Investment

CAN FOREIGNERS BUY AND SELL BITCOIN IN TURKEY?

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How can foreigners buy bitcoin in Turkey? How to own bitcoin? Are there any restrictions on buying bitcoin in Turkey for foreigners? How can foreigners trade cryptocurrencies? In this article, we will seek answers to all these questions.

One of the recommendations of Elon Musk, who is now on the list of the richest people in the world, who is known to the whole world, who sends cars to the orbit of the world and who has attracted everyone’s attention with his extreme ideas, is to trade cryptocurrencies.

You can understand how much that money has increased by typing “doge”, a cryptocurrency on Twitter, from the graphs below. 0.43₺ at the moment. As you can see, a value increase of more than 10 times is seen in a short period of 2 months.

Long story short; As a trading or passive investment, crypto money earns a lot of money for its users.

First of all, let’s start with a little definition of the job. What is crypto money? What is crypto money?

Cryptocurrency is actually a virtual currency, a means of exchange, that is encrypted with a cryptography system to secure your transactions and allows you to secure your investments. Cryptocurrencies other than Bitcoin are called altcoins. These systems operate in a decentralized manner in a distributed structure and are used as a kind of digital money.

What is bitcoin?

Bitcoin is a decentralized virtual cryptocurrency. First appeared in January 2009, any official organization etc. Bitcoin, which has no connection with Bitcoin, has a place that has been in demand in Turkey in recent years, increasing its importance day by day. Bitcoin and other altcoins are an investment tool that has increased in popularity recently in our country and is trusted by users. The current value of Bitcoin has exceeded $50,000 and is still rising. Investors claim that 1 bitcoin will be worth $100,000 in the future.

How to buy bitcoin?

Bitcoin can also be obtained through mining, but nowadays, the costs for this transaction are very high, so users usually buy bitcoin and altcoins on cryptocurrency exchanges. You can find some Turkish stock exchanges in Turkey and as of 09.03.2020 below.

  • Exchange Name Exchange Volume
  • Binance 8.360.939.704
  • Paribu 8.360.939.704
  • BtcTurk 4.088.488.614
  • Bitexen 1.409.119.370
  • Shopping with Bitcoin

You can buy products or services using bitcoin in many places in the world and in our country. Currently, many e-commerce sites and service platforms accept payments with bitcoin, and new ones are added to these platforms every day.

Especially with low commissions or even commission-free transactions, you can raise your targets even higher in your high-volume transactions. Since there is currently no taxation for the crypto money sector in Turkey, you do not have to pay any taxes for your transactions and earnings. Since this criterion is a great advantage for crypto money investors, it quickly attracts Turkish and foreign crypto money investors to Turkey. You can make a quick start to the crypto money market, whose market is millions of dollars and growing and developing day by day, with advantageous transaction fees by using the links below.

How Can Foreigners Trade Cryptocurrency?

Foreigners can own cryptocurrencies in 2 ways.

1- Via Foreign Exchanges

Whether or not they are in Turkey, foreigners can buy and sell cryptocurrencies or bitcoins from anywhere they want, 24 hours a day, 7 days a week via foreign exchanges. Examples of these are:

Binance

Binance is one of the largest cryptocurrency trading websites. It is a cryptocurrency exchange with an average daily trading volume of 2.0 billion. Foreigners or Turkish citizens can trade on this exchange as they wish. In addition, Binance allows you to perform transactions in 45 different currencies. By clicking on this link, you can create an account on Binance and perform crypto currency trading transactions immediately.

Kraken

Kraken, although not as much as Binance, is still one of the reliable and highest trading volume cryptocurrency exchanges that has made its name known all over the world. You can trade cryptocurrencies or bitcoins with 4 different currencies on Kraken. You can create an account for your crypto money shopping on kraken by clicking this link.

2- Via Turkish Stock Exchanges

Trade cryptocurrencies on Turkish exchangesCultivating is possible for foreigners. However; Turkish cryptocurrency exchanges require authentication during registration. While not required to trade, it sets some limits on you when you don’t authenticate. Although these limits are substantial, they can sometimes cause restrictions for large investors.

BTC Turk

Since it is Turkey’s first and the world’s 4th Bitcoin trading platform, it is a crypto exchange with many users in the world as well as in Turkey. With BTC Turk, you can trade bitcoin or other cryptocurrencies 24/7.

Paribu

Although it was established after BTC Turk, Paribu is currently the crypto money exchange with the largest transaction volume in Turkey. Paribu, which is very popular especially among Turkish youth, is a Turkish crypto exchange that will meet your needs in bitcoin and crypto currency trading.

How Can Foreigners Deposit into Cryptocurrency Exchanges?

You can deposit money to crypto currency exchanges in Turkey with multiple methods. The most reasonable way to do this is to send it via EFT or Money Order via banks. However, since it is difficult for foreigners to open a bank account in Turkey, there is another way: Papara.

How to Load Balance with Papara?

First, create a Papara account by clicking this link.

This much,

By depositing money into your Papara account, you can transfer it from the “Upload Balance with PayPal” tab of the relevant exchange. In about 10 minutes, your money will be transferred to the exchange you use.

How Can Foreigners Withdraw Money From Cryptocurrency Exchanges?

You can get your money on crypto currency exchanges through papara. Select “Papara” from the withdrawal section of the exchange you are using and enter your papara number. Again, your money will be transferred to your Papara account in about 10 minutes.

In this article, we talked about how foreigners can buy and sell Bitcoin in Turkey. We see people who have increased their wealth thanks to Bitcoin and other coins. We think crypto money is our future banks. You can get the advantage of being a few steps ahead of your competitors by accessing early and getting used to it faster. But remember that the slightest carelessness and neglect can cost you dearly.

source: www.atakurumsal.com

Mehmet Sarıusta

Hello, I'm Mehmet, I write content for Expat Guide Turkey every day. Don't forget to check it out!

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