UPDATE 23 March 2023: While Hanbitco still has an active website that's possible to access, the trading volume is so low that we have decided to mark it as dead and move it to our Exchange Graveyard. We feel that it would not be prudent to refer users to a platform where they would have had great difficulties in their order execution. To be more precise, the 24 hour trading volume of the Hanbitco-platform on 23 March 2023 was only USD 42.12 (according to Coinmarketcap.com)...
Furthermore, Hanbitco's last tweet was sent out on 14 January 2022, so it seems a lot like the team has abandoned ship.
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What is Hanbitco?
Hanbitco is a crypto exchange from South Korea that launched in November 2017.
The trading platform is available in three languages, being English, Vietnamese and South Korean. According to information on its website, the platform is backed by people having an aggregate experience in finance/exchanges of more than 20 years.
Low Trading Volume
On the date of first writing this review, 30 June 2019, Hanbitco had a 24 hour trading volume of USD 4.2 million. With this amount, the exchange barely made it into the list of the top 100 exchanges in the world in terms of trading volume (place no. 99). However, on the date of last updating this review (2 December 2021), the 24 hour trading volume on this date according to Coinmarketcap was USD 19 million.
Hanbitco has come a long way since launch and has completed a lot of important milestones in its development thus far. This is a timeline of the exchange’s development obtained from its website:
This review is prepared on the last day of the second quarter of 2019 and we have not been able to obtain any information as to which “new services” that are in the pipeline. However, as soon as we do that we will update this review with such information.
To our understanding, Hanbitco is also open to US-investors. At least there are not any specific prohibited jurisdictions listed in the exchange’s terms and conditions or user agreements. Any US-investors interested in trading here should in any event form their own opinion on any issues arising from their citizenship or residency.
Hanbitco Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. The below is a picture of the trading view at Hanbitco:
Hanbitco Trading fees
This exchange has a flat fee and its amount is 0.10%. 0.10% is substantially below the historical global industry average, being 0.25%. However, we are currently seeing a shift towards lower trading fees in the industry (0.10%-0.15%). Regardless of whether you compare the trading fees with the historical or more current trading fee averages, the fees charged by this exchange are at least not above industry average.
Hanbitco Withdrawal fees
This trading platform charges a withdrawal fee amounting to 0.00049 BTC when you withdraw BTC. Possibly the 0.00001 BTC difference from 0.0005 BTC is just a minor statement against a lot of exchanges out there that charge 0.0005 BTC. A “we see you”-message.
In any event, 0.00049 BTC is substantially below the industry average, as the industry average is 0.000812 BTC per BTC-withdrawal. This exchange’s withdrawal fees are thus roughly 40% lower than industry average.
All in all, the fees at Hanbitco are competitive.
This exchange does not accept any deposits of fiat currency. This means that new cryptocurrency investors (i.e., investors without any previous holdings of cryptocurrencies) can’t trade here. In order to purchase your first cryptocurrencies, you need a so called entry-level exchange, which is an exchange accepting deposits of fiat currency. Find one by using our Exchange Finder!