Korbit

About Korbit

What Is Korbit? Korbit is a South Korean exchange, one of the oldest and largest in the industry. The platform claims to provide its clients with beneficial terms of cooperation, competitive fees, access to popular cryptocurrency markets, secure asset management, and a trading API that supports automated trading. The centralized exchange is convenient for both beginners and skilled users. However, for international traders, the experience can be challenging as the platform is aimed at local players in the South Korean crypto market. It also grants access to ETH 2.0 staking and a NFT marketplace. Another feature is Korbit's virtual asset reward service aka Korbit piggy bank. Korbit allows customers to use the local currency, Korean Won (KRW), for crypto transactions. The exchange provides a low entry threshold, a set of basic tools and functions for technical analysis, and a well-established trading terminal in the browser. The site has an optimized and comfortable interface. Throughout its existence, the platform has reportedly never been hacked. It has a modern and advanced security system, and logins/withdrawals/deposits are protected by 2-factor authentication. Who Are the Korbit Founders? Korbit was created by Tony Lyu, Kangmo Kim, and Louis Jinhwa Kim in 2013. Tony Lyu is the co-founder and former CEO of the company. He also co-founded the TIDE Institute and Upstart. Lyu graduated from the University of London where he studied Financial Economics. He worked at the Korea International Cooperation Agency as an International Cooperation Agent and at the United Nations Office for Outer Space Affairs as an Associate Expert. After leaving Korbit, Lyu joined SoftBank as a Venture Partner. Oh Se-jin is Korbit's current CEO. When Did Korbit Launch? The company was established back in July 2013. In 2017, it was acquired by Korean game developer Nexon. Where Is Korbit Located? Korbit is headquartered in Gangnam-gu, a district in Seoul, South Korea. Korbit Restricted Countries The exchange is available only to South Korean residents since the interface language is Korean, and the main fiat currency is KRW. In 2022, Korbit and several other Korean exchanges blocked Russian IP addresses. What Coins Are Supported on Korbit? Initially, Korbit's activity was limited to BTC/KRW trading, but over time, the project expanded the asset base. Currently, the platform provides access to various cryptos, among them: BTC, ETH, XRP, XLM, BCH, BNB, EOS, LTC, LINK, FIL, SOL, SAND, MANA, USDC, ADA, DOGE, DAI, DOT and many others. Digital assets are paired with KRW (the Korean Won). How Much Are Korbit Fees? Users can buy/sell cryptocurrencies with commissions below the market average. Trading fees depend on the trading volume for a period of 30 days. The higher the volume, the lower the commission. The maker fee is 0.08%, while the taker fee is 0.2% (in case the volume is less than 100 million KRW). If the monthly trading volume is more than 100 billion KRW, the maker fee is free, the taker fee is 0.01%. Deposits on the Korbit exchange are free. The platform charges a fee for withdrawing BTC, which is 0.0001 BTC. Is It Possible To Use Leverage or Margin Trading on Korbit? Margin trading is not available.

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