Search for a button or link that reads “Contact Us,” “Support,” or some similar phrase.

Use the Contact Form: You might discover a contact form on the “Contact Us” or “Support” page that enables you to send your inquiry or request straight to their customer support team. Complete the required fields and give a detailed explanation of your problem.

Email Support: As an alternative, you could find a customer support email address mentioned. To address your problem, you can write an email and submit it to the given email address.

Social media: BtcTurk might also have active Twitter or Facebook accounts. Some businesses respond to customer questions and complaints using social media platforms.

No matter which method you choose, be sure to provide as much detail as possible about your issue or question so that BtcTurk customer support can assist you efficiently.

Features Of BtcTurk Crypto Exchange

Wide Range of Cryptocurrencies

A wide range of cryptocurrencies are available for trading on BTCTurk, including well-known ones like Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and many others.

User-Friendly Interface

The platform offered a user-friendly interface that made it simple for new and seasoned traders to get about the exchange and place deals.

Security Measures

To protect user data and assets, a reputable exchange normally employs a number of security measures, including two-factor authentication (2FA), cold wallet storage for funds, and encryption techniques.

Fiat Support

BTCTurk may permit deposits and withdrawals in fiat currencies, enabling users to exchange cryptocurrencies for their native money (such as the Turkish Lira).

Mobile Apps

To allow users to access their accounts and conduct trades while on the go, the exchange may provide mobile applications for both Android and iOS smartphones.

Customer help

A trustworthy exchange typically offers customer help to quickly handle user questions and problems.

Liquidity

A reputable exchange with a long history, like BTCTurk, would probably have a substantial trading volume and liquidity across different trading pairings.

BtcTurk Good Or Bad Points

BtcTurk is a cryptocurrency exchange that allows users to buy and sell various cryptocurrencies. Here are some potential good and bad points of using BtcTurk :

Good points:

1. Platform with a history: BtcTurk was among the first and most reputable cryptocurrency exchanges in Turkey, giving it some amount of legitimacy and confidence in the local market.
2. Range of cryptocurrencies: Users had access to a wide range of assets thanks to the exchange’s wide selection of cryptocurrencies available for trade.
3. User-friendly interface: Both novice and expert traders found it easier to navigate and complete their deals on BtcTurk thanks to its user-friendly interface.
4. Security measures: To protect user accounts and funds, BtcTurk, like other respectable exchanges, has put in place security precautions like two-factor authentication (2FA).
5. Local assistance and language: BtcTurk offered customer service in Turkish, assisting the local user base with any problems they could experience.

Bad points:

1. Limited international reach: BtcTurk primarily served the Turkish market, which may be a disadvantage for customers from other countries who prefer exchanges with a wider international reach.
2. legislative risks: As with any cryptocurrency exchange, BtcTurk’s operations and services may be impacted by legislative changes in Turkey or the international market.
3. Customer service: Users have reported varying levels of satisfaction with customer service, while some may have had delays or other challenges in receiving prompt assistance.
4. Regulatory uncertainty: is based in Ukraine, which has a relatively uncertain regulatory environment for cryptocurrencies.

Is BtcTurk Is Safe Platform To Trade ?

BtcTurk is a cryptocurrency exchange platform that allows users to buy, sell, and trade various cryptocurrencies. While no exchange can guarantee 100% safety, BtcTurk has implemented various security measures to help protect its users’ funds.

For example, BtcTurk stores the majority of its users’ funds in cold wallets, which are offline and not accessible through the internet. This makes it much more difficult for hackers to steal funds. BtcTurk also uses two-factor authentication (2FA) to provide an extra layer of security for users’ accounts.

However, it’s important to note that no exchange can guarantee complete safety, and there is always some risk involved in trading cryptocurrencies. It’s essential to do your research, understand the risks, and take appropriate security measures to protect your assets.

BtcTurk Conclusion

You should consult more recent sources and user reviews when drawing conclusions about BtcTurk, taking into account things like its standing, security features, customer service, fees, trading volume, available cryptocurrencies, and user experience.

Prior to making any decisions about a cryptocurrency exchange, it’s critical to carry out in-depth study and keep up with the most recent developments. Always check to see if the exchange meets your unique needs and demands as a trader or investment.