Buying and selling cryptocurrency in South Korea is big business. About 4.09% of South Korea’s population owned crypto, which means over 2 million South Koreans are active in the crypto market.
While the government keeps a close eye on crypto trading, South Korea remains one of the world’s most active crypto markets.
Choosing the right exchange is crucial if you’re looking to buy or sell cryptocurrency in South Korea. A good crypto exchange should be secure, easy to use, and follow all local rules. It should also offer fair fees and good customer support in Korean.
Key Takeaways
- Most major Korean exchanges only support Korean Won (KRW) for fiat transactions, which may limit international accessibility.
- Cryptocurrency exchanges are legal in South Korea but operate under strict regulatory requirements.
- Mobile app support is widespread among Korean exchanges, though some platforms like Korbit notably lack mobile applications.
- Most major exchanges offer multiple trading options including spot trading, while some provide additional features like margin trading and staking.
- Most exchanges offer free deposit methods, though withdrawal fees and trading fees apply to transactions.
| Crypto Exchanges | Best For | WithdrawFees | TradingFees | Supported Crypto |
| UEEx | Best Overall | USDT – TRC20: 1 USDT | Spot trading: 0.09%Margin Trading: 0.08 – 0.1% | 300+ |
| Bithumb | Best For Beginner Traders | Varies (BTC: 0.0008) | Maker – 0.4%Taker – 0.4% | 180+ |
| Upbit | Best Exchange with Extensive Trading Options | Varies (BTC: 0.0008) | 0.25% | 227+ |
| Coinone | Best For Beginner and Intermediate Traders | Varies (BTC: 0.0008BTC) | 0.2% | 200+ |
| Korbit | Best For Fast Crypto Transactions | 0.0001 BTC | Maker: 0% – 0.2%Taker: 0.05% | 150+ |
| GoPax | Best Crypto Investment Platform | 0.0001 BTC | 0.075%, | 80+ |
UEEx – Best Overall
Source: UEEx
Supported Crypto: 300+
UEEx, a leading cryptocurrency exchange launched in 2020, has quickly become a leading platform by combining security with versatile trading options.
The exchange impresses with its commitment to safety, storing 93% of user funds in cold wallets and backing trades with a $100 million Risk Mitigation Fund.
It offers access to over 200 cryptocurrencies and uniquely includes stock trading capabilities, making it a one-stop solution for diverse investment needs.
Pros
- Security stands out with cold wallet storage and advanced encryption, providing peace of mind for traders
- Versatile platform offering spot trading, margin trading, and copy trading features for different investor needs
- Impressive privacy feature with 2000 unique addresses provided to each user
- Mobile app performs better than most competitors, making trading on-the-go convenient
Cons
- Limited phone support options for users who prefer voice assistance
Fees and Deposits
- Spot trading: 0.09%
- Margin trading: 0.08 – 0.1%
- Deposit fee: Free
- Bitcoin withdrawal fee: 0.002 BTC
- Fee discount: Up to 50% if you hold UE Coin
- Payment methods: Multiple options are available, such as bank transfer and credit/debit card.
Bithumb – Best For Beginner Traders
Source: Bithumb
Supported Crypto: 180+
One of the largest cryptocurrency exchanges in South Korea, Bithumb has grown significantly since its founding in 2014, now serving over 8 million users.
The platform combines user-friendly features with strong security measures, making it a popular choice for Korean traders.
While it began as Xcoin in 2013, it rebranded to Bithumb in 2015 and has since expanded its services across multiple countries, though its primary focus remains on the South Korean market.
Pros
- Multi-lingual support, including English, with availability via email and phone.
- Recognized as one of the top exchanges globally for Bitcoin trading volume.
- Offers low trading fees, enhancing profitability for traders.
- The platform is simple and easy to navigate, making it suitable for beginners.
Cons
- Only supports South Korean Won (KRW); no major fiat currencies like USD or EUR.
