UPDATE 26 April 2021: Sistemkoin has been under maintenance for a suspiciously long time. Accordingly, we have marked this exchange as "dead" and moved it into our Exchange Graveyard. If it comes out of maintenance mode, we will revive it again.
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A crypto exchange guide must provide reviews of all of the crypto exchanges out there, so that you can find the right one for you. This review of Sistemkoin consists of four parts: general info, fees, deposit methods and security.
Sistemkoin is a Turkish crypto exchange. Turkey has a large number of crypto exchanges. Bithesap is one of them, but there are many many more.
As many other Turkish cryptocurrency exchanges, Sistemkoin is open also to foreign investors. However, the only fiat currency accepted is TRY (Turkish Lira) and most pages are only accessible in Turkish. We have therefore marked this exchange as “US-investor friendly”, as US-investors are not prohibited. If you are a US-investor and would prefer an exchange with another set of fiat currencies, use our Exchange Finder and well help you find one!
The number of cryptocurrency trading pairs is quite decent and all of the bigger ones are in fact represented at this exchange, but, as mentioned above, you can’t trade them against the EUR or the USD or any other fiat currency than the TRY.
On 24 June 2019, Sistemkoin renewed its exchange and allegedly made it both faster and more secure. The increased speed was created through Amazon Web Services optimized servers, through which the exchange accelerated dataflow. The security features added in this renewal was primarily the launch of anti-phishing codes and three-step verifications. In this relaunch, the trading platform also underwent a complete redesign.
This platform is not only available from your desktop, you can now also access it via your mobile. The launch of the exchange's app was announced by the exchange on 6 April 2020. Most traders in the crypto world today carry out their trades via desktop (around 70% or so). However, there are naturally people out there that want to do it from their smart phone as well. If you’re one of those people, then this platform can still be for you.
Sistemkoin 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. The below is a picture of the trading view at Sistemkoin:
Sistemkoin Trading fees
Here, they don’t charge different fees between takers and makers. Their fee model is instead something called a “flat fee model”. The flat fee model varies a little bit from cryptocurrency to cryptocurrency. Trading the biggest ones (Bitcoin, Ethereum, Tron, Bitcoin Cash, Ripple) sets you back 0.20%. A few others cost you 0.25% to trade, and some 0.15%. We have listed 0.20% as the trading fee for this exchange.
Sistemkoin Withdrawal fees
Sistemkoin charges a withdrawal fee amounting to 0.0005 BTC when you withdraw BTC. This fee is quite exactly in line with the industry average. The global industry average BTC-withdrawal fee the last time we at Cryptowisser did a full-blown empirical study of it was approx. 0.0008. But today, we see more and more exchanges charging 0.0005 BTC per BTC-withdrawal, so one could argue that 0.0005 BTC is starting to become the new industry average.
The exchange also states that withdrawals and deposits will “never take more than 15 minutes to confirm”. This is a very bold statement seeing that Sistemkoin is most likely not in control over the confirmations of the relevant blockchain. We’re actually not quite sure what they mean with that statement.
Sistemkoin offers wire transfer as a deposit method, but you can’t deposit via credit card.
If you need to deposit via credit card, we can help you find the right exchange for you with our tool the Exchange Finder. Try it out!
There are a few contradictory statements on Sistemkoin’s website. One example of such a statement is that they at one place say that “all Sistemkoin assets are stored offline in cold wallets, ensuring maximum security”. Just an inch below that statement, it says “98% of our coins [are kept] in cold wallets”. So, Sistemkoin, what is it? 100% or 98%? Contradictory statements like these are a bit troubling in our opinion.