Easiest and cheapest ways to buy crypto in South Korea
No matter where they live, people always seek the easiest and cheapest way to buy bitcoin. Buying crypto in South Korea is a bit harder than in some other countries so we have compiled a list of exchanges where South Korean citizens can buy bitcoin.
Crypto Regulations in South Korea
South Korea has established a comprehensive regulatory framework for cryptocurrencies, reflecting its proactive approach to managing the digital asset market. The country’s regulations are designed to strike a balance between promoting technological innovation and ensuring consumer protection, while also preventing illicit activities related to cryptocurrencies.
In terms of legal status, cryptocurrencies are not recognized as legal tender in South Korea, but they are legal to own and trade. The key regulations governing cryptocurrencies include the Electronic Financial Transactions Act, which classifies cryptocurrencies as “electronic assets.” This Act mandates Know Your Customer (KYC) checks, anti-money laundering (AML) measures, and cybersecurity requirements for entities involved in cryptocurrency transactions. Additionally, the Act on Reporting and Use of Specific Financial Information requires financial institutions to report any suspicious transactions involving cryptocurrencies, thereby enhancing regulatory oversight.
Specific regulations have also been implemented to govern cryptocurrency exchanges in South Korea. Since 2017, the country has prohibited anonymous cryptocurrency trading, requiring users to open accounts linked to their real names at banks that service cryptocurrency exchanges. This “Real-Name Account Requirement” is intended to prevent fraud and money laundering. Furthermore, all Virtual Asset Service Providers (VASPs), including exchanges, must register with the Financial Services Commission (FSC) and adhere to stringent AML and counter-terrorist financing (CTF) regulations. Non-compliance with these regulations can result in severe penalties, including imprisonment and hefty fines.
To enhance user asset protection, a new law effective from July 19, 2024, mandates that exchanges safeguard at least 80% of user deposits in cold wallets. The law also imposes responsibilities on VASPs to protect user assets by managing separate accounts for user deposits. In addition, South Korea has implemented the FATF’s Travel Rule, which requires VASPs to collect and share specific information about transactions that exceed a certain threshold. This rule aims to increase transparency and accountability within the crypto market, further strengthening the country’s regulatory framework.
Bithumb is a South Korean cryptocurrency exchange. Founded in 2014, Bithumb Korea is the most influential digital currency exchange in the country, having 8 million registered users, 1M mobile app users, and a current cumulative transaction volume that has exceeded 1 trillion US dollars.
As the name suggests, Korbit is a cryptocurrency exchange based in South Korea. The name comes from the country where the exchange is based and the main cryptocurrency, Bitcoin. Korea + Bitcoin = Korbit. The exchange is owned by Korbit Inc., a company located in Gangnam-gu, Seoul, South Korea. It was launched back in 2014, so the Korbit is not a new player on the market and is considered the first Korean-based cryptocurrency exchange. The exchange secured huge investment from various venture capitalists in Korea – $3.6 million was raised.
Korbit is widely considered the largest cryptocurrency exchange in South Korea.
👛 Ease of Use – Medium 👛 Fees – Low 👛 Verification – 1 Day 👛 Reputation – Trusted 👛 Supported fiat – USD, EUR, GBP, AUD, RUB
Launched in July 2017, Binance quickly became the world’s largest centralized crypto exchange, with more than $15 billion in daily trading volume. It has over 30 million users all over the world. Binance offers an impressive number of cryptocurrencies that you can buy, sell, and trade with low trading fees.
Binance is considered one of the safest cryptocurrency exchanges on the market. Binance provides 2FA and both cold storage and multi-sig wallets. It supports spot trading, futures, P2P trading, margin trading, earn (locked and fixed savings, DeFi staking, and yield farming), mining and staking pools. It has over 350+ cryptocurrencies available for trade and 1300+ trading pairs.
⚡️ Deposit fees: Free ⚡️ Withdrawal fees: Vary from crypto to crypto ⚡️ Trading fees: 0.1% ⚡️ Payment Methods: Debit Card, Credit Card, SWIFT, Bank Transfer (SEPA), and more ⚡️ Supported fiat: USD, EUR, GBP, AUD, RUB, and 15+ more
Low fees High liquidity Excellent mobile app Well-established and trusted
Hacked in 2019 Not accessible to U.S. users
Best Bitcoin Wallets in South Korea
It is never a good idea to keep your coins on an exchange as that exposes you to numerous risks (exchange hacks, fund freezes by the exchange or some government regulatory body, etc). That is why you should use one of the wallets we list below to store your digital assets.
But, which bitcoin wallet is available in this country?
The safest option is a hardware wallet like Nano X but ZenGo is also a good choice, especially for newcomers.
