Narkasa Review – Is Narkasa Scam or Legit?

Narkasa Review – Is Narkasa Scam or Legit?




Narkasa Exchange Rating
Account Types9.1
Trading Speed8.8
Customer Service9.3
Safety9


9.1
Conclusion
Read our Narkasa review and learn why we recommend this exchange for online trading and why it is not a scam, learn all you need to know in this Narkasa review before you sign up with the exchange.

Narkasa Review

Narkasa logo

The cryptocurrency market continues to evolve seeing greater acceptability and popularity for Bitcoin and other digital coins. And talking about one of the top areas that have seen considerable evolution since the emergence of the new ecosystem, the establishment of crypto exchange platforms such as the Narkasa exchange ranks top.  

This is the Narkasa exchange review and we’ll be discussing the properties, features, and all-around operations of the exchange platform.  We are making this review to expose new traders and investors to the Narkasa exchange so they can understand how it stands out from other exchanges.

We have a lot of exchanges in the crypto market with many creating their own proposition to investors across the globe. For example, some offer the global reach, mass acceptance of digital coins, trade tutorials, and so on to investors. While other exchanges focus more on customer support and enhancing security.

For the Narkasa exchange platform, it offers more balanced trading services not focusing on one more than the other. It ensures that its clients get the necessary customer support, a user-friendly platform while also ensuring that all legal regulations are well followed and complied to.

The Narkasa exchange platform is a relatively new crypto exchange that boasts of being a customer-oriented platform that is always ready to offer the best of services to its clients. Let’s have look at the features the Narsaka exchange has in store for investors and traders

Exchange Platform Narkasa exchange
Website http://narkasa.com
Trading option Bitcoin, Ethereum, Tether, Ripple and lots more
Trading platform Mobile App and Web-based platform
Spot trading Fee 0.20%
Security Cold Wallet, Device Authorization, Two-Factor Authentication (2FA), Know Your Customer.
Withdrawal Fee 0.0003 BTC
Payment method Wire transfer and Cryptocurrency transfer

The Narkasa exchange platform was established in June 2020, having its headquarters located in Istanbul. The exchange platform is registered and licensed under the Istanbul chambers of commerce with a starting capital of 5,000,000.00 Turkish Lira.

Narkasa website

The Narkasa exchange platform operates with registration number 184965-5 and fully complies with the regulations of the Republic of Turkey as well as KYC and CTF/AML policies.

The goal of the Narkasa exchange platform is to create a secure and smooth trading atmosphere for both newbie and professional investors across the globe. To achieve this goal, Narkasa makes use of the latest software and technologies according to world standards. Hence, clients can benefit from the advantages of algorithmic trading using the Narkasa exchange.

With the state-of-art technology and trading services accessible in 12 languages which include English, Turkish, Russia, Dutch, Spanish among others, the Narkasa exchange platform aims to become a global exchange having a strong root in Turkey.

The Narkasa exchange platform enables investors and traders to store, buy and sell the major crypto assets which include XPR, BTC, LINK, USDT, and ETH.  As a relatively new exchange platform, Narkasa prioritizes the security of its client’s assets and personal data. Hence, has also established one of the latest security measures.

A quick peek into the primary features of the Narkasa exchange suggests it is decent enough to cater to investors’ trading needs. However, let’s have a proper look into these features to see how it truly serves its clients and also competes in the crypto market.  

Registration and Verification of Account

Registering with the Narkasa exchange platform is quite straightforward and simple as the exchange ensures that the registration process is simple enough to be understood by newbie investors.

To register with the exchange platform, you have to visit their official website, then click on the “Register” button to begin the registration process. Upon clicking the register button, the registration page is then open where you will be asked to fill and submit personal information such as name, username, password, email, and so on.

After filling the required fill appropriately, you then click the submit button. Upon submission, a confirmatory email is sent to your email to verify and activate your email address. After that, you will also need to verify your phone number by entering the SMS code sent by Narkasa. Welcome to Narsaka.

Immediately after registration comes the verification of the trading account. Without this verification, you will not be able to use most of the features of the Narkasa exchange platform. There are various degrees of verification on the Narkasa exchange as it is tiered into 4 levels with each level having its own requirements.

