What is Narkasa?
Narkasa is a cryptocurrency exchange from Turkey. It has been operational since 2020.
Limited Number of Supported Cryptocurrencies
Narkasa only supports trading in the following cryptocurrencies: USDT, BTC, LINK, ETH and XRP. One could argue that this fact, that the exchange only supports trading in the bigger cryptocurrenices, is more secure seeing as they have all been subject to numerous due diligence processes and are more properly vetted. A newly launched altcoin has not been subject to the same scrutiny.
On the date of first writing this review (17 February 2021), the platform's 24 hour trading volume according to Coinmarketcap was USD 1.8 million. Seven months since then, on the date of last updating this review (2 December 2021), this trading volume was approximately USD 2.5 million. On the same day, Binance had a trading volume of USD 30 billion...
Narkasa 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 Narkasa’s trading platform is also available as an app. You can download it to/from both the AppStore and Google Play.
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 Narkasa. 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.
Narkasa 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 Narkasa (pro version):
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.
Narkasa 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. Many exchanges divide between takers and makers. Takers are the one who “take” an existing order from the order book.
Narkasa charges what we call flat fees, meaning that both the takers and the makers pay the same fee. In this case, that fee is 0.20%. These flat fees are quite in line with, or slightly above, the global industry averages for centralized exchanges. In the largest and most recent empirical study performed on industry average crypto trading fees, we found that the industry average spot trading taker fee was 0.217% and the corresponding spot trading maker fee was 0.164%. Here, as you recall, they are both set at 0.20%.
Consequently, Narkasa's trading fees are slightly below average for the takers and a bit higher than average for the makers.
Narkasa Withdrawal fees
This exchange charges a withdrawal fee amounting to 0.0003 BTC when you withdraw BTC. This fee is substantially below the industry average, which was 0.000643 BTC per BTC-withdrawal the last time we made an empirical study (report available here).
Accordingly, the withdrawal fees here are an edge against Narkasa's competitors in the crypto exchange industry.
In addition to depositing cryptocurrency to the platform, Narkasa 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.