How to buy and sell Bitcoin in Korea?
Despite being one of the most vibrant centers for cryptocurrencies and blockchain technology worldwide, Korea is one of the countries with the most stringent regulation of cryptocurrencies in states that accept Bitcoin. In July 2018, the Korea Times reported that the government had drafted bills to put cryptocurrency regulations in place to prevent cybercrime and money laundering. So how to buy Bitcoin in Korea? If you want to buy Bitcoin in Korea, you can still use the following methods.
Bitcoin legal in Korea
In 2017, Korea was at the center of Bitcoin’s phenomenal growth to reach an all-time high of around $ 20,000. A study revealed that more than 80 percent of South Korean cryptocurrency investors had reported a significant return on their investments. The Korean government has worked hard on the cryptocurrency sector in the country and brought everything to a sudden end, even for a short time.
Many South Korean banks, such as Shinhan Bank, have provided Google’s anonymous virtual bank accounts to customers who want to fund their crypto exchange accounts. This practice has reduced periodic bank fees and delays, enabling the purchase and sale of low-friction cryptocurrency for Koreans. However, this practice is now banned, and currently, only bank accounts with common names can be used to trade cryptocurrencies.
The developments came after the Korean government legitimized the payment facilitation of cryptocurrency service providers in July 2017. Rumors of a Korean ban began to swirl through the international markets. Following the harsh crackdown on cryptocurrency exchanges in China, the Korean market has grown to become a substitute for Chinese demand.
Korea’s cryptocurrency craze and subsequent multiplication of exchanges, businesses, and related services, has attracted a lot of government attention.
In September 2017, the government banned ICOs (Initial coin offerings). In January 2018, the Korean government was shaken by an insider trading scandal, when they claimed that some Financial Supervisory Service employees had sold their cryptocurrency hold right before when the Attorney General publicly (and mistakenly) declared that the government was near banning cryptocurrencies.
While the government is concerned about the security and financial risks of cryptocurrencies, Korea’s (central) bank is unphased. BOK reported that 2 million won (approximately US $ 18 billion) of cash in the local crypto industry poses no threat to the 26 trillion Won deposits in the country’s brokerage houses.
Buy Bitcoin in Korea at Coinmama
Coinmama allows customers in almost every country to buy bitcoins using credit or debit cards. They charge ~ 6% for each purchase. Customers in Europe can also buy bitcoins with SEPA transfers for a lower fee.
- Works in most countries
- Highest limit to buy bitcoin with a credit card
- Reliable and trusted broker
- Some of the highest fees among debit/ credit card bitcoin brokers
Buy Bitcoin in Korea by using UPbit
UPbit is one of Korea’s largest cryptocurrency exchanges today. The exchange has about 1.2 million users, and the daily trading volume amounted to over 300 million USD despite burdensome regulations from the Korean government. They are operated by a subsidiary of Korean technology giant Kakao.
- Large trading volume
- Competitive fee
- Korean bank transfer is accepted
- No fees on deposit
- Many coins are available
- Hacked in November 2019
- No Leverage
- Minimum order size set
Buy Bitcoin in Korea by using Bithumb
One of Korea’s largest cryptocurrency exchanges by trading volume, Bithumb, announced a partnership with U.S. fintech firm Series one on October 31.
- 24/7/365 customer support in multiple languages
- Commissions compete for 0.15% on deals
- Access to a range of the most popular cryptocurrencies and tokens in the world
- Simple and straightforward exchange platform
- High liquidity due to its popularity
- A variety of order types are available
- Targeted primarily on Korean users
- Some translation issues on the English version of the site
- Fiat deposit is for Korean residents only
- Previous security issues made user information vulnerable to theft
- Other exchanges offer access to a range of digital currencies
Buy Bitcoin in Korea at Coinone
Coinone was founded in 2014 as a Bitcoin-only exchange but has added eight other cryptocurrencies to its portfolio. Coinone has opened a physical cryptocurrency exchange, Coinone Blocks, which is essentially “the world’s first blockchain 4D zone.”
