Best Crypto Exchanges in Korea

Top Crypto Trading Platforms in Korea

Our team reviewed the 16 cryptocurrency exchanges available to South Korean investors to determine the top options. We focused on compliance with the Financial Services Commission regulations, the supported digital assets, trading fees, KRW deposit methods, and features. Below is a detailed summary of the five best platforms for crypto trading in Korea.

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1. KuCoin

KuCoin is the best option for South Korean investors, offering a comprehensive platform that can be used in Korean and facilitating KRW deposits through local payment methods. It supports over 700 digital assets for spot trading, margin trading, and hundreds of futures contracts with up to 100x leverage, providing users with diverse investment opportunities. 

Users can earn passive income by participating in various earning programs, including staking, lending, and savings products. The 'Snowball' product offers structured investment options with high yields and price protection. Security is a top priority for KuCoin, employing measures like cold wallet storage, regulated proof-of-reserves and multi-factor authentication to safeguard user assets.

• Fees: Maker and taker fees start at 0.1%, with discounts available for using KuCoin's native token (KCS).
• Supported Assets: Over 700 cryptocurrencies.
• Regulation & Licensing: Operates globally, adhering to South Korea's regulatory guidelines.
• KRW Deposit Methods: Bank transfers, credit cards, debit cards, Google Pay and Apple Pay.

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‍2. Bybit

Bybit is a popular crypto exchange in Korea, renowned for its comprehensive suite of trading and investment services. Unfortunately, the platform does not accept KRW deposits but remains accessible from the country. It offers 1,500 digital assets for spot trading and over 400 derivatives contracts with 200x leverage. There are also copy trading, trading bots and a demo account.

Additional features include staking options like Dual Asset and Smart Leverage, plus lending and borrowing services. The platform also has an NFT marketplace, TradeGPT, OTC desk and a crypto debit card. Bybit's commitment to security and transparency is evident through regular proof-of-reserve audits, ensuring users' funds are backed 1:1 and always withdrawable.

• Fees: Maker fees start at 0.02%, taker fees at 0.055% for derivatives and 0.1% for spot trading.
• Supported Assets: Over 1,500 cryptocurrencies.
• Regulation & Licensing: Licensed globally and adheres to local South Korean laws.
• KRW Deposit Methods: It doesn’t accept KRW deposits but facilitates deposits in 65+ fiat currencies.

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3. Gate.io

Gate.io offers an extensive selection of over 2,900 digital assets for spot trading and hundreds of futures contracts with leverage up to 100x supported. The platform provides advanced trading tools, including strategy bots for spot grid, futures grid, and Martingale strategies, plus other features like copy trading, allowing users to replicate the trades of successful traders.

The exchange also provides crypto loan services, allowing users to borrow against their crypto assets and earning opportunities through its Simple Earn program, auto-investment plans, and staking services, which offer up to 499% APY. Gate.io serves over 19 million users across Korea and 180 other countries, but unfortunately, the platform cannot be used in Korean.

• Fees: Spot trading fees start at 0.2%.
• Supported Assets: Over 2,900 cryptocurrencies.
• Regulation & Licensing: Not regulated but available in Korea.
• KRW Deposit Methods: P2P transactions.

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4. MEXC

MEXC is a leading exchange in Korea, known for its advanced futures trading platform offering leverage up to 200x. The exchange supports over 1000 digital assets for spot trading and hundreds of derivatives contracts. Additional trading tools include copy trading and a testnet for practising trades with zero risk. As a global platform, it can be used in Korean and facilitates KRW deposits.

The platform offers various earning opportunities through its Launchpool and Kickstarter programs, allowing users to participate in new token projects and earn rewards. The platform also provides staking services, enabling users to earn passive income on their holdings. Additionally, MEXC offers crypto loan services, allowing users to borrow against their crypto assets.

• Fees: Competitive trading fees starting at 0.02% for futures.
• Supported Assets: Over 1,000 cryptocurrencies.
• Regulation & Licensing: Globally regulated and available in Korea.
• KRW Deposit Methods: Bank transfers, debit cards and credit cards.

