korbit

Overview of korbit

Korbit, established in July 2013 by Tony Lyu, Kang Mo Kim, and Louis Jinhwa Kim, is one of the oldest and largest cryptocurrency exchanges in South Korea. Headquartered in Gangnam - gu, Seoul, it has been a significant player in the local crypto market. In 2017, it was acquired by Korean game developer Nexon.

The platform is designed to be user-friendly, catering to both beginners and experienced traders. It offers a diverse range of cryptocurrencies for trading, initially starting with BTC/KRW trading and later expanding to include many others such as ETH, XRP, XLM, BCH, BNB, EOS, and more. These digital assets are paired with the Korean Won (KRW), enabling local customers to use their domestic currency for crypto transactions.

Korbit has an optimized and comfortable interface, a low entry threshold, and a set of basic tools for technical analysis. It also provides a well-established trading terminal in the browser. The exchange charges relatively competitive fees. Trading fees are volume-based. For example, when the trading volume in 30 days is less than 100 million KRW, the maker fee is 0.08% and the taker fee is 0.2%. When the monthly trading volume exceeds 100 billion KRW, the maker fee becomes free, and the taker fee drops to 0.01%. Deposits are free, while the BTC withdrawal fee is 0.0001 BTC.

Security is a major focus for Korbit. It has a modern and advanced security system, and logins, withdrawals, and deposits are protected by 2 - factor authentication.

Pros and Cons

Regulatory Authority

Korbit operates under the oversight of the Repository of Korea's Corporate Filings(RKCF), the exchange holds the regulation number 220-88-61399. However, the current status is exceeded, meaning that the company Registration goes beyond their business with the licenses South Korea RKCF.



Security

Korbit employs a robust set of security measures to safeguard user funds, personal information, and the overall integrity of the platform. Some of these security measures include:

1. Advanced Encryption: Korbit employs strong encryption protocols to protect sensitive data, including user account information, transaction details, and personal identification. This encryption ensures that even if unauthorized access occurs, the data remains unreadable.

2. Two-Factor Authentication (2FA): Users are encouraged to enable 2FA, which adds an extra layer of security to their accounts. This requires a second authentication factor, usually generated by a mobile app or sent via SMS, in addition to the regular password.

3. Cold Storage: A significant portion of user funds is stored in offline cold wallets. These wallets are not directly connected to the internet, making them less susceptible to hacking attempts compared to hot wallets, which are online and more accessible.

4. Multi-Signature Wallets: Multi-signature technology requires multiple private keys to authorize transactions. This adds another layer of security since a single compromised key wouldn't be sufficient to access funds.

5. Regular Security Audits: Korbit likely conducts routine security audits and vulnerability assessments to identify and address potential weaknesses in its systems. This proactive approach helps mitigate risks before they can be exploited.

6. Account Activity Monitoring: Unusual or suspicious account activity triggers alerts and possible security checks. This helps prevent unauthorized access and provides users with immediate awareness of any potential breaches.

Cryptocurrencies Available

Korbit offers a diverse range of cryptocurrencies for trading, providing users access to popular digital assets such as Bitcoin (₿), Ethereum (Ξ), Ripple, BitcoinCash, Cardano, and numerous other cryptocurrencies. With over thirty markets available, traders on the Korbit platform can engage in transactions involving a wide spectrum of digital coins and tokens, catering to various investment preferences and strategies.

Other Services

Korbit offers a range of services to meet the needs of cryptocurrency traders and investors:

Next Generation Exchange: Korbit provides a fast and user-friendly exchange platform, available in both classic and full-screen modes. Users can easily trade various virtual assets on this next-generation exchange.

Accumulating Rewards - Maker Incentives: Korbit rewards makers for their trading activity. Makers, who place orders that add liquidity to the market, can benefit from incentives provided by the platform.

Trustworthy Service - Staking: Korbit offers a secure and rewarding staking service. Users can participate in staking to earn rewards while helping secure and validate blockchain networks.

Smatoo - Accumulated Purchase: Smatoo allows users to consistently invest in their chosen virtual assets. It offers a convenient way to accumulate assets over time, promoting disciplined investing.

Fast Automatic Trading - Auto Trading: Korbit provides automatic trading features to help users manage their assets efficiently. These functions assist traders in executing strategies and orders automatically.

Virtual Asset News - Korbit Research: Users can subscribe to Korbit Research, which provides valuable insights and information on virtual assets. It serves as a resource for investors looking to make informed decisions in the cryptocurrency market.

These services collectively aim to cater to the diverse needs of cryptocurrency enthusiasts, from trading on a user-friendly platform to earning rewards through staking and accessing informative research for better investment decisions.



How to open account？

Step 1: Visit the Korbit website

Head over to the Korbit website and click on the “Sign Up” button located in the top right corner of the homepage.

Step 2: Enter your email address and password

In the registration form, provide your valid email address and create a strong password that you haven't used on any other site. Select your country of residence from the dropdown menu.

