A Step-by-Step Guide on How to Buy Bitcoin in Istanbul Using a Crypto Exchange
As the popularity of Bitcoin continues growing worldwide, more and more people are looking for ways to acquire Bitcoin and other digital currencies. With Istanbul being a booming commercial hub, many residents of the city also want to get their hands on a piece of the lucrative pie.
One of the best and most secure ways to buy Bitcoin in Istanbul is through crypto exchanges. To help you navigate the process, this article looks at the key steps you need to follow as you buy Bitcoin in Istanbul through cryptocurrency exchanges.
Choose a reliable exchange
While there are so many crypto exchanges out there, they are all not made equal. Some are unreliable or insecure and may result in you losing your funds, digital assets, or both. You need to ensure the exchange has security measures in place.
Check that the exchange is registered with the relevant bodies and complies with regulations. It is vital to consider transactional fees, user-friendliness, and the supported payment methods, among other things when choosing a crypto exchange to use to buy Bitcoin in Istanbul.
Create an account and verify your identity
Having chosen a reliable exchange, you need to create an account on the platform. If you’re doing it online, go to the website of the exchange and click on the “Register” or “Sign Up” button.
You will then need to provide your personal details including name, phone number, and email address. In addition, you need to create a strong password to safeguard your account.
If you’re using a physical exchange such as NakitCoins, the exchange’s staff will take you through the account opening process. For most exchanges, you also need to verify your identity by providing government-issued identification documents like a passport, ID card, or driver’s license. This is referred to as the Know-Your-Customer (KYC) process.
Fund your account
When you have your account ready, you need to deposit funds so you can buy bitcoins in Istanbul. You can use any of the methods supported by your chosen exchange to deposit funds. The good news is that most exchanges have several depositing methods including bank transfers, cash deposits, and debit or credit cards. As you choose an exchange, consider if the method available works for you.
Buy your Bitcoin
To buy your Bitcoin using an online platform, you need to navigate to the section that allows you to place your order. You have two options when placing the order. The market order option allows you to buy at the current market price, and the limit order allows you to set the exact price at which you want to execute your purchase.
After that, you need to select the amount of BTC you want to buy and confirm the transaction. If you’re using the market order option, the Bitcoin will be deposited into your exchange wallet almost immediately. Also, when using a physical exchange, you can get your Bitcoin in your wallet instantly having agreed on the purchase price. For a limit order, you get the Bitcoin when there’s a sale order that matches the price you set.
Secure your Bitcoin
Although having your Bitcoin on the exchange wallet is convenient as you can easily transact anytime, it is advisable that you transfer your coins to a more secure personal wallet. There are various wallets you can choose from including paper wallets, hardware wallets, and software wallets. Each of these offers different levels of convenience and security so choose what works for you. You could even store some BTC in a cold (hardware) wallet and have others that you wish to trade in a software wallet.
Conclusion
Using crypto exchanges to buy Bitcoin in Istanbul is one of the easiest and most secure ways. You should carefully choose the exchange to use considering security features, transaction charges, and other factors. Also, ensure you secure your digital coins after acquiring them.
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