Hello everyone! Today we look into Paribu, Turkish leading cryptocurrency exchange, with a generous set of features for novice and experienced traders alike.
Since its launch in 2017, Paribu has attracted nearly 5 million users thanks to its secure and user friendly platform.
With a variety of digital currencies, Turkish Lira, and low withdrawal fees, users can easily trade their favorite cryptos. In the following paragraphs, we will examine the features that make Paribu distinct in the world of cryptocurrency trading.
Introduction
Paribu is one of the popular cryptocurrency exchanges in Turkey which is located in Istanbul. Users can trade different digital currencies on Paribu’s exchange which was launched in February 2017.
Paribu grew rapidly, reaching nearly 5 million users. The exchange supports deposits and withdrawals of over 60 cryptocurrencies as well as Turkish Lira and USDT pairs through multiple partnered Turkish banks.
Additionally, the exchange is known for its easy to use interface and extensive knowledge base, making it one of the most preferred exchanges among inexperienced and professional crypto traders in Turkey.
Know Quick Details About Paribu
| Feature | Details |
|---|---|
| Launch Year | 2017 |
| Headquarters | Istanbul, Turkey |
| Supported Cryptocurrencies | Over 60 |
| Supported Fiat Currencies | Turkish Lira (TRY) |
| Trading Pairs | Turkish Lira pairs, USDT pairs |
| Deposit Methods | Bank transfer via 7 integrated Turkish banks |
| Withdrawal Methods | Bank transfer via 7 integrated Turkish banks |
| Customer Support | 24/7 customer support |
| User Base | Nearly 5 million users |
| Security | Two-factor authentication (2FA), secure trading environment |
| Mobile App | Available for both Android and iOS |
Some Popular Token Available On This Exchange
| Token Name | Token Symbol | Category | Key Use Case | Blockchain |
|---|---|---|---|---|
| Bitcoin | BTC | Cryptocurrency | Digital currency for peer-to-peer payments | Bitcoin Blockchain |
| Ethereum | ETH | Cryptocurrency | Smart contracts and decentralized apps | Ethereum Blockchain |
| Binance Coin | BNB | Cryptocurrency | Exchange token for Binance ecosystem | Binance Chain |
| Ripple | XRP | Cryptocurrency | Cross-border payments and remittances | XRP Ledger |
| Polkadot | DOT | Cryptocurrency | Interoperability between blockchains | Polkadot Blockchain |
| Chainlink | LINK | Cryptocurrency | Decentralized oracle network | Ethereum Blockchain |
| Litecoin | LTC | Cryptocurrency | Peer-to-peer digital payments | Litecoin Blockchain |
| Cardano | ADA | Cryptocurrency | Scalable blockchain for smart contracts | Cardano Blockchain |
Trading Fees on Paribu
Every trade has two participants, the maker which is the party whose order was recorded in the order book before the transaction and they taker who is the one who places an order that is in correspondence with the maker. The makers give liquidity to the order book and the takers use the marketable orders of the maker.
Takers on Paribu pay a fee of 0.35 percent which is above the average industry fee of around 0.25 percent. As for the makers, they enjoy a much lower trading fee of 0.25 percent.
These relatively high fees should be compared to any other services Paribu offers in order to determine if it is the right exchange for an investor’s requirements.
Paribu Withdrawal fees
Paribu’s fee of $0.0005 BTC for Withdrawal is fee is below the average fee imposed by the industry.
Deposit Methods
Paribu accepts deposits through wire transfers, but not through credit cards. In addition, only the Turkish Lira (TRY) is accepted as a deposit currency, which mostly constrains participation to Turkish investors only.
How to Start Trading on Paribu
Here’s how to start trading on Paribu:
Sign Up
Go to Paribu’s website, and create an account with your email address, phone number, and a password.
Verify Your Identity
Upload the required documents to confirm your identity in the KYC process.
Deposit Funds
Send a bank transfer with Turkish Lira (TRY), or if you have a crypto account, you can transfer cryptocurrency.
Select a Trading Pair
Pick the coin you are trading such as BTC/TRY or ETH/TRY and set up the trading pair.