- Does not support trading between cryptocurrencies, only crypto-to-KRW pairs.
- The exchange has a history of being hacked.
Fees and Deposits
- Trading fee: 0.4%
- Deposit fees: Free
- Withdrawal fees: The fee depends on the crypto selected (BTC: 0.008BTC).
Upbit – Best Exchange with Extensive Trading Options
Source: Upbit
Supported Crypto: 227+
A Korean-based cryptocurrency exchange, Upbit has grown into one of South Korea’s largest digital asset platforms since its 2017 launch.
Founded by Song Chi-Hyung and backed by tech giant Kakao, Upbit serves about 8.9 million users and handles over $17.7 billion in daily trading volume.
The platform stands out for its partnership with Bittrex and its use of BitGo’s secure wallet technology.
Pros
- Strong security through BitGo’s multi-signature wallets
- The high trading volume provides good liquidity
- Beginner-friendly interface
- Support for over 200 cryptocurrencies
- Mobile app with advanced features
- Licensed and regulated in South Korea
- Solid backing from the Kakao Group
- $50 million investment in blockchain startups
Cons
- Not available to US residents
- Only supports Korean Won (KRW) for fiat currency
- Customer support can be slow
- Primarily focused on Asian markets
- No leverage trading options
- No practice accounts for new traders
Fees and Deposits
- Trading fee: 0.25%
- Deposit fees: Free
- Withdrawal fees: The fee depends on the coin selected (BTC: 0.0008BTC).
Coinone – Best For Beginner and Intermediate Traders
Source: Coinone
Supported Crypto: 200+
Since its launch in 2014, it has grown from a Bitcoin-focused platform to become the country’s second-largest crypto exchange. What makes it special is its mix of features that cater to both new and experienced traders.
The exchange shines with its wide selection of over 190 cryptocurrencies and user-friendly mobile app.
Security is a top priority, and they’ve built a strong system to protect users’ money and information. Traders can do more than just buy and sell – they can stake coins to earn rewards, borrow against their crypto, and even try margin trading for potentially higher returns.
Pros
- Huge selection of cryptocurrencies (190+)
- Coinone implements robust security protocols, including 2FA, cold storage of assets, and measures to prevent electronic financial fraud.
- Offers a diverse selection of cryptocurrencies for trading
- Multiple trading options (staking, lending, margin)
- Offers interest-bearing accounts and staking opportunities for users to earn passive income on their crypto holdings.
- New users can enjoy perks such as fee-free trading upon completing account setup.
Cons
- Only works with Korean Won for regular money
- No program to earn rewards for referring friends
- No practice account for beginners to learn
Fees and Deposits
- Trading fee: 0.2%
- Deposit fees: Free
- Withdrawal fees: The fee depends on the coin selected (BTC: 0.0008 BTC).
Korbit – Best For Fast Crypto Transactions
Source: Korbit
Supported Crypto: 150+
Launched in 2013, Korbit stands as South Korea’s first Bitcoin exchange and has become one of the country’s leading cryptocurrency platforms.
Under the ownership of gaming giant NXC (Nexon) since 2017, the exchange has built a strong reputation for security and reliability in the Korean market.
With a daily trading volume exceeding $96 million, Korbit offers a robust platform supporting both Korean Won (KRW) and various cryptocurrencies, making it accessible to local users through multiple payment methods including credit cards, debit cards, and bank transfers.
Pros
- Achieved SOC 1 Type 1 and SOC 1 Type 2 certifications for financial internal control.
- Strong anti-money laundering (AML) measures, with a high score in AML competency tests.
- Features like accumulated purchases, auto trading, and maker incentives add flexibility to trading.
- Real-time customer service through multiple channels like KakaoTalk and email.
- Offers daily rewards for holding virtual assets.
