In September 2021, South Korea started implementing tighter crypto regulations by requiring all exchanges to register using their real names and bank accounts to prevent money laundering. Among 60 plus crypto exchanges, only 4 of them have managed to comply with the government’s new rules and one of them is Korbit.
Launched in 2014, Korbit exchange is owned and operated by Korbit Inc., a company based in Gangnam-gu, South Korea. As per CoinMarketCap, Korbit is the top 31 exchange as of December 7, 2021, with over $28 million in trading volume. It also won the top 13th spot on BlockExplorer’s top 25 exchanges of 2017.
Features of Korbit exchange
To learn more about Korbit exchange, take a look at its key features below:
Trading fees in Korbit is at 0.15% for both maker and taker. It does not take any deposit fees but has corresponding withdrawal fees. Take a look at the list of its withdrawal fees of the most popular digital assets as well as their minimum withdrawal amounts below:
|Top assets||Withdrawal fees||Minimum withdrawal amount|
|Bitcoin Cash (BCH)||0.001||0.0005|
|Binance Coin (BNB)||0.001||0.01|
|Ethereum Classic (ETC)||0.01||0.01|
|USD Coin (USDC)||28||0.1|
When depositing and withdrawing assets in Korbit, you can opt to use credit and debit cards. While these require costly fees, you can choose bank transfer as an alternative. However, Korbit only accepts Korean won (KRW) as of now.
Crypto scams are increasing as more people become aware of their lucrative nature which is why Korbit has employed various security measures to safeguard the transactions and assets. The exchange has enhanced its security systems by implementing the use of Google Authenticator and phone verification.
Moreover, all Korbit accounts are being monitored by the exchange 24/7 to restrict login attempts that can be a risk to user accounts. Additionally, 80% of the customer assets are placed in cold storage so you can rest assured that all of your assets will be safe from online threats.
To further strengthen its security system, the exchange supports multi-signature transactions provided by a US-based crypto solution provider, Bitgo. Also, it implements Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD) in which data about the users is collected to assess any risk they may pose to the exchange, thus preventing money laundering and ensuring valid financial transactions.
Although there are tight security measures implemented by Korbit, it is not yet regulated as well as the rest of the crypto exchanges in South Korea.
Services Korbit exchange offers
Take a look at the crypto services that Korbit exchange offers below:
Korbit supports 75 cryptocurrencies and out of 311 exchanges in CoinMarketCap, it has managed to secure its current place in the top 28, proving its efficiency and competitiveness in the market. The exchange has a simple and user-friendly interface that allows you to analyze the charts on one side and execute trades on the other. There is also an order book where your market entries are recorded.
Korbit Piggy Bank
The Korbit Piggy Bank acts as a virtual asset reward service that allows you to solve quizzes in exchange for cryptocurrencies. However, you must be a Korbit member with a balance of KRW 100,000 to become eligible for the service. The rewards will be given right away after you have successfully answered the quiz.
Take note that the reward will expire if it is not transferred within a certain period indicated in the notice. Also, keep in mind that only members who have completed the verification process can participate in the Korbit Piggy Bank quest. Additionally, you can’t participate in duplicate quests since this can result in your account being suspended by Korbit.
Korbit Ethereum Staking Service
Ethereum follows a Proof of Work (PoW) mechanism and it is now under the process of being updated to the beacon chain which will soon operate under a Proof of Stake (PoS) consensus method. Once the upgrade is done, the Ethereum network will become Ethereum 2.0 (ETH2).
To help with the development, Korbit participates as a validator of Ethereum 2.0 by letting their users stake their tokens as a way to contribute to the beacon chain network. In turn, users will be given ETH as a reward. This also can be exchanged to ETH2 for 1:1 when the beacon chain Ethereum is launched in the future.
You can participate in this service by staking a minimum of 0.01 ETH. The rewards you will earn do not have a fixed ratio since the amount varies depending on the staking situation that occurs in the Ethereum 2.0 in real-time. To know how much ETH you will receive, you can check directly on Korbit’s website every hour.
There won’t be a fee incurred for the first 3 stakings. But after the 4th one, a 10% staking reward will be charged.
Korbit NFT marketplace
Take a look at the extensive NFT market that you can access through Korbit! The exchange offers a selection of Non-Fungible Tokens (NFTs), which are tokenized real-world items like real estate and artworks, that can be created, bought and sold.
Creating or trading NFT at Korbit Exchange requires a verified account. The exchange posts info about NFTs on the Ethereum network, thus you can only trade them with Ethereum (ETH) only. If you still want to use other cryptos, you will need to convert them to ETH.
To improve its metaverse platform, Korbit adopted a Play to Earn (P2E) system where players gain crypto rewards by playing games in Korbit Town.
In Korbit Town, you can display NFTs you have bought and interact with YouTube streamers within the metaverse. You can also participate in the Lucky Bag Club Party where you can get lucky bags filled with virtual assets.
Does Korbit deserve to be one of the top South Korean crypto exchanges?
Korbit didn’t become one of the most popular platforms in South Korea’s crypto exchanges just because of its ability to comply with the government’s regulations but also due to the plethora of crypto services they provide. Even if you have limited exposure to cryptos, you can easily trade them using Korbit’s simple trading process.
With its interactive metaverse, vast NFT marketplace, efficiency and lucrative staking service, it can be concluded that Korbit deserves to be at the top 4 crypto exchanges in South Korea since it can fulfil a large need in the crypto market.
Bitcoin (BTC) $ 17,224.66 2.44%
Ethereum (ETH) $ 1,284.32 4.56%
Tether (USDT) $ 1.00 0.03%
BNB (BNB) $ 289.94 2.3%
USD Coin (USDC) $ 1.00 0.08%
Binance USD (BUSD) $ 1.00 0.07%
XRP (XRP) $ 0.392040 1.55%
Dogecoin (DOGE) $ 0.098550 2.23%
Cardano (ADA) $ 0.314883 1.88%
Polygon (MATIC) $ 0.926628 4.11%
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