Korbit is a South Korean cryptocurrency exchange founded in 2013 by Tony Lyu. The exchange is one of the biggest crypto exchanges in South Korea, and it is managed by Korbit Inc., which is located in the Gangnam area of Seoul in South Korea. The exchange is ranked at number 18 amongst top exchanges with the largest 24h trade volume of $84,340,817.Korbit has about 33 active markets and supports numerous cryptocurrencies.
Korbit was also the first cryptocurrency exchange to be established in South Korea.
The cryptocurrency market in South Korea has been gradually increasing due to the movement of the market from China to Korea due to the ban and restrictions placed on cryptocurrencies in China.
Korbit is not regulated in South Korea, but it is one of the most reliable exchanges in the country.
SERVICES OFFERED BY KORBIT
- Trading: Korbit provides 33 trading pairs. All the cryptocurrencies on the platform are paired with the Korean Won (KRW). You can buy and sell cryptocurrencies, select order type, either limit order or market order and also study the daily market price of cryptocurrencies.
- Mobile app: The exchange offers a mobile app service to both Android and IOS users, which makes the exchange easier to access and navigate.
HOW DOES IT WORK
- Registration: To register and create an account visit their website and click on register. On the registration page, you will be redirected to input all the required information and your reason for registering. A confirmation email will be sent to your email address. Click on it to verify your account and complete your registration.
- Payment method: Korbit accepts both fiat and cryptocurrency as a payment method. Deposits can be made using credit/debit cards and bank transfers using KRW. The deposit and withdrawal of KRW are available to only people living in South Korea and not foreigners.
- Verification: the first stage of account verification is email verification. To withdraw, deposit the fiat currency and increase your daily withdrawal limit, you need to complete a Real Name verification, also known as identity verification. To complete this verification, you will provide your address, phone/contact number, date of birth, the purpose of trading, and your source of funds. This verification process is only available for South Korean residents as foreigners can only use the cryptocurrency as a deposit method when using korbit.
- Transaction limit: Daily withdrawal limit depends on the membership level. The following are the cryptocurrency withdrawal limit of the different account levels.
Level 1(email verification) – unable to withdraw
Level 2 (Identity verification) – 10,000,000KRW worth of cryptocurrency
Level 3 (you need to have a trading volume of KRW 20 million per annum, and the account will be upgraded automatically) – 30,000,000 KRW
Level 4 (you need to apply for an upgrade as a level 3 member) – 500,000,000 KRW
Level 5 (you need to apply for an upgrade as a level 4 member) – 1,000,000,000 KRW.
- Transaction fees: Korbit charges a flat rate trading fee of 0.15%, there are no charges attached to the deposit of cryptocurrencies, but the withdrawal fee for cryptos varies.
Bitcoin – 0.001BTC
While a fee of KRW1000 is charged for the fiat currency withdrawal. The transaction fees can vary depending on the membership level of an account holder.
- Supported currencies: The exchange supports the use of about 32 cryptocurrencies which include Bitcoin, Ethereum, Litecoin, Ripple, Cardano, bitcoin cash, etc. Only one fiat is supported, which is the KRW.
- Supported countries: The exchange can be accessed by users in other countries except for Korea but won’t have access to the fiat currency withdrawal or deposit feature.
- Customer support: you can contact customer support through their email address email@example.com or their phone number. There is also a FAQ section where most of the questions you might have been answered.
While korbit was the first crypto exchange established in South Korea, the services it offers are more focused on the local market and limited to foreign users. Its merits are that it has no hacking history, has a low transaction fee, and has an easy to use interface. If you are not a resident of Korea and are new in the cryptocurrency trading market, this might not be the exchange for you.