Frequently asked questions
The easiest way to buy Bitcoin in Turkey is through an exchange. There are several exchanges based in Turkey, but you might equally use the more established global ones. Generally, going local means enjoying a higher degree of specialised support, but if you need to go through ID verification then you’ll find that the registration process takes longer, and that you’ll enjoy better liquidity on bigger platforms.
In April 2021, the Central Bank of the Republic of Turkey announced legislation that would ban cryptocurrencies from being used to pay for goods and services. Investing in Bitcoin itself, however, is not illegal. The country is set to launch its own ‘digital lira’; the authorities consider it important to distinguish what is a legitimate currency and what is not.
It depends on the exchange that you’re using. Most local exchanges will allow you to invest in Bitcoin in Turkey using Lira.
In Turkey, cryptocurrency tokens are considered assets or goods. While the precise legal landscape is always changing, securities are taxed at around 23% in Turkey, and therefore investors should expect to pay this once they realise their BTC.
If you’re unsure of your investment options, or you aren’t a fluent English speaker, then it might be useful to pick an exchange that presents information in Turkish. Don’t just compare the exchanges based on the rates they’re offering, think about how easy they are to use and whether the interface is going to cause you stress.
Bear in mind also that some Turkish exchanges, such as Vebitcoin and Thodex, have recently collapsed — in the latter’s case prompting an international manhunt. You’ll therefore want to research carefully and know your risks — and invest in a secure hardware wallet for your long-term savings.
Bitcoin is the first decentralized digital currency and the leading cryptocurrency worldwide. Bitcoin serves as a store of value and is therefore often referred to as digital gold. Read our guide on Bitcoin to learn more about this cryptocurrency.
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