Top Cryptocurrency Exchanges in South Korea

In the fast-evolving cryptocurrency world, South Korea stands out. It has a vibrant scene of crypto exchanges. With growing interest, Korean traders look for easy and trusted platforms for crypto trading. This guide discusses the top 10 crypto exchanges in South Korea. We look at what they offer and how they can help you.

Key Takeaways:

• Upbit leads in South Korean crypto trade, with a 24-hour volume exceeding $675 million, and a total volume over $2 billion¹.
• Bithumb, with over $100 million in 24-hour volume and 8 million users, is a major player¹.
• Coinone, with over $26 million in recent trade volume, has been active since 2014, backed by $73.5 million in investments¹.
• Korbit, operational since 2013, received nearly $85.5 million in funding. It even launched Korea’s first NFT marketplace¹.
• Huobi boasts over $400 million in 24-hour trade volume. Founded in Beijing, it received $2 million in funding¹.
• Gopax received $23.7 million in funding and was acquired by Binance in 2023¹.
• Binance is popular in South Korea for its variety and trust in crypto projects despite being based elsewhere¹.
• Upbit’s 24-hour trade volume fell to $3.79 billion, a 75% decline from its recent peak².
• Upbit supports 192 cryptocurrencies for trading across 309 pairs².
• On March 5, Upbit hit its historic trading volume high at $15 billion².
• Altcoins’ market cap hit $788 billion then dropped to around $750 billion after March 5².
• Most of Upbit’s trade volume was between altcoins and fiat currencies, not major cryptocurrencies².
• According to a study, Upbit users aim for big profits with altcoins despite higher risks².
• UPbit is South Korea’s top Bitcoin exchange. But, the actual number of its users is unknown³.
• Korbit allows Bitcoin trading and multiple payment options³.
• Binance serves people and accepts payments from 192 countries around the world³.
• In South Korea, 9 exchanges are considered trustworthy for crypto trading³.
• While UPbit and Korbit are big, they don’t have current active user data³.
• Verifying your identity with these exchanges may take 1-2 days³.
• Payment possibilities on UPbit and Korbit include wire transfers and various cryptocurrencies³.
• South Korea offers 9 dependable platforms for signing up to trade cryptocurrencies³.
• The top exchanges in the country are UPbit, Korbit, and Binance³.
• For easy access to Bitcoin, some places have ATMs that let you buy it with cash, needing little documentation3

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Upbit

Upbit is the biggest crypto exchange in South Korea. It started in 2017⁴. Just two months later, it ranked top in the world for trading volume⁴. This shows how much traders around the globe trust and love the platform. But, in November 2019, a hack led to the loss of US$48.5 million worth of Ethereum⁴.

Despite the hack, Upbit worked hard on its security. By December 2018, it was the first exchange to get top marks for keeping information safe. These awards were for its ISMS and ISO standards. They prove Upbit cares about keeping its users safe and secure while trading⁴.

In December 2018, Upbit faced another issue. Some of its staff were accused of faking orders⁴. This made people question the exchange’s fairness. But, Upbit is still a key player in the South Korean crypto world.

South Korea isn’t sitting still. It’s put rules in place for crypto exchanges like Upbit. These rules started in September 2021. The goal is to make trading in virtual assets safe and fair for everyone. This will benefit investors and help the crypto market grow in a positive way⁴.

Upbit lets you trade over 100 different cryptocurrencies⁵. This big variety means traders can find the digital assets they want. The fees are at 0.25% for making or taking trades, which is fair⁵.

Security is a top concern for Upbit. It works with BitGo for safe wallets and Kakao Pay for secure accounts. These partnerships help keep traders’ money and details safe from harm⁵.

But, Upbit faces a challenge with users outside Korea. Its site is mainly in Korean. Also, to join, you need a South Korean phone to verify your account. This makes it harder for people from other countries to use Upbit. Yet, the platform is doing well thanks to its links with Kakao Corp., a big tech player in South Korea⁵.

To wrap up, Upbit is leading in South Korea’s crypto market with its wide range of assets to trade. It met tough times like hacking and legal issues. But, it’s still known as a safe and popular place for crypto trading in South Korea⁴.

Bithumb

Bithumb is a big crypto exchange in South Korea. It is well-known for its many features and a big number of users.

It handles $205 million in trades every day⁶. This makes it a key player in the world of crypto. Bithumb lets users choose from over 170 different cryptocurrencies⁶.

There are more than 180 digital assets and 280 trading pairs on Bithumb⁶. This range makes it easy for traders to find what they want. You can trade top coins like Bitcoin and Ethereum, or look into new altcoins. Bithumb offers it all.

The fees on Bithumb vary from 0.04% to 0.25%⁶. Your fee depends on your trading volume and membership level. These rates are very competitive within the crypto world.

