Korbit stands as a prominent and established cryptocurrency exchange based in South Korea. It offers a robust platform for trading a wide array of digital assets, primarily against the South Korean Won (KRW). This guide delves into the exchange's features, history, supported markets, and essential details for potential users.
What is Korbit?
Korbit is one of South Korea's oldest and largest cryptocurrency exchanges. The platform is designed to provide a seamless trading experience, catering to both beginners and experienced traders with its user-friendly interface and essential technical analysis tools. Its core offerings include competitive trading fees, secure asset management, and a reliable trading API for automated strategies.
A key characteristic of Korbit is its primary focus on the South Korean market. The interface is optimized for Korean users, and its main fiat currency is the Korean Won. This focus means the experience for international traders might be limited. Beyond standard trading, Korbit provides additional services like ETH 2.0 staking and an NFT marketplace. A unique feature is its "Korbit Piggy Bank," a virtual asset reward service.
Security is a top priority for the exchange. It employs a modern security system featuring two-factor authentication (2FA) to protect user logins, deposits, and withdrawals. The platform boasts a strong track record, having never been hacked since its inception.
History and Founders of Korbit
Korbit was founded in July 2013 by Tony Lyu, Kangmo Kim, and Louis Jinhwa Kim. Tony Lyu, a graduate in Financial Economics from the University of London, served as the company's initial CEO before moving on to become an investment partner at SoftBank.
In 2017, Korbit was acquired by Nexon, a major South Korean game developer. The current CEO of the exchange is Oh Se-jin. The company's headquarters are located in the Gangnam District of Seoul, South Korea.
Supported Countries and Currencies
Korbit's services are primarily tailored for residents of South Korea. Access is restricted for users from other countries, notably since the platform began blocking IP addresses from Russia in 2022. The interface is in Korean, and trading is centered around the KRW trading pairs.
The exchange supports a diverse range of cryptocurrencies. While it started with only a BTC/KRW trading pair, it has expanded its offerings significantly. Today, users can trade dozens of popular coins, including Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), USDC, and many others, all paired with the Korean Won.
Korbit Trading Fees and Structure
Korbit employs a maker-taker fee model that is competitive within the industry. Fees are based on a user's 30-day trading volume in KRW. The standard fee for makers is 0.08%, and for takers, it is 0.20%, applicable for volumes below ₩100 million.
As trading volume increases, these fees decrease. High-volume traders benefit from significantly reduced costs. For instance, users with a monthly trade volume exceeding ₩100 billion enjoy a 0% maker fee and a minimal 0.01% taker fee. Depositing funds into the exchange is free, while withdrawals incur a network fee, such as 0.0001 BTC for Bitcoin withdrawals.
Is Leverage Trading Available?
Korbit does not currently support margin or leverage trading. The platform focuses on spot trading, making it a straightforward choice for users who wish to trade cryptocurrencies without the added complexity and risk of borrowed funds.
Korbit Markets and Trading Pairs
Korbit offers a liquid market for a variety of cryptocurrencies. The most significant trading volume is consistently seen in major pairs like USDT/KRW, which often dominates a large portion of the daily activity. Other top pairs include XRP/KRW, BTC/KRW, and ETH/KRW.
The exchange provides deep liquidity for these major assets, ensuring stable prices and efficient trade execution. The market list includes everything from large-cap assets like Bitcoin and Ethereum to a selection of altcoins and emerging tokens, all traded against the Korean Won.
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Frequently Asked Questions
Is Korbit safe to use?
Yes, Korbit is considered a secure exchange. It has a strong reputation and has never suffered a major security breach. The platform uses industry-standard security measures, including two-factor authentication (2FA) for all critical account actions.
Who can use Korbit?
Korbit is primarily designed for residents of South Korea. Users from other countries, particularly Russia, are restricted from accessing the platform. The interface and primary fiat currency are tailored for the Korean market.
What are the deposit and withdrawal methods?
Korbit supports deposits and withdrawals in Korean Won (KRW) through bank transfers. The platform also supports cryptocurrency deposits and withdrawals, with fees determined by the respective blockchain network.
Does Korbit have a mobile app?
Yes, Korbit offers a mobile application for both iOS and Android devices. The app allows users to monitor markets, execute trades, and manage their accounts securely from their smartphones.
What is the Korbit Piggy Bank?
The Korbit Piggy Bank is a virtual asset reward service offered by the exchange. It is designed to help users save and earn rewards on their cryptocurrency holdings, though the specific mechanics can be found on the official Korbit website.
How does Korbit's fee structure work?
Korbit uses a volume-based maker-taker fee schedule. Fees decrease as your 30-day trading volume increases. Standard fees start at 0.08% for makers and 0.20% for takers, with high-volume traders qualifying for substantially lower rates.