Korbit – Cryptocurrency Exchange Volume and Information

Korbit is a South Korea based cryptocurrency exchange that is operated by Korbit Inc. Its main target market is South Korea and exchanges using the South Korean Won (KRW). Korbit has four core features: high amount of currency, security, reliability and customer support. It already lists a number of cryptocurrencies and keeps updating its lists. In terms of security, Korbit tries to keep its customer and their funds safe, as well as to protect personal data. It has various security measures in place, like an offline cold wallet and also informs their clients extensively about possible risks. In terms of reliability, Korbit has a lot of experience wherefore they offer secure systems and stable servers. Quick, reliable and qualitative good support is provided because customer support and satisfaction have a high priority. 

Korbit offers two account types, individual or corporate and has different membership levels, on which a customer gets upgraded through providing more personal data. A higher membership level provides various advantages to clients. 

Maker and taker fees are calculated depending on the 30-day trading volume and currency and decline as the volume increases. Withdrawal and deposit fees also depend on currencies; however, depositing via Korean bank transfer is free.  Korbit generally does not offer any promotions for its customers but occasionally offers 0% trading fee as a promotion.

The Korean cryptocurrency exchange’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. The Korean cryptocurrency exchange raised $3.6 M from investors.

Why should I use Korbit Cryptocurrency Exchange?

Korbit has 30 trading pairs that are all crypto against KRW. The Korean cryptocurrency exchange comes with a $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. 

Korbit Features:

• 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.

Three things to understand before 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. 
• Korbit Trading Fees – Korbit 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.

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.

Instruments/Trade Types

Korbit started off as a Bitcoin-KRW exchange site, but over time has expanded its asset base to include several other popular altcoins. So what digital assets are traded on Korbit?

• Bitcoin (BTC)
• Bitcoin Gold (BTG)
• Bitcoin Cash (BCH)
• Ethereum (ETH)
• Ripple (XRP)
• Litecoin (LTC)
• Dash (DASH)
• ZCash (ZCH)
• Monero (XMR)
• Augur
• Steem
• Ethereum Classic (ETC)

These digital assets can all be purchased as tokens with the South Korean Won (KRW), and can also be purchased as capital for crypto-crypto trading. The order types which are featured on the Korbit platform include:

• Limit orders (Buy/Sell)
• Stop orders (Buy/Sell)
• OCO (Order Cancels the Other)
• Market Buy/Sell

Account Types

All users of Korbit are given the same account type, irrespective of the volume of their transactions.

Fees

Korbit’s fees are the trading fees which traders incur on their transactions. These fees are known as the Maker-Taker fees. How do these fees work? Every transaction has maker-taker fees, which are volume-based. In other words, the trading volume generated by each trader over a 30-day period determines the number of fees that are paid by them.

Maker fees are the fees paid by the traders who make a new trade entry in the order book. Taker fees are charged to traders who seek to enter at the best available entry price.