Is Korbit a Good Crypto Exchange for Beginners?
It is important for novice cryptocurrency traders to choose the right crypto exchange. Not all companies can be used when you are just starting your path in trading, which is why the success in cryptocurrency trading depends on making the right choice. Beginners often wonder whether Korbit is a good crypto exchange to start trading with. In this article you will learn whether Korbit is good for beginners, what its pros and cons are and what a novice trader needs to know.
Short summary about the broker 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.
| 💰 Account currency: | Cryptocurrencies, KRW |
| 🚀 Minimum deposit: | $1 |
| ⚖️ Leverage: | 1:1 |
| 💱 Spread: | Market |
| 🔧 Instruments: | Cryptocurrencies, KRW |
| 💹 Margin Call / Stop Out: | No |
Korbit Pros and Cons
👍 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.
What is a Good Crypto Exchange for Beginners?
In order to choose the right broker for a beginner, you need to consider several aspects.
Here are the main ones:
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Education. It is important for novice crypto traders to learn how to trade. An exchange can offer educational courses, video tutorials, articles, webinars, etc. The more learning opportunities there are the better.
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Availability of a demo account. You will need this account to practice. It provides an opportunity for a beginner to trade risk free and try out trading strategies.
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Availability of a simple method to buy cryptocurrencies. An exchange service or a P2P exchange would be an advantage for an exchange.
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Low fees. The level of income of the trader depends on the level of the fees. Therefore, it is important to choose a company that charges minimum fees. Crypto exchanges mostly use the Maker and Taker fee model. It is important that you study them.
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Instruments for passive investing. In addition to active trading, passive income is also important for beginners. Pay attention to availability of copy trading or staking.
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Trading platform. It is important for a novice trader to choose the simplest trading platform that will be easy-to-use for trading.
In addition to these factors, you also need to consider how customer support operates, as it will also be important. Bonuses for beginners are also a nice perk.
Trading Conditions for Korbit Users
Before you start working with an exchange, it is important that you evaluate its trading conditions. Korbit offers traders the following conditions.
| 💻 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 |
| 💱 Spread: | 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 |
Commissions and Fees
The size of commissions and fees is also an important factor of choice. Traders Union analysts have prepared a short review of Korbit commissions and fees. In this section, you will find trading fees of the exchange as well as withdrawal 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 |
Investment programs of Korbit
It is important for novice traders not only to trade actively, but also earn passive income. Passive investing can help you earn extra profit, and also compensate for the losses you may incur as a result of active trading. Korbit offers the following passive income options.
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 thedeal 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.
Conclusion. Is Korbit good for beginners?
The Korbit cryptocurrency exchange will be an excellent choice for beginners. The exchange offers a convenient trading platform, which a beginner can learn to work with rather quickly. There is an excellent education center with a large number of materials for novice traders. Also, traders can earn passive income on good conditions. Therefore, Korbit could be considered as a good cryptocurrency exchange for a start.
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FAQ
What do I need to know about the fees charged by cryptocurrency exchanges?
The majority of cryptocurrency exchanges use the Maker/Taker fee model. As a rule, they use a multi-level system for traders that depends on the trading volume. The higher the trader’s trading volume, the lower the fees.
How do I choose a reliable cryptocurrency exchange?
Crypto exchanges mostly operate without licenses, as the majority of countries haven’t adopted legislation to regulate them. In order to choose a reliable exchange, you need to find out about its reputation and read the reviews about user experiences with it.
How many cryptocurrencies could a crypto exchange offer?
The number of cryptocurrencies on the listing of a cryptocurrency exchange may be very different. Some platforms offer less than 10, while others – several hundreds. It is important that you check the choice of cryptocurrency before registering on the exchange.
What are the risks of investing in cryptocurrencies?
Investing in cryptocurrencies carry high risks due to their high volatility. It could cause substantial losses, which is why it is important to observe the rules of risk management.
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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.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.