By Cryptocurrencies have increased in popularity worldwide as people look for ways outside the traditional banking system to secure value. With Turkey seeing fiat hyperinflation and a government crackdown to limit access to outside currencies, many Turkish people turn to the crypto market to secure their value.
In Turkey, one of the most common digital coins is Bitcoin. The Turkish lira is one of three fiat currencies whose value is backed by gold reserves in the country’s central bank. Despite some fear that the economic instability would affect its virtual counterpart, Bitcoin has been growing at a healthy rate.
Things to consider when trading crypto
Investors need to make sure they are informed about market volatility and fluctuations in prices. They should also research which coins have good potential for growth before trading them. It is also essential to avoid falling for scams or unverified projects as there is no guarantee of an ROI [return on investment].
Despite the tough competition from fiat currencies such as USD and EUR, crypto has proven to be reliable over time and has increased its worth substantially since it was first created. While the Turkish lira has also seen some growth, investors are turning to Bitcoin as a more secure way of protecting their hard-earned money.
How to get started trading crypto in Turkey
Day trading on exchanges like Binance is one of the most popular ways to start cryptocurrency trading. One of the most appealing aspects of cryptocurrency is that it doesn’t require complicated trading techniques to make money. All you have to do is buy low and sell high daily, then repeat the procedure over and over.
Use margin trading
Many people turn to websites such as Bitmex, which offer financial services like margin trading in cryptocurrencies. Margin trading allows traders to borrow funds from an exchange to trade more than they would be able to afford with their funds usually, but it also increases your risk since you must repay what you borrow as well as fees for borrowing it.
How to select which coin to buy
When it comes to selecting which coin to buy, plenty of different cryptocurrencies are available on exchanges. However, not all coins are worth your time, so you should choose coins that are either backed by an actual product or have a good chance of increasing in market value in the future. For example, you can use Coinmarketcap to filter out coins under $1, allowing you to see which altcoins are most likely to increase in price.
Some of the best cryptocurrencies worth considering for short-term gains include Ripple (XRP), Stellar (XLM), Cardano (ADA) and IOTA (MIOTA). Even though they aren’t necessarily cheap to purchase right now, they will see significant increases in price if their corresponding markets begin to grow.
Where to trade crypto in Turkey
Since there are so many different exchanges available, choosing the best for your specific cryptocurrency portfolio is essential. For example, if you are more interested in altcoin trading, then Binance is one of the top options that offer a wide variety of altcoins to trade.
On the other hand, if you are looking for Bitcoin or Ethereum, Poloniex is one of the most popular exchanges currently on the market. Coinbase Pro is another option available for those willing to pay extra fees for faster transaction speeds. If you want an extremely user-friendly exchange that provides easy access to Bitcoin and Ethereum, then Coinmama should also be considered.
Finally
You should make a lot of money with crypto in Turkey by following these simple tips and tricks. As mentioned before, though, always weigh your risks carefully before investing large amounts of money into digital currencies. Although their market values fluctuate daily, they are still subject to extreme volatility like any other type of investment. New traders are advised to use a reputable online broker from Saxo Bank to help them get started.