Cons
- Limited to primarily South Korean market
- Only supports Korean Won (KRW)
- No mobile app is available
- No margin trading options
- Basic trading level structure
Fees and Deposits
- Trading fees follow a maker-taker model
- Maker fees: 0% to 0.2%
- Taker fees: 0.05%
- Deposit Fees: Free
- Withdrawal Fees: The fee depends on the chain and coin selected.
GoPax – Best Crypto Investment Platform
Source: GoPax
Supported Crypto: 80+
Acquired its stake by Binance in February 2023, GoPax has established itself as one of South Korea’s top 5 cryptocurrency exchanges.
Founded in 2017 by Junhaeng Lee, James Park, and Yeunjin Kong, the platform raised $23.7 million in Series B funding and attracted notable investors like Digital Currency Group.
What sets GoPax apart is its commitment to transparency, with full team information available on its website – a refreshing approach in an industry where such openness isn’t always common.
Pros
- Extremely competitive trading fees (well below the industry average)
- Clear transparency about team and operations
- User-friendly interface
- Fast transaction speeds
- Multiple altcoin options are available
Cons
- Limited to the South Korean market only
- Only supports Korean Won (KRW)
- Limited global presence and user reviews
- Unusually low fees might raise concerns for some users
Fees and Deposits
- Maker fee: -0.025% (earn money for trades)
- Taker fee: 0.075%
- Deposit fee: Free
- Withdrawal fee: 0.0001 BTC
- Deposit methods: Credit cards and bank transfers
- Currency supported: Korean Won (KRW) only
Factors to Consider When Choosing an Exchange
When choosing a currency exchange service in South Korea, a variety of factors must be taken into account to ensure you get the best deal and a smooth experience.
Exchange Rates
Exchange rates can vary widely between different providers. Banks, ATMs, dedicated currency exchange offices, and even hotels may offer currency exchange services, but the rates can differ significantly. It’s wise to compare rates across several providers before making a decision.
Fees and Charges
Some providers might offer attractive exchange rates but offset these with high fees. It’s important to consider the total cost, which includes both the exchange rate and any additional fees or charges. These can include service fees, transaction fees, or fees for using credit or debit cards.
For example, UEEx charges a standard 0.09% trading fee, while GoPax pays users -0.075% for maker trades, making it potentially more cost-effective.
Upbit charges 0.25% for trading, and Coinone keeps its fees competitive. These differences might seem small, but they can add up when you’re trading regularly.
| Exchange | Trading Fees | Deposit Fee | Withdraw Fees | Transfer Fee |
|---|---|---|---|---|
| UEEx | 0.09% | Zero | USDT – TRC20: 1 USDT | 0% for internal crypto transfers; From 1 USDT for external crypto transfers |
| Bithumb | 0.4% | Free | BTC: 0.008BTC | Fees vary by cryptocurrency |
| Upbit | 0.25% | Free | BTC: 0.008BTC | Fees vary by cryptocurrency |
| Coinone | 0.2% | Free | BTC: 0.008BTC | Fees vary by cryptocurrency |
| Korbit | 0% – 0.2% | Free | BTC: 0.008BTC | Fees vary by cryptocurrency |
Customer Service
If you’re not fluent in Korean, customer service becomes particularly important. Many exchange offices in tourist areas offer services in English and other languages, which can make the process easier. Good customer service can also help you understand the terms and conditions, fees, and rates better.
Safety
Safety should always be a priority. Choose well-established and reputable exchange services to avoid any risks.
UEEx stands out by keeping 93% of user funds in cold wallets and having a $100 million Risk Mitigation Fund.
