Have you guys seen the current BTC value against the USD? The crypto market is growing steadly.
The normal misconception people have is they think only the western world is going crazy with crypto currencies but in reality, almost rest of the world has! This is why people are searching for crypto exchange sites around their own region. One such is Korbit – Do you know Korbit is first virtual currency exchange based in korea.
We will go in detail to know more about how the platform works, what the trading fees are, and get an insight into what the trading platform offers.
So come let’s find out more about this exchange.
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About Korbit exchange
Korbit exchange is a Korean exchange that deals in some of the major cryptocurrencies. As a known fact, Korbit operated the first exchange between Bitcoin and Korean won (KRW). The platform is transparent in terms of crypto community and services and surely trustworthy.
Korbit is backed by a group of well-known investors such as S K Planet, Pantera, BAM Ventures, Strong Ventures, Soft Bank Ventures Korea. The mission of Korbit is to use the latest technology such as Blockchain, Bitcoin etc. and implement it in the financial system by allowing the free flow of value. The company has complete focus on its users by providing comprehensive services.
Features of Korbit
Korbit is known for being the first to provide Bitcoin remittance service. The company believes in cutting edge technology that makes the money transactions easy. The interface of this Korean cryptocurrency exchange is easy and user-friendly thus supporting from beginners to the professional traders.
Using this platform, users can easily send their money to Korean banks using Bitcoin for which no transaction charges are applicable. The company follows strict compliance and security standards.
Korbit crypto exchange powered by Bitgo for multi-sig technology. In this process, every transaction needs to be approved by two or more users to complete the process. This adds an extra layer of security on the account. Thus Bitgo would protect the currency against any cybercrime or eliminate the risk of volatility.
The platform also provides different tools for currency calculation and market analysis.
Trading fees are tier-based and that depends on a 30-day period. Maker fee is at 0.08% if the volume is below 100 million KRW and the taker fee is 0.20%. Higher the volume, the fees reduces. If a trader enters a monthly trade volume of more than 100 Billion KRW, then the maker fee is FREE and the taker fee is at 0.01%.
How to use Korbit?
In order to register a new account on Korbit, log on to www.korbit.com. Click on the tab “register”. The user can then enter the details such as Email ID and create a password. The password should be minimum eight characters long. There is also a drop down menu, which asks the user for the purpose of joining this platform. The user can then click on the checkbox “I agree to T&C” and “register” to complete the signup process.
A verification link goes to the registered email ID, which a user has to confirm in order to validate the Korbit account. There are three levels of verification post email verification. At the first level, user has to verify the phone number. At the second, the user can verify the address and at the third level, there is agreement on Korean Won charge.
Some personal information such as name, nationality, date of birth, is required further to complete the registration process.
Before placing any order, the user has to fund the Korbit account by adding Korean Won. Once the fiat currency is in the account balance the user can begin with trading and exchange.
In order to buy or sell at Bitcoin, Click on the tab ”trading” and select the cryptocurrency. The user can then select the type of order he wants to place i.e. limit order, market price or stop order. The user can then select the amount for which he wants to buy the currency. If the user is selling then he could check the real-time pricing of that crypto before placing the order.
Korbit was the first cryptocurrency exchange to offer the trade of cryptos using fiat currency in South Korea. High-quality service is maintained since 2014.
However, we feel that the platform should look after global users since the cryptocurrency market is a worldwide phenomenon. Korbit is a great platform to trade with and it may go even higher in coming days.