Korbit review: A Korean Cryptocurrency Exchange Based in Seoul

Founded in 2013 by Kangmo Kim, Louis Jinhwa Kim, and Tony Lyu, and located in Seoul, Korbit is a large Korean cryptocurrency exchange that finds itself at #13 on BlockExplorer’s top 25 exchanges of 2017 list.

Korbit has 11 trading pairs that are all crypto against KRW. Combined with its $100M+ USD trading activity, this makes it an excellent exchange for anyone looking to trade KRW against cryptocurrencies. Korbit also offers a trading API for automated trading.

 

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Korbit

korbit cryptoURL: korbit.co.kr
Total trading pairs: 11
Deposit fees: No
Withdrawal fees: Yes, differing per currency
Trading fees:Yes, 0.0% – 0.2%
Verification: Yes, Five levels

Registration

Registration with Korbit requires you to enter your email address and a password, followed by a ‘Purpose for registering’ dropdown. And finally, there are three separate EULA-like text and checkboxes, where the first two are mandatory and the third is a copy of the second, with some slight changes. Once you have submitted the registration form, you will receive a confirmation email written entirely in Korean.

Fees

Korbit breaks its fees into the standard maker/taker scheme. Fees are determined based on your total traded in the last 30 days, calculated daily at 3 AM Korean Standard Time (UTC+9). The lowest fee tier is for traders with 100 Million KRW and below traded, with the fees being 0.08% for makers and 0.2% for takers. And the highest fee tier is for those who have traded 100 Billion KRW or more in the last 30 days, in this tier makers pay 0.0% and takers pay 0.01%.

For withdrawals, the fee is specified per currency and can be seen by hovering over an I symbol at the top right of the withdrawal page. There are no fees on deposits.

Interface

The interface is a stark white with blue highlights and black text. And interestingly, a more subtle blue has replaced the usual green used to mark a strengthening market.

The trading page lacks a chart of the currently selected cryptocurrency but has an order placement form front and center. Featured is a ‘use all currency’ button that is of questionable usability and safety. Proceeding down the page from the order form is an order book and trade history. Next is a list of your currently open orders. Balances are displayed at the top of the page, conveniently with their equivalent KRW worth slightly below them.

Verification

Korbit offers 6 verification levels, levels 0 through 5. Level ‘0’ is assigned to all new accounts. Each level grants progressively larger daily deposit and withdrawal limits and requires progressively more personal information. Trading currencies other than BTC, BCH, BTG, ETH, ETC, and XRP requires you to have obtained level 3.

You can find the requirements and benefits to each level below.

  • Level 1 and 2: 1 requires a phone number, 2 requires SMS based verification of that number.
    • Deposit: 0 KRW and an unlimited amount of crypto.
    • Withdrawal: 0 KRW and 5 million KRW equivalent on the below cryptocurrencies.
    • Trade: BTC, BCH, BTG, ETH, ETC, and XRP.
  • Level 3: Requires an address and a Korean bank account.
    • Deposit: Unlimited for KRW and cryptocurrencies.
    • Withdrawal: 300 million for KRW, 5 million KRW for some cryptocurrencies, 2 million KRW for the rest of the cryptocurrencies.
    • Trade: All currencies.
  • Level 4: An undisclosed approval process
    • Deposit: Same as level 3.
    • Withdrawal: 300 million KRW for Won and some cryptocurrencies, 15 million KRW for the rest of the cryptocurrencies.
    • Trade: All currencies.
  • Level 5: Another approval process, with the rule that your account must be at least three months old
    • Deposit: Same as level 4.
    • Withdrawal: 500 million KRW for Won and some cryptocurrencies, 20 million KRW for the rest of the cryptocurrencies/
    • Trade: All currencies.

Security

Aside from basic password authentication, Korbit does not provide any additional security features. While there is a security section to the account configuration page, it simply contains a setting to change where you land after logging in. You can select either your wallet page or the trading page.

Armin Davis

Armin is a cryptocurrency mining and computer security enthusiast. Writing is fun too.

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