Isn’t Bitcoin an interesting topic to understand? Bitcoin trading has made the world crazy. Therefore, people are looking for BTC exchange websites around their own region to better understand, get educated, and trade!
Today, we will give you a walkthrough into South Korea’s first virtual currency exchange, Korbit.co.kr. We will know more about how their website works, what the trading fees are, and get a preview of what their trading platform looks like.
What is Korbit Exchange?
Korbit is the largest cryptocurrency exchange in South Korea. The main currencies, this Korean cryptocurrency exchange deals with are Bitcoin and Ethereum. Customers can also purchase Ripple through this exchange. Digital assets are paired with the Korean Won (KRW).
Korbit’s mission is to enable the free flow of value by using new technologies such as Bitcoin and Blockchain. Along with financial services, they want to create a world where individuals can transact with each other freely without sacrificing security or convenience.
Korbit is termed as “The world’s first Bitcoin-Korean Won exchange”.
Founded in 2013 by Kangmo Kim, Louis Jinhwa Kim, and Tony Lyu, Seoul based Korbit is a large Korean cryptocurrency exchange. Operations started in 2014 after securing huge financing from several venture capitalists. Korbit raised $3.6 M from investors.
Why should I use Korbit Cryptocurrency Exchange?
Korbit has 30 trading pairs that are all crypto against KRW. Korbit comes with $100M+ USD trading activity. Thus it is an excellent exchange for anyone looking to trade KRW against cryptocurrencies. The exchange also offers a trading API for automated trading.
Using this platform, users can easily send their money to Korean banks using Bitcoin for which no transaction charges are applicable.
Features of Korbit Exchange
- Various cryptocurrencies – The exchange lists around 30 trading pairs. They are constantly adding new pairs.
- Secure Protection of Customer Funds – Korbit has security measures in place to protect against hacking attacks.
- Reliable – It provides the best security system and a stable server
- Excellent Customer Service – Korbit boasts a 90% service level and quick response time for email inquiries.
How does Exchange work?
Different exchanges have different trading views. And there is no “best”-view. It is up to traders what view suits them. Korbit provides below trading view
3 things to understand before Korbit trading are –
- Verification – Traders have to create an account in the Korbit exchange. To create an account–click the “Register” button on the upper right-hand side of the home page and this will redirect you to their registration page. Provide an active email account and you will receive a confirmation email on the provided address.
- Deposits / Withdrawals – Deposits in Korbit exchange are free. Korbit 0.001 BTC withdrawal fee when you withdraw BTC.
- Trading Fees – Trading fees are tier-based and that depends on a 30-day period. The 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 reduce. If a trader enters a monthly trade volume of over 100 billion KRW, then the maker fee is FREE and the taker fee is at 0.01%.
While buying or selling Bitcoin, Click on ”trading” and select the cryptocurrency. The user can then select the 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.
The platform offers 6 verification levels, levels 0 through 5. All new accounts are assigned Level ‘0’. Each level grants progressively larger daily deposit and withdrawal limits and requires progressively more personal information. Get level 3 to Trade currencies other than BTC, BCH, BTG, ETH, ETC, and XRP.
You can find the requirements and benefits to each level below.
How to Access the Exchange?
Korbit Cryptocurrency Exchange provides a web-based interface with which to carry out trading activities.
Korbit Web Platform
The web version of Korbit displays a separation of charting from the actual trade interface. This allows users to analyze the charts on one window, and execute their trades on another.
Users can also access to the order book. This order book records the various market entries for traders on the platform. The exchange can use records as a gauge of market sentiment, pointing to either a buy or a sell for the crypto concerned.
The charts come with basic tools of analysis. They are not detailed enough to perform a deep technical analysis. Traders may, therefore, have to resort to the use of external charting software if intense technical analysis with depth is to be performed.
Korbit Mobile Platform
Korbit cryptocurrency exchange provides Android app, but it is in beta version. However, desktop version is properly optimized for use on mobile devices, and this is how smartphone and tablet users can operate on this platform.
- Korbit is widely accepted by its users
- There have been no scam complaints.
- The platform is bilingual, featuring Korean and English languages.
- Can buy cryptocurrencies with the local fiat currency.
- A clean user interface which is pleasant to the eye.
- Focuses on korean market
- As it is still growing, many crypto are still to be listed on the exchange.
- Charts feature only a few tools for analysis.