de | cn | ru

BTCTurk Review - is it scam or safe?

BTCTurk Review - is btcturk.com scam or good cryptocurrency exchange?

RATING: 2.5 / 1 REVIEWS ForexBrokerz BTCTurk

RECOMMENDED BITCOIN BROKERS


Trading accounts and conditions

 

Account type Leverage Fees
Standard 1:1

0.2% maker, 0.35% taker*

 

*BTCTurk has a tiered discount system for the trading commissions, based on the client’s trading volume in the last 30 days.

 

BTCTurk, as the name suggests, is a Turkish cryptocurrency exchange. It offers trading in BTC, ETH and XRP for TRY.

 

BTCTurk advantages

 

- Reasonable Commissions. The trading fees of BTCTurk are actually quite reasonable and become more attractive the more you trade.

 

- Accepts Fiat. BTCTurk is allowing buying and selling of cryptocurrencies for fiat currencies (just one in fact), which is exactly what your average client is looking for nowadays.

 

- Low Deposit/Withdrawal fees. Like most exchanges, BTCTurk charges fees for depositing and withdrawing fiat currencies by some means and for withdrawing cryptocurrencies. The fee for an instant fiat deposit or withdrawal is 1%+VAT, but not more than TRY50 (around $13). Depositing through a bank is free and the withdrawal costs TRY 3. Deposits of cryptocurrencies are free and withdrawals are for a small fee, depending on the coin.

 

- Own Mobile app. BTCTurk has a mobile application for Android and iOS devices. With it clients can vie current market information, place buy and sell orders, deposit and withdraw funds, view account balance and receive price notifications.

 

- Different types of orders. BTCTurk allows clients to place different types of orders, in addition to the simple buy and sell orders. - Market order, limit order and stop order. This is relatively rare among the cryptocurrency exchanges who usually offer only spot trading.

 

- Nice Platform. BTCTurk offers nice price charts from TradingView with analysis and charting tools, plus a market depth chart and an order book.

 

 

- Good Security. BTCTurk has 2 factor authentication enabled by default, plus it says it stores 95% of the client funds in offline multisignature cold storage and has geographically distributed backups.

 

What we find amusing is the security image BTCTurk displays. In our case it is a bunny.

 

 

BTCTurk disadvantages

 

- Few Coins. BTCTurk has a relatively limited selection of cryptocurrencies on offer, but they are among the most popular.

 

- Minimum deposit and withdawal requirements. The exchange has minimum deposit and withdrawal limits, mostly for fiat currencies through a bank transfer - TRY 1000. The limit for instant transfers is just TRY 10.

 

- No credit cards or PayPal. BTCTurk does not accept deposits through credit cards or PayPal. Nor does it accept cash deposits.

 

- No Anonymity. BTCTurk does not allow anonymous trading and requires that clients provide a copy of an ID document, an ID selfie and a proof of address.

 

- No Leverage. BTCTurk does not offer leveraged trading on its platform, like most cryptocurrency exchanges. There are many reputable regulated forex brokers who offer CFDs on some of the more popular cryptocurrencies, which can be traded on margin.

 

- No Regulation. BTCTurk is not regulated, but for now it does not need to be, despite the plans of the Turkish government, like many others, to put some order in the gray area of the cryptocurrencies.

 

Conclusion

 

BTCTurk is one of the few Turkish cryptocurrency exchanges and seems to be offering good trading conditions, with relatively low fees and tight security. It has been in business since 2013, which is quite a lot by cryptocurrency exchanges standards, despite rumors it is shutting down.

 

According to some customer reviews, BTC provides reliable and fast service and we have not come across complaints, at least in English.

 

Overall, we are not sure whether there are major international cryptocurrency exchanges operating in Turkey, so BTCTurk appears like a good option.

 

 

 

 

Latest news about BTCTurk
No news about BTCTurk. Check back later.
Forex
Broker Country Regulation Platform Min Deposit Review
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
Cyprus, SVG CySEC MT5, Web,
cTrader
$100 Review Website
Australia, Cyprus ASIC, CySEC MT4, MT5, Iress $100 Review Website
Cyprus, Australia CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
UK FCA MT5 $5 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website
Australia, UK ASIC, FCA MT4, MT5,
cTrader
$200 Review Website

Traders` reviews for BTCTurk

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

de | cn | ru