BtcTurk PRO Review
What is BtcTurk PRO?
BtcTurk Pro is the little brother of BtcTurk, an exchange from Turkey that has been active since 2013. 8 years in the crypto world is like 800 years anywhere else... BtcTurk Pro itself launched in 2020.
BtcTurk PRO Advantages
The platform lists six things in particular as main advantages with its platform. First, that they have a high trading volume. Second and third, that they offer a renewed order matching engine (we're actually not sure what this is) and fast registration and verification. Free cryptocurrency withdrawal is listed as an advantage as well (more on this below), low trading fees and finally - that they offer 24/7 support. We do believe that all of these factors should be important to take into consideration when choosing an exchange (save for renewed order matching engine that we don't really understand).
BtcTurk PRO Mobile Support
Most crypto traders feel that desktop give the best conditions for their trading. The computer has a bigger screen, and on bigger screens, more of the crucial information that most traders base their trading decisions on can be viewed at the same time. The trading chart will also be easier to display. However, not all crypto investors require desktops for their trading. Some prefer to do their crypto trading via their mobile phone. If you are one of those traders, you’ll be happy to learn that BtcTurk PRO’s trading platform is also available as an app. You can download it to/from both the AppStore and Google Play.
BtcTurk PRO Trading View
Every trading platform has a trading view. The trading view is the part of the exchange’s website where you can see the price chart of a certain cryptocurrency and what its current price is. There are normally also buy and sell boxes, where you can place orders concerning the relevant crypto, and, at most platforms, you will also be able to see the order history (i.e., previous transactions involving the relevant crypto). Everything in the same view on your desktop. There are of course also variations to what we have now described. This is the trading view at BtcTurk PRO:
It is up to you – and only you – to decide if the above trading view is suitable for you. Finally, there are usually many different ways in which you can change the settings to tailor the trading view after your very own preferences.
Why do so many exchanges not allow US citizens to open accounts with them? The answer has only three letters. S, E and C (the Securities Exchange Commission). The reason the SEC is so scary is because the US does not allow foreign companies to solicit US investors, unless those foreign companies are also registered in the US (with the SEC). If foreign companies solicit US investors anyway, the SEC can sue them. There are many examples of when the SEC has sued crypto exchanges, one of which being when they sued EtherDelta for operating an unregistered exchange. Another example was when they sued Bitfinex and claimed that the stablecoin Tether (USDT) was misleading investors. It is very likely that more cases will follow.
According to information we have received, US-investors are not permitted to trade at BtcTurk Pro. If you're from the US and want to find an exchange where you can trade, just use our Exchange Filters and we'll help you.
BtcTurk PRO Fees
BtcTurk PRO Trading fees
Every time you place an order, the exchange charges you a trading fee. The trading fee is normally a percentage of the value of the trade order. Normally, exchanges distinguishes between takers and makers. Takers are the one who “take” an existing order from the order book. Makers are the ones who add orders to the order book, thereby making liquidity at the platform.
At BtcTurk PRO, the standard trading fees for takers are 0.09%, and for makers 0.05%. Both 0.09% in taker fees and 0.05% in maker fees are substantially below the global industry averages for centralized exchanges. Industry averages have historically been around 0.20-0.25% but we now see new industry averages emerging around 0.10%-0.15%. According to the latest empirical study on the subject, the industry average taker fees were 0.217% and the industry average maker fees were 0.164% (for spot trading).
Consequently, BtcTurk PRO's fees are well below both of these industry averages.
Furthermore, you can receive discounts on your trading fees if you achieve a certain trading volume during the preceding 30-day period. Discounts go as low as 0.04% for crypto trading takers and 0.01% for crypto trading makers. That, however, requires that you trade for an aggregate value exceeding TRY 50 million (approx. USD 7 million) during the preceding 30-day period. The full table with all different levels is displayed below:
BtcTurk PRO Withdrawal fees
Withdrawal fees are usually fixed and vary from crypto-to-crypto. If you withdraw BTC, you pay a small amount of BTC for the withdrawal. If you withdraw ETH, you pay ETH. The last time we did an empirical study of the BTC-withdrawal fees in the crypto exchange market, we found that the average BTC-withdrawal fee was 0.000643 BTC per BTC-withdrawal.
BtcTurk Pro doesn't charge anything for crypto withdrawals, but not only that, they also cover the network fees involved when making a withdrawal. This is actually quite unusual. Many exchanges say "we don't charge any withdrawal fees", but the user still has to pay network fees to the miners processing the withdrawal (which are distinct from the exchange itself).
BtcTurk Pro's offering in this regard is very consumer friendly indeed.
In addition to depositing cryptocurrency to the platform, BtcTurk Pro also lets you deposit fiat currency. However, only through wire transfer (not credit or debit card).
Seeing as fiat currency deposits are possible at this trading platform, this platform qualifies as an “entry-level exchange”, making it an exchange where new crypto investors can start their journey into the exciting crypto world.