Overview
Korbit was founded in 2013 in Seoul, making it one of the first cryptocurrency exchanges in South Korea. The platform played a significant role in the early growth of Bitcoin adoption in the Korean market and has remained a trusted name as the industry matured. Korbit is registered with the Korea Financial Intelligence Unit (KoFIU) and operates in compliance with South Korea's strict regulatory framework for virtual asset service providers.
The exchange supports direct Korean won (KRW) trading pairs for Bitcoin and a selection of other major cryptocurrencies. This focus on the domestic market means Korean users can fund their accounts through local bank transfers without the friction of currency conversion. Korbit provides both a simple buying interface for newcomers and a more detailed trading view with order books and charting tools for experienced users.
As one of the "Big Four" Korean exchanges alongside Upbit, Bithumb, and Coinone, Korbit benefits from strong liquidity in KRW pairs. The platform has attracted institutional investment over the years, including backing from prominent venture firms, which has supported its continued development and regulatory compliance efforts.
Getting Started
- Step 1: Create an account at korbit.co.kr or through the Korbit mobile app. You will need to provide your name, email, and phone number.
- Step 2: Complete identity verification. Korbit requires a Korean bank account in your name and government-issued ID. Verification must be completed before you can deposit or trade.
- Step 3: Deposit Korean won via bank transfer from your verified bank account. Deposits are typically processed quickly during banking hours.
- Step 4: Buy Bitcoin or another supported cryptocurrency using the simple buy interface or the trading view, depending on your experience level.
Pros & Cons
- Pro: One of South Korea's longest-running exchanges with a strong regulatory track record.
- Pro: Direct KRW trading pairs with good liquidity in the Korean market.
- Pro: Backed by notable institutional investors, supporting platform stability and development.
- Con: Limited to the Korean market; requires a Korean bank account and residency for full access.
- Con: Smaller asset selection compared to larger Korean competitors like Upbit.
- Con: Interface and support are primarily in Korean, which limits accessibility for non-Korean speakers.