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Buying Bitcoin in Turkey: Sistemkoin

Dec 29, 2019 | Exchanges

Most countries around the globe have at least one domestic cryptocurrency exchange. In Turkey, buying bitcoin can be done through multiple platforms. One of the more popular service providers is Sistemkoin, a company building up a solid reputation over the years. 

Sistemkoin: A Company Overview

Registering a bitcoin trading platform in any country is subject to strict laws and requirements. For Sistemkoin, that situation is no different. Albeit Turkey doesn’t have any official cryptocurrency regulation at this time, the government is well aware of bitcoin and altcoins.

What makes this company appealing is its support for the Turkish Lira. This payment method is not just available to residents of Turkey either. Sistemkoin welcomes users from all over the world, albeit some functionality may prove rather difficult to access.  Thankfully, there is English localization support to navigate the platform and its menus.

A major upgrade to the platform was introduced in June of 2019. Sistemkoin utilizes Amazon Web Services for its load balancing. Through an upgrade, the platform now feels faster than ever before. As part of the upgrade, anti-phishing solutions and three-step verification procedures were introduced. 

A Clean UI, for the Most Part

When looking at the Sistemkoin main page, novice users might be overwhelmed a bit by all of the information. That situation changes for the better after logging in to one’s account. Users are given a degree of customization as to which trading view they prefer to use. Not everyone needs bells and whistles to get the job done, after all.

All of the trading views share some similarities. Users are given an overview of the order books, trading pairs, and buy a price graph. It contains all of the information one needs, albeit the different views will offer slightly different experiences. A smart option by Sistemkoin to give users options in this regard.

Deposits and Withdrawals

The bread and butter of any trading platform is depositing and withdrawing funds. Users looking to deposit funds to Sistemkoin can do so in cryptocurrency or through a wire transfer. Credit card support is unavailable, albeit that is the case for the majority of bitcoin exchanges on the market today. 

The same applies to withdrawing money. As the Turkish Lira is the only supported fiat currency, withdrawing money is done through wire transfers. It is equally possible to move one’s cryptocurrency balance of the platform through traditional means. Not too many options, but more than enough to cater to both novice and experienced users in Turkey and beyond.

Supported Cryptocurrencies

Sistemkoin supports all of the major crypto assets, as well as a variety of smaller-cap coins. Virtually all of them can be traded against the Turkish Lira, bitcoin, or ethereum. This creates for some interesting markets to explore, albeit not necessarily anything one couldn’t find elsewhere. It is a good offering to remain competitive, however, which is always important.

Trading Fees and STK

The trading fees charged to users are the same for every market. Users pay a 0.2% fee for all transactions taking place through the platform. This fee will not change based on how much trading volume one generates either. However, there is a way of circumventing this “issue” by utilizing the native STK asset.

Similar to other exchanges, Sistemkoin has a native token, called STK. It provides holders with a commission discount on all trades. Ideally, users can reduce the trading fees on the platform to 0, or as close to it as possible. The more STK one holds, the biggest the discount on the maker and taker side.

IEO Support and Lending

Expanding beyond being just an exchange is crucial for Sistemkoin. Similar to some other trading platforms, this company provides support for IEOs. The concept of an initial Coin Offering has become a lot more popular in recent months. Through this Turkish platform, over a dozen IEOs have been started successfully. 

Another option for Sistemkoin users to explore is the lending feature. This company supports lending for bitcoin, ethereum, XRP, and USDT. Depending on the lending period, users will earn different annual interest rates. In the case of USDT, a 12-month loan can earn users up to 16%. For bitcoin, annual returns are much lower, at just 6%. 

Conclusion

For Turkish cryptocurrency enthusiasts, Sistemkoin provides everything one could ask for. Despite being open to international users, the lack of support for non-TRY currencies is a bit problematic. Even so, users can look for arbitrage opportunities between different markets on the exchange. Afterward, they can withdraw their crypto balance to their own wallet again without any issues. 


Website: https://sistemkoin.com/

Images courtesy of their respective sources.

Fintoism is not providing financial or investment advice. All content published on this platform is for entertainment and educational purposes only.

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<a href="https://fintoism.com/author/oglock/" target="_self">JP Buntinx</a>

JP Buntinx

JP Buntinx is passionate about cryptocurrencies, fintech, blockchain, and finance. He currently resides in Belgium.

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