How To Buy Bitcoin In South Korea (2021)
South Korea, like Japan, was very early to the Bitcoin party. It offers some of the most mature markets in the world for these types of assets, and has come a long way from even just 4 years ago in terms of the safety of the exchanges and the regulations in place.
One unattractive aspect of South Korea is that its exchanges’ histories are rife with hacks, though many attribute this to the North Korean regime. To its credit, many of the exchanges that have experienced these hacks have done their best to make their customers whole after ward and South Korean regulators appear to move quickly in order to change regulations that either are not working or are stifling growth.
One of the easiest ways to buy Bitcoin in South Korea is through one of their many cryptocurrency exchanges, outlined below. There are several exchanges offering Bitcoin in South Korea, and you can easily select one based on your requirements and preferences using our guide.
Top bitcoin exchanges in South Korea:
- Bitcoin ATMs
eToro: eToro is a trading platform and crypto exchange. It supports Bitcoin, Ethereum, Litecoin, Zcash and many other coins.
Deposits can be made quickly via bank transfer, SEPA, NETELLER, PayPal and more. It also offers unique features like copy trading.
- Offers unique copy trading feature
- Trusted exchange that has been active in traditional finance
- Interface is clean and easy to use
- You cannot deposit cryptocurrency, but you can deposit with other payment methods.
Paybis: Paybis is a popular & cryptocurrency exchange. They serve 180 countries and 48 US states and are registered with FinCEN, making them a more trusted, regulated exchange. Paybis offers incredibly high limits and super fast payouts, not to mention 5 minute ID verification and nearly perfect review scores on Trustpilot.
- 24/7 live support
- Extremily high limits
- 5 Minute verification
- Get payouts fast
- Large selection of payment methods
- No traditional orderbook for advanced traders
Coinmama: Coinmama allows customers in almost every country to buy bitcoin. They charge a 4.9%-5.9% (depends on volume) fee on each purchase.
Customers in Europe can also purchase bitcoins with SEPA transfer for a lower fee.
- Works in almost all countries
- Highest limits for buying bitcoins with a credit card
- Reliable and trusted broker
- Some of the highest fees among credit/debit card bitcoin brokers
Korbit: Korbit is the first and largest Bitcoin exchange in South Korea, based on trading volume. Deposits can be made via bank transfer only.
- Extremely low fees of 0% (for market makers) to 0.2% (for market takers)
- Deep liquidity ensures a buying price close to fair market rate
- Multi-sig security features
- Offers a remittance service
- Can be hard to use for the first time
- Offers a wallet that should not be used for Bitcoin storage
- Single payment method
Coinplug: Coinplug is a Bitcoin exchange based in South Korea. Customers can buy bitcoin by making a bank deposit to one of Coinplug’s virtual bank accounts.
Coinplug also operates the okBitcard service which allows bitcoin vouchers to be purchased from any 7-11, Mini Stop or Nautilus ATM across South Korea. Vouchers may be purchased in ₩10,000, ₩30,000, or ₩50,000 denominations.
- Low fees; possible to buy for just 0.1%
- Investment and technical advice from some prominent industry names
- okBitcard is a quick and convenient to buy small amounts of bitcoin at over 32,000 venues across South Korea
- okBitcard is quite a private buying method; requires only your phone number
- Not private since identity verification is required for exchange trading
- Interface may be confusing for first time buyers
- Exchange’s virtual bank accounts, valid for 24 hours only, may lead to complications in the event of payment delays
Bitcoin ATMs: You can use this Bitcoin ATM map to buy bitcoins with cash. Bitcoin ATMs can be a quick and easy way to buy bitcoins and they’re also private. That convenience and privacy, however, comes with a price; most ATMs have fees of 5-10%.
Share On social Media 👇