BtcTurk Pro Review
BtcTurk Pro is the improved version of BtcTurk, a Turkish exchange that has been in operation since 2013. In the crypto world, eight years is equivalent to 800 years elsewhere. BtcTurk Pro launched in 2020. The BtcTurk Pro platform outlines six features as its key advantages. This BtcTurk Pro review will explore all these advantages, among other things.
First and foremost, BtcTurk Pro has a high trading volume. They have a revamped order matching engine, fast registration and fast verification. Free cryptocurrency withdrawal is classified as a benefit (more on this below). Low trading fees and the availability of 24/7 support are also classified as benefits.
| Exchange platform | BtcTurk Pro |
| Website | https://pro.btcturk.com/ |
| Variety crypto | 50 |
| Account needed | Yes |
| Verification | Mandatory |
| Verification levels | 2 |
| Trading Platform | Web-based, Mobile Application |
| Payment Method | Wire transfer, Crypto Conversion |
| Customer Support | Email, Twitter, Phone, Telegram |
What is BtcTurk Pro
BTCTurk Pro is Turkey’s first cryptocurrency exchange platform out of five and the world’s fourth. It began operations on July 1, 2013, and it now has over 560,000 customers (more than 15% of whom are active). Ozgur Guneri became CEO in 2018 after purchasing 95 percent of the company from the previous CEO, Ozan Yurtseven, and expanding the company to 90 employees.
The BtcTurk Pro exchange provides a variety of cryptocurrencies in exchange for the Turkish lira. Some of the most common cryptocurrencies are Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Stellar Lumens (XLM), and Tether (USDT).
Two-factor authentication for security purposes, the use of SegWit for blockchain size arrangements, the BTCTurk API for handling buy and sell options, and hardware storage of 95 percent of client funds in offline multi-signature while providing geographically dispersed backups, are among the features displayed on the homepage to entice users.
BTCTurk Pro requires valid identification, such as proof of address and an ID document, for increased security. It does not allow anonymity. It also suggests a security picture that is exclusive to each customer. Furthermore, BtcTurk Pro has a mobile app that allows users to access their accounts more easily. The platform does not support leveraged trading, so it is not suitable for trading CDFs. There is also no regulation on the BtcTurk Pro. Credit card payments, PayPal payments, and cash deposits are not accepted.
In terms of fees, BtcTurk Pro has fair commission fees that become more favorable as the user’s trading volume increases. There is, however, a minimum withdrawal and deposit amount (1000 TRY) by bank transfer. There is a very limited cap for instant transfers (just 10 TRY).
BtcTurk Pro Trading Services
You can trade in over 50 different cryptocurrencies with BtcTurk Pro. You can trade all of the popular cryptocurrencies and a few minor ones on this platform, and the exchange is continuously adding new cryptocurrencies. The services of BtcTurk Pro are also available on mobile devices. The BtcTurk Pro app is available for download on both the App Store and Google Play.
US-investors
Why are so many exchanges denying US investors the privilege of trading with them? The response consists of only three letters: S, E, and C (Securities Exchange Commission). The SEC is frightening because the US does not authorize foreign companies to attract US investors, except they are already registered with the SEC in the US. If foreign firms continue to deal with US investors, the SEC has the power to prosecute them. There are many cases where the SEC has prosecuted crypto exchanges; there was one in which EtherDelta was sued for running an unregistered exchange. Another case in point was when they sued Bitfinex, claiming that the secure coin Tether (USDT) misled investors. More events are likely to follow. According to our knowledge, US investors are not allowed to trade on BtcTurk Pro.
BtcTurk Pro Fees
It would be nice if you always remember to review the trading fees of any exchange platform you wish to use. Before proceeding with the information on BtcTurk Pro’s fees, it may be worthwhile to clarify the following: the difference between a taker fee and a maker fee. If a trade order instantly matches an order placed on the order book, the taker fee is charged, eliminating liquidity from the order book. If a trader’s order does not instantly match an order book, the maker fee is charged, bringing liquidity to the order book.
This exchange charges a 0.09 percent taker fee (for crypto-to-crypto trading). This fee is lower than the industry average of about 0.25 percent. The exchange also discounts makers, with maker fees set at 0.05 percent (for crypto-to-crypto trading). These rates are still competitive. Many exchanges have lowered trading fees as volume increases, encouraging you to trade in larger volumes.
