South Korean business Korbit has a major stake in the cryptocurrency industry. Korbit Inc, a business based in Gangnam-gu, Seoul, South Korea, owns and runs the brand. After receiving significant funding from many venture capitalists, the brand started operating in 2014.
The following cryptocurrency-related services are provided by Korbit:
- Trading in cryptocurrencies for the South Korean market there.
- Services that exchange fiat money for cryptocurrencies, with the South Korean Won (KRW).
A sizable cryptocurrency trading market exists in South Korea, and most of its participants are locals as well as businesses that relocated there when the Chinese government banned bitcoin trading.
Korbit is meeting a significant need in the local and regional markets by enabling them to use their local currency to buy cryptocurrency tokens or secure cryptocurrencies for trading.
Korbit fees
The trading costs that traders pay on their transactions are known as Korbit fees. The Maker-taker fees are what these charges are called. Maker-taker fees are applied to each transaction and are volume-based. In other words, the number of fees paid by each trader depends on the trading volume they achieve throughout a 30-day period. Maker costs are the charges that traders must pay when they enter a new trade in the order book. Traders that attempt to enter at the best entry price are subject to taker fees. The maker’s charge is 0.08% and the taker’s fee is 0.2% at the first trading level. The platform offers customers a high level of functionality, speed, and security for their money and personal information. There are investments available in the form of developer-focused APIs and traditional Bitcoin and Ethereum staking. The referral scheme is presently under construction
Options for deposits and withdrawals of Korbit
The deposit and withdrawal options available on Korbit directly depend on the availability of fiat currency. KRW can be used for deposits in addition to digital currencies like BTC, ETH, etc. Therefore, the following are the methods for making deposits and withdrawals:
- Credit/debit cards: There may be significant fees associated with using credit/debit cards.
- using KRW for bank transfers.
Regardless of the number of their transactions, all Korbit users receive the same account type.
Bonuses and promotions
Korbit does not run any promotional programs or give any bonuses. The cause can be the general disapproval of such advertisements in Asian markets.
Pros
- There have been no scam complaints, and users generally like Korbit.
- The platform supports both English and Korean, and it is bilingual.
- The use of two-factor authentication protects logins, deposits, and withdrawals.
- Enables the purchase of cryptocurrency using the local fiat currency.
- The fee structure rewards traders with bigger volumes with lower fees, and fees are reasonable.
- A simple, aesthetically pleasing user interface.
Cons
- The South Korean market seems to be the exchange’s main focus.
- Only a small number of crypto assets can be traded due to a limited asset base.
- There aren’t many analysis tools available in charts.
Conclusion
With strong venture capital backing, Korbit was the first cryptocurrency exchange in South Korea to allow customers to buy cryptocurrencies using fiat money. Since welcoming clients in 2014, it has continued to provide a high standard of service. However, given that the cryptocurrency business has developed into a global phenomenon, we believe the company should begin to consider global expansion. Although Korbit is a fantastic brokerage for trading, it would be even better if it had a mobile app as this would allow many users to be able to access it from anywhere at any given period. In general, Korbit is a good exchange
