Korbit was the first ever Korean cryptocurrency exchange to offer BTC/KRW trading. It is also one of the biggest and most popular Korean exchanges and given the lively nature of the country’s crypto scene, that is indeed no small feat. Unlike some of their industry peers, Korbit do accept fiat currencies too. Their trading platform is great, though their local-focused nature places them off the beaten path for all non-Koreans. The newest laws have not really made things any better in this regard either.
The company behind Korbit is Korbit Inc, based in Seoul, Korea. It is a registered Korean company (its registration number is 220-88-61399).
What exactly does Korbit offer though, above and beyond the exchange already mentioned above?
It provides an intuitive mobile interface for Bitcoin transactions, covering every single aspect of the vertical, including balance management, QR code scanning, transaction reports, etc.
The Korbit mobile app also places the exchange itself right into the palm of the user, making it possible to trade from anywhere, on the go.
Korbit’s wallet app is indeed one of the best in the business too.
For starters, the fee structure is very competitive. Market makers and takers pay different rates, with the former category obviously favored in this regard. The fees span the 0.08%-0.20% range, and those who trade large volumes may even end up paying less.
The wallet feature allegedly offers cold storage. If this is indeed true (and it most probably is), it adds quite a massive mark in the “Plus” column, in regards to security.
The operation accepts KRW bank transfers and it supports a staggering array of altcoins. Besides the more “mainstream” coins such as Litecoin, Ethereum, and Bitcoin Cash (not to mention Bitcoin), the exchange supports more “exotic” coins such as Monero, ZCash, Augur, and Steem.
The Korbit trading platform is a definite plus in and of itself, and the user feedback regarding the operation is overall positive too.
Korbit only features one account type - like most exchanges. Registering an account is quick and mostly hassle-free, though lately, more stringent identity-proof requirements have been introduced. There is no required minimum deposit, but to do any trading, or indeed: any type of activity at the site, users need to make a deposit.
Korbit’s trading platform is arguably one of the best in the business. It is an in-house creation and it is web-based, meaning that you won’t actually have to download anything. From a graphical perspective, the interface looks good and it displays all the necessary data where and when it should. Charting is provided by TradingView, which is always a massive plus in our book, given the capabilities of that platform. There are scores of technical indicators available for analysis and there is a constant stream of data flowing in to help with the fundamentals.
Overall, on this front, we’ll have to give Korbit an A+. Various crypto charts can be viewed directly from the Korbit homepage, without having to create an actual account.
Making a deposit at Korbit requires access to a Korean bank account, and by the looks of it, just any Korean bank account won’t do either. Beginning with January 2018, Korbit only accepts KRW deposits from partner banks.
According to the BDSwiss website, more than 250 tradable assets are currently supported, which is not particularly impressive. The asset selection covers cryptocurrencies, shares, and Forex. One thing to remember in this regard is that these are all CFD-based products, meaning that you will never get to actually own Bitcoin for instance, while trading.
Korbit’s customer support can only be reached through phone and email. They say this limited choice of support channels is due to “security restrictions”.
After the newest security restrictions and ID requirements, it is safe to say that Korbit is probably one of the safest nooks of the cryptocurrency industry.
Korbit is without a doubt one of the top exchanges/crypto wallet/remittance services in existence. Its trading platform is superb, with a great charting package, it supports scores of altcoins and it does not charge deposit fees. On the other hand, not everything is rosy at the operation: no leverage is offered to those with a healthier risk-appetite and the fees charged on withdrawals are considered outrageous by many. Apparently, such fees apply even when you’re withdrawing to a blockchain wallet. Last but not least, let us not forget that Korbit is not particularly friendly to non-Koreans.