Korbit Fees and Minimum Deposit - TU Expert review
After considering a crypto exchange’s security, examining its fees is the next crucial step. Lower fees translate to higher potential profits. Newcomers to crypto trading may also want to consider the minimum deposit required to start trading, as they might prefer to begin with a smaller investment.
Traders Union analysts have assessed Korbit fees and minimum deposit requirements to help prospective crypto traders make informed decisions.
Short introduction of 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.
👍 Advantages of trading with Korbit:
•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.
👎 Disadvantages of Korbit:
•only South Korean won may be exchanged for other fiats;
•no affiliate program;
•no demo accounts.
Korbit Commissions and Fees
As with any other exchange, Korbit’s clients are divided into makers and takers according to the type of trades they carry out. The commissions for them differ. The asset and the size of the trade do not affect the amount of the commission. The only factor that determines it is the client's trading level.
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 | Spread (minimum value) | Withdrawal commission |
| Standard | Up to 0.2 % per order | Yes |
A broker is an intermediary between a trader and an exchange. Therefore, brokers charge fees for their services. The fees may have different structure.
There are the following fees in the Crypto market:
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Spread – the difference between the buy and the sell price of an asset.
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Commission per lot.
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Commission per trade.
Broker fees may differ depending on the trading account type. For example, on some accounts spread is used as a trading fee, and on others – commission per lot.
Why is it important to consider the minimum deposit at a cryptocurrency exchange?
Accessibility: The minimum deposit helps traders determine if they can afford to start trading on an exchange.
Risk Management: Exchange-set minimum deposits ensure traders have sufficient funds to cover potential losses and fees, preventing financial overextension.
Platform Suitability: The minimum deposit amount can be an indicator of the exchange’s target audience and trading volume, aiding traders in selecting a platform aligned with their goals.
Cost Considerations: Assessing minimum deposit requirements helps traders account for trading expenses.
Are the fees and minimum deposit requirements at Korbit suitable for beginners?
Analysis of Korbit shows that the broker has a rather high minimum deposit. It could pose a problem for traders, who are only starting their path in trading. Nevertheless, the fees are low. Therefore, the broker will be a good choice for professional traders.
FAQs
Is there a dependence between the fees and the deposit amount?
If a broker offers several account types, there is often a dependence. The more money you deposit, the higher the level of your account will be, and, accordingly, the lower the fees.
Can the level of the fees change if different accounts imply the use of different platforms?
Yes. Some brokers offer different trading platforms on different types of trading accounts. In this case, the size of the fee may change.
Can the minimum deposit differ depending on the trading account type?
Yes. Brokers often encourage clients to deposit large amounts to the account by offering better trading conditions.
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.