Korbit offers 172 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 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 | 172 |
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 |
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 two 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 172 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
To open an account, you must be 19 years old or above and a resident of South Korea. Note that account sign up is only available through the exchange’s mobile app. Steps to Korbit registration:
- Download and Install Korbit app on your mobile device;
- Fill out the registration form;
- Provide proof of identity (resident registration card or driver’s license) and bank account in your name.
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.
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
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.