Coin exchange 'Korbit' has started a 'Maker Incentive' service that returns fees to investors when trading coins.  (Courtesy of Corbit)

“Are you paying a fee, rather?”… The breakthrough of the coin exchange ‘Korbit’

Coin exchange ‘Korbit’ has started a ‘Maker Incentive’ service that returns fees to investors when trading coins. (Courtesy of Corbit)

Korbit, a virtual asset (coin) exchange, introduced a ‘minus fee’ system for the first time in the industry. Instead of receiving a commission from investors when trading coins, they decided to return it.

From April 20, Korbit started the ‘Maker Incentive’ service, which pays 0.05% of the transaction amount as an incentive to investors who buy and sell coins using the ‘Maker order’ method. A maker order is a method of placing a buy/sell order at a limit rather than the current market price. It is an order that provides liquidity to the order book rather than being executed immediately. Incentives are paid in won (KRW) points that can be exchanged for KRW.

For example, suppose that Mr. A placed an order for 10 million won worth of Bitcoin at 12:00 on April 20th. The price of Bitcoin that Mr. A has put to buy is 50 million won. Since the current price is KRW 51 million, the buy order is not executed immediately. If the bitcoin price falls to 50 million won an hour later and A’s purchase order is concluded, A will receive 5,000 won (0.05% of the total order amount) as KRW points as a maker incentive.

In case of partial signing, an incentive of 0.05% is paid only for the signed amount. For example, if B placed an order to buy 20 million won worth of Ethereum, but only 10 million won was signed due to lack of liquidity, and the remaining 10 million won was not signed, B would receive an incentive of 5000 won corresponding to the 10 million won signed.

Conversely, for the ‘immediate execution’ method, the commission rate was increased by 0.05 percentage points from 0.15% to 0.2%. An official from Korbit explained, “Instead of the immediate execution method that mainly flows through single strokes, it is intended to provide an incentive to investors who provide liquidity to the exchange by making stable profits at the price they set.”

Oh Se-jin, CEO of Corbit, said, “Through the Daily Bonus, investors can earn stable profits and invest in coins. We will continue to strive to create a new trading paradigm as an exchange that shares profits with investors.”

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