Withdrawal and Deposit Fees
BtcTurk Pro charges a withdrawal fee based on percentage; this means that you will be charged a of the amount you withdraw. Their fee percentage is 1.00 percent. This is a new withdrawal fee model, but it is not unheard of. Most exchanges charge a fixed withdrawal fee irrespective of the amount withdrawn. With this exchange’s fee model, you gain when you withdraw low amounts. When you withdraw 0.01 BTC, the withdrawal fee is reduced to 0.0001 BTC (low). If you withdraw about 10 BTC, the withdrawal fee is reduced to 0.1 BTC (incredibly high). Please consider whether or not this withdrawal fee system is suitable for your trading.
BtcTurk Pro accepts wire transfers as a deposit method, but credit cards are not accepted. Since wire transfer is a deposit method, this exchange qualifies as an “entry-level exchange,”; this implies that new crypto investors can launch their trading journeys at BtcTurk Pro.
Verification
You do not need to have generic customer identification documents (passports, accounts, etc.) to use BtcTurk Pro. All you require is a valid wallet address. If you choose to purchase cryptocurrency with fiat currency, you will most likely need additional documentation and a credit card. A valid wallet address, on the other hand, will suffice to convert cryptocurrencies.
BtcTurk Pro is dedicated to safeguarding its users against fraudulent activities involving crypto-assets. Certain crypto assets, as specified by law, can be used for fraud or other illegal activity. To avoid this, the platform is implementing measures to ensure customer verification and the security of financial transactions. The AML/KYC method, which enables you to verify that you are a law-abiding individual or corporation, is one of its best measures.
BtcTurk PRO API and Affiliate Program
The BtcTurk Pro website functions as a digital currency exchange point, a widget for customers who have their website, and an API for trading platforms. There is an affiliate program on the exchange platform that allows you to earn money by referring others. For instance, if a client logs in and trades money for a hosted widget, you will get 50% of the income from the exchange. You can provide a BtcTurk Pro referral link on your website. Referral earning statistics can be found under the Affiliate Program tab. You can download banners and logos from the service.
BtcTurk Pro Advantages
• Fair Commissions: BtcTurk Pro’s trading rates are very reasonable. They even become more appealing as you trade more.
• Accepts Fiat: BtcTurk Pro allows customers to buy and sell cryptocurrencies for fiat currencies (only one, in the real sense), which is essentially what your typical client is looking for these days.
• Low deposit/withdrawal fees: BtcTurk Pro, like other exchanges, charges fees for withdrawing and depositing fiat currencies and cryptocurrencies. An immediate fiat deposit or withdrawal fee is 1% + VAT, but it cannot exceed TRY50 (approximately $13). Depositing at a bank is free, and withdrawal charges TRY3. Cryptocurrency deposits are free, and withdrawals are subject to a small fee, depending on the coin.
• Mobile app: BtcTurk Pro offers a mobile app to iOS and Android users. Clients can display current market information, deposit and withdraw funds, place buy and sell orders, view account balances, and receive price notifications.
• Order types: In addition to simple buy and sell orders, BtcTurk Pro enables clients to position various orders. There are three types of orders: market orders, limit orders and stop orders. This is unusual among cryptocurrency exchanges, which typically offer only spot trading.
• Decent Platform: BtcTurk Pro provides nice TradingView price charts with research and charting tools, as well as an order book and a market depth chart.
• Good security: BtcTurk Pro uses 2-factor authentication by default, and it claims to store 95 percent of client funds in offline multi-signature cold storage with geographically decentralized backups.
BtcTurk Pro Disadvantages
- Few Coins: BtcTurk Pro offers a relatively small number of cryptocurrencies, but they are among the most common.
- Minimum deposit and withdrawal limits: This exchange platform has a minimum deposit and withdrawal limit of TRY 1000 for fiat currencies via bank transfer. TRY 10 is the max for instant transfers.
- No PayPal or credit cards: BtcTurk Pro does not allow PayPal or credit card deposits. It does not also allow cash deposits.
- No Anonymity: BtcTurk Pro does not permit anonymous trading. It allows clients to have a copy of their ID, an ID selfie, and proof of address.
- No Leverage: BtcTurk Pro, as with most cryptocurrency exchanges, does not provide leveraged trading on its platform. Many credible regulated forex brokers offer Contract For Differences (CFDs) on some of the most common cryptocurrencies that can be traded on margin.
- No Regulation: BtcTurk Pro is not regulated, and it does not need to be, at least for the time being, pending plans by the Turkish government to bring some order to the grey area of cryptocurrencies.