- Established player with a strong team
- High level of security with multi-signature wallets, two-factor authentication (2FA) and cold storage
- Low fee
- Accepting money through Korean bank transfer
- No fees on deposits
- Support nine cryptocurrencies
- Provide margin trading
- Have a good trading platform
- Focus on Korea
- Only allow transactions with KRW (Korean currency)
- Very few user reviews (mostly negative)
Buy Bitcoin at GOPAX
GOPAX, short for Global Online Professional Assets Exchange, is the largest Bitcoin exchange in Korea. They allow transactions in Korean to win, and there are more than 20 coins available for trading. Traders can trade on the day they register with no transaction fee.
- It does not provide transaction fees
- It accepts transfers from most Korean banks
- GOPAX is also available in English
- Easy to use
- KRW is the only currency supported by GOPAX
- Lack of important features
Buy Bitcoin at Huobi
Huobi Korea is a subsidiary of Chinese crypto exchange Huobi. Huobi itself is the 3rd largest cryptocurrency exchange worldwide. They have companies in Singapore, the USA, Japan, China, and Hong Kong.
- Impressive trading floor
- More than 100 cryptocurrencies and tokens are supported on the leading exchange
- The altcoin listed exchange HADAX alternative is voted on
- Advanced network security
- Strong customer support
- Deposits and withdrawals are not supported
- The account registration process is long
Buy Bitcoin in Korea at Changelly
Changelly allows you to buy bitcoins with Litecoin, Dogecoin, altcoins, and many other digital tokens. Changelly works in almost every nation, but you will need another crypto to purchase bitcoin. Exchanges happen practically immediately because Changelly never controls your tokens, only exchanges them.
- The easiest and fastest way to buy bitcoins with altcoin
- Fees are reasonable for larger traders
- Need altcoin or other digital tokens to use
Buy Bitcoin in Korea by using Korbit
Korbit is the first and most significant Bitcoin exchange in Korea, based on transaction volume. The deposit can only be made via bank transfer.
- Extremely low fees from 0% (for market makers) to 0.2% (for market implementers)
- Deep liquidity ensured buying prices were close to market prices
- Multi-sig security features
- Provide money transfer services
- Can be hard to use for the first time
- Providing a wallet should not be used to store Bitcoin
- Single payment method
Buy Bitcoin at Coinplug
Coinplug is a Bitcoin exchange based in Korea. Customers can buy bitcoins by depositing money in a bank into one of Coinplug’s virtual bank accounts.
Coinplug also operates the okBitcard service that allows buying bitcoin vouchers from any 7-11 ATM, Mini Stop, or Nautilus across Korea. Gift vouchers can be purchased for 10,000, ₩ 30,000, or ₩ 50,000 denominations.
- Low fees; can buy for only 0.1%
- Investment and technical advice from several prominent industry names
- okBitcard is a fast and convenient way to purchase small amounts of bitcoin at more than 32,000 locations across Korea
- okBitcard is a private buying method and requires only your phone number
- Not private because identity verification is required for exchange transactions
- The interface may be confusing for first-time buyers
- Exchange virtual bank accounts, valid for only 24 hours, can lead to complications in delayed payment.
Buy Bitcoin using Mycelium Local Trader
Mycelium Local Trader helps you achieve local Bitcoin sellers. When you find a seller, you will meet directly and make a transaction. Mycelium charges absolutely no charge. Users in low population areas will have difficulty finding sellers while Mycelium Local Trader works well in densely populated areas.
- Cheap and easy way to buy bitcoins with cash
- A private way to buy bitcoins, no personal information is required in addition to your mobile phone number
- Users in sparsely populated areas will have difficulty finding sellers
Buy Bitcoin by using P2P marketplaces Localbitcoins
LocalBitcoins is an escrow service that also helps fit bitcoin buyers and sellers. The most common payment method for purchases is cash. However, users can advertise transactions for any payment method they like.
Buying bitcoin through a live meeting, guaranteed and facilitated by LocalBitcoin, maybe one of the fastest and most private ways to buy bitcoin in any country.
- Can be private, fast and easy
- Direct transactions do not require the personal information
- Buying bitcoins can be done quickly through deposits
- Beware of scams; Always obey the rules!
- It is harder to buy large amounts of bitcoin than the major exchanges
- The price is slightly higher than regular exchange; Premium for more top privacy
Buy Bitcoin in Korea from ATM Crypto
Because Korea is one of the countries with the most stringent crypto regulations, there were not any Bitcoin ATMs available in Korea.