There are many crypto exchanges in South Korea. Today, we will be reviewing one of the oldest crypto exchanges in the country, Korbit.
About Korbit
Korbit is one of the biggest crypto exchanges in South Korea, and it was also the first Korean cryptocurrency exchange to offer fiat trading (Korean Won) against Bitcoin.
Korbit.co was founded by Tony Lyu and it opened in 2014 after raising $ 3.6 million in funds from several venture capitalists and private investors. The company is headquartered in Seoul, South Korea.
Supported currencies
Korbit first offered on its platform only the Bitcoin-KRW pair, but over time it extended its listing to include many other popular altcoins. The exchange also lists a few exotic coins such as OmiseGo and Qtum, which are not very common on most trading platforms.
In addition to Bitcoin (BTC), the platform supports:
- Bitcoin Gold (BTG)
- Bitcoin Cash (BCH)
- Ethereum (ETH)
- Ripple (XRP)
- Litecoin (LTC)
- Dash (DASH)
- ZCash (ZCH)
- Monero (XMR)
- Augur
- Steem
- Ethereum Classic (ETC)
- Medibloc (MEDX)
- Polymath (POLY)
- Status (SNT)
- USD Coin (USDC)
- 0x (ZRX)
- Aergo (AERGO)
- LoomNetwork (LOOM)
- OmiseGo (OMG)
- BitcoinSV (BSV)
- Basic Attention Token (BAT)
- Kyber Network (KNC)
- Stellar Lumens (XLM)
- Zilliqa (ZIL)
- Fetch (FET)
- Qtum (QTUM)
- Golem (GNT)
Korbit will add support for EOS, MKR, DAI, and LINK simultaneously starting with the 26th of August.
All the cryptos listed above can be bought using the South Korean Won (KRW).
Order types
The exchange allows traders to perform the following order types:
- Limit orders (Buy/Sell)
- Stop orders (Buy/Sell)
- OCO (Order Cancels the Other)
- Market Buy/Sell
Supported Countries
While anyone can register with their email on the platform, only South Korean residents can verify their account and use the platform features. The site is available in Korean and English, and if you click the “Translate” button you get an English version of the trading platform, but you will have to do this several times as the page keeps going back to Korean.
Security
Korbit claims that the wide majority of its user’s crypto is held in cold storage. Keeping the funds in a cold wallet is a security measure used by many exchanges, as it completely limits access to hackers.
Korbit is considered to be one of the most reliable exchanges in South Korea, a country where there is fierce competition among exchanges.
Verification process
When signing up, Korbit asks customers for an active email account, where you will receive a confirmation mail.
South Korean users will be asked for a mobile phone number that is registered in the region.
Interface
The web-based platform offered by Korbit has a solid overall look. The charting is featured separately from the actual trade interface, which means that you will have to analyze the charts in one window and make the trades from another. This might come in handy if you are not a strong multitasker.
Source: Forexbrokerz
The platform features an order book, where they record the market entries for traders. Users can use this to scour the market and see what the sentiment is for certain coins.
The charts are equipped with basic analytic tools, but they are not enough for advanced traders that want to perform an in-depth technical analysis.
While there is no mobile app, Korbit’s browser-based platform can be used without problems on mobile devices.
Korbit Fees
The exchange applies a maker-taker system to its fee structure.
The trading fees vary based on the volume of trade which is recorded within a 30-day period. If the volume is less than 100 million KRW the maker fee becomes 0.08% and the taker fee is 0.20%. If you trade at higher volumes, the fees become more reduced. Having a monthly trade volume of more than 100 Billion KRW you will have a free maker fee and a taker fee of 0.01%.
- 100 Million KRW – 200 Million KRW: maker fee 0.05% take fee 0.20%
- 200 Million KRW – 500 Million KRW: maker fee 0.03% taker fee 0.20%
- 500 Million KRW – 2 Billion KRW: maker fee 0.02% taker fee 0.20%
- 2 Billion KRW – 10 Billion KRW; maker fee 0.01% taker fee0.15%
- 10 Billion KRW – 30 Billion KRW: maker fee 0.00% taker fee 0.10%
- 30 Billion KRW – 50 Billion KRW: maker fee 0.00% taker fee 0.05%
- 50 Billion KRW – 100 Billion KRW: maker fee 0.00% taker fee 0.02%
- Over 100 Billion KRW: maker fee 0.00% taker fee0.01%
Deposits and Withdrawals
Korbit support both fiat and crypto payments at all. Credit cards and bank transfers are accepted as funding methods.
Depending on the level of account, Korbit users have different deposit/withdrawal limits. Account levels 1 and 2 are not able to make deposits/withdraws in KRW into their accounts. But they are however able to make deposits in BTC, ETH, ETC, and XRP without any limits.
Cryptocurrencies that have no withdrawal limits for low-level accounts are LTC, XMR, DASH, ZEC, REP, STEEM.
There are no fees for depositing KRW, BTC, ETH, ETC, but for withdrawals, there is a fee of 1,000 KRW for withdrawing KRW, 0.001 BTC for normal and 0.0005 BTC for the saver option. The ETH withdrawal fee is 0.01 ETH per withdrawal and 0.05 ETC for ETC withdrawal.
Customer Service
The Korbit support team can be contacted 24-hour from Monday to Sunday. The staff can be reached via phone at 1661-9707 or by sending an email at [email protected].
Korbit Review Conclusion
Korbit.co.kr is a recommended exchange for South Korean users that want to trade, buy or sell crypto using their local fiat currency. While the selection of coins is not as diverse when compared to other exchanges, users have access to the main cryptos from the market.
International customers should look for another exchange, as they would need a South Korean phone number to get past the verification stage. Also, we do not know the situation for withdrawing to banks outside the country.
Pros
- Accepts fiat deposits and withdrawals in Korean Won.
- South Koreans can buy cryptocurrencies with the local fiat currency.
- Fee structure rewards higher volume traders
- Simple to use interface with a clean design
- The exchange is reputed to be reliable and trustworthy
Cons
- The exchange is tailored to the local South Korean market and the site keeps going back to Korean. Not ideal for international users.
- Limited crypto selection.
- Charts feature only a few tools for analysis.
- All cryptos can only be traded against KRW
Featured Image: CoinDesk
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