Upon registration, you automatically are level 1 verified but to move to another level certain requirements are expected to be fulfilled and specific documents such a proof of residence, proof of identity are required to be submitted. It is also worth noting that these requirements differ between clients who reside in Turkey and clients from other locations across the globe.

The entire verification process complies with the Know Your Customer (KYC) and Anti-Money Laundry (AML)  policy which the Narsaka exchange platform follows. This ensures that fraudulent activities, identity theft, money laundry, terrorist funding are curb on the exchange platform.

Security Protocol

Every trader and investor in the crypto market is concerned about the safety and security of their assets and personal data. Investors and traders seek the assurance that their investments are safe and well secured by the exchange platform they choose. Hence, the reason why investors lookout for a decent exchange platform with standard security measures.

As mentioned earlier, the Narkasa exchange platform regards the security of its clients’ investments, personal information, and also the security of the exchange platform itself as topmost priorities. As a result, it has established cutting-edge technology to ensure the overall safety of the exchange platform.

The Narkasa exchange platform ensures that its system security is constantly up to date, and can guard against any potential threat. Its system security is integrated with technologies such as Distributed Database, Cloud Server Systems, Automatic Data Backup, and most importantly, protection against DDOS attacks.

Asides from these system security technologies, other primary security measures established on the Narkasa exchange platform include;

  • Online and Cold wallets

The Narkasa exchange platform stores the majority of its clients’ crypto assets in cold wallets protected in offline locations. This is to ensure the safety of clients’ funds in case the exchange gets hacked.

The cold wallets can’t be accessed on the exchange’s server as it is stored in an offline location. To have access to such wallets, only designated officials are given such authority. Access to the cold wallets is done manually through various approval methods

However, to ensure the running of smooth transactions on the exchange platform, a small percentage of the overall crypto assets are stored in online or hot wallets. This allows clients to execute trades and requests for withdrawals easily. 

  • Device Authorization

Taking security as a very serious business, the Narkasa exchange platform further established a security system called Device Authorization. This allows its clients to enable specific devices to have access to their trading accounts. This implies that unauthorized devices won’t be able to have access to a client’s trading account.

Clients can always add and remove devices from the authorization list at any time. Also, any attempt from an unauthorized device will see clients get an email notification to whether approve or decline the login.

  • Two-Factor Authentication

Two-Factor Authentication (2FA) is also integrated on the Narkasa exchange platform to increase its security and guard against unauthorized third parties access into clients’ trading accounts. The 2FA offers double security on clients’ trading accounts such that even when a client’s login information is compromised, the account is still safe from third parties.

The Narkasa exchange platform offers three methods of Two-Factor Authentication to its clients which include SMS Authentication, Google 2FA Authentication, and YubiKey Authentication. Upon activating the 2FA a six-digit code will be sent to clients upon every login, withdrawal, and password reset on the exchange platform

Trading Platform

Arguably the most important feature offered by an exchange platform is its trading platform. For many investors, the primary research they carry out on an exchange platform is the train platform such m exchange offers because of how vital it is.

The trading platform is vital because it is the software algorithm that is in charge of the overall trading activities performed by investors on an exchange platform. In the cryptocurrency market, every exchange platform offers its trading platform and as expected differs from one another.

These differences in trading platforms offered by various exchanges are usually in terms of the user interface, design, customization, and so on. However, regardless of the differences, a proper trading platform will offer smooth trading services, a user-friendly interface, easy navigation, and so on to foster an incredible trading experience for investors and traders.  

In this regard, the Narkasa exchange platform does well in offering an impressive trading platform to its clients. The exchange platform offers both the web-based platform and mobile to its customers, allowing them to choose one that best suits their trading style. Both trading avenues offer a smooth and clean user interface, highly organized offering a suitable trading experience for both newbie and professional investors in the crypto market.

For the web-based platform, the trading view consists of the usual components you would expect from an exchange platform. The trading view consists of buy and sell-boxes, various price charts, an order book, and order history. The web-based platform can be accessed on the Narsaka website with just a simple login.

The Narsaka exchange mobile app which is called Narkasa Lite offers decent trading services like its web-based platform. However, its services are more rapid compared to its web-based platform, giving its clients the avenue to quickly buy and sell various digital coins while also monitoring their balances.  

