Paribu Review
Paribu is a platform that provides its users fast, simple and secure cryptocurrency transactions. This Paribu review will cover all the features of the Paribu platform. 22 cryptocurrencies, including Bitcoin, can be transacted on, in Paribu. On this platform, users can make crypto financial transactions and TL withdrawal deposits, 24 hours a day, seven days a week. Paribu has opened BTC/USDT, ETH/USDT, and XRP/USDT pairs. Tether allows you to conduct Bitcoin, Ethereum, and XRP transactions without paying a commission fee. Your cryptocurrencies are still in your pocket with the Paribu mobile application.
Paribu , launched on the 14th of February 2017, is nearing the end of its attempts to expand its presence in local markets globally. It is working to broaden the reach of cryptocurrencies’ usage in daily life. Taking concrete measures to develop the Paribu blockchain network to ensure that Turkey allows better use of blockchain technology, the platform has introduced practices that will serve as a model for regulatory requirements in storing digital assets and user data.
| Exchange platform | Paribu |
| Website | https://www.paribu.com/ |
| Variety crypto | 22 |
| Account needed | Yes |
| Verification | Mandatory |
| Verification levels | 2 |
| Trading Platform | Web-based, Mobile Application |
| Payment Method | Bank transfer, Wire transfer, Crypto Conversion |
| Customer Support | Email, Twitter, Phone |
What is Paribu
Paribu is a cryptocurrency exchange based in Turkey. Turkey has a plethora of cryptocurrency exchanges; Bithesap is among them, but there are a bunch of others. To the best of our knowledge, only Turkish companies and individuals (or, at the very least, people with a Turkish phone number) can open an account on Paribu. This exchange is not open to US investors. So, if you are a US trader and want to trade at Paribu, you can rethink your trading venue and go with one of the other top cryptocurrency exchanges. But, do not be too downhearted; many other sites have the sort of trading that this exchange does.
If you choose to not use the platform on your desktop, the exchange is available as a smartphone application. The app is available for free download on both the App Store and Google Play.
Paribu Trading View
Different cryptocurrency exchanges have different trading views. There is no “this trading view is the best” in determining the exchange for you. You should decide which trading view is best for you.
The trading views are even usually similar. They all show the order book (or at least a section of the order book), a price chart of the selected cryptocurrency, and order history. They generally have buy and sell boxes as well. Before you pick an exchange, take a look at the trading view to see if it looks good to you.
Paribu Trading Services
You can trade in over 22 different cryptocurrencies on Paribu. You can trade most of the major cryptocurrencies and a few minor ones on this website, and the exchange is continuously adding new cryptocurrencies. Paribu’s services are offered on the go in the form of a mobile app. The Paribu app is available for download on both the App Store and Google Play.
Paribu Fees
Any trade involves two parties: the maker, who has an order on the order book before the trade, and the taker, who places the order following (or “takes”) the maker’s order. Makers are so-called because their orders provide market liquidity. Takers take care of this liquidity by matching the orders of the makers with their own.
Takers pay 0.35 percent in trading fees at Paribu. This fee is higher than the industry average. The industry average is likely to be about 0.25 percent. Makers get a small discount on the trading fee, and they sell for a 0.25 percent trading fee. Before choosing Paribu, consider if it has a solid offering to investors in other ways that outweigh the downside of slightly higher trading fees.
Withdrawal and Deposit Fees
When you withdraw BTC from Paribu, you are charged a withdrawal fee of 0.0005 BTC. This fee is lower than the crypto industry’s average. Paribu accepts wire transfers as a deposit method, but credit cards are not accepted. The TRY is the only fiat currency that can be deposited (Turkish Lira) on Paribu. This indirectly prohibits all investors, except Turkish investors, from engaging in trade on this Turkish exchange.
Paribu API and Supported Countries
Paribu is well-known because, thanks to the API, it can accommodate those interested in creating trading bots. You can make the most of your trading bot with the best API and a low latency data for the whole cryptocurrency market, thanks to the “Robot-friendly API.” On their website, you can find more details on API and API documentation. Except for Turkey, where you must have a Turkish phone number, Paribu cannot be used in any country.
