Istanbul is a big city in Turkey with a thriving crypto economy. Local and foreign investors prefer to invest in digital assets here because the factors are favorable. The major reason is the presence of many secure online and physical exchanges to buy crypto in Istanbul.
Furthermore, you can easily find platforms to sell the crypto instantly, especially if you are an active trader. Some businesspeople also enjoy paying for goods with cryptocurrencies.
Unfortunately, buying crypto in Istanbul can be a bit more challenging if you do not have the right information pertaining to the exchanges in Turkey, regulations, and the volatility of the crypto. However, with the right information, you can easily buy crypto in Istanbul.
If you want to equip yourself with the right cryptocurrency information in Istanbul and Turkey at large, this article is right for you.
Reasons to Buy Crypto in Istanbul
There are many reasons people prefer to buy crypto in Istanbul instead of investing in other areas. These are also the main reasons why investors in the city may shy away from selling digital assets. Here are the top reasons:
- Political instability – The political status of Istanbul, and Turkey at large, is not very stable. As such, many traditional investments such as stocks and real estate are now less attractive. Many investors are rushing to buy crypto in Istanbul because digital assets are decentralized and not tied to any government or institution, and they see it as a safer alternative.
- Economic uncertainty -Turkey’s economy has been facing some challenges in recent years. Likewise, the global economy is not getting any better. The high inflation and fluctuating currency have led many investors to cryptocurrencies such as Bitcoin, Ethereum, and USDT, which are more stable. Cryptocurrency is highly decentralized in nature and has global reach, so it provides a hedge against these economic uncertainties.
- An interesting and secure technology – Another reason why many people want to buy crypto in Istanbul is to explore new and secure technology. According to locals in the city as well as foreign investors, this is an interesting financial technology that everyone should embrace.
- Lack of investment options – Has it come this far? Believe it or not, people in Istanbul want to buy crypto in Istanbul as an alternative investment option that is not currently available to them through traditional channels.
- High-interest rates in the country – The country’s high-interest rates make investing in cryptocurrency more profitable than keeping the money in a savings account. Many investors want to buy crypto in the city and save it to earn lucrative interests that go as high as 20%.
Methods of Buying Crypto in Istanbul
Whether you are a Turkish local looking for a better investment alternative or a foreigner in active crypto trading, you can buy crypto in Istanbul conveniently and securely today. Choosing the most convenient option is great.
Online cryptocurrency exchanges
The most common way to buy crypto in Istanbul is through online exchange platforms. These platforms allow you to buy, sell, and trade various cryptocurrencies using Turkish Lira (TRY) and international currencies such as the US dollar, Japanese yen, Euro, and British Pounds, among others. Others also allow binary trading where you can buy crypto using other crypto coins.
Some of the most popular exchanges in Istanbul include NakitCoins, Binance, LocalBitcoins, and CEX.io. The advantage of using an exchange is that they offer a wide variety of cryptocurrencies to choose from and they are easy to use on a computer or your phone. They also charge fair commissions for the services.
Another great option to buy crypto in Istanbul is using over-the-counter (OTC) trading on a physical crypto outlet. This involves buying and selling crypto directly through the help of an agent. Physical exchanges are often used by large investors who want to buy or sell large amounts of crypto securely and without affecting the crypto market.
The benefit of buying crypto through a physical exchange in Istanbul is that it is faster and more private than using an exchange. But you need to find a trusted and reputable outlet with affordable commissions.
Bitcoin ATMs are another way to buy crypto in Istanbul. These machines allow you to buy and sell Bitcoin and many other listed crypto using cash or other coins. They are easy to use and can be found in various locations around Istanbul. An online map will definitely help you find the nearest BTC ATM. The advantage of using a Bitcoin ATM is that it is easy, fast, secure, and affordable.
The Procedure to Buy Crypto in Istanbul
If you want to buy crypto in Istanbul for the first time, you will need a crypto wallet. This is a virtual folder to store your digital assets. Likewise, you will need fiat money to buy digital assets. As mentioned, Turkish exchanges and crypto platforms accept Lira and international currencies.
The other crucial step is to choose your preferred platform or option. We have mentioned the top options, but you can also consider buying from an individual that you know. Choosing a secure option is as essential as using an instant and affordable platform. Do your research well.
Buying a cryptocurrency of your choice in Istanbul is almost the same, just determine what asset you need, how much you need, and place your order.
Lastly, confirm that your digital assets are safe in your digital wallet. From here, you can wait for the crypto to appreciate before you sell, lend it out through an investor program, or use it to buy goods and services online.
It is possible to buy crypto in Istanbul now that you have gone through this guide. One thing to note is that Turkey has numerous exchanges and platforms with different pros and cons. It may take a bit more effort to identify the best, but once you find one, you will enjoy it. You should consider one that is best for you based on your needs and preferences. All the best!