In Turkey, a crypto boom is underway, and it can be said that one thing is certain: the level of cryptocurrency ownership in Turkey is increasing, and young people are increasingly choosing Bitcoin as the new gold, replacing the lira and traditional currency.
By the way, according to VPN Alert, Turkey is the country sending the most traffic to Binance, one of the largest cryptocurrency exchanges in the world.
Turkey was the global leader in the use of Binance as of March 2023. (Source)
Turkey’s interest lies not only in cryptocurrency technology but also in the legislative sphere. Many market players, including exchanges such as Binance, WhiteBIT, and Coinbase, are working on simplifying cryptocurrency regulation globally at the legislative level. Moreover, they are helping the digital revolution to advance faster than ever, which is of great interest to Turkey.
Turkey also has many platforms that are increasingly developing and offering various features for Turkish users. In this article, we would like to showcase one innovative project that provides users with a range of functions and makes a parallel comparison with other older players.
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Ege Money Review
Ege Money is a leading exchange in Turkey and the Aegean Sea region, founded in 2020. This platform can adapt to users’ needs and offers a continuously evolving infrastructure, innovative tools, and security measures.
Features offered by the platform for cryptocurrency trading
1. Portfolio management using tools like IntoTheBlock(ITB), P2P, Elliot Wave, ITB Analysis, and Telegram Bot:
- With ITB, you can view price forecasts for selected cryptocurrencies.
- With P2P, you can buy and sell without intermediaries.
- With Elliot Wave, you can monitor income and expense balances and analyze price increases/decreases.
- With Telegram Bot, you have access to cryptocurrency data that can be analyzed and studied using an automatic timer.
2. Staking for many altcoins, with interest rates ranging from 0.24% to 10% for different terms and plans.
Staking plans. Source: Ege Money website
3. Bug bounty program, through which you can receive rewards for finding bugs. This program is also available on many other platforms and serves as a great incentive for users, as the maximum reward for finding errors is not limited.
4. Ege Money Academy. Ege Money shares all its knowledge and experience in the field of cryptocurrency exchange.
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5. 24/7 support through chat. To contact Ege Money support, you can send an email or use the online support on the website.
While using the platform, we identified some points that the project could improve, namely:
- The platform offers spot trading but lacks the ability to trade on margin and futures contracts.
- There are few supported languages on the website (only English and Turkish), and social media (Twitter) is only available in Turkish.
- They have launched their “fiat standard” book in electronic and paper versions, but it is only available in Turkish.
Ege Money vs. WhiteBIT: Crypto Exchange Comparison
The entry of various exchanges into the Turkish market can be considered a success, as due to the inflation of the Turkish lira, most Turks are interested in alternative savings methods.
As mentioned earlier, Turkey is experiencing a crypto boom, and the cryptocurrency potential has also been recognized by Vladimir Nosov, CEO of WhiteBIT, one of the largest cryptocurrency exchanges in Europe and the official crypto partner of Trabzonspor.
That’s why we conducted a comparative analysis using WhiteBIT as an example, as both platforms share a similar mission, namely transparency and reliability for users.
Ege Money and WhiteBIT are two cryptocurrency platforms with different sets of features but a shared mission for users. Ege Money is a Turkish cryptocurrency exchange founded in 2020, which serves as a platform for beginners with a fairly simple interface and limited trading features (only spot trading).
However, it has gained recognition thanks to its innovative approach. WhiteBIT, on the other hand, is an older and more reputable cryptocurrency exchange that has been operating since 2018.
It has a broader global presence and is known for its reliability and security while offering a more diverse range of functionalities and catering to traders from around the world.
Platform Features
- Ege Money offers a range of features, including portfolio management tools, the ability to trade various altcoins, a bug bounty program, and educational resources through the Ege Money Academy.
- WhiteBIT also provides numerous features, including margin and futures trading, cryptocurrency deposits via web3 wallets, a launchpad, and more. It offers a more extensive range of services compared to Ege Money.
Supported Languages
- Ege Money supports a limited number of languages on its website (English and Turkish), which may limit its accessibility to a global audience. Social media is also conducted in only one language, but platform expansion may lead to support for other languages in the future.
- WhiteBIT offers its platform in multiple languages (14 languages), making it more accessible to users with different language backgrounds. Additionally, its Twitter presence is in various languages, aiding the platform’s development in different markets.
Bug Bounty Program
- Both Ege Money and WhiteBIT have bug bounty programs that allow users to report vulnerabilities and receive rewards for contributing to the platform’s security.
Customer Support
- Ege Money offers 24/7 customer support seven days a week through chat, email, and online support on its website.
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WhiteBIT also provides
WhiteBIT also provides customer support, including voice support and assistance via email.
In summary, Ege Money and WhiteBIT have different strengths and areas of focus. Ege Money is a newer exchange with a regional emphasis on the Turkish market, offering innovative features and educational resources. WhiteBIT, on the other hand, is a more established global exchange with a broader range of services, including margin trading and wider language support. The choice between them would depend on the user’s specific needs and preferences, as well as their geographic location and language proficiency.
Conclusion
Amidst the cryptocurrency boom in Turkey, where young investors increasingly view Bitcoin as a modern form of wealth, the cryptocurrency landscape is evolving rapidly.
Turkey’s interest in this digital revolution extends beyond technology; it also encompasses the legislative sphere, where efforts are being made to simplify global cryptocurrency regulations.
In this dynamic environment, Ege Money emerges as a noteworthy player. Ege Money has swiftly become a prominent exchange in Turkey and the Aegean Sea region, thanks to its ability to adapt to users’ needs and its commitment to continuous innovation.
While Ege Money has demonstrated significant potential, there is room for improvement. Its innovations and rapid development make it an exciting newcomer in the Turkish cryptocurrency scene. As the cryptocurrency landscape continues to evolve, the role of each platform contributes to the ongoing transformation of Turkey’s position in the global cryptocurrency market.
