A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of BTCTurk consists of four parts: general information, fees, deposit methods and security.
BTCTurk is a Turkish cryptocurrency exchange. Turkey has a surprisingly large number of cryptocurrency exchanges. Bithesap is one of them, but there are many many more.
BTCTurk was actually one of the first cryptocurrency exchanges in the world. When it launched in 2013, it was the first cryptocurrency exchange in Turkey and allegedly the fourth cryptocurrency exchange in the entire world. Today, according to information to Cryptowisser, the exchange has 580,000 registered users and on-boards roughly 15,000 new users each month on average.
The exchange’s main office is in Istanbul (Turkey) and it employs around 90 employees, 40 of which being focused on the trading platform’s customer support office.
Unfortunately for any US-investor, BTCTurk prohibits US-investors from trading on its exchange. So if you are a US-investor and want to trade here, you’ll have to reconsider your choice of trading venue and choose one of the other top crypto exchanges.
BTCTurk’s services are also available in mobile format. You can download the BTCTurk-application on both App Store and Google Play. The below is a picture of how the exchange renders in mobile version:
BTCTurk Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. This is a picture of the trading view at BTCTurk:
BTCTurk Trading fees
You should remember to always check the trading fees. Before reading the below information it can be worth clarifying the following: what is a taker fee, and what is a maker fee?
A trade gets the taker fee if the trade order immediately matches an order already on the order book, which is removing liquidity from the order book.
A trade gets the maker fee if the trader order not immediately matches an order already on the order book, which is adding liquidity to the order book.
This exchange offers a taker fee of 0.09% (for crypto-to-crypto trading). This fee is below the industry average which is around 0.25%. The exchange also offers a discount to makers, and their maker fees are set to 0.05% (for crypto-to-crypto trading). These fees are competitive indeed.
Many exchanges have trading fees that are reduced as volumes are increased, meaning that you are incentivized to trade in higher volumes. The fees listed in this review and in the comparison table are excluding any such volume discounts. The trading fee volume discounts for BTCTurk are as set out in the below picture:
BTCTurk Withdrawal fees
BTCTurk has a percentage based withdrawal fee, meaning that they charge you a percentage of the withdrawn amount when you withdraw. Their percentage charged is 1.00%. This is an unusual withdrawal fee model, but it is not unheard of. Most exchanges have a fixed withdrawal fee, regardless of the size of the withdrawn amount.
With the fee model that this exchange has, when you withdraw small amounts, it is beneficial to you. If you withdraw 0.01 BTC, the withdrawal fee becomes 0.0001 BTC (low). However, if you withdraw 10 BTC, the withdrawal fee becomes 0.1 BTC (insanely high). Please consider whether this withdrawal fee model suits your own trading or not.
BTCTurk offers wire transfer as a deposit method, but you can’t deposit via credit card. As wire transfer is an available deposit method, it makes this exchange an “entry-level exchange”. This means that new cryptocurrency investors can start off their trading career at BTCTurk.
The exchange reviewed above is what we call an “entry-level exchange”. This means that this exchange also makes it possible for someone to enter the cryptocurrency market with fiat currency. There are numerous entry-level exchanges out there, including (but not limited to):