Korbit Review 2024
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $1
- TradingView
- Lots of cryptocurrencies and coins, only South Korean won from fiat, no mobile app, profitable investment programs, low fees
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $1
- TradingView
- Lots of cryptocurrencies and coins, only South Korean won from fiat, no mobile app, profitable investment programs, low fees
Our Evaluation of Korbit
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
Korbit is a cryptocurrency exchange with higher-than-average risk and the TU Overall Score of 3.29 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by Korbit clients on our website, Traders Union expert Anton Kharitonov recommends users to consider a more reliable broker with better conditions, as, according to reviews, many clients of this broker are not satisfied with the company’s work.
The Korbit cryptocurrency exchange provides customers with favorable terms of cooperation and access to the most popular cryptocurrency markets. The well-functioning operation of the trading terminal, the availability of basic functions for technical analysis, and a low entry threshold are the main advantages of the Korbit platform. Commissions and fees for trading operations are below the market average, and they can be further reduced by increasing the trading level and rebates from the Traders Union. The exchange is equally convenient for beginners and experienced traders. It’s suitable for investors as well, as it offers income from staking.
Brief Look at Korbit
Korbit, a South Korean exchange, offers over thirty markets for trading cryptocurrencies and coins through the in-browser TradingView terminal. The company does not have a mobile application, but the site is perfectly optimized, making it comfortable to work with it on smartphones and other gadgets. Bitcoin (₿), Ethereum (Ξ), Ripple, BitcoinCash, Cardano, and many other cryptocurrencies are traded at the exchange. Commissions are below the market average, depending on the trading volume. At the first trading level, the maker's fee is 0.08% and the taker's fee is 0.2%. The platform is characterized by functionality, high speed of operation provides users with a modern level of security for funds and personal data. There are investments in the forms of classic Bitcoin and Ethereum staking and API for developers. The referral program has not been launched.
- many cryptocurrencies and coins are available for trading;
- fast and functional trading terminal is in the browser;
- good optimization, high speed of trades;
- profitable investments in Bitcoin and Ethereum;
- multichannel call center, operational support service;
- multilevel encryption system for data protection;
- low commissions for both trading and withdrawal of funds;
- Korbit is a leading South Korean cryptocurrency exchange, and one of the oldest in the world.
- only South Korean won may be exchanged for other fiats;
- no affiliate program;
- no demo accounts.
TU Expert Advice
Financial expert and analyst at Traders Union
The Korbit crypto exchange was founded in 2013 and launched in 2014. The headquarters is located in South Korea. The exchange operates under the auspices of the local financial authorities and has a valid license. Initially, the platform was focused strictly on the South Korean market, but today favorable trading terms attract investors worldwide.
From the start, major advantages are a low entry threshold and simple and fast registration with standard data verification. It is possible to deposit funds through almost any channel, including bank transfers and electronic systems. At the lowest trading level, trading fees are lower than most of its competitors. That is beginners immediately receive favorable financial conditions, which will improve over time.
Experienced traders are attracted by high trading volumes, multiple markets, and an open listing. There is an API. The exchange does not restrict clients in the use of trading strategies. The browser terminal includes all the basic functionality for conducting primary technical analysis. However, for a deeper study of the market situation, third-party services may be required. This concerns almost any exchange.
Korbit offers standard staking solutions for investors. Thus, the platform can be described as universal. It is suitable for traders of all levels, as well as those who prioritize the possibility of passive earnings. The experts did not identify any technical problems. The level of protection is assessed as high, and the platform is stable and functional.
Korbit Summary
| 💻 Trading platform: | TradingView in browser |
|---|---|
| 📊 Accounts: | Standard |
| 💰 Account currency: | Cryptocurrencies, KRW |
| 💵 Replenishment / Withdrawal: | Bank accounts, electronic and cryptocurrency wallets |
| 🚀 Minimum deposit: | $1 |
| ⚖️ Leverage: | 1:1 |
| 💼 PAMM-accounts: | No |
| 📈️ Min Order: | From 0 |
| 💱 Commission: | Market |
| 🔧 Instruments: | Cryptocurrencies, KRW |
| 💹 Margin Call / Stop Out: | No |
| 🏛 Liquidity provider: | No |
| 📱 Mobile trading: | No |
| ➕ Affiliate program: | No |
| 📋 Orders execution: | No data |
| ⭐ Trading features: | Lots of cryptocurrencies and coins, only South Korean won from fiat, no mobile app, profitable investment programs, low fees |
| 🎁 Contests and bonuses: | Yes |
To start trading on the Korbit crypto exchange, you need to go through the registration and verification procedure. Verification is not required, but it is recommended, as clients of the exchange with unconfirmed data receive significant restrictions on the deposit and withdrawal of funds. Traders should pay attention to the nonavailability of leverage. This means that in the process of trading, you can only rely on your own funds. The technical support of the platform is active around the clock and seven days a week, but this is subject to very slow email responses. The call center is open from 09:00 to 18:00, local time on weekdays. Clients rate the technical support of the platform as prompt and high-quality.
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Commissions & Fees
The trading level directly depends on the total trading volume. There are several milestones, overcoming which the client moves to the next level and receives more favorable conditions. For example, for only registered users, a commission of 0.08% for a maker and 0.2% for a taker is relevant. Consequently, even at the first trading level, Korbit has objectively low fees.
At the maximum trading volume, there are no fees for the maker, and the taker's commission is only 0.01%. This is a unique offer for the crypto-exchange segment. Attention! When calculating commissions, trades for the last 30 calendar days are taken into account.
| Account type | Commission (minimum value) | Withdrawal commission |
|---|---|---|
| Standard | Up to 0.2 % per order | Yes |
The exchange does not charge any fees for depositing funds. But there are fees for their withdrawal; they are also fixed and depend on the asset. For example, for the withdrawal of ₩1,000 (South Korean won) the exchange will take a commission of Ξ0.01 (Ethereum); and the commission for Ethereum Classic is Ξ0.05. Special conditions for commissions are applied to the so-called "whales" — traders who deal with super-large volumes.
| Broker | Average commission | Level |
|---|---|---|
|
$0.2 | |
|
$20 | |
|
$0.1 |
Investment Programs, Available Markets, and Products of the Crypto Exchange
The Korbit cryptocurrency exchange offers staking-type investment programs. Clients of the platform can provide their cryptocurrency assets for use by third parties while receiving a reward in the form of a certain percentage of the investment amount. Staking is possible because third parties are third-party blockchain projects require funds for development, which is why they enter into formal agreements with crypto exchanges.
Korbit scrupulously selects its partners, which is the main measure of protection against loss of deposits by investors. Investment programs are constantly updated. Typically, there is one operating program for Bitcoin and one for Ethereum. The terms are similar with the main difference being the asset the client makes the deposit in. Also, each program has a finite period of activity, and the deposit is returned to the investor after the expiration of the program or as soon as the required amount is collected.
The deposit is returned with interest. The average annual percentage is 5.6-6% of the deposit amount. Until the expiration of the program, the investor cannot withdraw his deposit or use it in trading or withdraw it. In general, the investment programs of the exchange are standard and have no conceptual differences from the offers of other platforms where staking is implemented.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.
Korbit’s affiliate program:
The crypto exchange does not provide clients with the opportunity to passively earn money by inviting other users. Clients of the exchange can invite their friends and acquaintances to the platform, but they will not receive any advantages or bonuses for this. Some experts argue that if the exchange does not introduce a referral program, this is a confirmation of the lack of problems with the influx of new customers and, as a result, there is no need for additional motivation of those who are ready to come aboard.
User Satisfaction