Coinranking
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Markets
About Korbit
Launched since 2013, based in Seoul, South Korea. It’s one of the OG platforms in the country, mostly serving South Korean folks with a local twist. It’s got some big-name backers like NXC (Nexon’s parent company) and even Tim Draper, and it’s still up and running, though its recent 24-hour trading volume is around $23.86M—not huge, but not tiny either.
What’s Good About Korbit?
- KRW Trading: You can trade coins like BTC, ETH, XRP, ADA, and DOGE straight with Korean Won (KRW) using bank transfers—deposits are free, but withdrawals have a small fee (like 0.0001 BTC for BTC).
- Nice Fees: Starts at 0.08% for makers, 0.2% for takers, but if you trade over 100 billion KRW a month, it drops to zero maker and 0.01% taker fees—pretty sweet!
- Extra Stuff: They’ve got ETH 2.0 staking, an NFT marketplace, and a “Korbit Piggy Bank” for rewards, plus a trading API for those who like automating things.
- App and Platform: There’s a web platform with basic charts and an order book, plus Android/iOS apps, though the English version of the app is still “coming soon.”
- Support: They offer help in Korean, English, and Chinese via phone, email, or chat—all in-house, so it feels more personal.
What to Watch Out For?
- Korea-Focused: It’s mostly for South Koreans—Korean language, KRW pairs, and you need a Korean mobile carrier to sign up, which can be a hassle if you’re not local.
- Not Regulated: No major regulatory oversight, though South Korea’s crypto laws are getting stricter, and they’ve blocked Russian IPs in 2022 to stay compliant.
- Limited Coins: Around 5–190 pairs (numbers vary by source), which isn’t a ton compared to global exchanges like Binance.
- Security Okay, But…: They use 2FA and claim cold storage, with no hacks so far, but some users on X mention slow support or withdrawal issues, so be cautious.
- Basic Tools: The platform’s charting and features might feel too simple if you’re an advanced trader looking for more.
Korbit’s a decent pick if you’re in South Korea and want a local, trusted exchange, but it’s not ideal for non-Koreans or those wanting more coin options. Give their site a peek at https://www.korbit.co.kr if you’re curious!