Step 3: Agree to the Terms of Service and Privacy Policy

Carefully review Korbit's Terms of Service and Privacy Policy. Once you understand and agree to the terms, check the box next to the relevant text.

Step 4: Verify your email address

Korbit will send a verification email to the address you provided. Open the email and click on the verification link to confirm your identity.

Step 5: Complete your KYC (Know Your Customer) verification

To comply with regulatory requirements, Korbit requires you to complete KYC verification. This process involves providing personal information, such as your full name, date of birth, and country of residence, as well as uploading a copy of your government-issued ID.

Step 6: Set up two-factor authentication (2FA)

For enhanced security, Korbit strongly recommends enabling two-factor authentication (2FA). This adds an extra layer of protection by requiring a code from your phone in addition to your password when logging in.

Step 7: Link your bank account

To deposit and withdraw funds from your Korbit account, you need to link your bank account. Follow the instructions provided on the exchange platform to complete the bank account linking process.

Step 8: Fund your account

Once your bank account is linked, you can fund your Korbit account using your preferred method, such as bank transfer or wire transfer. The available funding methods may vary depending on your country of residence.

Step 9: Start trading cryptocurrencies!

After successfully funding your account, you can start trading a wide range of cryptocurrencies on the Korbit platform. The exchange offers various trading pairs, order types, and charting tools to facilitate your trading experience.

Remember, it's crucial to keep your Korbit account information secure and never share your login credentials with anyone. Also, familiarize yourself with Korbit's trading fees and policies before you start trading.

How to buy Cryptos？

To purchase cryptocurrencies on Korbit, follow these straightforward steps:

Account Creation: Begin by visiting the Korbit website and clicking on the “Sign Up” option. Enter your email address, establish a secure password, and agree to the terms of service. Validate your email address by clicking on the link sent to your inbox.

Identity Verification: To adhere to regulatory requirements, Korbit mandates identity verification. This process entails submitting a photo of your government-issued ID and confirming your residential address. Occasionally, a selfie may be necessary to verify your identity.

Funds Deposit: After your identity is successfully verified, you can proceed to deposit funds into your Korbit account. Various methods, including bank transfers, credit cards, and online payment services, are available to deposit Korean won (KRW).

Cryptocurrency Purchase: Head to the “Trading” section, where you can select the cryptocurrency you wish to purchase. Specify the amount of KRW you intend to spend or the quantity of cryptocurrency you want to acquire. Double-check the order details and initiate the trade by clicking the “Buy” button.

Cryptocurrency Storage: Once you've acquired cryptocurrencies, they will be securely stored in your Korbit wallet. You have the option to retain them in your Korbit wallet for long-term investment or transfer them to another wallet for future use.

Kindly bear in mind that cryptocurrency prices are subject to substantial fluctuations, and investing in cryptocurrencies carries inherent risks. It is imperative to conduct thorough research and comprehend the potential risks before committing to investment.

Here are some supplementary tips for purchasing cryptocurrencies on Korbit:

• Utilize a robust password and safeguard it diligently.
• Enhance your account's security by enabling two-factor authentication (2FA).
• Exercise prudence by exclusively procuring cryptocurrencies from reputable exchanges like Korbit.
• Avoid keeping substantial amounts of cryptocurrency in your exchange wallet.
• Remain cognizant of the inherent investment risks associated with cryptocurrencies.
• 

Trading Fees

For makers, those who provide liquidity to the market, the fee stands at a competitive rate of 0.08%. Takers, who execute trades that immediately match existing orders, are charged a fee of 0.2%. These fees, which may vary with trading volume and market conditions, play a significant role in the overall cost of trading on the platform. As always, it's advisable to consult Korbit's official website or trading interface for the most current and accurate fee information before engaging in any transactions.

Payment Methods

Korbit offers a wide range of payment methods including bank transfers, cryptocurrency deposits, credit and debit cards, online payment platforms, local payment methods, prepaid cards, and ATMs/OTC services.

Exchange Comparison

Exchange	Korbit	Binance	Coinbase
Number of Tradable Cryptocurrencies	Varies, Check Platform for Updates	Extensive, 100s of Cryptocurrencies	Limited, Core Cryptocurrencies
Website URL	Korbit	Binance	Coinbase

FAQs

Q: What cryptocurrencies can I trade on Korbit？

A: Korbit offers a diverse range of cryptocurrencies, including well-known options like Bitcoin and Ethereum, as well as a selection of altcoins.

Q: How user-friendly is the trading interface？

A: Korbit prides itself on providing a user-friendly and intuitive trading interface.

Q: Is liquidity a concern on Korbit？

A: Korbit maintains a reasonable level of liquidity for most cryptocurrencies, ensuring smooth trading experiences. However, liquidity might vary depending on the specific coin.

Q: Can I deposit and withdraw easily？

A: Deposits and withdrawals can be done through various methods, such as bank transfers and cryptocurrencies. However, processing times may vary based on the chosen method.

Q: Does Korbit offer advanced order types？

A: Yes, Korbit provides a range of order types to cater to different trading strategies, including limit orders and market orders.