Korbit and Bybit are two famous names in the world of crypto exchanges. On one side, Korbit is a South Korean crypto exchange, while ByBit is a global exchange.
As a result, there are many newbie crypto traders, especially from South Korea are confused about which exchange they should choose.
Hence to help them out, I have compared Korbit vs Bybit exchanges below at various key factors.
To know more, check out this comparison:
Korbit vs Bybit: At A Glance Comparison
Korbit is one of the oldest crypto exchanges out there. The exchange was established back in 2014, and in today’s time, it is one of the leading South Korean crypto exchanges.
The exchange offers you a wide range of cryptocurrencies to trade.
However, it only allows trading in the spot market. But the exchange can be used for other purposes as well. For instance, you can use Korbit for auto trading, staking, Ethereum 2.0 staking, and more.
Bybit is one of the leading global crypto exchanges. The exchange is widely popular and was established back in 2018.
With ByBit, you can enjoy all types of crypto trading activities as the exchange allows you to trade in the spot, margin, and futures markets.
Alongside, you can also use ByBit for other purposes such as copy trading, crypto loans, etc.
Korbit vs Bybit: Trading Markets, Products & Leverage Offered
Let’s start the comparison by looking at the trading markets offered by both exchanges:
Talking about Korbit, the exchange doesn’t offer you anything extraordinary. It sticks to basic spot trading, and no margin and futures trading services are available on the exchange.
- Spot Trading
Bybit is a better choice in terms of trading markets, as it allows you to trade in different markets. Such as:
- Spot Trading
- Margin Trading with leverage up to 5x.
- USDT perpetual contracts with leverage up to 100x
- USDC perpetual contracts with leverage up to 125x
- USDC options
- Inverse perpetual contracts with leverage up to 100x
- Leveraged tokens with up to 2x leverage
Verdict: Bybit has more market offerings, especially margin and futures trading, which most traders prefer. It is the winner for this section.
Korbit vs Bybit: Supported Cryptocurrencies
Korbit supports a wide range of crypto tokens(Although there is no official number). Its list contains both popular cryptocurrencies and altcoins.
Plus, the best part of the exchange is that it allows you to trade in KRW or South Korean Won as the base currency. And some of the listed tokens on the exchange are:
Bybit, on the other hand, supports 350+ crypto tokens and trading pairs. Plus, new coins keep getting added to the exchange from time to time.
It allows you to trade in stablecoins like USDT and USDC. Some of the listed tokens are:
Verdict: Bybit is the winner for this section as it supports more cryptocurrencies compared to Korbit.
Korbit vs Bybit: Trading Fee & Deposit/Withdrawal Fee Compared
Now coming to the most crucial question, how costly are these two exchanges are:
Korbit Trading Fee
Korbit’s fee structure is a bit complicated. It follows the same maker-and-taker fee model. And here is how it stands out:
- If the order is concluded as a maker order, then 0.01% will be paid as the maker incentive without any commission incurred.
- If you are placing a taker order, you will get charged a fee of 0.20%.
Do note that Korbit does not charge any maker order fees. However, to get a better understanding, I would recommend you check its trading fee page.
Korbit Deposits & Withdrawal Fees
For crypto tokens deposits and withdrawals, Korbit does charge you a certain fee. The fee depends on the crypto token and the amount of the tokens you are depositing.
For certain currencies, there is no deposit fee but a withdrawal fee.
As far as the deposits and withdrawal fees for KRW are concerned, well, there is no mention of it. But it is believed that it will incur a transaction fee.
ByBit Spot Trading Fee
Bybit has a clean fee structure, and it does charge you both maker and taker fees, unlike Korbit.
On Bybit, you get to see a tiered fee structure which enables you to get discounts on your trading fee by increasing your 30days trading volume.
However, the basic fee charged by the exchange is:
- Maker Fee: 0.10%
- Taker Fee: 0.10%
ByBit Futures Trading Fee
The same tiered fee structure can be seen for derivatives trading as well. And here is how the regular fee stands out:
- Maker Fee: 0.06%
- Taker Fee: 0.01%
ByBit Deposits & Withdrawal Fees
When it comes to depositing crypto tokens, there are absolutely no fees on bybit. But if you are buying fiat using a credit/debit card, or bank transfer, then it will be subjected to a transaction fee.
On the other side, for withdrawals, bybit does charge you fees. The fee varies from one crypto token to another.
So depending on what currency you are withdrawing, the blockchain network and a few other factors will determine your withdrawal fee.
But if you don’t want to pay deposits or withdrawal fees, you can use P2P trading, which enables you to deposit/withdraw fiat using your local currency at zero cost.
Verdict: As Bybit has a straightforward fee structure and room for getting good discounts on the trading cost – it is the winner.
Korbit vs Bybit: Order Types
- Limit orders (Buy/Sell)
- Stop orders (Buy/Sell)
- OCO (Order Cancels the Other)
- Market Buy/Sell
Verdict: In terms of order types, there is hardly any difference between Korbit and Bybit – hence it is a tie between the two.
