Korbit

Korbit

  • Korea (Republic of)

  • Full trading platform

  • Korbit.co.kr

  • Since 2018

Korbit
In Social Media:
Intuitive Ease of use,  Enough secure,  Anonymously trading

Volume 24H: $18,712,375

Korbit is the longest running and second largest crypto exchange in South Korea. It was the first Korean exchange to offer BTC/KRW trading and has high Bitcoin and especially Ethereum volumes. Korbit has earned a solid reputation and is known for offering really competitive fees, high liquidity levels, and good security features for its users. This exchange was heavily invested in by VC funding.

Korbit's web-based platform looks solid, with a nice market depth chart and well-designed order book, trading history, and market conditions features. The interface is easy and user-friendly thus suitable both for beginners and professional traders. Korbit follows strict compliance standards and has three levels of verification after email verification. The user feedback is mostly positive.

Traditional Currency Support

  • South Korean Won (KRW)

Language Support

  • English
  • Korean

Country Support

  • Korea (Republic of)

Platforms Systems

  • Web Interface
  • Mobile App
  • API

Stock Market Options

Interface
customisation:

  • Allows customized alerts and notifications

Advanced
Options:

  • Limit Order
  • Market Order
  • Stop Order
  • One Cancel Other Order

Discounts For
The Big Traders:

  • Reduced Maker fees
  • Volume based discounts

Korbit security levels are exceptionally high. They offer 2FA and a withdrawal white list option. They use an elastic multi-stage wallet strategy ensuring that 80-90% of funds are kept offline and secure. Also, for withdrawals, users are required to pass an enhanced verification process providing proof of the validity of their identification documents.

Summary:

2 Factor Authentication
Yes
Funds Insured
BitTrust Certificate of BTC balance service based on Encryption Hash algorithm.
Private Keys Stored On
Exchange platform
Storage Type
At least 80% of user funds are stored in cold storage

Advanced Security Features:

  • Email reports of logins
  • Monitor bahavior patterns for suspicious activity

Security Features:

  • SSL
  • Protection from DDoS attackes

Legal Registration or Compliance:

  • KYC/AML Compliant

Korbit exchange is part of the Korean company Korbit Inc, based in Seoul, Korea. The exchange was founded in 2013 by Louis Jinhwa Kim and managed to raise $3.6 million from top investors. Actually, in late September 2017, Korbit was acquired by NXC, the parent company of Japanese games giant Nexon. The deal was struck for a stake of 65.13% at $80 million.

Summary:

Korbit is an important Korean cryptocurrency exchange known for trading among the highest global volumes of Ethereum. It has a nice, easy to use trading platform, no deposit fees and generally low fees, high security measures with cold storage and multi-sig features and offers several altcoins. Disadvantages include the domestic focus with trading against KWR and no leverage provided.

Ease of use
Intuitive
Transaction Fees
Between 0.10-0.20% depending on volume
Deposit/Withdrawal Fee
0-0.09%
Deposit/Withdrawal Fee c For Bank Transfer
0-0.09%
Deposit/Withdrawal Fee For Credit Card
0-0.09%
Deposit/Withdrawal Fee Charged For 3rd party Payments
N/A
Anonymous Trading
Yes

Deposit/Withdrawal Options:

Deposit from bank account, Deposit using credit card, Withdrawl funds to bank account, Withdrawal funds to credit card

Functionality:

Korbit offers trading for Bitcoin and most major altcoins against the KWR as well as maker and taker fees depending on transaction type and user trading volume over the last 30 days. Credit cards and bank transfers from Korean banks are accepted and users with no Korean mobile phone or bank account cannot use the exchange. There are no deposit fees, but Korbit applies fees on withdrawals.

Most common
customer complaint:

Trading against KWR