How to exchange cryptocurrency for cash in Istanbul
The popularity of cryptocurrencies is explained by the fact that it can be exchanged for cash in almost any country in the world, including Turkey. Cryptocurrency in this country is legal, with several exchanges and crypto exchange points where the exchange of digital tokens takes place. Moreover, there are several cryptocurrency ATMs in Istanbul. Let's understand the most profitable ways to exchange cryptocurrency and the nuances to be aware of in advance.
Available exchange options:
Although cryptocurrency is not considered a legal tender and is not registered as a financial instrument in Turkey, it falls under the category of digital assets. Therefore, the owner can dispose of them at their discretion. When visiting Istanbul, you can sell cryptocurrency using the following methods:
Exchange:
Cryptocurrency is sold on exchanges through peer-to-peer (p2p) transactions. This means the token owner places an order, and once a buyer is found, the transaction is executed, with the exchange acting as the guarantor. One of the advantages of this method is the favorable exchange rate. Some drawbacks include:
Cryptocurrency ATMs:
The most convenient option, as the transaction takes place in real-time. In a cryptocurrency ATM, you only need to obtain the address for the transfer, send the tokens, and then you can immediately receive cash. However, there are also disadvantages:
Exchange points
Exchange points can be divided into 2 types:
GeCrypto is an example of an offline cryptocurrency exchange point. Its office is located in the center of Istanbul. You can pre-book any amount for withdrawal.
Advantages of GeCrypto
Key advantages of this cryptocurrency exchange point:
In conclusion, if you urgently need to exchange cryptocurrency for cash without any bureaucracy and at a favorable rate, it's better to choose cryptocurrency exchange points like GeCrypto. This takes the least amount of time, with no hidden fees, and the money is provided "on the spot" after the transaction is completed.
Available exchange options:
Although cryptocurrency is not considered a legal tender and is not registered as a financial instrument in Turkey, it falls under the category of digital assets. Therefore, the owner can dispose of them at their discretion. When visiting Istanbul, you can sell cryptocurrency using the following methods:
- Exchange;
- Cryptocurrency ATMs;
- Using exchange points.
Exchange:
Cryptocurrency is sold on exchanges through peer-to-peer (p2p) transactions. This means the token owner places an order, and once a buyer is found, the transaction is executed, with the exchange acting as the guarantor. One of the advantages of this method is the favorable exchange rate. Some drawbacks include:
- Exchanges require Know Your Customer (KYC) verification;
- Transfers are often possible only to the account of a local bank, which the cryptocurrency seller might not have;
- After a successful transaction, fiat currency still needs to be withdrawn through an ATM or bank counter, incurring additional fees.
Cryptocurrency ATMs:
The most convenient option, as the transaction takes place in real-time. In a cryptocurrency ATM, you only need to obtain the address for the transfer, send the tokens, and then you can immediately receive cash. However, there are also disadvantages:
- Currently, cryptocurrency can only be exchanged through cryptocurrency ATMs with identity verification (passport, residence permit required);
- The exchange rate is not the most favorable; it can differ from the market rate by 5 – 10%, not in favor of the token owner;
- There are very few cryptocurrency ATMs, with only a few of them in Istanbul;
- There are transaction limits, as the amount of cash is limited in the ATMs.
Exchange points
Exchange points can be divided into 2 types:
- Online ones: They operate similarly to exchanges, but in this case, cryptocurrency is purchased directly from the exchange point. The exchange rate is not the most favorable, and fiat transfers are often proposed to be carried out to a bank card.
- Offline ones: No bank card is needed, and in many cases, identity verification is not required either. You can sell almost any amount of cryptocurrency and immediately receive cash. The exchange rate can vary and might be slightly less favorable than on exchanges.
GeCrypto is an example of an offline cryptocurrency exchange point. Its office is located in the center of Istanbul. You can pre-book any amount for withdrawal.
Advantages of GeCrypto
Key advantages of this cryptocurrency exchange point:
- Favorable exchange rate, especially compared to cryptocurrency ATMs;
- Wide range of cryptocurrencies available for exchange, not limited to stablecoins;
- Exchange process takes only 5 minutes;
- No need for a bank card or KYC;
- Cryptocurrency can be exchanged on weekends too (working hours from 11 AM to 8 PM local time);
- Highest level of security;
- Cryptocurrency can be exchanged directly at a comfortable office in the center of Istanbul upon client request.
In conclusion, if you urgently need to exchange cryptocurrency for cash without any bureaucracy and at a favorable rate, it's better to choose cryptocurrency exchange points like GeCrypto. This takes the least amount of time, with no hidden fees, and the money is provided "on the spot" after the transaction is completed.