Bithumb is also known for its easy-to-use site and tools. These tools are helpful for both new and expert traders. You get great charting and tools for making smart trading choices.

Besides simple buying and selling, Bithumb also does margin trading. This service lets traders use leverage to make more profit. For big traders, there’s a special OTC desk too.

BTC Korea.com Co. Ltd started Bithumb in South Korea in 2013⁶. It has now reached a global level. However, it doesn’t work in 21 countries due to not following FATF rules⁶.

Over time, Bithumb faced some hard times. For example, in 2018, around $32 million of crypto was stolen⁷. The situation showed the need for tight security in the crypto world.

In 2019, Bithumb also had to let go of 30 workers⁷. This was because of lower trade and profit numbers from the past year. It shows how tough the trading world can be.

Yet, Bithumb still holds a big piece of the South Korean crypto market⁸. It keeps attracting a lot of users and traders. Bithumb keeps growing by following rules and always trying something new⁸.

Coinone

Coinone is a respected crypto exchange based in South Korea. It was started in 2014 and went live in 2015⁹. Known for its trustworthy services and focus on security, it’s a leader in the South Korean market¹⁰. It’s easy to use, both on a computer and through its mobile app, giving users a smooth trading experience¹⁰. You can trade over 200 different digital assets like BTC, ETH, and many more⁹. It also offers OTC trading, making more trading options available¹⁰.

Security is key at Coinone. It uses top-tier protection methods like cold storage and two-factor authentication¹⁰. This ensures your assets are safe, making it a trusted choice in South Korea’s crypto scene¹⁰.

When it comes to fees, Coinone is quite competitive¹⁰. It charges 0.2% for trades on the main market. Maker fees go from 0% to 0.1%, and Taker fees range from 0.02% to 0.1%⁹. Withdrawals cost 0.0015 BTC, and fiat withdrawals have a 1000 KRW fee⁹.

In the past, Coinone offered margin trading. But it had to stop in 2017 after issues with South Korean laws⁹. Even though its trading volume and liquidity might be lower than some competitors, it’s still a trusted choice in South Korea¹⁰.

“Coinone is a well-established crypto exchange in South Korea, founded in 2014 and launched in 2015. It offers a user-friendly platform, a wide selection of cryptocurrencies and trading pairs, advanced charting tools and trading indicators, over-the-counter (OTC) trading services, and strong security measures for asset protection. While it may have limited advanced trading features compared to some competitors and relatively lower trading volumes and liquidity, Coinone is still an excellent choice for traders in South Korea.”¹⁰

Korbit

Korbit started in 2013, making it one of South Korea’s first crypto exchanges. It’s known for being reliable and safe for trading. This has won the trust of many investors. Traders love its simple interface and the convenience of its mobile app.

Korbit lets traders deal in many digital assets like Bitcoin, Ethereum, and more. They follow a Maker-Taker system for fees based on how much you trade¹¹. If you add to the marketplace, Maker fees can be as low as 0.08%. But for huge trades, they could be 0%. Taker fees stand at a steady 0.2%, dropping to 0.1% for trades over 10bn KRW¹¹.

You can fund your Korbit account with South Korean Won or top cryptocurrencies¹¹. This lets users pick what’s best for them. Help is available via phone or email¹¹. And the site is in both Korean and English, so language isn’t a barrier.

Unlike some exchanges, Korbit keeps things simple. They don’t offer bonuses or deals¹¹. Instead, the focus is on being a safe space for trading. When you trade there, you can boost your security with 2-factor authentication for everything¹¹.

The platform is easy to understand for anyone, whether new or experienced¹¹. Korbit stands out with its security features and long history in South Korea’s trading scene. It’s a name many traders trust.

Gopax

Gopax is a new crypto exchange in South Korea. It has become popular for its easy-to-use site and good prices.

It started in 2017 and is all about making trading simple. With its website and app, you’ll find it easy to buy and sell. You can trade many different cryptocurrencies and use helpful tools to guide your decisions.

Gopax takes security seriously. It keeps most of its money safe offline. Plus, it uses an extra way to protect your account, called 2FA. These steps help traders feel safe with their money.

Although Gopax doesn’t have as many cryptocurrencies as some, traders like it for how safe and easy it is to use.

Even though it’s smaller, Gopax is a trusted place to start trading crypto. It’s known for being safe and easy to use in South Korea.

Gopax had some money problems recently. By 2023, it was dealing with a lot of debt. But getting help from Binance, a big player, has made things more stable. Gopax is trying hard to repay its debts and keep going, despite facing possible challenges in 2024.

Binance’s move to work with Gopax shows it wants to do more in South Korea. Since 2021, Binance is offering its global services again. Before, it helped grow the blockchain world in South Korea with Busan City’s support.

Binance also helps out struggling companies with its IRI since November 2022. This is to support people who lose money in the crypto business. Binance aims to be a top player in the world of digital assets, offering many services.

