Using a Bitcoin exchange is one of the many ways that crypto investors can choose to buy and sell both Bitcoin and other digital currencies. However, all crypto trading platforms differ, and you need to know what to look for when selecting the best Turkish Bitcoin exchange for you.
Here are some of the things to look out for as you choose an exchange if you are in Turkey:
Consider the reputation of the exchange
While Bitcoin and many other coins have been around for several years, the crypto space is still in its relatively early stages, and the industry is largely new. Therefore, before using any Turkish Bitcoin exchange, you should consider its reputation. This is because some exchanges have experienced cyberattacks where their systems have been hacked and their users scammed. Also, some exchanges have a terrible reputation regarding their customer service and how they handle various issues.
Research various crypto platforms on Google and social media as you try to find a reliable Turkish Bitcoin exchange. You can find out about any incidents or complaints posted online and make better decisions.
Check the other supported coins
Another thing to consider as you choose which Turkish Bitcoin exchange to use is the number of digital currencies it supports and you can trade on it. As a newbie in cryptocurrency, you only need a platform where you can transact Bitcoin and a few other coins. Thus, you will probably be okay with a platform supporting about ten other common cryptocurrencies. Such a platform can make things easier because you won’t get confused by so many coins.
On the other hand, if you have more experience with digital currencies and have time to explore different coins, you could want a platform supporting less popular coins. This allows you to try them out and take an early advantage.
Consider the security
No government is able to truly regulate cryptocurrency, and it has the potential for black-market activities and online fraud. It is vital to ensure you look for a Turkish Bitcoin exchange with water-tight security measures. You need to be sure your funds and data are safe as you transact on a platform and hold your funds in your wallet. Some of the security features to look out for as you try to identify a reliable platform for your crypto trading include:
· Cold storage or off-line storage of digital assets to reduce the risks of hacking and theft
· Two-factor authentication
Also, check for any history of hacking and other security incidents and find out how they were addressed. You can get an idea of how secure a platform is from such things.
Check the transaction fees
Bitcoin trading platforms charge various fees to users for using them. However, the charges differ from one exchange to another. As you look for the best Turkish bitcoin exchange, look at their fees for various transactions and compare them with those of other platforms. You should choose the platform with the lowest fees for your needs and meets other criteria.
You need to look for a number of things as you consider which Turkish Bitcoin exchange to use. These include the platform’s reputation, security, number or variety of coins supported, and the fees it charges for various transactions. Other considerations are customer support, user-friendliness, and the payment options allowed.