Korbit offers 192 Crypto/KRW trading pairs with two fee plans: Basic (0.1%) and Free (0.0% for Makers and 0.2% for Takers). NXC, SK Square, and Nexon own the company.
The minimum deposit and minimum trade size are KRW 10,000 and KRW 5,000, respectively.
Korbit; The Exchange's Information and Introduction
Korea Bitcoin Exchange Co., Ltd was established in 2013 as the first cryptocurrency exchange in South Korea by Kangmo Kim, Louis Jinhwa Kim, and Tony Lyu.
The company obtained ISO 27001 certification in July 2018, a first for a Korean crypto exchange. Key features of Korbit:
- Financial aspect internal control global certification final (SOC 1 Type 2)
- Shareholders: NXC, SK Square, and Nexon
- Total Funding: $82.5
Korbit initially launched as a BTC/KRW exchange, but now supports multiple digital assets, including BTC, BTG, BCH, ETH, XRP, LTC, DASH, ZCH, XMR, Augur, Steem, and ETC.
Korbit Exchange Specifications
Korbit launched the first NFT marketplace in South Korea in May 2021. Let’s see if the platform has what it takes to be among the crypto exchanges.
Exchange | Korbit |
Launch Date | 2013 |
Levels | N/A |
Trading Fees | 0.1% |
Restricted Countries | Only available to South Korean residents |
Supported Coins | 192 |
Futures Trading | No |
Minimum Deposit | KRW 10,000 |
Deposit Methods | Crypto, Fiat |
Withdrawal Methods | Crypto, Fiat |
Maximum Leverage | 1:1 |
Minimum Trade Size | KRW 5,000 |
Security Factors | Cold Storage, MFA |
Services | Auto Trading, API Trading, Accumulated Purchase |
Customer Support Ways | Phone, Email, Offline Center, Kakao Talk |
Customer Support Hours | Weekdays 09:00 - 18:00 GMT+9 (Closed on weekends and public holidays) |
Fiat Deposit | Yes |
Affiliate Program | Yes |
Orders Execution | Market |
Native Token | No |
Advantages & Disadvantages
While the exchange was called the 3rd biggest crypto exchange in South Korea in 2021, its geo-restrictions are among the biggest letdowns in this Korbit review.
Pros | Cons |
Established reputation since 2013 | Limited international availability |
Easy fiat-to-crypto trading with KRW | No leverage options |
Advanced services like Automated and API trading | Limited customer support hours |
Competitive fees | No English version for its website |
Korbit User Levels
The exchange’s website hasn’t disclosed any information about a comprehensive user level system. However, it offers two commission models, which we’ll discuss in the next topic.
Korbit Exchange Fees & Commissions
The platform offers 2 different fee plans: Free and Basic. Traders can also choose a customized plan between the two.
Order | Free Plan | Basic Plan |
Maker | 0% | 0.1% |
Taker | 0.2% | 0.1% |
The maximum and minimum order amounts are KRW 1B and KRW 5K, respectively.
Korbit Digital Assets
The exchange only offers KRW/Crypto trading pairs with access to 192 cryptocurrencies, such as:
- Bitcoin (BTC)
- Ethereum (ETH)
- Ripple (XRP)
- Chainlink (LINK)
- Bitcoin Cash (BCH)
- EOS (EOS)
- Stellar (XLM)
- Cardano (ADA)
- Tron (TRX)
- Tether (USDT)
Leveraged Trading
Korbit does not offer leveraged trading or margin trading services. The exchange focuses on spot trading, providing users with a straightforward and less risky trading environment.
Korbit Exchange Account Opening and KYC
Korbit offers trading access exclusively to South Korean residents aged 19 and above, with registration available solely via its dedicated mobile app. To begin trading on this regulated crypto exchange, follow these core steps:
#1 Get the Korbit App
Begin by installing the Korbit application on your mobile device from the official app store. Registration and identity verification can only be done through the app interface.
#2 Submit Basic Information
Launch the app and complete the account registration form using your legal name, contact information, and email address. Make sure all entries match your government-issued documents.
