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Buying and Selling Altcoin in Turkey: A Beginner’s Guide

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Buying and Selling Altcoin in Turkey: A Beginner's Guide 1

Buying and Selling Altcoin in Turkey: A Beginner's Guide 2

Understanding Altcoin

Altcoin serves as an alternative to Bitcoin. An Altcoin is a cryptocurrency that is not Bitcoin but is based on the same technology and idea. Altcoins have increased in popularity over the years, and today there are thousands of them. Altcoins meet different needs, and there is no one-size-fits-all Altcoin.

Buying Altcoin in Turkey

Turkey’s cryptocurrency market is relatively small but growing. The popular trading platforms in Turkey are Paribu, BtcTurk, and Koineks. These platforms allow its users to purchase Altcoins either by Reis (Turkish Lira, ₺) or Bitcoin (BTC).

The first step for trading on Paribu is to create an account by providing your identification details. Once the account is verified, you can deposit money into your account using TL. The next step is to choose the cryptocurrency you want to purchase and put it into your wallet.

Similarly, for trading on BtcTurk and Koineks, you must create an account and verify it. You can deposit money in your account, convert TL into BTC and then use BTC to buy the Altcoin.

Selling Altcoin in Turkey

If you plan to sell Altcoin, the process is straightforward. Head to the trading account of the trading platform you are using, locate the Altcoin, choose the amount you want to sell, and click sell.

Alternatively, you can convert your Altcoin into BTC, transfer it to your BTC wallet, and sell it using the Fiat currency. Note that it will take time to transfer BTC, and you may incur a transaction fee.

Cryptocurrency Regulation in Turkey

The Turkish government regulates cryptocurrencies by allowing them to operate under state supervision and control. The regulation of cryptocurrencies mirrors that of commodity trading. The regulation only allows financial institutions to acquire or trade any cryptocurrency. Therefore, individuals within Turkey are limited to cryptocurrency trading platforms.

Moreover, the Turkish government implemented a regulation in April 2021, requiring Turkish cryptocurrency exchanges to report digital asset transfers of over ten thousand TL to the Financial Crimes Investigation Board (MASAK).

Using Altcoin as an Investment in Turkey

Altcoin’s value is volatile, and you must be careful when investing. One way to invest in Altcoin is by visiting cryptocurrency exchanges like Binance or Coinbase. These platforms allow you to access a broader range of Altcoins, including those available in Turkey.

Nevertheless, to use cryptocurrency exchanges in Turkey, you need to connect to an offshore account. Although it is legal to trade cryptocurrency in Turkey, the Turkish authorities recommend that residents exercise caution. Cryptocurrency is subject to market volatility and is not risk-free. Dive deeper into the topic and discover extra information in this specially selected external resource. egemoney, investigate fresh information and viewpoints regarding the topic covered in the piece.

Conclusion

Turkey has a relatively small but growing cryptocurrency market. Platforms like Paribu, BtcTurk, and Koineks offer trading services to users, allowing them to buy and sell Altcoins using local currency or Bitcoin. However, one must exercise caution when investing in Altcoin due to the market’s volatility. Lastly, Turkish citizens are limited to trading platforms, and only financial institutions can acquire or trade cryptocurrency in Turkey.

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