There are hundreds of brokers out there. Some advertise their services on every corner. Others you only find if you know where to look. All claim to be the best broker for Turkey crypto. How do you choose?
1. The size of the broker is important
Brokers come in all shapes and sizes, just like people do. What some may call big, others will say it’s small. Bigger is not always better, but more considerable sums can be traded without too much hassle or added costs because they have access to higher amounts of money on the markets (see point 4).
Make sure your chosen broker has a large enough amount of money on the market at any given time so that you can trade no matter how high the demand at that moment is. And don’t forget to take into account whether someone else in your network (even if they’re not an employee) will be willing/able-to-acquire it – this could include being compensated for trades or even selling items and getting paid as commissions!
2. Check the reputation
Check what others say about their experiences with the crypto broker you’re looking at. In relevant forums, forums, Reddit, and Facebook groups like LocalBitcoins Turkey, ask around. If they have a lot of negative feedback or complaints, go to point 3. If you see mostly positive things, carry on. You can also check out Google ratings if you want to be super sure. Furthermore, such professionals have listed themselves on community pages and groups, you can talk to people of these groups to get an insight into the trader’s work and services.
3. Can you settle your trades in person?
Not all brokers can be met face to face quickly, and not everyone likes doing so. Luckily if you live in Turkey, this is relatively easy and an option where crypto broker LocalBitcoins comes into play. If you want to do this, make sure that they are trustworthy if you meet with the broker in person. Otherwise, you might get scammed.
4. Do they have access to enough money on the market?
Your profit is not written in stone. If your broker cannot provide you with a good amount of liquidity by having enough money on the market for potential investors, it will be more challenging to get your desired margin. A promising sign of this is how much interest there is at any given time when you look into it. I can usually easily track these types and they give me great insight about where people have made their investment decisions recently. 2) Why Do You Invest Now? Do you want to invest now or did that change over 10 years ago? The answer for investing does not matter if you don’t know what type you are!
If people buy but little supply is available, prices go up because only a few are selling. The opposite applies if there are many offers around but no buyers; then prices drop as people can buy cheaper elsewhere or hold back some eager beavers to show up. Make sure to check this occasionally, so your chosen broker is the best one for you.
5. Is it trustworthy?
A trustful broker can work with you and will not run away when you need them most, such as when they have scammed you or cannot provide a market that allows you to trade easily at a favorable price. He’ll also appreciate the importance of trading without being pressured by others who want you for their own selfish gains. Trustful brokers are generally professional traders from highly respected dealerships throughout the country.
A good way of seeing how trustworthy someone is is by looking at whether he has been in business long and what people say about their experiences with him/her/them on various platforms. You will find reviews on platforms such as Reddit, Facebook groups such as LocalBitcoins Turkey, forums, etcetera. If there are more favorable than bad reviews, don’t worry about the wrong things said too much.
People are free to say whatever they want, but check if the bad reviews have any merit. If there are many positive reviews and one or two bad ones, you should be good to go.
6. Are the fees transparent?
The fewer hidden costs, the better off you are. The broker’s website should clearly state their charges for all of their services, including buying and selling crypto. There is no legal requirement for brokers to publish their fees or commissions, although it is very likely that this will become obligatory in Turkey during 2018. If a brokerage offers Bitcoin as an option, some local governments may require them because they believe cryptocurrencies can help prevent tax evasion and fund important projects (including infrastructure upgrades). VAT: 0% VAT.
If not, try to find out about these things by contacting them on social media platforms such as Facebook groups, Reddit, etcetera, where they probably actively participate. There are a lot of verified sources where you can find correct details and prompt responses every time. So, definitely check them out.
7. How are the transactions performing over time?
Check whether or not your chosen broker has enough liquidity to allow you to trade efficiently and for a good amount of money by looking at how many people buy/sell there and monitoring this regularly, ideally once per week. Transparency breeds trust and the more transparent and trustworthy they appear, the better it is for you.
Conclusion
While finding a perfect trader, ensure that you do a thorough research because the decision is crucial and will have a long term impact on your life. Also, you will not be looking for a trader every now and then, so try to find the best at one effort only. This article has been intended to help you do the same. Hope you find someone worth your efforts super soon. Let us know in the comments.