Investing in crypto has plenty of benefits over holding fiat currency in your bank. Many people are now shifting their interests to crypto and other related products such as NFTs. Buying and selling crypto can be tricky initially due to the high volatility of cryptocurrencies.
There are plenty of ways through which you can buy crypto in Turkey. In this guide, we will share some tips you need to consider before you buy crypto. We will also include one of the best crypto exchange platforms in Turkey.
Look for a Crypto Exchange Account
The first step is to find a good exchange platform where you can open an account. There are plenty of crypto exchange platforms. It is wise to research them and read reviews from current and past users.
Ideally, you should pay attention to security, exchange rates, and cross-platform ability. Some crypto exchange platforms have been victims of cyber-attacks, leading many people to lose their investments.
A good crypto exchange platform should have cross-platform support. This means that they have an iOS and Android app. You should also be able to access the services via a website.
Learn About Trading
Walking into crypto without having any info about trading is a risky affair. We recommend taking some time to learn about crypto trading. Learn about the different coins and their market trends to know which coins you should invest in.
However, if you are not planning to trade crypto, we recommend buying stablecoins. Stablecoins are cryptocurrencies whose value is tied to best-performing fiat currencies such as the USD or Euro. Stablecoins are less volatile than crypto coins such as Bitcoin.
Diversify Your Portfolio
You must ensure that you have a diverse portfolio if you plan to invest in crypto in Turkey. As mentioned earlier, crypto coins such as Bitcoin and Ethereum are volatile. Their values can rise or drop instantly and by huge margins.
It is not wise to buy only one crypto coin. Remember, you don’t have any legal backing or insurance for the coin tank. You will lose a good chunk of your value, which equates to massive losses. Read about upcoming coins and tokens. You can also sign up to receive free tokens during their launch.
Invest in a Secure Wallet
Crypto scams are evolving daily, and hackers are always looking for ways to exploit crypto exchange platforms. It is always good to invest in a good and secure crypto wallet. Depending on your budget, you can choose to buy a hot or cold wallet.
Hot wallets are cheaper and you can also get them for free. They also allow you to make quick transactions and are great for people who use crypto frequently. Cold wallets come on hardware devices that keep your data offline. They are expensive but more secure than hot wallets.
Investing in crypto in Turkey or anywhere in the world is a good way to keep your investments safe from inflation. You can also make extra income from trading or interest from hodling accounts.