Upbit uses BitGo’s secure wallet technology, which provides extra protection through multi-signature wallets.
| Exchange | Insurance | Cold Storage % | Regulatory Status | Security Features |
| UEEx | Yes | 93% | Licensed | Multi-factor authentication, Access control with IP, and wallet whitelisting |
| Bithumb | Yes | 98% | Licensed | 24/7 Monitoring system. |
| Upbit | Unknown | 70% | Licensed | 2FA, 24/7 Monitoring system, Cold wallet storage. |
| Coinone | Yes, only if you have a premium account. | Unknown | Licensed | 2FA |
| Korbit | Yes | Unknown | Licensed | 2FA |
| GoPax | Yes | Unknown | Licensed | 2FA. |
Payment Methods
Most South Korean exchanges only work with Korean Won (KRW), which is important to know. For instance, Bithumb, and Upbit all accept various payment methods but only in KRW which is convenient for Korean residents who can easily transfer money from their local bank accounts.
Customer Reviews
Checking customer reviews and feedback can provide valuable insights into the reliability and quality of the service.
Look for reviews on trusted travel websites, forums, and social media to gauge other customers’ experiences. Positive reviews can give you confidence in your choice, while negative reviews can serve as a warning sign.
How To Trade With UEEx in South Korea
Trading on UEEx in South Korea is simple. Follow these steps to get started:
Open an Account
Visit the UEEx website and click on Sign Up at the top of the homepage. You’ll need to:
- Enter your email address or phone number with the country code.
- Create a strong password that’s unique to your account.
- If you have an invitation code, use it to receive a commission.
After signing up, you’ll get a verification code sent to your email or phone. Enter the code to confirm and activate your account.
Deposit Funds
Once your account is active, deposit funds to start trading:
- Go to the Asset Management section.
- Decide whether to deposit cryptocurrency or fiat currency.
- Under the Recharge section, select your preferred deposit method.
- Follow the on-screen instructions to complete the process.
Be aware that deposits take time to process, depending on the method used. Crypto deposits depend on block confirmations, while fiat deposits depend on bank processing times.
Buy Cryptocurrency
Now that your account is funded, you’re ready to trade:
- Click Trade next to your chosen asset.
- Choose an order type:
- Market Order: Buys or sells immediately at the current market price.
- Limit Order: Allows you to set a specific price for buying or selling.
- Enter the amount of cryptocurrency you want to buy or the amount of fiat currency you want to spend.
- Review your order, then click Buy or Sell to complete the transaction.
Transfer to a Wallet
For better security, move your cryptocurrency to a personal wallet you control:
- Hardware Wallets: Physical devices like Ledger or Trezor that keep your crypto offline.
- Software Wallets: Apps like MetaMask or Trust Wallet that allow you to manage your crypto digitally.
By transferring to a personal wallet, you ensure greater protection for your assets.
Are Crypto Exchanges Legal in South Korea?
Yes, crypto exchanges are legal in South Korea, but they operate under strict government regulations.
The government has put in place strong rules to prevent money laundering and protect investors, such as requiring users to use their real names and report their transactions.
Read more about the legality of crypto exchanges in South Korea here.
Conclusion
Choosing the right exchange depends on your trading experience, the cryptocurrencies you want to trade, and your priorities (like security or low fees).
Research each exchange carefully and consider your needs before making a decision. Remember to prioritize security and always practice responsible trading.
Frequently Asked Questions
What Is the Best Site to Buy Bitcoin in South Korea?
UEEx is a leading cryptocurrency exchange in South Korea, known for its low fees and a wide variety of cryptocurrencies, making it an excellent option for traders of all levels.
Does Korea Use Trust Wallet?
Yes, Trust Wallet is a globally available cryptocurrency wallet, and users in South Korea can use it to store and manage their digital assets.
How to Withdraw Crypto in Korea?
To withdraw cryptocurrency in South Korea, you can transfer your digital assets from your exchange account to a personal wallet like Trust Wallet. From there, you can send the crypto to a local exchange such as Upbit or UEEx, where you can convert it to Korean Won (KRW) and withdraw it to your bank account.
Which Crypto Exchange Can I Use in Korea?
In South Korea, popular cryptocurrency exchanges include UEEx, Bithumb, Coinone, Korbit, and Upbit. These platforms offer a variety of services for buying, selling, and trading cryptocurrencies.
