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Wednesday, August 17, 2022

Korbit.co.kr Exchange Review: It Is Legit & Secure Exchange

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About Korbit.co.kr

Korbit.co.kr is a South Korean company which is heavily vested in the cryptocurrency market. The brand is owned and operated by Korbit Inc, a company located in Gangnam-gu, Seoul, South Korea. The brand commenced operations in 2014 after securing huge financing from several venture capitalists.

Korbit is the largest BTC and ETH exchange in South Korea. Bitcoin and Ethereum are the main currencies it offers though customers can also purchase Ripple. Digital assets are paired with the Korean Won (KRW).

Korbit Exchange also operates a money remittance service that enables money to be sent directly to a Korean bank account with zero transaction fees. South Korea?s first Bitcoin exchange, Korbit was founded after $3.6 million was raised from a number of high profile investors.

Basic Information

ExchangeDetails
Exchange NameKorbit.co.kr
Exchange TypeCryptocurrency
Withdraw Fee0.001 BTC
Deposit FeeFree
Maker Fee0.08%
Taker Fee0.01%%
Maker Fee24/7
Top CountryIndia
Website Homepage

How To Sign Up & Start Trading

You Sign Up For A User Account By Providing Basic Information.

On Every Exchange You Will Get Option For Sign Up Or Create Account . Just Fill Some Basic Details Like Name , Email , Password , Security Question Etc For Registration . It Is First Step To Start Trading On Any Exchange

You Then Receive An E-mail In Your Mailbox To Activate Your Account.

Before You Can Login, You Must Active Your Account With The Code Sent To Your Email Address.Then You Will See A Message That Your Financial Account Is Activated And Ready To Go. This Means That You Can Log In And Start Trading In Cryptocurrency.

Identity Verification

For Successful Verification You Will Need Identity Documents. For Example, You Can Use A Driver’s License Or Passport, Where The Name Is Duplicated In Latin Letters.Confirmation Of Identity On Exchange Is An Optional Step. The Procedure Must Be Completed Only If You Want To Remove The Restrictions Of Btc On Deposit Or Withdrawal Of Funds Per Day.

Regulations

Cryptocurrency exchanges in South Korea are not regulated, although the government in that country are contemplating a move in this direction. So Korbit is not regulated.

Reliability

There is a lot of competition among South Korean exchanges when it comes to sourcing and maintaining customers, so all exchanges doing business there have to be at the top of their game in terms of reliability. Korbit is one of the reliable exchanges in South Korea.

Deposits and Withdrawals

Here at Korbit.co.kr, they accept fiat and crypto payments without any problems at all. All you need to do is require certain account levels to unlock different tiers of services. Depending on the level of account a user holds with Korbit.co.kr, they would have different deposit/withdrawal limits. Basically, users, that have account levels 1 and 2 do not have any ability to deposit/withdraw KRW into their accounts. But these accounts are able to deposit BTC, ETH, ETC, and XRP without any limits. There are cryptocurrencies that have no withdrawal limits for low-level accounts, this includes LTC, XMR, DASH, ZEC, REP, STEEM.

For deposit and withdrawal fees KRW, BTC, ETH, ETC have FREE deposits and the fee for KRW per withdrawal transaction is at 1,000 KRW per request, 0.001 BTC for normal and 0.0005 BTC for the saver option. ETH withdrawal fee is 0.01 ETH per withdrawal and 0.05 ETC for ETC withdrawal. Unfortunately, they were only able to touch the surface of the website this means that they are unable to confirm if they do allow Fiat withdrawals to banks outside South Korea. If you guys can confirm this, please do let us know in the comments section below.

Korbit Fees

When it comes to Korbit.co.kr deposit fees, BTC, ETC, ETH, and KRW deposits are free. On the other hand, for Korbit withdrawal fees, a fee of 1,000 KRW is charged for every withdrawal transaction. 

For routine requests, a fee of 0.0001 BTC is charged, and 0.0005 BTC is charged for the saver option.

When it comes to ETH, for every withdrawal, a fee of 0.05 ETH is charged, and there is a 0.05 ETC fee charged for every ETC withdrawal.

Korbit Mobile Platform

Korbit Exchange does not provide a mobile app. However, the browser-based platform is properly optimized for use on mobile devices, and this is how smartphone and tablet users can operate on this platform.

Customer Service

What’s great is that here at Korbit.co.kr they offer 24-hour support from Monday to Sunday. Customers and can contact them through their customer support hotline 1661-9707 or send them an email at [email protected]

Security

Korbit claims that the wide majority of its user’s crypto is held in cold storage. Keeping the funds in a cold wallet is a security measure used by many exchanges, as it completely limits access to hackers.

Korbit is considered to be one of the most reliable exchanges in South Korea, a country where there is fierce competition among exchanges.

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