As the world’s largest exchange, Binance continues to expand its ecosystem across the globe, more and more offshoots of the exchange are being born in different places. One of these is Binance TR, a crypto exchange built for traders based in Turkey.
Binance TR was launched in 2020, three years after the parent exchange was established, and has its headquarters in Istanbul, Turkey. The exchange is a crypto-to-crypto exchange for users in Turkey is covered by the Binance SAFU fund, and runs on the matching engine of the parent company.
The exchange offers its user community industry-leading technology, a good spot trading interface, robust matching mechanisms, and standard security. Users are also allowed to deposit and withdraw the country’s currency (TRY) via direct bank transfer and also trade with TRY pairs. Cryptocurrencies can also be purchased locally with Turkish lira.
There are currently 183 cryptocurrencies available on the Binance TR platform for traders to select from. It also has a 24-hour trading volume of $343 million at the time of writing. The platform only offers users a spot trading interface based on the original interface presented by Binance and takes from the parent company’s liquidity.
Binance TR takes fees in two ways. There are fees charged for trading TRY pairs and for trading crypto pairs. The standard fees are at 0.1% maker and taker for the crypto pairs. Users are eligible to receive fee discounts when they trade with the native token, BNB.
Additionally, Binance TR has a standard security system stemming from the core security features applied by the parent exchange. It also provides a 24/7 user live chat and accessible customer support service.
Pros and Cons
| 👍 Binance TR Pros | 👎 Binance TR Cons |
|---|---|
| ✅ Good spot interface | ❌ Not suitable for advanced traders |
| ✅ Allows buying/selling in native currency | ❌ No available products |
| ✅ 24/7 live chat | ❌ No futures trading interface |
| ✅ Trades can be done with TRY pairs | |
| ✅ Good security |
Binance TR Signup and KYC
On Binance TR, potential users have to register using their emails and phone numbers, after which you will need to confirm your personal information.
After opening an account, you have to complete your KYC verification. To complete it, all you need are your:
- Old identification certificate
- New identification certificate
- New driver’s license
Binance TR Trading
Binance TR has a good trading interface that is based on the parent exchange’s protocols. It currently only offers a spot trading interface for users. The interface is great for beginner traders, but may not be suitable for more advanced traders in the country. Also, the exchange lacks a futures trading interface, removing the option of futures traders from its community.
The spot trading interface for Binance TR is easy to use and provides very basic tools for users to enjoy. It offers access to stop, limit, and market order tools, a standard chart, and a TradingView chart to help them analyze the markets properly. There are currently 183 cryptocurrencies available for trading.
Binance TR Fees
Spot fees
On Binance TR, spot fees are collected based on the exchange’s tier-level structure.
The standard fee for trading is 0.1% maker and o.15% taker on the spot market when trading with TRY pairs. Crypto pair trades attract a fee of 0.1% maker/taker. There are also discounts for BNB trades and BNB/referral trades.
Withdrawal fees
Turkish lira deposits and withdrawals are free to all users. Crypto withdrawals between Binance and Binance TR are also free. Other crypto withdrawals, however, attract fees based on the network that the asset runs on. For a cryptocurrency like BTC, the withdrawal fee is 0.00035, which is lower than the industry standard.
Binance TR Security
Binance TR is constantly improving its security and privacy features to provide a better experience for its users. By being part of the Binance ecosystem, Binance TR also benefits from the security measures of its parent body. Some of the measures are:
- Two-factor authentication (2FA): This is a method of verifying the identity of a user by requiring two pieces of evidence, such as a password and a code sent to a phone or an app.
- ISO 27001 and ISO 27701 certifications: Binance TR has been awarded these certifications by BSI, an independent and reputable certification body, after undergoing a rigorous and comprehensive evaluation. This demonstrates Binance TR’s commitment to offer a safe and secure platform that meets the highest global standards.
Binance Customer support
Binance TR provides standard customer support for users through a 24-hour live chat. They are also eligible to reach out to the exchange support team by email. There are also articles and blogs on the official site for users to stay updated on the current trends and news that Binance TR has to offer.
Conclusion
Binance TR is a good platform for newbie traders in Turkey to begin trading. The exchange forms a part of the Binance ecosystem that currently has exchanges in many parts of the world. It offers a good interface for trading with standard market fees and a solid security system. However, the exchange is not suitable for advanced traders who wish to take their crypto trading career to the next level. There is also no provision for the user’s passive income on the platform.
With this review, we hope that you have the necessary information you need to choose for your crypto trading career.
FAQs
Is Binance TR legit?
Binance TR is a fully licensed exchange in Turkey, that follows the regulatory laws laid down by the Turkish government. This makes it a highly legitimate platform.
What are Binance TR fees?
Binance TR takes a trading fee of 0.1% maker/taker when trading crypto pairs and 0.1%/0.15% maker/taker when trading TRY pairs.
Where is Binance TR located?
Binance TR is a part of the Binance ecosystem with its headquarters located in Istanbul, Turkey.
