Bitfinex introduces zero-cost deposits for Turkey customers

• Bitfinex Turkey has partnered with local banking giant Vakıfbank to offer zero-cost deposits for the Turkish Lira (TRY).
• Customers will also access no-fee withdrawals for up to 2 million TRY.

Bitfinex customers in Turkey can now deposit the local currency Turkish Lira (TRY) directly from their bank account at zero cost.

The crypto exchange said in a blog release on Thursday that Bitfinex Turkey would offer this service in partnership with Vakıfbank, one of Turkey’s largest banks.

“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,” Paolo Ardoino, the CTO of Bitfinex, commented.

Reduced fees for TRY/USDT pair

Per the announcement, support for zero-cost deposits is available effective immediately via the Bitfinex Turkey web platform. The feature will also work via the digital asset trading platform’s mobile app. 

As well as no cost TRY deposits, the exchange has announced a six-month promotion offering reduced fees for the TRY/USDT pair.

Good news! 🎉
You can now deposit Turkish lira at zero cost on Bitfinex Turkiye!
No fees for deposits of TRY ⚡️
And 0 fees for withdrawals up to 2 million TRY! ✅
Get all the latest info:https://t.co/LwKGEvYWUf pic.twitter.com/zU4WnaBLJ2

— Bitfinex (@bitfinex) August 24, 2023

Bitfinex Turkey also supports zero-fees withdrawals for up to 2 million TRY, with these steps likely part of a strategy to expand the exchange’s presence in the Turkish market. 

Binance currently dominates this market, while other competitors include Bitget and OKX, which announced plans to enter the Turkish market in May.