👛 Ease of Use – Easy 👛 Fees -Low 👛 Verification – 1 Day 👛 Reputation – Trusted 👛 Supported fiat – USD
Gemini Exchange, established in 2014 by the renowned investors and twins, Cameron and Tyler Winklevoss—who also happened to be Harvard peers of Mark Zuckerberg—is a prominent cryptocurrency exchange.
Operating in over 60 countries, including the U.S., U.K., and Canada, Gemini provides a range of services catering to both novice investors and seasoned traders. These services encompass a trading platform, a trusted digital asset custodial service, and a sophisticated trading interface. A standout feature of Gemini is its custodial service, which boasts a substantial insurance coverage of $200 million for its cryptocurrency holders.
⚡️ Deposit fees: Free ⚡️ Withdrawal fees: 0.001 BTC ⚡️ Trading fees: 0.10% – 0.35% ⚡️ Payment Methods: Credit/debit cards, Local bank transfer ⚡️ Supported fiat: USD
Ability to set real-time market limit orders Low fees Clean user interface Strong reputation
👛 Ease of Use – Easy 👛 Fees – Average 👛 Verification – 2-3 Days 👛 Reputation – Trusted 👛 Supported fiat – USD, EUR, GBP, JPY, CAD
Kraken has been a dominant force since its inception in 2011. The platform is a hub for trading a diverse range of over 220 digital assets, with popular names like Bitcoin, Ethereum, and Cardano leading the pack. Kraken’s reputation for top-tier security measures is well-earned, ensuring a safe trading environment for its users.
Its reach is truly global, with availability spanning across many countries, though a few like Iraq and New York are left out. Kraken is also user-centric, offering a multitude of payment methods and accommodating various fiat currencies for transactions. For those with a penchant for advanced trading, Kraken provides a suite of sophisticated tools.
⚡️ Deposit fees: EUR SEPA Deposit (Free) – EEA countries only USD Bank Wire Deposit ($5 USD) – US onlyEUR Bank Wire Deposit (€10) – outside the US only USD Bank Wire Deposit ($10 USD) – outside US onlyJPY Bank deposit (Free, ¥5,000 deposit minimum) – Japan-only USD, Wire Deposit (Free) ⚡️ Withdrawal fees: Cryptocurrency: Fees vary, SEPA Withdrawal (€0.09) – EEA countries only USD Bank Wire Withdrawal ($5 USD) – US only USD Bank Wire Withdrawal ($60 USD) – outside US onlyEUR Bank Wire Withdrawal (€60) – outside US onlyJPY Bank withdrawal (¥20) – Japan onlyCAD EFT Withdrawal ($10 CAD) ⚡️ Trading fees: Maker: 0.16%Taker: 0.28% ⚡️ Payment Methods: Fedwire, Bank Transfer (SEPA), SWIFT, Wire Transfer, Etana Custody, Silvergate Exchange Network (SEN), FPS, CHAPS, and BACS, PayID, Osko ⚡️ Supported fiat: USD, EUR, GBP, JPY, CAD
Available almost worldwide Longevity on the crypto market – highly respected exchange Over 90 cryptocurrencies Advanced trading and staking services
Fees are fairly high compared to its main competitors No derivates or futures trading
👛 Ease of Use – Easy 👛 Fees – Low 👛 Verification – 1 Day 👛 Reputation – Trusted 👛 Supported fiat – USD, EUR, GBP
Bitstamp, established in 2011, stands as one of the most reputable cryptocurrency exchanges globally. With its inception, it has set a benchmark as the longest-operating crypto exchange, known for its affordable charges, unwavering reliability, and user-friendly interface. The platform extends its services to more than 100 nations, though some functionalities may be limited in specific regions.
A team of seven seasoned professionals, well-versed in both conventional and decentralized finance, spearheads Bitstamp. The exchange boasts support for over 80 digital currencies, including renowned coins and stablecoins like Tether (USDT). On the other hand, platforms like Coinbase have a broader spectrum, supporting over 150 cryptocurrencies.
When it comes to global accessibility, the Bitstamp application is operational in countries ranging from Albania to Bahrain. Additionally, for those in the European Union, Bitstamp facilitates immediate cryptocurrency purchases via credit and debit cards.
⚡️ Deposit fees: 0 – 5 % ⚡️ Withdrawal fees: Sepa – 3 EUR, ACH – Free, Credit cards – 5%, International wire – 0.1%, and crypto – depends on the asset (0.0005 BTC) ⚡️ Trading fees: 0 – 0.5 % ⚡️ Payment Methods: Credit/Debit Card, ACH Transfer, SEPA, USD Wallet, Faster Payments, and International Wire. ⚡️ Supported fiat: USD, EUR, GBP
24/7 Phone Customer Support Low fees The mobile app is highly rated Security on a high level
A small selection of cryptos is available Just 2 cryptocurrencies are available for staking Limited educational content for beginner traders
👛 Ease of Use – Easy 👛 Fees – Low 👛 Verification – 1 Day 👛 Reputation – Trusted 👛 Supported fiat – USD, EUR, GBP, JPY, and CNH
Founded in 2012, this exchange from the British Virgin Islands represents one of the oldest crypto exchanges in the community. The large ecosystem of crypto products and trading options (spot trading, margin trading, derivatives, paper trading, and more) makes Bitfinex one of the most popular exchange platforms by volume.