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5. Upbit

Upbit is based in Gangnam-gu and is the most popular exchange in South Korea. In 2019, Upbit experienced a security breach, resulting in the loss of 342,000 ETH. In November 2024, South Korean authorities confirmed that the North Korean hacker group Lazarus was responsible for this attack. Since then, it has enhanced its security and collaborated with law enforcement to recover stolen assets. 

The exchange supports over 220 digital assets for spot trading. The 'Investments' section offers insights into market trends and investment opportunities. The 'Trends' feature keeps traders updated with the latest market movements and news. For those interested in passive income, Upbit's staking service allows users to earn rewards by holding specific cryptocurrencies.

• Fees: Flat trading fee of 0.25%.
• Supported Assets: Over 220 cryptocurrencies.
• Regulation & Licensing: Fully regulated by Korean financial authorities and obtained the ISMS-P and ISO/IEC certification.
• KRW Deposit Methods: Direct bank transfers and KakaoPay.

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Is Crypto Regulated in Korea?‍

Cryptocurrency in South Korea operates within a defined regulatory framework. The Financial Services Commission (FSC) is the primary regulatory authority, overseeing crypto exchanges and related activities to ensure compliance with anti-money laundering (AML) and counter-terrorism financing (CFT) regulations. 

In July 2023, the FSC implemented the Virtual Asset User Protection Act, mandating that exchanges store at least 80% of user deposits in cold wallets and maintain fiat deposits in licensed banks. Additionally, the FSC has established a 24-hour surveillance network in collaboration with local exchanges to monitor and address suspicious activities.

Looking ahead, South Korea is advancing regulation with its proposed framework for cross-border crypto transactions, set to take effect in late 2025. This will mandate registration and regular reporting of international crypto dealings to the Bank of Korea, a move driven by the detection of over $7.97 billion in crypto-related foreign exchange crimes since 2020.

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How is Crypto Taxed in Korea?

In South Korea, cryptocurrency taxation is governed by the National Tax Service (NTS), which has established a framework to ensure transparency in the digital asset market. As of 2024, the implementation of a 20% tax on cryptocurrency gains exceeding 2.5 million Korean won (approximately $1,800) has been postponed to January 1, 2025.

This tax will apply to profits from activities such as trading and mining. The delay aims to provide the government with additional time to develop a comprehensive tax infrastructure and address concerns about market volatility. Individuals and entities involved in crypto transactions must stay informed about these developments and prepare for the forthcoming tax obligations.

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How to Buy Bitcoin in Korea

South Korean investors interested in purchasing Bitcoin can use exchanges that support South Korean Won (KRW) deposits and comply with the Financial Services Commission regulations. Here’s a guide to buying BTC in Korea:

1. Select a Platform: Choose a reliable cryptocurrency exchange that supports KRW deposits and is compliant with FSC guidelines. 
2. Create an Account: Register on your chosen platform by providing the necessary details, such as your name and email address. Complete the Know Your Customer (KYC) process by submitting a government-issued ID and proof of residence.
3. Deposit South Korean Won (KRW): Visit the deposit section of the platform and choose a payment method, such as bank transfer or linked banking accounts. Enter the deposit amount in KRW and follow the exchange’s instructions to complete the transaction.
4. Locate Bitcoin (BTC): Once your deposit is processed, navigate to the trading section. Search for Bitcoin or "BTC" and select the KRW/BTC trading pair to execute trades using South Korean Won.
5. Complete Your Purchase: Decide how much Bitcoin you want to buy or the KRW amount you wish to spend. Confirm the transaction details, including fees, and execute your trade.

Ensure you use a platform that complies with South Korea’s regulatory framework to safeguard your investments.

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Bottom Line

Crypto adoption in South Korea is expanding rapidly, supported by a robust regulatory framework overseen by the Financial Services Commission (FSC). The five best exchanges for Korean investors include KuCoin, Bybit, Gate.io, MEXC, and Upbit. 

Each platform offers unique benefits, from advanced trading tools and high-leverage options to diverse KRW deposit methods and staking services.