Korbit

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Korbit logo exchange bitcoin

Korbit is the largest BTC and ETH exchange in South Korea. Bitcoin and Ethereum are the main currencies it offers though customers can also purchase Ripple. Digital assets are paired with the Korean Won (KRW).

Korbit exchange also operates a money remittance service that enables money to be sent directly to a Korean bank account with zero transaction fees. South Korea’s first Bitcoin exchange, Korbit was founded after $3.6 million was raised from a number of high profile investors.

Korbit Review[edit]

Korbit exchange review

Korbit.co.kr is founded by Tony Lyu and of course, the company is based in Seoul, South Korea. The company is registered as Cobit Co., Ltd. and is located in 376 5th floor, Kangnam Dae Road, Gangnam – Gu, Seoul. Founded in 2013 and located in Seoul, Korbit is a large Korean cryptocurrency exchange that finds itself at #13 on BlockExplorer’s top 25 exchanges of 2017 list.

Korbit has 11 trading pairs that are all crypto against KRW. Combined with its $100M+ USD trading activity, this makes it an excellent exchange for anyone looking to trade KRW against cryptocurrencies. Korbit exchange also offers a trading API for automated trading. Bitcoin's price on Korbit is not very different from another crypto exchanges, however Bitcoin Cash, Bitcoin Gold are not supported by Korbit exchange.

Korbit Verification[edit]

Korbit.co.kr is designed generally like common exchange websites today wherein you get to have an account tier to access different features of the website. This includes deposit/withdrawal restrictions that can be a pain if not looked into before creating an account.

To create an account – click the “Register” button on the upper right-hand side of the home page and this will redirect you to their registration page. Provide an active email account, the reason for your registration and you will receive a confirmation email on the provided address.

Deposits/Withdrawals[edit]

Korbit exchange accepts fiat and crypto payments without any problems at all. All you need to do is require certain account levels to unlock different tiers of services. Depending on the level of account a user holds with Korbit.co.kr, they would have different deposit/withdrawal limits. Basically, users, that have account levels 1 and 2 do not have any ability to deposit/withdraw KRW into their accounts. But these accounts are able to deposit BTC, ETH, ETC, and XRP without any limits. There are cryptocurrencies that have no withdrawal limits for low-level accounts, this includes Litecoin, Monero, Dash, Zcash, Augur, Steem.

For deposit and withdrawal fees KRW, BTC, ETH, ETC have free deposits and the fee for KRW per withdrawal transaction is at 1,000 KRW per request, 0.001 BTC for normal and 0.0005 BTC for the saver option. ETH withdrawal fee is 0.01 ETH per withdrawal and 0.05 ETC for ETC withdrawal. Unfortunately, we were only able to touch the surface of the website this means that we are unable to confirm if they do allow Fiat withdrawals to banks outside South Korea. If you guys can confirm this, please do let us know in the comments section below.

Fees[edit]

Like any other trading websites, there is what you call makers and takers. Maker orders are orders that are not matched directly with the order book, thus this creates a new entry and provides liquidity for the market. On the other hand, we’ve got Taker, which is an order that is immediately matched with an order listed in the order book; this also takes away liquidity from the market.

Trading fees depend on the volume of trade that is being made within a 30-day period. If the volume is below 100 million KRW the maker fee is at 0.08% and the taker fee is 0.20%. The higher the volume, the lesser fees are being required. If a trader reaches a monthly trade volume of more than 100 Billion KRW, then the maker fee would be free and the taker fee is at 0.01%[1].

Exchange websites such as Korbit.co.kr that have this fee schedule are the websites that welcome whales to trade. Whales are big spenders that usually trade billions of KRW worth of BTC per month.

Security[edit]

Aside from basic password authentication, Korbit exchange does not provide any additional security features. While there is a security section to the account configuration page, it simply contains a setting to change where you land after logging in. You can select either your wallet page or the trading page[2].

Features[edit]

  • Country: South Korea
  • Headquarter: South Korea
  • Type: Universal
  • Round: Seed
  • Cost: $0.4 million
  • Date: 20-Jan-2014
  • Investors: Strong Ventures, Bitcoin Opportunity Fund, Tim Draper, David Lee, Naval Ravikant, Michael Yang, Jay H. Eum, Pietro Dova

See also[edit]

External links[edit]

References[edit]

  1. http://www.bestbitcoinexchange.net/en/korbit-co-kr/ BestBitcoinExchange – Korbit.co.kr Review – Scam or Not?
  2. https://blockexplorer.com/news/korbit-review-korean-cryptocurrency-exchange-based-in-seoul/ Block Explorer – Korean cryptocurrency exchange


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