Korbit Cryptocurrency Exchange Review : Pros & Cons

About Korbit

Korbit is a South Korean exchange, one of the oldest and largest in the industry. The platform claims to provide its clients with beneficial terms of cooperation, competitive fees, access to popular cryptocurrency markets, secure asset management, and a trading API that supports automated trading. The centralized exchange is convenient for both beginners and skilled users.

Korbit Cryptocurrency for international traders, the experience can be challenging as the platform is aimed at local players in the South Korean crypto market. It also grants access to ETH 2.0 staking and a NFT marketplace. Another feature is Korbit’s virtual asset reward service aka Korbit piggy bank.

Information Table

How To Register At Korbit Exchange ?

To register on Korbit, click Register Now button at the top of the page. You can also start creating an account directly through the form on the main page.

You only need to enter your e-mail and come up with a password. If there is a referral code, it is also entered at this stage. Password requirements: at least 8 characters, numbers, upper and lower case.

Click ” Create Account ” then go to your email to verify it. Enter the code you received and registration is complete. You can start replenishing your account.

How To Verify Your Korbit Cryptocurrency Account ?

There is no mandatory verification at Korbit, but you can pass it if you wish. At the moment, the only restriction imposed on unverified users is the withdrawal limit of 0.0001 BTC. In the future, depending on the actions of regulatory authorities, conditions may change.

For verification, you can use one of four documents to choose from: passport, driver’s license, identity card or residence permit. Artificial intelligence is used to evaluate the authenticity of documents. This service is provided by the Onfido online identification service, already used by the Korbit, Revolut platforms.

How To Buy Crypto Or Deposit Crypto At Korbit Crypto Exchange?

There are two main options for topping up your balance on Kraken. Firstly, you can buy cryptocurrency with a bank card – it’s fast and convenient. Go to the ” Buy crypto ” -> ” Buy crypto with a credit card ” section.

Choose a cryptocurrency (currently there are 13 coins available for purchase in this way). Enter the amount and select the fiat currency to be used for payment.

After that, you will need to select a payment channel: each of them has conditions. You can choose between Simplex, Mercuryo, Banxa and Moonpay. Click ” Buy ” next to the appropriate option.

Agree to the terms and confirm the transition to the site of the payment provider. Enter information about the card and its owner, confirm the transaction. Cryptocurrency will be credited to the exchange account within a few minutes.

Second Method

You can transfer digital assets to the balance of the exchange from any external crypto wallet. For this:

• Go to the “Deposit” section from the “Assets” menu.

• From the drop-down list, you can select the cryptocurrency you want to deposit into your account.
• The wallet address will appear. You need to copy it and send funds to it from another wallet or exchange. Please note that only bitcoin can be sent to bitcoin addresses, similarly with other coins.
• You can also click “Show QR code” – for transfers from a mobile wallet, this is a more convenient option.

How To Withdraw Crypto Asset From Korbit Exchange ?

Having completed all the necessary trading operations, it’s time to withdraw the received assets to an external wallet. Go to ” Assets ” -> ” Withdraw “. Please note that the operation is only available after enabling two-factor authentication in the settings. This is for added security and requires less than a minute, so don’t neglect this measure.

Select a cryptocurrency and enter the withdrawal amount. Each coin has its own withdrawal fee, for example, for BTC it is 0.00057 BTC. Click ” Output “. By default, the exchange processes applications three times a day, however, hourly withdrawals are available for Premium users. Also, the time of receipt of the cryptocurrency is affected by the workload of the blockchain network.

How To Secure Your Korbit Account ?

Also remember to go to the Security tab and activate two-factor authentication using the Google Authenticator app – this is the most reliable way to prevent unauthorized access to your account.

Korbit Fees

Users can buy/sell cryptocurrencies with commissions below the market average. Trading fees depend on the trading volume for a period of 30 days. The higher the volume, the lower the commission. The maker fee is 0.08%, while the taker fee is 0.2% (in case the volume is less than 100 million KRW). If the monthly trading volume is more than 100 billion KRW, the maker fee is free, the taker fee is 0.01%. Deposits on the Korbit exchange are free. The platform charges a fee for withdrawing BTC, which is 0.0001 BTC.

Features Of Korbit Crypto Exchange

Available At Android & IOS Store

Korbit Cryptocurrency Exchange exchange application available on both world famous mobile store google play store and iOS store . You Can download App and start trading.

Wide range of supported cryptocurrencies

Korbit supports over 20 different cryptocurrencies, giving users a diverse selection to choose from.

User-friendly interface

The platform has a clean and user-friendly interface, making it easy for users to navigate and make trades.

High security

Korbit places a strong emphasis on security, using state-of-the-art measures such as two-factor authentication and encryption to protect users’ assets.

Strong liquidity

Korbit has strong liquidity, allowing users to buy and sell assets quickly and efficiently.

Fast and efficient transactions

The platform processes transactions quickly and efficiently, minimizing the time required for users to complete their trades.

Multi-language support

Korbit supports multiple languages, making it accessible to a wider range of users.

Mobile App

Korbit also has a mobile app for trading on the go.

Customer support

Korbit has a dedicated customer support team to assist users with any questions or issues they may encounter while using the platform.

Korbit Conclusion

Korbit is a reliable and secure cryptocurrency exchange platform that offers a wide range of digital assets for users to trade. It has a user-friendly interface, strong liquidity, and high security measures to protect users’ assets. However, it has limited geographic availability and its fees can be relatively high compared to some other exchanges. Additionally, the verification process can be complex and time-consuming. Overall, Korbit is a good choice for users looking for a reliable and secure platform to trade cryptocurrencies, especially those in South Korea.