Commissions and Fees

It is not out of place for crypto exchanges to charge traders and investors various commissions and fees on the trading activities they perform in the crypto market. However, traders will always appreciate exchange platforms that charge low fees and commissions on trading activities. For this reason, investors will forever opt in to register with exchanges that offer low commissions and fees so that they can earn more returns in the long run.

Naturally, these fees charged by crypto exchanges are used in financing their overall trading activities and most importantly make profits out of the crypto market. Generally, these fees charged by exchanges are usually on deposits, withdrawals, and a trade executed and this goes the same for the Narsaka exchange platform, however, Narkasa in looking out for its clients does not charge any fees on deposits

The commissions and fees charged by the Narkasa are not on the high side and can be afforded by most traders and investors in the crypto market.

  • Trading Fees

Each time an investor executes a trade order, exchange platforms charge a specific trading fee. Generally, the trading fee is a specified percentage of the total order value and a lot of exchange platforms split the trading fee into takers and makers fees. But that’s not the case with the Narkasa exchange.

Narkasa charges a flat rate trading fee which implies that the same percentage fee applies to both takers and makers. The exchange charges a trading fee of 0.20% and this trading fee is not far from the industry’s average which is roughly between 0.20% and 0.25%.

With recent studies carried out, the result showed that the average takers fee for spot trading is around 0.27% and the average makers fee for spot trading is approximately 0.164%. Therefore, a trading fee of 0.20% charged by Narkasa tallies with the industry’s average.

But to be more exact, the Narkasa takers fee is a little below the industry’s average, and its makers fee is above the industry’s average.

  • Withdrawal Fees

The exchange platform charges a withdrawal fee of 0.0003 BTC on every Bitcoin withdrawn on its trading platform. This is considerably lower than the industry’s average which is around 0.0006 BTC on every Bitcoin withdrawal.

What this implies is that Narsaka charges a withdrawal fee that is 50% lower than what most exchanges charge on withdrawals. This one of the best competitive advantages the Narkasa exchange platform has over its competitors in the crypto market.

Withdrawal and Deposit

The idea behind investing has always been to accrue significant profit and to be able to do that, an initial investment capital is required to be put down. This applies to all forms of investments which include crypto investments and trading.

Hence, to be able to have access to the crypto market, investors must deposit significant investment capital into their trading account. It is with this deposit, that investors leverage on to buy and sell various digital coins in the market.

On the other hand, investors are more anxious about the withdrawal of funds as they want to be sure that their accumulated profit can be accessed and withdrawn at any given time. For these reasons, exchanges ensure that they provide the necessary payment method for both the withdrawal and deposit of funds into trading accounts.

The Narkasa exchange platform also performs well in this regard. As an exchange platform whose primary goal is to offer the best trading services to its clients, Narkasa offers decent and flexible payment methods to its clients. Clients of the Narkasa exchange platform can make use of cryptocurrencies and fiat currencies for the deposit and withdrawal of funds.

However, for the use of fiat currencies, the use of debit and credit cards is not allowed. This implies that clients can only make use of wire transfers to purchase digital coins on the exchange platform. Asides from the wire transfer of fiat currencies, clients can also perform crypto transfers just like other exchanges.

With Narkasa accepting fiat deposits, newbie investors can easily buy their first set of digital coins on the platform saving them the stress of having to use new entry exchanges.

Customer Support

The customer support offered by an exchange platform is an indicator of how decent and customer-oriented such an exchange platform is.  In establishing decent customer support and assistance, traders get a boost in morale and confidence to carry on with trading as they are assured of getting the necessary assistance whenever needed

The Narsaka exchange platform being customer-oriented has established several support channels its customers can get in touch with a customer representative or agent. Clients of the Narsaka exchange can contact a representative either through  Live chat, email, or phone call. 

The customer representatives are very friendly, prompt and ready to answer all requests and complaints as it relates to the Narksaka exchange. The exchange platform also makes available the FAQ section so clients can check out commonly asked questions so as not to overwhelm the customer representatives.

Final Thoughts

The Narsaka exchange platform, although relatively new, is striving to be one of the best crypto exchanges in the market. And considering all the trading features offered, it is apparent that the exchange is on the right track to becoming one of the best.

You might be skeptical in wanting to invest in the exchange platform due to a lack of track record but the exchange platform is proving to provide decent trading services to all kinds of traders regardless of trading experience. The Narkasa exchange platform is definitely worth trying out.

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