#3 Upload Required Verification Documents
For full access, you'll need to verify your identity by uploading a resident registration card or driver’s license, along with a bank account statement registered in your own name. Once verified, your Korbit trading account will be activated.
Trading Platform
The exchange has developed a web-based trading platform and a dedicated mobile app available across various operating systems, including:
- Korbit Android
- Korbit iOS (The application’s profile on the Apple App Store is unreachable)
The exchange provides access to TradingView charts. Check TradingFinder’s list of TradingView indicators for additional analytical tools.
Is Korbit Exchange Secure?
The platform has acquired four types of international standard certifications (ISO). It also has implemented various other security factors, including:
- Cold Wallet Storage
- Multi-Factor Authentication (MFA)
- World class 24-H security systems
Deposit and Withdrawal Methods
Korbit supports Crypto transactions and KRW payments. To make fiat transactions, you must provide a bank account in your name. Key points about Korbit fiat payments:
- Minimum withdrawal amount: KRW 2,000
- Withdrawal fee: KRW 1,000
Trust Scores
There are no Korbit reviews on reputable platforms like TrustPilot and Forex Peace Army. However, there are 5 ratings Korbit Reviews.io profile, resulting in a 1.6/5 score.
CoinGecko has rated the platform as a reliable crypto exchange with a 7 out of 10 score.
Korbit Features
Let's see what advanced features the exchange has to offer; Korbit Features:
Staking | Yes |
Yield Farming | No |
Social Trading | No |
Liquidity Pool | No |
Crypto Cards | No |
Korbit Exchange Support Channels
The company provides online and offline support on weekdays from 09:00 to 18:00 GMT+9 (Closed on weekends and public holidays) through various channels, including:
info@korbit.co.kr | |
Phone | 1661-9707 |
Kakao Talk | Online 1:1 consultation |
Offline (office address) | 4th floor, 7, Teheran-ro 5-gil, Gangnam-gu, Seoul (Yeoksam-dong, KG Tower) |
To visit Korbit’s office in Seoul, South Korea, you must make an appointment beforehand through its official website.
Copy Trading and Growth Plans on Korbit
While the platform doesn’t offer copy trading services or investment plans, it provides access to Auto Trading features and API trading. The API document allows traders to devise customized Expert Advisors (EAs).
Korbit Auto Trading service provides access to two types of trading strategies and bots, including:
- Grid Bot: Arbitrage by placing orders at regular intervals
- Unlimited Grid Bot: Continuous arbitrage trading based on the valuation of virtual assets
Prohibited Countries on Korbit Exchange
The exchange focuses on providing crypto services in the Korean market with KRW trading pairs. Only Korean residents above 19 can use the platform’s services.
Korbit Comparison Table
Let's examine the differences between Korbit features and those of other exchanges; Korbit Comparison:
Parameters | Korbit Exchange | ||||
Number of Assets | 192 | 700+ | 2500+ | 10000+ | 2800+ |
Maximum Leverage | 1:1 | 1:125 | 1:100 | 1:125 | 1:200 |
Minimum Deposit | KRW 10,000 | Varies by Cryptocurrency | Varies by Payment Method | $15 | $1 |
Trading Fees | 0.1% | 0.02% | From -0.005% Maker, 0.025 Taker | 0.1% | 0.05% |
Mandatory KYC | Yes | No | Yes | Yes | Yes |
Futures Trading | No | Yes | Yes | Yes | Yes |
Mobile Application | Yes | Yes | Yes | Yes | Yes |
Fiat Payment | Yes | Yes | No | Yes | Yes |
Staking | Yes | Yes | Yes | Yes | Yes |
Copy Trading | N/A | Yes | Yes | Yes | Yes |
Writer's Opinion and Conclusion
Korbit allows Korean residents to buy and sell cryptocurrencies, such as BTC, ETH, and USDT, for KRW.
The minimum fiat withdrawal is KRW 2,000 with a KRW 1,000 fee per request. The exchange has a good trust score of 7/10 on CoinGecko.