A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of Korbit consists of four parts: general information, fees, deposit methods and security.
Korbit is a South Korean cryptocurrency exchange. There is a large number of South Korean cryptocurrency exchanges, as the country has been one of crypto’s strongholds since early on. In addition to this exchange, the list also includes (but is not limited to): Bithumb, Coinone, Gopax and UPbit.
It does not explicitly prohibit US-investors from trading there, but such investors should do their own independent assessment of any problems arising from their residency or citizenship.
As its main advantages, Korbi promotes that it has a large selection of cryptocurrencies, that its asset management is secure, that it uses “trusted technology” and has the “best customer center”.
Korbit 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 Korbit:
Korbit Trading fees
Korbit’s has a trading fee for takers set at 0.20%. This is in line with both the global industry average and the South Korean national average.
The exchange’s maker fees are lower than its taker fees, and are currently at 0.08%. Only the new exchange GoPax has a lower taker fee (GoPax’s maker fee being -0.025%). This is accordingly a competitive advantage for Korbit compared to its South Korean competitors. When looking at the global industry average, Korbit’s maker fees are substantially lower and constitutes a strong competitive advantage.
Korbit Withdrawal fees
Korbit charges a withdrawal fee amounting to 0.0005 BTC when you withdraw BTC. This is around 40% lower than the industry average, as the industry average is arguably around 0.0008 BTC per BTC-withdrawal. Accordingly, the withdrawal fee charged by this exchange is quite competitive.
At Korbit, you can deposit through both wire transfer and credit cards. This can be helpful especially for newer crypto investors.
One might ask why security is even a feature that we at Cryptowisser have looked for at the different top crypto exchanges. Two reasons:
- Exchanges store a massive amount of valuable personally identifiable information.
- Exchanges handle of course a lot of cash or coin deposits and withdrawals.
Korbit’s security score is B, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is far above average when it comes to top crypto exchanges and could also be a factor making you conclude that Korbit is the best cryptocurrency exchange site for you.
There are only a few exchanges that – like the above exchange – receive Mozilla Observatory-scores of B or higher. The following list includes a few such exchanges with very impressive security scores: