Bitfinex Turkey, in partnership with Vakıfbank, one of Turkey’s largest banks, now allows customers to deposit Turkish Lira (TRY) directly from their bank accounts at no cost. Customers will also have access to free withdrawals of up to 2 million TRY. This move is aimed at expanding Bitfinex’s presence in the Turkish market, which is currently dominated by Binance.

Reduced Fees for TRY/USDT Trading Pair

In addition to zero-cost deposits, Bitfinex Turkey has announced a six-month promotion offering reduced fees for the TRY/USDT trading pair. This promotion is available on both the web platform and the mobile app of the crypto exchange.

Paolo Ardoino, the CTO of Bitfinex, expressed his excitement about the partnership with Vakıfbank, stating, “We are proud to offer Turkish customers the ability to deposit TRY seamlessly and cost-effectively into their Bitfinex Turkiye accounts. By integrating with Vakıfbank, one of Turkiye’s largest banks, we are making it easier than ever for customers of Bitfinex Turkiye to access the cryptocurrency market.”

Competition in the Turkish Market

Binance currently holds a dominant position in the Turkish market, while other competitors like Bitget and OKX have also expressed their intentions to enter the market. Bitfinex’s collaboration with Vakıfbank and the introduction of free deposits and withdrawals aim to attract customers and establish a strong foothold in the Turkish cryptocurrency market.

FAQs

1. How can Bitfinex customers in Turkey deposit Turkish Lira with zero cost?

Bitfinex Turkey has partnered with Vakıfbank, one of Turkey’s largest banks, to offer zero-cost deposits for Turkish Lira. Customers can now directly deposit TRY from their bank account at no cost.

2. What is the promotion offered by Bitfinex Turkey for the TRY/USDT trading pair?

Bitfinex Turkey has announced a six-month promotion that includes reduced fees for the TRY/USDT trading pair. This promotion is available on both the web platform and the mobile app of Bitfinex Turkey.

3. How does Bitfinex Turkey aim to compete in the Turkish market?

By partnering with Vakıfbank and offering zero-cost deposits and withdrawals, Bitfinex Turkey aims to attract customers and establish a strong presence in the Turkish cryptocurrency market, which is currently dominated by Binance.

4. Who are the competitors in the Turkish market?

Binance currently holds a dominant position in the Turkish market. Other competitors, such as Bitget and OKX, have also expressed their intentions to enter the market.

Summary

Bitfinex Turkey has collaborated with Vakıfbank to provide its customers with zero-cost deposits for Turkish Lira. Customers can now deposit TRY directly from their bank accounts without any fees. In addition, Bitfinex Turkey is offering reduced fees for the TRY/USDT trading pair as part of a six-month promotion. This move aims to compete with Binance, the current leader in the Turkish market, and attract customers to Bitfinex Turkey’s platform.