The extremely low trading fees are another reason why so many crypto traders opt for this platform. Most trades cost around 0.20 %, but it is based on a Taker-Maker concept. The maker fee is 0.10 %, while the taker fee is 0.20 %. These fees apply to fiat trades, crypto, and stablecoins.
⚡️ Deposit fees: 0.1 % ⚡️ Withdrawal fees: Free ⚡️ Trading fees: 0 – 0.2 % ⚡️ Service fees: 0.1 % ⚡️ Payment Methods: Debit/Credit Cards, ACH Transfer, Wire Transfer ⚡️ Supported fiat: USD, EUR, GBP, JPY, and CNH
Withdrawal, deposit, and trading fees are very low Supports margin trading, spot trading, derivatives, and other advanced order types The mobile app works great Wide range of supported cryptocurrencies
Second largest hack in history Not available for US citizens
Huobi has a massive presence in the Asian markets and its popularity has been spreading globally. With more than 390 cryptocurrencies offered, traders and investors around the world can easily buy crypto.
Huobi client funds are held in dedicated multi-signature cold wallets with 24/7 security monitoring, and a dedicated 20,000 BTC Security Reserve Fund has been created to further provide another level of asset protection.
👛 Ease of Use – Easy 👛 Fees – High 👛 Verification – 1 Day 👛 Reputation – Trusted 👛 Supported fiat – USD, EUR, GBP, CAD, AUD
Coinmama is one of the oldest centralized cryptocurrency exchanges on the market. It was founded in Israel in 2013. Today, Coinmama’s head office is in Dublin, Ireland. Using this crypto exchange, you can easily and quickly buy and sell 10 different cryptocurrencies.
Coinmama is a cryptocurrency exchange that allows users to buy and sell a small selection of digital assets using various payment methods, including credit cards, bank account transfers, and payment apps. It is known for its easy-to-use platform and fast verification process, but it has high fees and a limited selection of cryptocurrencies. It also does not offer a wallet service and has mediocre educational content. Coinmama may be a good fit for those who want to make occasional small crypto purchases, but it may not be suitable for long-term use due to its high fees and limited features.
⚡️ Deposit fees: 0 – 5 % ⚡️ Withdrawal fees: None ⚡️ Trading fees: 2.9 – 3.9 % ⚡️ Payment Methods: Bank Transfer (SEPA), SWIFT, Fedwire, Bank cards, Open Banking, Google Pay, Apple Pay, Skrill ⚡️ Supported fiat: USD, EUR, GBP, CAD, AUD
150+ countries supported Mobile App (iOS and Android) Various payment methods Quick verification process
Fees above the industry average Only 10 cryptocurrencies No wallet or trading options, just purchases or sells
Frequently asked questions about buying Bitcoin in South Korea
Is Bitcoin legal in South Korea❓
South Korea legitimizes cryptocurrency ownership and trading. What do you need to know? On 5 March 2020, South Korea passed an amendment to the Act on the Reporting and Use of Specific Financial Transaction Information. It came into effect in March 2021 and extended AML/CTF rules to virtual asset service providers.
Can a foreigner buy Bitcoin in Korea❓
It can be pretty hard to buy Bitcoin in Korea as a foreigner, as the different crypto exchanges and wallets (third-party apps that connect the buyer and seller) may not allow you to make an account (without a permanent address in America).
Is there Bitcoin ATM in Korea❓
Unfortunately, there is no bitcoin ATM we know of in South Korea.
Which Bitcoin wallet does South Korea use❓
Korbit is the first bitcoin exchange in South Korea and has strong venture capital backing. The platform is widely accepted by its users and features both Korean and English languages and allows users to buy Bitcoins with the local fiat currency, the South Korean Won (KRW).
Why is Bitcoin more expensive in South Korea❓
Prices for Bitcoin can be higher in South Korea than on other international exchanges. Cryptocurrencies like Bitcoin are decentralized assets, meaning they don’t trade on a central exchange, unlike equities.
Is Bitcoin safe for investment❓
First things first: The money you put into Bitcoin is not safe from value fluctuations. Bitcoin is a volatile investment. If you’re looking for a “safe” investment with guaranteed returns, then don’t invest in Bitcoin — or any cryptocurrencies for that matter.
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As the Head of Content at Captainaltcoin, I bring years of experience in the crypto industry. With a strong belief in the potential of the web3 market since 2017, I'm passionate about sharing valuable insights and knowledge.
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