BTCTurk is a bitcoin exchange based in Turkey that allows users to buy and sell bitcoins using their online trading platform. Users can fund their accounts with a bank transfer or wire transfer in Turkish Lira (TRY).
The exchange offers basic trading features such as market and limit orders, and has an open order book. And today, the exchange announced that it also added stop orders to it’s functionality.
A stop order is used by traders in an attempt to limit losses. A stop order is an instruction to the exchange to trade if the price gets worse than a specific price, known as the stop price. For example, a stop order placed at $550 by the trader when the market is currently trading at $553 means sell this bitcoin at the market price if the bitcoin price hits $550.
Stop orders in addition to market and limit orders will help round out the exchange for bitcoin buyers and sellers. BTCTurk also uses the maker-taker model.
This change comes at an interesting time in Turkey. Just today it was discovered that PayPal is going to halt all operations in Turkey after losing their license, impacting potentially ‘hundreds of thousands’ of users.
“We are sorry to announce that PayPal is suspending its business operations in Turkey,” the company noted in a written note. “Effective from June 6, 2016, our customers in Turkey will no longer be able to send or receive funds with PayPal. Customers will still be able to log in to their PayPal accounts and withdraw any balance on their accounts to a Turkish bank account.
Supporting our customers is very important to PayPal. However, we have no choice but to suspend processing payments in Turkey as our application for a Turkish payments license has been denied by the local financial regulator and we have been instructed to suspend our Turkish business operations.”
This may be a rare opportunity for Turkish citizens who are now unable to use PayPal, to learn about bitcoin and use it as another way to send money in-and-out of the country.
Besides BTCTurk, another bitcoin exchange that focuses on the Turkish market is Koinim, which is based in Instanbul.