What is Korbit?
Korbit, founded in July 2013 by Tony Lyu, Kangmo Kim, and Louis Jinhwa Kim, is South Korea’s first cryptocurrency exchange and one of the largest in the country, headquartered in Seoul’s Gangnam district. Operated by Korbit Inc., a subsidiary of NXC (parent company of Nexon, a multi-billion-dollar gaming conglomerate listed on the Tokyo Stock Exchange), Korbit serves over 1 million users, primarily South Korean residents, with a 24-hour trading volume of approximately $23.86 million, ranking 59th globally per BitDegree Exchange Tracker. The platform supports 190 cryptocurrencies and 190 trading pairs, including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Solana (SOL), Cardano (ADA), Dogecoin (DOGE), and stablecoins like USDC, all paired exclusively with the Korean Won (KRW).
Korbit offers a centralized spot market with market, limit, and stop-limit orders, integrated with TradingView for technical analysis, and supports fiat-to-crypto trading via KRW deposits through partnerships with Shinhan Bank, South Korea’s largest bank. Its ecosystem includes Ethereum 2.0 staking, an NFT marketplace for ERC-721 tokens, and a virtual asset reward service called “Korbit Piggy Bank,” enabling users to earn passive income on deposited assets. The platform’s mobile app (iOS and Android) and browser-based terminal provide a clean interface, API access for automated trading, and a money remittance service with zero transaction fees to Korean bank accounts. Korbit adheres to strict KYC regulations under South Korea’s financial authorities, limiting access to non-residents and blocking Russian IP addresses in 2022 due to geopolitical tensions.
Security is a strength, with Korbit employing 2FA (Google Authenticator), cold storage via BitGo’s multi-signature wallets, SSL encryption, and anti-phishing measures, backed by a 3 billion KRW ($2.7M USD) insurance fund. No major hacks have been reported, and the platform joined a 2018 hotline with Upbit, Bithumb, and Coinone to freeze suspicious transactions. However, the lack of public proof-of-reserves data and minimal regulatory oversight beyond South Korea’s SEC raise transparency concerns. User reviews are generally positive, citing reliability, low fees (0.08% maker, 0.2% taker), and fast KRW withdrawals, but international users face barriers due to the Korean-only interface and KRW focus. Recent X posts highlight market updates (e.g., $MOCA up 22%) and industry trends, though a scam warning tied to unrelated platforms like #USDCBTC mentions Korbit, indicating caution for brand misuse. For South Korean traders seeking a regulated, KRW-based exchange, Korbit is a top choice, but its regional focus, transparency gaps, and lack of leverage trading limit global appeal.
What are the trading fees on Korbit?
Korbit uses a tiered maker-taker fee model based on 30-day trading volume in KRW. For volumes below 100 million KRW ($71,000 USD), the maker fee is 0.08% and the taker fee is 0.2%. Fees decrease with higher volumes, reaching 0% maker and 0.01% taker for volumes above 100 billion KRW ($71M USD). KRW deposits via bank transfer are free, while crypto withdrawals incur asset-specific fees (e.g., 0.0001 BTC for Bitcoin, below the industry average of 0.000812 BTC). Fiat withdrawals cost 1,000 KRW (~$0.71 USD) per transaction. Users should verify rates on Korbit’s fee schedule at korbit.co.kr, as bank fees may apply for fiat transactions.
Does Korbit offer leverage trading?
No, Korbit does not offer leverage trading, margin trading, or derivatives markets. The platform focuses exclusively on spot trading with market, limit, and stop-limit orders, prioritizing regulatory compliance and simplicity for South Korean users. Traders seeking leverage should consider alternatives like BTCC (up to 500x leverage) or Poloniex (up to 100x leverage), noting regional restrictions, as these platforms are unavailable in South Korea.
Is there a research audit report for Korbit?
Korbit does not publicly disclose comprehensive third-party audit reports or proof-of-reserves data, with exchange reserves reported at $847.2 million but not independently verified on CoinGecko or CoinMarketCap. The platform employs robust security measures, including BitGo’s multi-signature cold wallets, 2FA, and a 3 billion KRW insurance fund, and has no reported hacks since its 2013 launch. However, the lack of transparent reserve audits raises concerns about fund safety compared to exchanges like WOO X (live reserve dashboard) or Kinesis Money (biannual bullion audits). Users should approach with caution and monitor Korbit’s official channels for updates on reserve transparency.
Is Korbit safe?
While many major CEXes boast stronger firewalls than most governments, history has witnessed numerous instances where exchanges have fallen victim to hacks, resulting in the loss of customer funds. DEXes are generally safer option as you have control over your funds at all times as long as blockchain is up and running. Its all based off contract code so you can clearly look whats behind the scenes, and how their contracts work.
Does have customer support?
Almost all exchanges provide customer support, but the quality, speed and continuity of this service varies from time to time depending on the budget conditions of the companies. We recommend that you experience the support service provided by the stock exchange by asking a question to the support section on its website.
