Bitexen, how does the Turkish crypto exchange work
Bitexen, how does the Turkish crypto exchange work
Crypto

Bitexen, how does the Turkish crypto exchange work

By Marco Cavicchioli - 17 Jun 2020

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Bitexen is a Turkish crypto exchange created in 2017. Its peculiarity lies in the fact that it allows trading with the local fiat currency, the Turkish Lira (TRY). 

Indeed, the Turkish Lira has the following trading pairs: BTC/TRY, ETH/TRY, USDT/TRY, XRP/TRY and EXEN/TRY. 

Exen Coin is the ERC20 token of the exchange itself, and it is only traded on Bitexen. 

The other main pairs available are BTC/USDT, ETH/BTC and XRP/BTC, so the only fiat currency supported by Bitexen is the Turkish Lira. 

Considering that Turkish exchanges that support the local fiat currency aren’t many, the trading volumes of the Bitexen exchange are not irrelevant, despite being low. 

For example, the BTC/TRY pair has a daily volume not much higher than 120 BTC (just over $1 million), which puts it in third place among Turkish exchanges for trading volumes on this pair. 

Bitexen was developed by Turkish engineers who have worked for years on banking trading platforms, derivatives, payment systems, security and fraud prevention. It is based in Istanbul and also supports mobile trading with apps for iOS and Android. 

It also has an API interface designed to interoperate with other computer systems. 

Fees on the Bitexen exchange

Trading fees range from 0.0015 to 0.0025, although it is not indicated on the site in which currency they are charged (presumably 0.15% and 0.25%). 

There are no deposit fees, while on withdrawals the fees are as follows: 0.0005 BTC, 0.5 XRP, 0.005 ETH, 5 EXEN and 3 TRY. 

In addition, users who hold at least 1,000 EXEN in their account have a 20% discount on fees, while those who hold at least 10,000 EXEN have a 40% discount. 

The website also has a very up-to-date blog with market analysis, obviously in Turkish language, particularly aimed at traders. 

The exchange also has a Telegram group with over 7,500 members, where they discuss crypto trading in Turkish. 

One last curious thing: there is a Turkish website dedicated to reviews and complaints on which Bitexen has an excellent rating – 4.4 out of a maximum of 5 – with a 100% response rate.

Marco Cavicchioli
Marco Cavicchioli

Class 1975, Marco teaches web-technologies and is an online writer specializing in cryptocurrencies. He founded ilBitcoin.news, and his YouTube channel has more than 11 thousand subscribers.

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