To sum up, Gopax is making a name for itself in South Korea’s cryptocurrency scene. It’s known for being friendly and affordable. Even though it’s not the biggest, local traders really like using it.

Huobi Korea

Huobi Korea is the South Korean branch of Huobi, a well-known global platform for buying and selling cryptos. It gives Korean users a way to access many different cryptocurrencies and trading pairs. This branch, just like the main Huobi, focuses on safe and advanced trading in South Korea.

It has a lot of cryptocurrencies and trading pairs for different user needs. From Bitcoin, Ethereum to new options, traders can find all kinds of investment chances here.

Huobi Korea offers special trading features like margin and futures trading. These can help users make more money from their investments. Also, it has special services for big trades, making it easier to buy or sell a lot all at once.

In terms of safety, Huobi Korea works hard to keep its users’ money secure. It uses cold storage and two-factor authentication to protect against hacks. With these security steps, the platform aims to make trading a safe experience for everyone.

While known for being a global option, Huobi Korea’s fees might be higher than some local competitors. Also, its customer support and site may not be as customized for Korean users. Despite these points, many traders in South Korea pick Huobi Korea since it’s connected to Huobi, a trusted brand.

Huobi Korea’s Cease of Operations

Even though Huobi Korea is ending, it was a popular choice for many. Its last day of service is January 29. The decision to close is due to the tough times faced by many crypto exchanges in South Korea.

In the recent months, smaller exchanges like Cashierest and Coinbit shut down. Others like CoreDAX had to stop operating for a while¹³. These events show how tough and competitive the South Korean crypto market is becoming.

Problems with making money from trading fees and banking partnerships hurt the business. The struggle to use local banks for trading made it hard, especially for Huobi Korea¹⁴.

The country will soon have stricter rules to protect crypto investors. Exchanges, such as Huobi Korea, must follow these new laws. They will have to keep funds safe and get insurance against hacks or failures¹⁴.

Huobi’s Global Expansion

The main company, Huobi, has grown a lot since it was founded in 2013. Led by Leon Li, it became a top platform for trading digital assets quickly¹⁵. By December 2013, it had exchanged over 30 billion yuan in assets, becoming the biggest in China at the time.

Huobi later opened in Korea, adding to its network across the world. It started in Korea in 2017 and grew quickly, offering many cryptocurrencies and special trading features. It also opened in Singapore and Malaysia, making moves in those markets too¹⁵.

OKEx Korea

OKEx Korea is the South Korean part of OKEx, a well-known global cryptocurrency exchange. It offers many cryptocurrencies and trading pairs for users.

Traders at OKEx Korea enjoy features like margin and futures trading. They can also use advanced charting tools and trading indicators. This helps them make smart decisions based on market analysis.

Security is paramount at OKEx Korea. It uses cold storage and two-factor authentication to keep user assets safe.

Although OKEx Korea’s trading fees might be higher than some, it’s a good choice for Korean traders wanting a global platform. It has many cryptocurrencies and trading pairs. However, its support and services for Korean users are not as strong.

OKEx Korea is closing next month, due to new anti-money laundering rules and profitability concerns. The new laws in South Korea require virtual asset providers to undergo compliance checks and transactions to be verified by real names. These rules aim to improve security and fight money laundering¹⁶.

Exchanges like Binance and OKEx Korea have faced issues in South Korea. These include low volume, liquidity problems, and new regulations. Binance has stopped operations in South Korea and its Korean won stablecoin, noting low demand¹⁶.

As cryptocurrency regulations change, exchanges must adjust. Bithumb, a major exchange, plans to sell its operations before new laws take effect¹⁶. But, concerns like allegations against its shareholders may prevent it from getting a license¹⁶.

Despite shutting down in South Korea, OKEx Korea is a key player in the crypto market. It provides a wide selection of digital currencies and trading pairs. This caters to the needs of local traders, even after the closure. So, it remains influential in the cryptocurrency world.

Conclusion

The cryptocurrency market is booming, and South Korea is in the spotlight. It has a wide range of exchanges like Upbit, Bithumb, and Gopax. These platforms help both traders and investors feel secure while dealing with digital assets¹⁷.

South Korea keeps updating its rules to protect people using virtual assets. Thanks to laws like the Act for Protection of Virtual Asset Users, Financial Services Commission can now watch over these services. This is a big step towards making the market safer¹⁷¹⁸.

The trading activities in South Korea’s crypto market have grown a lot. It is the third-largest market for Bitcoin, not far behind the US and Japan. The market here uses both local currency and cryptocurrencies. Major exchanges, like Upbit, are key players in this growth¹⁸¹⁹.

With digital assets getting popular, choosing the right exchange in South Korea is vital. The leading exchanges provide easy trading, strong security, and diverse cryptocurrencies. The best exchange for you depends on what you need and your willingness to take risks¹⁹.