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About Korbit

What is Korbit?

Korbit is a South Korean exchange and one of the oldest and largest in the industry. The platform claims to offer its customers a variety of partnership benefits, competitive fees, the opportunity to trade using popular cryptocurrency markets, secure asset management, and a trading API that supports automated trading. The centralized exchange is convenient for beginners and experienced traders alike. However, for international traders, the experience may be a little less enjoyable. The reason for this is that the platform is designed primarily for local users of the Korean cryptocurrency market. In addition, the exchange also has access to ETH 2.0 pledges, as well as the NFT market. Another feature of the exchange is Korbit's virtual asset rewards service, which is also known as the Korbit Depository. Korbit allows customers to trade cryptocurrencies using the local currency, the Korean Won (KRW). The exchange has a low entry barrier, a range of basic tools and features for technical analysis, and a full browser-based trading terminal. The website's interface has been optimized for use and is therefore quite usable. Since its inception, the platform has reportedly never been hacked. The platform has a modern and advanced security system with dual authentication to protect the login, withdrawal and deposit process.

Who are the founders of Korbit?

Korbit was founded in 2013 by Tony Lyu, Kangmo Kim, and Louis Jinhwa Kim. Tony Lyu is a co-founder and former CEO of the company. He also co-founded TIDE Institute and Upstart. He worked as an international cooperation officer at the Korea International Cooperation Agency (KOICA) and as an associate expert at the United Nations Office for Outer Space Affairs. After leaving Korbit, Lyu joined SoftBank as an investment partner. Oh Se-jin is Korbit's current CEO.

When did Korbit launch?

The company was founded in July 2013, and in 2017, it was acquired by Nexon, a Korean game developer.

Where is Korbit located?

Korbit is based in Gangnam-gu, Seoul, South Korea.

Countries with restricted access to Korbit

The exchange is only available to residents of South Korea because the interface language is Korean and the primary legal tender is the Korean won. 2022, Korbit and several Korean exchanges began blocking IP addresses from Russia.

What coins can Korbit support?

Initially, Korbit was only available in BTC/KRW, but over time the number of available coins has increased. Currently the platform is available in a variety of cryptocurrencies including BTC, ETH, XRP, XLM, BCH, BNB, EOS, LTC, LINK, FIL, SOL, SAND, MANA, USDC, ADA, DOGE, DAI, DOT, and more. In addition, digital assets are traded in pairs with KRW (Korean Won).

What are Korbit's fees?

Users are able to buy and sell cryptocurrencies at a commission below the market average. The exact transaction fee is based on 30 days of trading volume. The higher the volume, the higher the commission. The pending order fee is 0.08%, while the taker fee is 0.2% (when the volume is below 100 million won). If the monthly trading volume exceeds 100 billion KRW, the pending order fee is waived and the order taking fee is 0.01%. Deposits are free on the Korbit exchange. Withdrawing BTC from the platform is subject to a 0.0001 BTC fee.

Can I trade with leverage or margin on Korbit?

The exchange does not support margin trading.