Korbit vs Bybit: KYC Requirements & KYC Limits
Korbit requires you complete KYC before you can start using the exchange.
Without KYC, you are not allowed to connect your bank account to the exchange. Or you can deposit crypto to the exchange. Also, there is no mention of different KYC levels.
But to complete KYC, you are going to need a Korean mobile carrier and a bank account under your name that can be used for trading in Korea.
Unlike Korbit, Bybit doesn’t require you to complete your KYC. Instead, without verifying your account, you can deposit funds from another wallet or crypto exchange or use P2P trading.
But for credit/debit card or bank transfer crypto purchases, you need identity verification.
Also, without verifying your account, you can withdraw 20,000 USDT daily also there is a monthly withdrawal limit of 100,000 USDT. You can further enhance your deposits and withdrawal limits by verifying your account.
ByBit has two different levels of KYC. These are:
- Level 1: With unlimited P2P trading, a daily fiat-top-up limit of $20K, and a coin withdrawal limit of 1,000,000 USDT daily.
- Level 2: With unlimited P2P trading and a withdrawal limit of 2,000,000 USDT daily plus a $100K daily fiat top-up.
Verdict: Bybit is the winner for this section. As you can use the exchange without any identity verification.
Korbit vs Bybit: Deposits & Withdrawal Options
- Method 1: Use the Shinhan bank account to deposit or withdraw KRW.
- Method 2: Transfer crypto to your Korbit wallet from another exchange or wallet.
- Method 1: You can use credit/debit cards, bank transfers, and other payment methods to purchase crypto.
- Method 2: Use ByBit P2P trading to deposit or withdraw funds using your local payment methods.
- Method 3: Deposit or withdraw funds using another crypto exchange or wallet.
Verdict: ByBit is the winner for this section. As depositing and withdrawing funds on Bybit is much more convenient, you have multiple options.
Korbit vs Bybit: Trading & Platform Experience Comparison
Now coming to the overall trading experience offered by both exchanges.
Korbit trading platform has all the tools you need. But it overall feels pretty basic, and from a spot trading point of view, it has all the required features. On Korbit, you get to see features like:
- Technical chart by TradingView
- Trading Pairs Window
- Easy-to-use order form
- Order book
- Recent trades
- Open orders, conditional, order history, and trade history
Bybit has a pretty advanced trading platform with lots of different tools, order types, technical charts etc. All of these would help you trade more efficiently on the platform. Also, Bybit’s mobile app is pretty easy to use and serves all trading requirements.
- Multiple technical charts, including TradingView
- Easy-to-use order form
- Trading pair details
- Order book
- Recent trades
- Positions closed P&L,
- Current orders, order history, and trade history
- Easy-to-use mobile app
Verdict: Overall, Bybit has a better and more advanced trading platform compared to Korbit, so it is the winner.
Korbit vs Bybit: Customer Support
Korbit support can be reached over the phone and by email. Along with that, it also offers you chat support. But the chat support is on another platform.
So it can be really confusing to manage multiple accounts. Also, the exchange doesn’t offer support through any of its social media channels like Twitter.
Bybit is a better choice when it comes to getting help. Although, there is no phone support. But it offers you live chat support which is pretty easy to use, and it connects you with a live chat agent instantly.
Additionally, it also offers you support over email. Or you can reach out to ByBit on Twitter.
Verdict: Bybit’s support is easier and more convenient to reach out. But Korbit also offers phone support which you may find a better option.
Korbit vs Bybit: Security Features
- Multi-Factor Authentication
- Fund Password
- Anti-phishing Code
- Real-Time Monitoring
- Withdrawal Address Whitelist
- Withdraw via Address Book
- Trusted Devices Management
- Triple Layer Asset Protection & Platform Security
- Advanced-Data Protection
Verdict: As Bybit offers more security features compared to Korbit, it is the clear winner.
Is Korbit Safe & Legal To Use?
Korbit is one of the safest crypto exchanges based in South Korea. The exchange is based on ISMS-P and ISO certifications.
Along with that, it is also equipped with the highest level of security and offers several security features to its users. The exchange also keeps funds in offline storage and offers a safe and secure trading experience to its users.
Is Bybit Safe & Legal To Use?
Being a global name, Bybit is a safe and secure platform to trade crypto trusted by millions of users worldwide. It is backed by numerous security features and uses cold storage to protect your funds and other user data.
The exchange also offers you several security features to safeguard your accounts, such as real-time monitoring, 2FA, and more. And it doesn’t have any history of security threats.
Korbit vs Bybit Conclusion: Why not use both?
In the end, Bybit clearly wins the battle. The exchange is a far better choice compared to Korbit in many key areas.
For instance, ByBit has a cheaper trading fee and offers you spot, margin, and futures trading. As well as it supports P2P trading and offers multiple ways to deposit or withdraw funds.
But Korbit is not really a loser. It is an ideal solution for anyone looking to trade in KRW and based in South Korea.
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