Any person working in financial sphere reflected upon Bitcoin and its value. Nobody even suspected before that virtual currency would be highly appreciated by all. The whole world is going crazy about this phenomenon therefore currency exchanges are in great demand. The same refers to Korbit cryptocurrency exchange – the first crypto exchange created in South Korea. The company that founded the exchange- Cobit Co., Ltd operates the domain of the exchange Korbit.co.kr. Let us look how exactly it functions.
The design of the site is typical for the sites of this kind. The person needs to register to start trading and get access to all features available on the site. However, there is one more barrier the user faces nowadays. This is verification that is necessary to deposit and withdraw funds without any problems. Korbit imposes such restrictions as well along with many other similar sites.
The process of registration is typical. The person needs to provide e-mail address and then verify it through link in the confirmation email sent to him.
People who do not live in South Korea encounter problems on this stage. They need to provide mobile phone number, which is locally registered.
The website is not translated to any language and the site is entirely in Korean. The users are able to regulate the result with functions available on the site such as buy/sell stop order. Though this is a common feature for exchanges at present, it is still nice to have the opportunity to use it.
Korbit support is organized well and there is search bar there where you can find the answer to the question that is of interest to you. They included the real answers to the questions there and this is very convenient. Everything is explained easily on the support page. However, this is rather discouraging to use the translation feature for that. Everything is written in Korean.
As far as Korbit currency is concerned, the main fiat money there is, certainly, currency issued by the government of South Korea – KRW. All cryptos are paired with it. Korbit coinmarketcap page informs us about 8 trading pairs including most frequent coins. Korbit trades Bitcoin, Bitcoin Cash, Ethereum, XRP, Bitcoin Gold, Zilinqa, Ethereum Classic. Korbit doesn’t offer Monero exchange in contrast to other famous South Korean exchange UpBit. In accordance with Korbit news, in April, 2018, one more virtual currency was added. Korbit added LTC to its assortment of coins as well. Korbit listing was announced on Twitter by the founder of the exchange Charlie Lee. When it happened, it immediately affected the price of the coin. Its price increased after it and the volume of trading considerably increased.
Korbit volume of trade can be considerably higher if it caters the needs of international users as well, not just customers from South Korea.
As for the functionality, the design is intuitive and easy to use. There are no superfluous features on the site. Everything is simple and clear at the platform. There are special tables for sale and purchase, where you should just enter the amount of coins you want to trade.
All customers are divided into makers and takers and fee often depends upon the group the client belongs to. Another factor that affects the fee is the volume of trade. In this way, the maker has to pay 0.08%, and the taker – 0.20%, but with bigger volume the percentage can become lower or the service is provided free of charge if the amount exceeds 100 billion KRW per 30 days.
The exchange accepts real and virtual money. The person just needs to verify the account. There are different levels of verification. Clients who passed the first and second levels of verification can deposit and withdraw funds within limits specified by the company.
The customer support is great at the service. Unlike numerous exchanges there is round-the-clock support service, so you can apply to the team at any time if you face an emergency. There is a special support hotline used for such cases. One can also send email letter to ask a question.
Korbit API is referred to as restful for developers and enables authentication, order placement, viewing orders and transfer of funds.
Though Korbit is a company with a solid reputation, it still requires enhancement. It would be great to see instruments similar to Bitcoin arbitrage bot embedded into the site. Anyway, customers can always get more income with help of crypto signals on telegram.
The main problems the company faces is its narrow target audience. It can increase considerably if the brand goes global. Let us have a look at OKCoin that was founded in China but then expanded its focus and now offers services for clients in other countries, USA, in particular. It can become more open for foreign traders as BitBay. This is profitable for both sides.