Narkasa Review – Should the Low Trading Volume Worry You?

Our Narkasa review explores one of Turkey’s best-rated cryptocurrency exchanges. Established in 2020, Narkasa aims to offer the best crypto trading experience, yet its relatively low trading volume and limited cryptocurrency options hinder its effectiveness.

With a straightforward fee structure and alleged compliance with Turkey’s regulatory standards, Narkasa presents a mixed bag for traders. Is it a solid choice or just another phony exchange like Sucoinx? Let’s find out.

Exchange status:	Unlicensed Crypto Exchange
Regulated by:	Unregulated
Operating Status:	Active Crypto Exchange
Known Websites:	narkasa.com
Blacklisted as Scam by:	N/A
Owner:	Narkasa Software Trades Corporation/Bybit Türkiye
Headquarters Country:	Turkiye
Foundation Year:	2020
Online Trading Platforms:	Web
Mobile Trading:	Available
Minimum Deposit:	N/A
Deposit Bonus:	N/A
CFD Trading Option:	No, you cannot trade CFDs
Crypto Asset Trading:	Yes
Available Trading Instruments:	Cryptocurrencies
Maximum Leverage:	N/A
Islamic Account:	Unavailable
Free Demo Account:	Unavailable
Accepts US clients:	No
Global Fraud Protection Experts’ Verdict:	Narkasa seems legit. However, if you experience issues, contact us for fund recovery.

Is Narkasa Regulated?

Is Narkasa legit in the legal sense? The exchange operates under the Turkish entity Narkasa Yazılım Ticaret Anonim Şirketi. It claims it adheres to local regulations, including anti-money laundering (AML) procedures and Know Your Customer (KYC) verification.

The exchange has also recently partnered with Bybit to manage the Bybit Türkiye brand, providing a localized crypto trading experience in Turkey.

“Through this collaboration with Narkasa, we aim to deliver a world-class web3 platform tailored to the needs of Turkish users, empowering them to participate in the digital asset revolution with confidence,” Bybit CEO Ben Zhou said in a press release. The partnership follows the long-awaited crypto regulation bill, which the Turkish Parliament passed in late June. According to the bill, crypto asset service providers must obtain permission from the Capital Markets Board (SPK) before operating.

Narkasa is not registered with SPK at this time. To ensure safe crypto trading, it is vital to choose firms regulated by respectable financial authorities like the FCA (UK), CFTC/NFA (US), IIROC (Canada), ASIC (Australia), or MAS (Singapore).

Trader Reviews – Sharing Experiences

We found several Narkasa reviews on a popular Turkish forum, sikayetvar.com. The feedback is mixed, with several complaints against the business.

On trustfinance.com, the platform received an average score of 3.71/5 based on nine reviews as of writing. The forum cites poor traffic, engagement, and unregulated status as red flags. We recommend that readers thoroughly examine all feedback before making online investments. Authentic reviews offer important insights and can help steer clear of potential scams like RockStoneTrust.

Additionally, consult regulatory warning lists to ensure the firm you’re considering isn’t flagged as fraudulent.

Who Are Narkasa’s Users?

The Narkasa exchange was founded in 2020. Since then, the company has mainly been providing services to traders and investors who reside in the following countries:

• United States
• United Kingdom
• Turkiye
• Singapore

Each country on the list has stringent regulatory bodies overseeing financial markets, requiring proper permits for operation. As noted, Narkasa operates without a license and stays under the regulatory radar worldwide. It may pass in Turkiye, but the absence of regulation means the platform doesn’t meet the legal standards necessary to enter tightly controlled markets like the US or UK.

Engaging with unlicensed platforms carries risks, as there is no institutional protection or financial compensation in case of disputes or losses.

Is the Narkasa App Available?

The Narkasa app offers a convenient way for users to trade cryptocurrencies on the go. Available for iOS and Android, it provides access to the same features as the desktop version, including real-time market data, trading pairs, and account management tools.

In addition to standard trading functions, the app supports push notifications for price alerts and important updates, ensuring users stay informed about market movements. Aside from the app, Narkasa also supports a web-based trading terminal.

Narkasa Fees

Narkasa fees are structured to be straightforward, with a flat trading fee of 0.20% applied to both makers and takers. This rate is slightly below the global industry average for takers but marginally higher for makers. While these fees are competitive, they may not be the lowest available on the market.

In terms of withdrawal fees, Narkasa charges around $17.5 for Bitcoin withdrawals, which is notably lower than the industry average.

While generally reasonable, traders should consider the platform’s fee structure, especially when comparing it to other exchanges that offer lower fees for high-volume trading or specific assets.

Customer Support

Narkasa provides customer support through various channels to assist users with inquiries and issues. The platform offers a dedicated support team 24/7, ensuring users can receive assistance whenever needed.

Support can be accessed via email, live chat, and a lengthy FAQ section on the website. The support team is trained to handle various issues, from account management and trading queries to technical difficulties.

Deposit and Withdrawal Methods

Users can fund their accounts with cryptocurrencies or Turkish lira (TRY) for deposits. The platform integrates with local Turkish banks, such as Ziraat Bank and VakıfBank. Withdrawals are processed with specific fees depending on the currency. For Bitcoin (BTC), Narkasa charges a fee of 0.0003 BTC, which is lower than the industry average.

While the platform supports other cryptocurrencies, fees for these transactions vary. Narkasa does not accept credit or debit card deposits but focuses on wire transfers for fiat currency.

If you suspect shady activity, you should know what to do. If they are still pending, bank wire transfers may be reversed via a recall. However, the situation becomes more complex if your crypto assets disappear under suspicious circumstances. Tracing blockchain transactions and pinpointing the recipient’s wallet can be incredibly difficult. This is where Fusion Forensics Limited proves invaluable—a sophisticated tool for tracking crypto transactions. Our expert team is skilled in these scenarios and can assist you in recovering your assets.

Pros and Cons

 

Pros	Cons
Localized Low withdrawal fees User-friendly app	Unregulated Negative feedback No card deposits Limited crypto options High maker fees

 

What Should I Do If I Have Issues with Narkasa?

Narkasa is a Turkish centralized crypto exchange based in Turkey. It supports deposits and withdrawals in TRY through partnerships with local banks.  The platform operates without a formal license, which means it is not regulated under the same standards as licensed exchanges. For that reason, you might want to consider other, more reliable options.

We offer professional assistance if you experience issues using the Narkasa crypto platform. Book a free consultation with Fusion Forensics Limited and tell us more about your case. We will analyze it together and devise a solution to recover your hard-earned funds!

Book your free consultation here to get your money back!