Launched in 2017, Paribu is another cryptocurrency exchange that is used widely in the Turkey area. The firm prides itself on providing users fast, simple and secure cryptocurrency transactions. Even though it is popular with the Turkish community, there is still a chance it is a scam project. This review will present an overview, feedback and rumors about Paribu to find the answer of question “Is Paribu A Scam? “
Paribu Overview
Paribu is well known in Europe and popular among traders in other regions due to its large number of assets, significant trading volume, and simplified functionality compared to its competitors.
US residents cannot trade on this exchange. Only Turkish lira is available as a fiat. Market average commissions can be reduced by increasing the trading volume. There is no minimum deposit and withdrawal fees are low. The exchange doesn’t offer referral programs or investment solutions.
Pros while using Paribu
- Accepting bank transfer – the main advantage of this exchange is the fact they accept bank transfers from Turkey. That being said, we are not certain if foreigners will be able to use this service.
- Offers wallets – one can hold his Bitcoin and TRY in the account at Paribu. This may seem obvious, but some regionally specific services, like BTC Direct don’t.
- Cold storage – this is one of the few pieces of information on security which we managed to find about this exchange. This is a top tier measure, but as always, there is some risk involved with all cryptocurrency exchanges.
Cons of Puribu that users need to be aware
- Focus on Turkey – not surprisingly, the main strength of Paribu is also their main weakness. The service is designed for the local market and foreigners may not be able to participate.
- Only Bitcoin available – while Bitcoin is still the king of crypto, there are a lot of other options out there. That being said, this is more of a gateway exchange, like Coinbase. In case one is looking for more coins, there are a lot of other venues for that purpose.
- Trading only versus TRY – yet another specific, which makes this exchange not suitable for everybody. This isn’t that much of a flaw, as it is a choice made by the creators of this exchange.
- Relatively high fees – trading at Paribu will cost market makers a maximum of 0.30%, whereas taker feels to start from 0.40%. These rates vary depending on the way one places orders – the passive orders, which add liquidity to the book have the lower level, while taking the best bid/ask is more expensive. These fees are not competitive, when compared to the industry. Most other exchanges charge something in the 0.25% range on each transaction. Despite the difference being small, it can add up over time. Then again, most other exchanges don’t support trading against the Turkish Lyra, so this is a niche trading venue.
- No margin trading – speculatively trading with margin is not available at Paribu, which is to be expected for an entry level company. In case your main goal is to actively trade Bitcoin, a forex broker, like HYCM, may be a better alternative.
- Telephone number required – probably one of the most unusual things about Paribu is the fact they don’t require an email upon registration, rather a telephone number. This is rather awkward and will most likely turn away some customers.
User's reviews about Paribu
We have found some individuals have accused Paribu of being a scam. In most cases, these reports apply to situations in which users could not withdraw their coins immediately because they did not complete the KYC process due to delays in customer service responses or the users’ inability to provide the requested data. Some of those who started threads accusing Paribu of being a fraud finally acknowledged that their issues had been resolved.
Paribu also has issues with support team response delays. Some customers complained that they had to wait hours or days for their queries to be attended to. Some users have expressed dissatisfaction with the KYC procedure, claiming that it takes too long.
KYC necessitates many online interactions with members of the support team. When each message takes so long to be answered, withdrawals are delayed because KYC must be completed.
The majority of the criticism leveled at the exchange’s security is related to the exchange’s slow support staff and withdrawal delays. The problem may be very inconvenient. In certain situations, it may also result in a loss of potential profit. Therefore we cannot confirm if it could be a scam or not. We need to hear from your experiences and opinions with Paribu! Leave the comment below then we can start the discussion now!
...View more
