Despite attempts to find alternative means of cryptocurrency trading, exchanges are still essential for the cryptocurrency ecosystem. And new exchanges are cropping up all over the world despite regulatory hurdles they have to face to open up.
Tomorrow, March 11, 2018, the new exchange Coinbit opens its doors for the customers. The new Korean exchange starts trading and customers have a pick of 50 most traded digital assets, including not only mainstream Bitcoin, Bitcoin Cash, Litecoin, Ethereum and Ethereum Classic, but also prominent tokens such as Ripple, NXT and Ardor, for example.
Upon launch, Coinbit offers customers a month of zero-fee trading as an incentive to encourage trading on the new platform, and after that they offer fees of 0.05%. The only downside is that right now the majority of the platform is in Korean language with no translation to other languages, which can discourage Western investors from using it, until the translation arrives.
Korean exchange market is an important part of cryptocurrency ecosystem. A lot of local developments have hugely impacted the worldwide crypto market. We'll have to wait and see, if the Coinbit will have a significant influence as it grows.