The Turkish Lira is the official currency of Turkey and the Turkish Republic of Northern Cyprus. The Turkish lira ranks number 16 on the list of the most traded currencies by value. While it’s not the strongest currency, it’s not the weakest either. The currency’s value is stable now since 2005, when the Grand National Assembly of Turley issued a “second Turkish lira” by taking off six zeros of the “first Turkish lira”. Prior to 2005, the Turkish Lira was considered the world’s least valuable currency, but now it is strong and widely accepted by online businesses such as online trading brokerages and gambling and betting sites.show more
The current symbol/sign used to represent the Turkish lira was only implemented in 2012. The symbol is “₺” and is now the primary symbol to represent the currency. Prior to the release of this symbol, the Turkish lira was represented by the two letters “TL” and the currency code (TRY). When the currency is written, the “₺” sign precedes the currency value while the code (TRY) usually follows the value. The Turkish lira has denominations of 1/100 and the currency units are called Kuruş. There is no other currency with the same symbolization as the Turkish lira, therefore, traders should have no problems differentiating the currency from others when depositing funds into an online trading brokerage account.
Turkey is not the most popular country when it comes to online trading and gambling. The country’s government imposes some regulations restricting the ability to trade and bet online. For this reason, there are not as many viable trading brokers in Turkey to trade with. Traders dealing with the Turkish lira may have to exchange their currency to trade with some international trading brokerages. This can be done in a couple of ways, the easiest and fastest being through the online trading brokerages platform. Some online brokerages will allow users to deposit funds to then be converted to another currency on their platform. However, not all trading brokerages offer their traders this option. For the ones who don’t, traders can send their money to an online exchange and have it converted for a small fee. The converted funds can then be loaded into a supported bank account or into various e-wallets accepting the converted currency.
The Turkish lira can be deposited into an online trading account through several different methods. The most common ones are credit cards, bank transfers, e-wallets, and money transfer services. Usually the same methods can be used for withdrawals as well. However, for traders without Turkish lira bank accounts, they are restricted to depositing and withdrawing their funds through e-wallets.