BtcTurk Pro Mobile Support
Most cryptocurrency traders claim that trading conditions on desktop computers are the highest. The screen on the monitor is bigger, and on larger screens, more of the vital details on which most traders draw their trading decisions can be seen simultaneously. The trading chart will be more noticeable as well. However, not all cryptocurrency traders need desktop computers to trade. Some people enjoy trading cryptocurrencies on their smartphones. If you are one of these traders, you will be happy to know that BtcTurk Pro is now available on mobile devices as an application. You can get it from both AppStore and Google Play.
BtcTurk PRO Interface
The trading interface of BtcTurk Pro is very cool, with a simple view of all tabs and a Turkish quality design. The UI is pre-configured, and the color of the interface can be switched to white, black, or blue. Anything other than that, you have the option of completely customizing it to your tastes, almost without limitations, while still maintaining the design’s consistency. The chart is in the center of the design, with all of the essential data on its sides. The Order tab is on the right side and it contains all of the necessary information and options. The UI layout design for trading platforms is among the best in the industry. Whilst providing comprehensive details, the site is simple to navigate and understand.
Is BtcTurk PRO Safe?
It is important to ensure that a cryptocurrency-related platform can be trusted before using it. Many companies have proven to be scams throughout the crypto industry’s history or have struggled to withstand hacker attacks. Fortunately, the performance level of security on platforms is increasing, but so is the threat from violators. Here, we will discuss whether there are any reasons to believe that BtcTurk PRO is a scam or whether this platform is safe enough to entrust your money.
In summary, BtcTurk PRO is a safe company — particularly if you carefully read the terms and conditions. Some users suspect the company of being a scam after being charged exorbitant fees for fiat-to-crypto transactions. However, the issue here is that customers are not aware of the fee rates before engaging in transactions. Although crypto-to-crypto transactions are free, fiat-to-crypto transactions are costly.
Another factor BtcTurk Pro is criticized for is that there are often transaction delays. However, it appears that if such issues arise, it is only a matter of time before they are resolved. Furthermore, the support team usually responds to user inquiries within 24 hours. There is not much information available about the BtcTurk Pro support team. It makes some people question the legitimacy of this operation. However, there is no documentation of BtcTurk Pro stealing money from users in any way.
There are several things to consider regarding how BtcTurk Pro helps users keep their assets safe. To begin with, BtcTurk Pro is a non-custodial platform; it does not possess any of the users’ money, and if BtcTurk Pro is hacked, the users’ funds will be unaffected. Furthermore, the HTTPS protocol protects users’ data and funds. It conserves processor memory, aids in avoiding unwanted requests, and ensures that work runs much more smoothly, in general.
Users can (and should) allow two-factor authentication (also known as 2fa); without entering a one-time password, it is impossible to access an account or perform any crucial action on the account. This password is only generated on the device of the account owner. Those who do not have access to this device (strangers, hackers) will not reach the account and steal money. Aside from 2fa, BtcTurk Pro does not provide any extra security measures allowed by the user. However, given the platform’s non-custodial existence, 2fa is sufficient; years of BtcTurk Pro service prove this.
Who Should Use BtcTurk Pro?
BtcTurk Pro is an excellent exchange for those who place a premium on security. This makes it ideal for those trading huge sums of fiat currency for Bitcoin or Ether. Since it is fully licensed and it provides enhanced security features, it is one of the most secure exchange platforms in the cryptocurrency world.
BtcTurk Pro is also suitable for users who want to make a large number of trades per day. Professional traders would undoubtedly appreciate the improved security features that secure their digital currency and fiat accounts. This should give them more faith in keeping the large sum of money they need, to make the large trades that some skilled traders make daily, online.
Also, the sliding scale of fees is appropriate for this type of trader. The BtcTurk Pro fee model mentioned above clearly benefits those who make a large number of trades over those who want to make a single buy order of Bitcoin or Ethereum and store it in cold storage. Also, at the lowest rate, the fees are modest, so first-time buyers should not be worried. Since many first-time traders, adopters, or investors learn about Bitcoin and Ethereum as their first exposure to cryptocurrencies, BtcTurk Pro is a good place to start. However, they might be put off by the amount of personal information they must provide to the exchange to get a taste for buying, to sell, and dealing in cryptocurrencies.
Conclusion
BtcTurk Pro is among the few Turkish cryptocurrency exchanges with good trading conditions, low fees, and strict security. Despite reports that it is closing down, it has been in operation since 2013; this is very long, by cryptocurrency exchange standards.
According to some customer feedback, BtcTurk Pro offers dependable and timely service. We have not received any complaints, at least in English.
Overall, we don’t know whether big international cryptocurrency exchanges operate in Turkey, so BtcTurk Pro appears to be a promising alternative.
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