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 0.0001 BTC when you withdraw BTC. This is an extremely competitive fee, especially considering that the global industry average according to the research carried out by Cryptowisser.com, is slightly above 0.0006 BTC per BTC-withdrawal.
Accordingly, the BTC withdrawal fee charged by this exchange is very competitive.
At Korbit, you can deposit through both wire transfer and credit cards. This can be helpful especially for newer crypto investors.