Cryptocurrency exchanges facilitate the conversion between crypto-assets and traditional money. These trading platforms are usually found in nearly every country, although some may cater to traders across country borders. For example, Paribu, a Turkish exchange, is one of the platforms that brings a significant amount of Turkish Lira liquidity to the cryptocurrency ecosystem.
To gain mainstream traction, it is crucial to onboard as many people as possible for the cryptocurrency industry. Exchanges and trading platforms that offer local currency support play a pivotal role in these proceedings. Turkey is a region where cryptocurrency can gain momentum if there are reliable and accessible service providers.
What Is Paribu?
As a cryptocurrency exchange that first saw the light of day on Valentine's Day 2017, Paribu has become a relatively big cryptocurrency trading platform in Turkey. The company currently has over 4 million users, confirming overall demand for exposure to cryptocurrency is tangible in the region. Moreover, the native support for the Turkish Lira and domestic payment method makes it easier for users to buy or sell cryptocurrencies on the platform.
Besides the support for TRY trading, Paribu also provides support for the USDT stablecoin in a Bitcoin trading pair. All of the top trading pairs by volume are linked to the Turkish Lira, whereas USDT trading appears to be an afterthought for most markets. It is always beneficial for traders to have both options. There are currently no crypto-to-crypto trading pairs.
Along with support for the domestic fiat currency, Paribu also provides 24/7 customer support. When new people enter the cryptocurrency industry, they will often have many questions that will require the assistance of a support staff member. By enabling that support on a 24/7 basis, exchanges like Paribu ensure all clients can acquire, sell and trade cryptocurrencies at their leisure.
How Does Paribu Work?
Using a service like Paribu is straightforward. Once users visit the website, they can create an account for their trading needs. Additionally, they can complete the signup process through Paribu's mobile application if they prefer that option. Membership is free of charge and it takes a few seconds to fill out the form and complete the signup process. There will be an email confirmation to complete, which should only take a second or two.
Users who want to deposit Turkish Lira can do so through a bank account or Papara.
Clients can access the bank account option through the "Transfer-EFT'' option in the menu. Users can fill in their Paribu user name, IBAN and receive a deposit code to complete the transaction. Withdrawals and deposits via bank transfer are accessible 24/7 through Akbank. Transfers to and from other banks are carried out during office hours, either the same day or the next business day.
For Papara, the option "Papara" under "Deposit Money" needs to be selected. Fill in the amount to deposit, click the button and you are redirected to your Papara account.
With support for over two dozen cryptocurrencies, Paribu makes it possible for Turkish clients to venture into the world of crypto assets. Once a user has added Turkish Lira to their account, they can purchase any of the supported currencies through the menus. As soon as the order matches, the system will complete the transaction. Additionally, Paribu offers an "easy Buy-Sell" option, which uses automatic matching to complete purchases.
All of these options are available through the web interface and the mobile application.
What Makes Paribu Unique?
Contrary to most cryptocurrency exchanges, Paribu does not offer inter-crypto trading. For example, it is not possible to exchange Bitcoin to Litecoin directly, as users need to convert to TRY and back from TRY first. As such, the platform positions itself as a gateway for novice users looking to enter this space. Moreover, they also provide an offramp for those looking to sell their crypto assets for the Turkish Lira directly.
Even though there are a few trading markets linked to Tether’s USDT stablecoin, those do not seem popular at all. Moreover, they represent a fractional minority of the Paribu trading volume, which is somewhat surprising to Western users, where USDT trading is the dominant pair on every exchange.
Even though Paribu welcomes a global audience, US-based traders are barred from accessing the platform. Those users will need to find a different trading platform. Access to a Turkish mobile number will be required for other international users to complete the setup process. That is a bit of a roadblock for international users, although the TRY-focused approach by Paribu suggests that only Turkish individuals — or companies — will make the most of this platform.