What Is Korbit?
Korbit is one of South Korea's oldest and largest cryptocurrency exchanges, established in 2013. Designed primarily for South Korean users, the platform offers competitive fees, robust security, and a user-friendly interface. Key features include:
- KRW-Based Trading: Supports transactions in Korean Won (KRW) for seamless local trading.
- Diverse Crypto Offerings: Lists major cryptocurrencies like BTC, ETH, XRP, and niche tokens such as SAND and MANA.
- Security: No reported hacks, with 2-factor authentication (2FA) for withdrawals and logins.
- Additional Services: ETH 2.0 staking, an NFT marketplace, and a "piggy bank" reward program.
👉 Discover how Korbit compares to global exchanges
Founders and History
Who Are the Korbit Founders?
- Tony Lyu: Co-founder and former CEO, now a Venture Partner at SoftBank. Background in economics and international cooperation.
- Kangmo Kim & Louis Jinhwa Kim: Co-founders instrumental in Korbit's early growth.
- Current CEO: Oh Se-jin, leading the platform post-acquisition by Nexon in 2017.
Launch and Location
- Founded: July 2013, headquartered in Gangnam-gu, Seoul.
- Acquisition: Purchased by Nexon, a major game developer, signaling strong institutional backing.
Supported Cryptocurrencies and Fees
Available Coins
Korbit supports over 20 major cryptocurrencies, including:
- BTC, ETH, XRP (KRW pairs)
- Stablecoins: USDC, DAI
- Altcoins: SOL, ADA, DOT
Fee Structure
| Trading Volume (30-Day) | Maker Fee | Taker Fee |
|---|---|---|
| <100M KRW | 0.08% | 0.2% |
| >100B KRW | 0% | 0.01% |
- Withdrawal Fee: 0.0001 BTC for Bitcoin transfers.
- Deposits: Free.
Geographic Restrictions and Limitations
- Available Only In South Korea: Korean-language interface and KRW focus.
- Blocked Regions: Russian IPs were restricted in 2022 due to regulatory compliance.
Trading Features
- No Margin Trading: Spot trading only; leverage is unavailable.
- API Support: For automated trading strategies.
FAQs
1. Can international users access Korbit?
No. The platform exclusively serves South Korean residents due to local regulatory requirements.
2. What makes Korbit stand out among Korean exchanges?
Its long-standing reputation, Nexon backing, and unique offerings like ETH staking and NFT services.
3. Are there deposit fees on Korbit?
Deposits are free, but withdrawals incur minimal blockchain fees (e.g., 0.0001 BTC for Bitcoin).
👉 Explore advanced trading tools on Korbit
4. How secure is Korbit?
The exchange has never been hacked and employs 2FA, cold storage, and encryption protocols.
5. Does Korbit offer fiat withdrawals?
Yes, KRW withdrawals are supported for verified users.
6. What’s the minimum trade volume for reduced fees?
Fees drop significantly for volumes exceeding 100B KRW (~$75M USD).
Final Thoughts
Korbit remains a dominant force in South Korea’s crypto scene, combining accessibility for beginners with advanced features for seasoned traders. While international users face restrictions, its localized services and strong security make it a top choice for KRW-based trading.
For global alternatives, consider platforms like 👉 OKX, which offer broader language and currency support.