Korbit
- Overview
- Security
- User Experience
Volume 24H: BTC 26,300/24h
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.
Crypto Currencies Support
- BCH
- BTC
- BTG
- DASH
- ETC
- ETH
- LTC
- STEEM
- XMR
- ZEC
Traditional Currency Support
- KRW
Language Support
- English
- Korean
Country Support
- Korea (Republic of)
Platforms Systems
- — Api
- — Mobile App
- — Web Interface
Stock Market Options
In terms of security, Korbit has a good reputation. The exchange stores up to 80% of user assets via cold storage to prevent hacking, limits the number of password errors, uses AES-256 encryption, and uses multi factors authentication for a more secure service. Moreover, Korbit offers a multi-sig wallet and uses BitTrust to prove monthly that user Bitcoins deposits are safely kept.
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 |
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 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 | No |
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