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A quick look into Korbit exchange: Everything you need to know

As cryptocurrencies continue to gain traction in the mainstream market, some countries are starting to look at the idea of adopting the novel technology and bring these digital assets into their economy. This includes South Korea, whose growing crypto ecosystem is continuously attracting young investors to invest in cryptocurrencies such as Bitcoin and Ethereum, to name a few.

With this, the rise of crypto in the country has given birth to different South Korean exchanges over the years. Korbit exchange is one of them—a South Korean company mainly focusing on crypto transactions. 

Want to learn more about its features and platform? Continue browsing below!

What you need to know about Korbit exchange

Headquartered in Seoul, South Korea and founded by Tony Lyu, Korbit is one of the biggest Ethereum (ETH) and Bitcoin (BTC) exchanges in the country. The name is a combination of Korea—the country where it was launched—and Bitcoin.

Its operations started in 2014 after accumulating approximately US$3,600,000 from high-profile capitalists. They are considered to be the first-ever Korean-based cryptocurrency exchange, making them one of the giant players in the Asian crypto scene. 

Aside from being a crypto trading site, the South Korean exchange is also known for providing money remittance services. Meaning to say, users are allowed to transfer fiat money directly to a Korean bank account without additional transaction charges. 

Moreover, although the company started as a Bitcoin – KRW exchange site, it added different digital currencies to accommodate the ever-growing crypto trading market in the country. So, what digital assets can you trade on its platform aside from BTC and ETH? Here are some of them:

  • Bitcoin Cash (BCH)
  • Bitcoin Gold (BTG)
  • Ethereum Classic (ETC)
  • DASH
  • Ripple (XRP)
  • ZCash (ZCH)
  • Monero (XMR)
  • Augur
  • Steem
  • Litecoin (LTC).

As of writing, Korbit’s trading volume has already reached US$14,138,039.56.

Korbit exchange: Features and services

Since the competition among South Korean exchanges is getting more cutthroat as years go by, Korbit is making sure that it’s constantly improving its services. To learn more about its platform, here are the features you need to know:

Different deposits and withdrawals methods

One of the most important features of Korbit is that it allows crypto and fiat payments, attracting novice investors to give the platform a shot. You can deposit through bank transfers using Korean Won or a credit/debit card, depending on your preference. Just remember that you will be charged a high transaction fee when using a credit or a debit card.

You need to reach an account level to unlock various services. So, depending on the level of your Korbit account, the platform would accordingly provide you with withdrawal and deposit limits.

For instance, if you have already reached the third level, your withdrawal limit for fiat withdrawals is KRW₩20,000,000 and KRW₩10,000,000 for crypto transactions. Korbit’s withdrawal fee when withdrawing Bitcoin only costs 0.001 BTC, which is competitive compared to the standard charge of 0.006 BTC. 

On the other hand, there are cryptocurrencies without withdrawal limits that low-level accounts can take advantage of. This includes Monero, Litecoin, DASH and ZCash, among others.

Easy-to-use exchange interface

Another reason why Korbit is the perfect option for beginners is because of its easy-to-navigate exchange section. In their platform, you can compare KRW with BTC, view trade histories and observe price fluctuations in real-time. 

You can also get access to the platform’s order book where you can view different market entries dedicated to traders, helping you decide if a certain crypto is worth buying or selling.

There are several order types in Korbit exchange, including:

  • Market buy or sell
  • OCO (Order Cancels the Other)
  • Limit orders (Buy/Sell)
  • Stop orders (Buy/Sell).

Korbit’s very own Piggy Bank

Korbit exchange has its own Piggy Bank which serves as a virtual asset reward service. Meaning, this is where users can accomplish different quests and receive digital assets as a reward. However, bear in mind that your account should have a total balance of KRW 100,000 or more before you can use this feature. 

The platform also gives you the choice to transfer your digital currencies from your Piggy Bank to your crypto wallet. All you have to do is view your Piggy Bank’s menu, click the Move My Assets button and check your deposit history to verify if the assets have been successfully moved. 

NFT marketplace

If you’re a huge fan of non-fungible tokens (NFTs), then Korbit is an ideal exchange platform for you. It has its own NFT marketplace which can be accessed on the top corner of Korbit’s main page, featuring different digital paintings.

The time left before the auction comes to an end and its price (shown in ETH) are displayed under each painting. You can also try selling your most interesting photos and artworks by making them NFTs and posting them on the marketplace.

How to start trading with Korbit

Luckily, trading your preferred cryptocurrencies with Korbit has a straightforward process. All you have to do is follow these steps:

  • Step 1: Create an account

Visit korbit.co.kr and register an account. Input your email address, choose a strong password and read the terms and services provided by Korbit before proceeding.

  • Step 2: Activate your account

Korbit will send a verification email to your account which you need to click to verify and activate your account. Then, the platform will require you to set up a 2FA (2-factor authentication) to provide additional security measures.

Once done, you need to provide specific identification documents for further verification.

Korbit: One of South Korea’s promising exchange sites

Since its launch in 2014 and became the first South Korean exchange platform, Korbit exchange has further established its position in the crypto sphere with its features and innovations. 

It has a speedy trading terminal and a reliable exchange section, helping new investors get started on crypto with ease. The platform also offers lesser-known digital assets which allow traders to diversify their portfolios and make better returns on their investments. 

So, if you’re looking for a crypto trading site that caters to both novice and experienced crypto investors, Korbit exchange should be one of your options!

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