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Paribu Review - is it scam or safe?

Paribu Review - Is paribu.com scam or safe cryptocurrency exchange?

RATING: 3.2 / 0 REVIEWS Paribu

RECOMMENDED BITCOIN BROKERS


Trading Accounts

 

Account type Leverage Maker Fee Taker fee Deposit Fee
Standard N/A 0.30% 0.40% Undisclosed

 

 

Paribu is one of the most popular Bitcoin exchanges in Turkey. The company accepts deposits in Turkish Lyra (TRY), which makes them an entry-level service.

 

Paribu Advantages

 

 

Accepting bank transfer – the main advantage of this exchange is the fact they accept bank transfers from Turkey. That being said, we are not certain if foreigners will be able to use this service.

 

Offers wallets – one can hold his Bitcoin and TRY in the account at Paribu. This may seem obvious, but some regionally specific services, like BTC Direct don’t.

 

Cold storage – this is one of the few pieces of information on security which we managed to find about this exchange. This is a top tier measure, but as always, there is some risk involved with all cryptocurrency exchanges.

 

Paribu Disadvantages

 

Focus on Turkey – not surprisingly, the main strength of Paribu is also their main weakness. The service is designed for the local market and foreigners may not be able to participate.

 

Only Bitcoin available – while Bitcoin is still the king of crypto, there are a lot of other options out there. That being said, this is more of a gateway exchange, like Coinbase. In case one is looking for more coins, there are a lot of other venues for that purpose.

 

Trading only versus TRY – yet another specific, which makes this exchange not suitable for everybody. This isn’t that much of a flaw, as it is a choice, made by the creators of this exchange.

 

Relatively high fees – trading at Paribu will cost market makers a maximum of 0.30%, whereas taker feel start from 0.40%. These rates vary on the way one places orders - the passive orders, which add liquidity to the book have the lower level, while taking the best bid/ask is more expensive. These fees are not competitive, when compared to the industry. Most other exchanges, charge something in the 0.25% range on each transaction. Despite the difference being small, it can add up over time. Then again, most other exchanges don't support trading against the Turkish Lyra, so this is a niche trading venue. 

 

No margin trading  – speculatively trading with margin is not available at Paribu, which is to be expected for an entry level company. In case your main goal is to actively trade Bitcoin, a forex broker, like HYCM, may be a better alternative.

 

>>Bitcoin forex brokers<< 

 

That being said, we need to mention a few specifics about trading with such a company. Forex brokers offer Bitcoin CFDs, which are different from actually owning the coins yourself. This is a synthetic financial instrument, which only follows the price movement of the given underlying asset. For all the details click here.

 

Telephone number required -  probably one of the most unusual things about Paribu is the fact they don’t require an e-mail upon registration, rather a telephone number. This is rather awkward and will most likely turn away some customers.

 

 

Conclusion

 

Paribu is a Turkish cryptocurrency exchange. The company only offers BTC/TRY trading. In essence, this is a great “gateway” company for locals, who have little experience in the cryptocurrency space. 

 

Our chief concern with Paribu is the fact they are a relatively new company. In other words, they have not proven their security, which looks good on paper. This is also the main point of the few user reviews, which we managed to find. 

 

Of course, the key problem with a lot of comanies in the cryptocurrency space is counterparty risk and Paribu is no exception. While they look great, there is always the possibility of something wrong happening with an exchange. Industry veterans suggests keeping your coins on external wallets and even hardware ones (in case your investment is big enough).

 

On the other hand, the alternative way of trading Bitcoin, with a forex broker is generally much safer. Despite the fact some forex brokers are shady at best, the top-rated companies are monitored by regulatory agencies, like the UK’s FCA. Find more details in the link below.

 

>>Bitcoin trading with a regulated broker<<

 

Here is a summary of our experience with Paribu:

 

Pros Cons
Accepting bank transfer Focus on Turkey 
Offers wallets Only Bitcoin available
Cold storage Trading only versus TRY
  Relatively high fees 
  No margin trading
  Telephone number required

 

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Traders` reviews for Paribu

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