Top Turkey Crypto Exchanges

What are the Biggest Turkey Crypto Exchanges?

Turkey’s biggest crypto exchange is Paribu, which holds 50.5% of the market share among the top 4 centralized cryptocurrency exchanges (CEXs) in 2023. BtcTurk PRO is the second biggest Turkey crypto exchange with 36.9% in market share. The smaller crypto exchanges in the country are Bitci with a 12.0% market share and Bitlo with a minor 0.7% share.

In 2022 and up until the first quarter of 2023, BtcTurk PRO had been the Republic of Türkiye’s largest crypto exchange, with a market share of up to 74.0% at its peak in September last year. However, Paribu took over as the market leader with a 48.6% share in April 2023, narrowly beating BtcTurk PRO’s 47.4% market share. BtcTurk PRO has since fallen further behind, losing its market share to Paribu.

Although Bitci continues to rank below Paribu and BtcTurk PRO, Bitci’s market share has grown by 11.1 percentage points across the top Turkey crypto exchanges since last year. That said, Bitci has seen its share of the market fluctuate over the months, due to relatively less consistent trading volumes.

Bitlo, which is the smallest crypto exchange among the top 4 in Turkey, has similarly fluctuated in market share. While Bitlo has more than doubled its market share since it started being tracked on CoinGecko, it still only holds a fraction of the Turkey crypto exchange market.

How Much is the Crypto Trading Volume in Turkey?

Crypto trading volume in Turkey has totaled $34.91 billion for the first half of 2023, across the country’s top crypto exchanges. This is 46.8% below the $65.56 billion total crypto trading volume recorded during the same period in 2022. While Turkey’s crypto trading volume has fallen this year, it is less severe than that of India crypto exchanges (-82.3% year-on-year) and Indonesia crypto exchanges (-76.6% YoY).

In other words, crypto trading activity in Turkey appears to be less affected by the bear market than in other countries. The country’s high inflation crisis has fueled wider adoption of and reliance on crypto among residents, likely leading to more consistent crypto trading activity.

The annual total trading volume on Turkey’s top crypto exchanges reached $106.89 billion in 2022. This was largely due to strong trading volume performance in Q2 and Q3, despite the global crypto market’s downturn.

Turkey’s average monthly crypto trading volume is $5.82 billion in 2023 to date, representing a 34.7% decrease from the $8.91 billion monthly average trading volume last year. While total trading volume rose on a monthly basis in Q1 this year, it has since recorded three consecutive months of decline in Q2.

Paribu’s market share has risen from 34.1% at the start of 2022, to 50.5% in 2023, across the top 4 Turkey crypto exchanges. Paribu recently replaced BtcTurk PRO as the biggest crypto exchange in Turkey, and has since widened their market share gap from 1.2 percentage points in April to 13.6 percentage points in June 2023.

Paribu had previously been unable to catch up to BtcTurk PRO in 2022, with a market share between 25.4% and 47.7%. In 2023 to date, Paribu has raised its market share range to between 42.7% and 59.6%.

Investors in Turkey have traded $16.54 billion worth of crypto on Paribu in the first half of 2023, representing a 39.9% decrease from the $27.51 billion traded in the same period last year. The total annual crypto trading volume on Paribu reached $43.24 billion in 2022, with a monthly average of $3.60 billion. In comparison, Paribu’s average monthly crypto trading volume in 2023 so far is $2.76 billion.

The market share held by BtcTurk PRO has fallen from 65.0% at the beginning of 2022, to 36.9% in 2023, among the 4 leading crypto exchanges in Turkey. As a result, BtcTurk PRO has lost its dominance in the Turkish market and moved down the rankings to become the country’s second largest crypto exchange.

BtcTurk PRO formerly held over half the crypto exchange market share in 2022, fluctuating between 51.0% and 74.0%. However in 2023 to date, BtcTurk PRO’s share of the market has shrunk to a lower range of 34.6% to 53.4%.

The total annual crypto trading volume on BtcTurk PRO stood at $62.62 billion in 2022, which was the highest amount recorded across the top Turkey crypto exchanges. Specifically for the first half of the year, BtcTurk PRO’s total crypto trading volume has decreased by a steeper 55.9% YoY, from $37.50 billion in 2022 to $16.52 billion in 2023.

The market share of Bitci among the top Turkey crypto exchanges has grown significantly, from 0.9% at the start of 2022, to 12.0% in 2023. Bitci had only held a negligible share of the Turkey crypto exchange market last year, ranging from 0.1% to 2.4%, but has improved to between 3.4% and 12.0% this year.

Unlike Paribu and BtcTurk PRO, trading volume on Bitci has jumped by 199.6% to reach $1.68 billion in 2023 so far. In comparison, just $0.56 billion was traded on Bitci during the same period last year, and even its 2022 annual crypto trading volume was only at $0.98 billion. Consequently, Bitci’s monthly average crypto trading volume has more than tripled from $0.08 billion in 2022, to $0.28 billion in 2023 to date.

Bitlo has gained market share across the top crypto exchanges in Turkey, improving from 0.3% in October 2022 when it was first tracked on CoinGecko, to 0.7% in June 2023. Bitlo currently handles a much lower volume of trading, compared to the other leading Turkey crypto exchanges, and thus holds less than 1.0% of the market.

Turkey investors have generated $0.17 billion in crypto trading volume on Bitlo so far this year, with a monthly average of almost $0.03 billion. This is slightly higher than the $0.02 billion monthly average crypto trading volume recorded in Q4 last year.

Turkey’s top 4 centralized cryptocurrency exchanges or CEXs, ranked by market share as of June 2023:

Rank	Turkey Crypto Exchange	Market Share (%)
1	Paribu	50.5%
2	BtcTurk PRO	36.9%
3	Bitci	12.0%
4	Bitlo	0.7%

Turkey Total Crypto Trading Volume

The total cryptocurrency trading volume per month across the top 4 Turkey crypto exchanges, from January 2022 to June 2023:

Month	Turkey Crypto Trading Volume (US$)
Jan 2022	$11.51 billion
Feb 2022	$10.18 billion
Mar 2022	$13.76 billion
Apr 2022	$12.12 billion
May 2022	$9.27 billion
Jun 2022	$8.72 billion
Jul 2022	$7.92 billion
Aug 2022	$8.16 billion
Sep 2022	$9.94 billion
Oct 2022	$5.31 billion
Nov 2022	$6.28 billion
Dec 2022	$3.72 billion
Jan 2023	$6.58 billion
Feb 2023	$7.10 billion
Mar 2023	$7.57 billion
Apr 2023	$5.95 billion
May 2023	$3.94 billion
Jun 2023	$3.78 billion

Methodology

The study examined the top 4 Turkey centralized crypto exchanges (CEXs) by trading volume, based on CoinGecko’s normalized data from January 1, 2022 to June 30, 2023. The study selected CEXs that serve the Turkey market specifically and are tracked on CoinGecko. CEXs with data that was determined to have low reliability were excluded.

Note that Bitlo’s data is only available from October 2022 onwards.

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Curious to find out more about centralized crypto exchanges? Check out our studies on the top CEXs worldwide, top Japan CEXs and top Thailand CEXs.

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Lim Yu Qian

Yuqian is a crypto research analyst at CoinGecko, covering a range of topics from NFTs to ETFs, crypto adoption and interest, and beyond. She's especially fascinated by the philosophical and socioeconomic aspects of crypto. She holds a Bachelor of Social Sciences with Honors from the National University of Singapore. Follow the author on Twitter @solosbrqt