Korbit is one of South Korea’s longest-standing and most reputable cryptocurrency exchanges. Since its inception in 2013, it has evolved into a trusted platform for local traders seeking secure, user-friendly access to digital assets. Designed primarily for Korean residents, Korbit offers seamless KRW (South Korean won) on-ramps, competitive trading fees, and a robust selection of popular cryptocurrencies. While international users may face accessibility limitations, the exchange remains a cornerstone of Korea’s crypto ecosystem.
This comprehensive guide explores Korbit’s key features, including 24-hour trading volume, supported tokens, fee structure, security protocols, and market listings—providing valuable insights for both new and experienced traders.
What Is Korbit?
Korbit is a centralized cryptocurrency exchange headquartered in Seoul, South Korea. As one of the country's earliest crypto platforms, it has built a strong reputation for reliability, security, and ease of use. The exchange supports spot trading between various cryptocurrencies and KRW, making it ideal for domestic investors entering the digital asset space.
Beyond basic trading functionality, Korbit provides advanced tools such as technical analysis indicators, an intuitive browser-based trading terminal, and an API for automated trading strategies. It also offers additional services like ETH 2.0 staking and access to an NFT marketplace, enhancing its appeal to a broader range of crypto enthusiasts.
One unique feature is Korbit Piggy Bank, a virtual asset rewards program that incentivizes users to hold certain digital currencies on the platform.
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Founders and Leadership
Korbit was co-founded in 2013 by Tony Lyu, Kangmo Kim, and Louis Jinhwa Kim—visionaries who helped lay the foundation for Korea’s crypto industry. Tony Lyu served as the company’s CEO before moving on to become an investment partner at SoftBank, where he continued to influence blockchain innovation globally.
Today, the exchange is led by Oh Se-jin, the current CEO, who oversees Korbit’s operations and strategic growth following its acquisition by Nexon, a major South Korean game developer, in 2017.
Availability and Geographic Restrictions
Korbit operates under strict regulatory compliance within South Korea. As such:
- The platform is only available to Korean residents.
- The interface is primarily in Korean, with limited English support.
- All transactions are conducted using KRW as the base fiat currency.
- In 2022, Korbit began blocking IP addresses from Russia, aligning with broader regional sanctions and compliance measures.
Due to these restrictions, non-Korean users may find it challenging—or impossible—to create accounts or deposit funds.
Supported Cryptocurrencies and Trading Pairs
Initially launching with only BTC/KRW trading, Korbit has significantly expanded its offerings over the years. Today, users can trade a diverse range of digital assets against KRW, including:
- Bitcoin (BTC)
- Ethereum (ETH)
- Binance Coin (BNB)
- Solana (SOL)
- XRP, Cardano (ADA), Dogecoin (DOGE)
- Chainlink (LINK), Filecoin (FIL), Polkadot (DOT)
- Stablecoins like USDC and Tether (USDT)
The platform focuses on high-demand tokens with strong liquidity, ensuring smooth trading experiences. All trading pairs are denominated in KRW, reinforcing its role as a local gateway to global crypto markets.
Additionally, Korbit supports ETH 2.0 staking, allowing users to earn passive income by participating in Ethereum’s proof-of-stake consensus mechanism.
Trading Fees and Withdrawal Costs
Korbit employs a tiered fee structure based on a user’s 30-day trading volume. This incentivizes higher-volume traders with lower costs:
| Trading Volume (Monthly in KRW) | Maker Fee | Taker Fee |
|---|---|---|
| Below 100 million | 0.08% | 0.20% |
| Over 10 billion | 0% | 0.01% |
- Maker orders (limit orders that add liquidity) are cheaper than taker orders (market orders that remove liquidity).
- Deposits are free across all supported cryptocurrencies.
- Withdrawal fees vary by asset—for example, BTC withdrawals cost 0.0001 BTC.
This competitive pricing model positions Korbit favorably compared to many global exchanges, especially for active traders.
Security Measures
Security is a top priority at Korbit. According to public reports, the platform has never been hacked since its launch—a rare achievement in the crypto world.
Key security features include:
- Two-factor authentication (2FA) for login and fund transfers
- Cold wallet storage for the majority of user assets
- Real-time monitoring systems
- Encrypted data transmission
These layers of protection help safeguard user funds and personal information, contributing to long-term trust in the platform.
Does Korbit Offer Margin or Leverage Trading?
No. Korbit does not support margin trading or leveraged positions. The platform focuses exclusively on spot trading, which reduces risk exposure for users—especially beginners unfamiliar with complex derivatives.
While this limits advanced trading strategies, it aligns with South Korea’s cautious regulatory approach toward crypto derivatives.
Market Data and Liquidity
Korbit reports its trading volume directly to data aggregators like CoinMarketCap. As of the latest update:
- 24-hour trading volume: ¥105,370,064.75
Dominant trading pairs include:
- USDT/KRW
- XRP/KRW
- BTC/KRW
- ETH/KRW
- SOL/KRW
Tether (USDT) leads in daily volume, reflecting growing demand for stablecoins among Korean traders seeking price stability during volatile markets.
The exchange maintains healthy order book depth, particularly within ±2% of current prices, ensuring minimal slippage for medium-sized trades.
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Frequently Asked Questions (FAQ)
Q: Can foreigners use Korbit?
A: No. Korbit is restricted to South Korean residents only. Users must verify their identity with local documentation, and the platform does not support foreign fiat currencies or multi-language interfaces.
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Q: Is Korbit safe?
A: Yes. Korbit has maintained a clean security record since 2013. It uses industry-standard protections like two-factor authentication, cold storage, and encrypted communications to secure user assets.
Q: What are the deposit and withdrawal times on Korbit?
A: KRW deposits via bank transfer are typically processed instantly during business hours. Cryptocurrency withdrawals are usually confirmed within minutes, depending on blockchain network congestion.
Q: Does Korbit have a mobile app?
A: Yes. Korbit offers a mobile application for both iOS and Android devices, enabling users to trade, monitor prices, and manage staking activities on the go.
Q: How do I start trading on Korbit?
A: To begin:
- Register using a Korean phone number.
- Complete identity verification with a national ID.
- Deposit KRW via bank transfer.
- Start buying cryptocurrencies like BTC, ETH, or USDT.
Q: Does Korbit charge inactivity fees?
A: There is no public information indicating that Korbit imposes inactivity fees. However, users should remain compliant with KYC requirements to avoid account restrictions.
Final Thoughts
Korbit stands as a reliable and well-established player in South Korea’s regulated crypto landscape. With strong security practices, competitive fees, and support for major digital assets—including ETH 2.0 staking—it serves as a trusted entry point for local investors.
While its geographic limitations exclude international participation, those eligible can benefit from a streamlined, secure trading experience tailored to the Korean market.
For global traders seeking similar features—such as low fees, high liquidity, and staking options—alternative platforms offer broader accessibility without sacrificing performance.
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