KYC/AML
The Paribu exchange adheres to international anti-money laundering (AML) and know-your-customer (KYC) regulations. This means that the exchange gathers validated personal information from its customers, retains it, and ensures that no third party ever utilizes these credentials to take any action on the customer’s behalf. In certain cases, this means that Paribu users must check their identity and provide evidence that their properties were lawfully obtained.
Paribu does not conceal the fact that in some situations, consumers are expected to provide personal information. No one may use Paribu before they agree that they have read and understood the terms and conditions, including a list of documents that the company can request from the customer. AML/KYC regulations assist the public in identifying potentially risky financial practices, and deciding to use a KYC-compliant exchange is a significant contribution to the international financial community’s safety. Furthermore, compliance with AML/KYC rules enables Paribu to continue operating in Turkey with Turkey’s strict cryptocurrency regulations.
Advantages of Paribu
• Accepts bank transfers – The main benefit of this exchange is that bank transfers from Turkey are accepted. However, we are unsure if foreigners will be allowed to utilize this service.
• Offers wallets – users can store their Bitcoin and TRY in their Paribu account. While this may seem apparent, some geographically specific services, such as BTC Direct, do not offer this feature.
• Cold storage – this is among the few security details we discovered about this exchange. This is a top-tier metric, but as with other cryptocurrency exchanges, there seems to be some risk involved.
Disadvantages of Paribu
• Emphasis on Turkey – not surprisingly, Paribu’s strongest point is also their weakest point. The service is intended for the domestic market, and foreigners may be unable to participate.
• Only Bitcoin is available – While Bitcoin remains the king of cryptocurrencies, several other alternatives are available. This is more of a backdoor exchange, similar to Coinbase. If you’re searching for more coins, there are plenty of other places to look.
• Trading only against TRY – yet another feature that makes this exchange unsuitable for anyone. This isn’t a major flaw since the makers of this exchange chose it.
• Fairly high fees – trading at Paribu would cost market makers up to 0.30 percent, while takers would pay up to 0.40 percent. These prices differ depending on how orders are placed – passive orders, which introduce liquidity to the book, have a lower level while taking the highest bid-ask is more costly. When compared to other crypto exchanges in the industry, these fees are not competitive. Many other exchanges charge 0.25 percent or less for each transaction. Even if the difference is insignificant, it may accumulate over time. However, since most other exchanges do not allow trading against the Turkish Lira, this is a specialized trading platform.
• No margin trading – Speculative trading with margin is impossible at Paribu, although this is anticipated for a start-up. If your primary aim is to trade Bitcoin actively, a forex broker such as HYCM might be a better option. That being said, there are a few details to consider when trading with that kind of company. Bitcoin CFDs are offered by forex brokers, which is not the same as owning the coins yourself. Paribu is an artificial financial instrument that only tracks the price movement of the underlying asset.
• Telephone number needed – One of the most peculiar aspects of Paribu is that they do not need an email address upon registration but rather a phone number. This is not very pleasant and it would almost certainly put off some customers.
Paribu Customer Reviews and Known Issues
Paribu customer service is available 24 hours a day, seven days a week. Paribu, like many other large exchanges, has an issue with support team response delays. It does not occur regularly. However, some customers complained that they had to wait hours or days for their queries to be attended to. Some users have expressed dissatisfaction with the KYC procedure, claiming that it takes too long. KYC necessitates many online interactions with members of the support team. When each message takes so long to be answered, withdrawals are delayed because KYC must be completed.
Fortunately, such cases are rare, as most withdrawals go off without a hitch. What is more noteworthy is that users who have to wait for an answer from the support team finally get it. The support team does not abandon them; they resolve their issues as soon as they have time. System monitoring allows users to see whether any coins are restricted from withdrawals, trading, or other activities for a set period. When withdrawals are halted for several days due to system maintenance, there is no need to contact customer service since the date of re-enabling withdrawals (or other actions) is shown on the System Monitor tab.