Make an Order
Decide whether you want to make a limit order (put your own price) or a market order (buy/sell at the current price). Enter the amount you want to make a trade for.
Manage your Trade
After making an order, you can monitor your orders in the ‘Orders’ section. Upon completion, you will be able to withdraw your funds or reinvest.
Withdraw Money
When you wish, any amount of funds can be withdrawn and sent to your bank account or crypto wallet.
Paribu Services and Features
Cryptocurrency Trading: Sells a range of digital currencies such as Bitcoin (BTC) and Ethereum (ETH).
Trading Pairs: Has Turkish Lira (TRY) pairs and USDT pairs to facilitate trading.
Deposit Methods: Support wire transfer deposits only in the form of Turkish Lira (TRY).
Withdrawal Methods: Supports wire transfer withdrawals in Turkish Lira and also allows withdrawals in cryptocurrencies.
Mobile App: Supports Android and iOS which allows trading on mobile devices.
KYC Verification: An automated verification system developed for the protection of the user.
Low Withdrawal Fees: Low-cost services like a Bitcoin withdrawal fee of 0.0005 BTC.
24/7 Customer Support: Lets users contact Support Services any time of the day for any problems or requests.
Security Features: Provides protection with two-factor authentication (2FA).
User Friendly Interface: Self-explanatory and uncluttered platform which can be used by everyone regardless of skill level.
Educational Resources: Offers materials and instructions designed for first-time traders.
Mobile Support
Accessing the exchange is made easier with the mobile app, which can be downloaded for free on the desktop platform. It can also be downloaded from the App Store and Google Play Store.
Here’s a table showing the supported countries and banned countries for Paribu :
| Supported Countries | Banned Countries |
|---|---|
| ✅ Turkey | ❌ United States |
| ✅ Germany | ❌ Iran |
| ✅ United Kingdom | ❌ North Korea |
| ✅ Brazil | ❌ Syria |
| ✅ South Korea | ❌ Cuba |
| ✅ Japan | ❌ Crimea (due to sanctions) |
| ✅ Russia | ❌ Sudan |
| ✅ United Arab Emirates (UAE) | ❌ Libya |
Paribu PROS & CONS
| Pros | Cons |
|---|---|
| ✅ Wide range of cryptocurrencies available for trading | ❌ Limited fiat deposit options (only Turkish Lira accepted) |
| ✅ User-friendly interface suitable for beginners and experts | ❌ Higher trading fees for takers (0.35%) compared to industry average |
| ✅ Mobile app for easy trading on the go | ❌ No credit card deposit option |
| ✅ 24/7 customer support for assistance | ❌ Limited to Turkish investors for fiat deposits |
| ✅ Competitive withdrawal fees, like 0.0005 BTC for BTC | ❌ Limited educational resources for advanced traders |
| ✅ Offers Turkish Lira (TRY) pairs and USDT pairs | ❌ No support for advanced trading features like margin trading |
| ✅ Strong security features, including two-factor authentication (2FA) |
Is Paribu Secure?
Yes, Paribu is deemed as safe for trading cryptocurrency. The platform employs robust security measures, such as two factor authentication (2FA) which protects user accounts from unauthorized access.
Moreover, Paribu adheres to specific regulations and incorporates advanced encryption systems to safeguard user information and funds. Although no service is 100% safe, Paribu has earned a reputation among novice users and expert traders alike as a platform which offers a secure environment.
Paribu Customer Support
Paribu provides solid support services for user concerns ranging from issues to inquiries. Their support staff is always on standby, so clients can receive help regardless of whether they are facing technical problems or have questions.
Support can be accessed through a multitude of channels like live chat or email. The firm assures quick and efficient support which encourages users to trade confidently on the platform.
Conclusion
Paribu is an established cryptocurrency exchange with features that cater to both beginners and advanced traders.
Paribu offers an easy to use interface, favorable withdrawal rates, and round-the-clock customer support which makes it easier to trade a variety of cryptocurrencies.
However, its fiat deposit is only available in Turkey which might limit foreign participation. Even so, its robust security features together with effective customer service make Paribu a preferred Turkish trading platform looking for a crypto exchange that is both safe and easy to use.