Individual customers have accused Paribu of being a scam in their feedback. In most cases, these reports apply to situations in which users could not withdraw their coins immediately because they did not complete the KYC process due to delays in customer service responses or the users’ inability to provide the requested data. Some of those who started threads accusing Paribu of being a fraud finally acknowledged that their issues had been resolved. According to user reviews, the biggest disadvantage of the exchange is the speed of customer service. The overall Paribu feedback has been positive.
Is Paribu Safe?
Paribu has a robust security platform. There are no indications of wrongdoing on either side of the exchange. On Paribu, one can encounter technical issues, like transaction delays, and so on. Users who encounter such issues may accuse the company of being a scam. However, it appears that the support team resolves these issues after a while.
Paribu includes sufficient safeguards to ensure the security of funds and data. Nevertheless, Paribu users should not take their account security for granted. If 2-factor authentication is disabled, your funds are not safe. It is critical to allow 2-factor authentication as soon as a strong password is set and the account is created. This security feature can be activated using the Google Authenticator app or a similar authentication app. The app generates one-time, short passwords that are valid for 30 seconds. When anyone attempts to log in or perform sensitive actions (such as withdrawals or password changes), the exchange demands the actual password, which can only be accessed from the application installed on a single device. No one can log in except the account owner, and no one can do so without a user’s mobile device.
Another 2fa option is to use a Yubikey device, a physical USB key that allows access to accounts. It makes it much easier for customers to log in or perform 2fa. The company claims that there have been no account hacks among Yubikey users or organizations. The devices come in various sizes and shapes, so Paribu traders looking to make 2fa simpler and safer can find the right alternative or design their own.
You can check at any time to see if a violator has accessed your account. The Security tab displays the history of connections with IP addresses and locations and a list of active sessions. If any of them seem odd, you may terminate them with a single click. This will remove any unauthorized visitors from your account. Following that, you can change your password so that the bad guy cannot log in again.
Another protection feature is the ability to create a whitelist of withdrawal addresses. Withdrawals to addresses that are not on the list would be prohibited as a result of this change. Thieves would be unable to cash out if the account is compromised.
The majority of the criticism leveled at the exchange’s security is related to the exchange’s slow support staff and withdrawal delays. The problem may be very inconvenient. In certain situations, it may also result in a loss of potential profit. However, these delays do not last forever, and money eventually finds its way back to its rightful place. KYC can be time-consuming. Support agents will often make repeated requests in a circle. However, based on consumer feedback, such poor customer service does not imply that users lose money on Paribu. After some time has passed, users complete the KYC protocols and withdraw their funds. Nobody is attempting to take this money away from the customers. In this regard, the platform is safe.
There is not much information available on how the exchange holds the funds. The platform’s percentage of funds deposited in cold wallets is not revealed. We do not know whether the private keys are encrypted or not. We do not know whether the data processed offline is physically split or not. Is it geographically distributed? There’s no answer.
The identities of the Paribu team members are unknown as well. We do not know anybody who works at Paribu and we do not know who is in charge of the security of users’ funds. The team’s secrecy is still a source of concern. However, Paribu has been able to remain a healthy company for several years. One fact, in our opinion, says it all: there have been no recorded Paribu hacking incidents since the exchange’s inception in 2017. Despite our reservations, we agree that this exchange can be trusted.
Pros
- Offers wallets
- Accepts bank transfer
- Cold storage
Cons
- Telephone number required
- Relatively high fees
- Focus on Turkey
- Trading only versus TRY
- No margin trading
Conclusion
Paribu is a cryptocurrency exchange in Turkey. The company trades in BTC/TRY. In essence, this is an excellent “gateway” company for locals with limited experience in the cryptocurrency market. The fact that Paribu is a new company is the main source of concern. In summary, they have not demonstrated their security, which appears to be adequate on paper. This is also the major argument of the few user reviews we were able to find.
Of course, counterparty risk is a major issue for several companies in the cryptocurrency industry, and Paribu is no exception. Although they seem to be perfect, there is always the risk of something going wrong in an exchange. Industry experts recommend holding your coins in external wallets and hardware wallets (if your investment is quite big). The alternative method of trading Bitcoin with a forex broker, on the other hand, is usually much safer. Even though few forex brokers are dubious, the best-rated companies are supervised by regulatory agencies such as the UK’s FCA.
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