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2024 Best Cryptocurrency Exchange in South Korea Recommended | How to Buy Bitcoin (BTC) in South Korea

update:2024-03-01

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In South Korea, the most reliable way to buy Bitcoin is through reputable cryptocurrency exchanges that accept the local currency. This allows users to securely deposit the local currency using their local bank accounts, debit cards, and credit cards for purchasing Bitcoin and other cryptocurrencies like USDT.

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After careful evaluation, we strongly recommend OKEx or Binance as the best choices for buying Bitcoin in South Korea. OKEx and Binance offer fast, zero-fee services for various national currency deposits and provide a wide selection of over 770 other cryptocurrencies. Both platforms have low trading fees, are globally recognized as trustworthy exchanges, and are the preferred recommendations for Korean users.

Here, we recommend the secure international exchange OKEx, where registration can enjoy fee waivers.

How to Buy Bitcoin in South Korea?

For those residing in South Korea and interested in buying Bitcoin, OKEx and Binance are recommended choices. Known for their robust platforms, OKEx and Binance not only support major currency deposits but also offer over 770 cryptocurrencies and stablecoins for trading and investment.

There are numerous exchanges where you can buy Bitcoin, such as OKEx Exchange, Binance Exchange, Huobi Exchange, etc. Taking OKEx Exchange as an example, let's delve into Bitcoin buying and selling transactions.

Next, we recommend the secure international exchange OKEx, where registration can enjoy fee waivers.

Visit the OKEx official website, and you can directly buy Bitcoin with a single click on OKEx through quick trading, as shown in the image below:

Fill in the amount you want to buy and select the currency you want to purchase (choose Bitcoin), click Buy Now, and proceed to the next order confirmation page.

Confirm Your Order

Once confirmed, click the Buy Bitcoin button to proceed to the Order Payment page.

Payment for Your Order

As shown in the image above, simply follow the payment method displayed to make the payment to the seller. After payment, click I have successfully paid and wait for the seller to release the Bitcoin. For any questions, you can also consult the platform's customer service.

Top Cryptocurrency Exchanges in South Korea by 2024

After a comprehensive assessment of over 15 cryptocurrency platforms, we recommend the best exchanges for Korean investors.

1. **OKEx**

- Fees: 0% for makers, 0.2% for takers. Unified fee for spot trading is 0.1%.

- Supported Cryptocurrencies: Over 300 cryptocurrencies available, including leveraged trading options for advanced investors.

- Regulation and Licensing: Regulated by VARA (Dubai), SFC (Hong Kong), available for Korean investors.

- Korean Deposit Methods: Options include bank transfers, ViettelPay, debit cards, credit cards, among others.

2. **Binance**

- Fees: 0.1% for spot trading, maker/taker fees for derivatives at 0.02%/0.04%.

- Supported Cryptocurrencies: Over 350 cryptocurrencies.

- Regulation and Licensing: Globally licensed, accessible for South Korean investors.

- Korean Deposit Methods: Bank transfers, credit cards, debit cards, etc.

3. **Bybit**

- Fees: Maker fee at 0.01%, taker fee at 0.06%.

- Supported Cryptocurrencies: Access to over 1,000 digital assets.

- Regulation and Licensing: Complies with international regulatory standards to ensure a safe trading environment for Korean users.

- Deposit Methods: Provides a range of local payment methods, including bank transfers, ViettelPay, Momo, ZaloPay, enhancing convenience for Korean users.

4. **Upbit**

- Minimum Deposit: Initial deposit of 20,000 Korean Won or equivalent.

- Supported Assets: 190 cryptocurrencies.

- Regulation: Registered with FSC in Korea.

- Fees: Trading fees of 2.4% for buying and selling cryptocurrencies, deposit and withdrawal fees range from 0.5% - 4% depending on the payment method selected.

5. **KuCoin**

- Minimum Deposit: Initial deposit of 10,000 Korean Won or equivalent.

- Supported Assets: Over 700 cryptocurrencies.

- Regulation: Not specified in South Korea.

- Fees: 0.1% for spot trading fees, deposits and withdrawals vary based on the payment method.

Regulation of Cryptocurrencies in South Korea

South Korea approaches cryptocurrency regulation with cautious optimism, unlike countries with more restrictive frameworks. The Financial Services Commission (FSC) and the Ministry of Economy and Finance regulate the South Korean digital currency environment. While cryptocurrencies are not officially classified as legal tender in South Korea, there is an increasing focus on harnessing the potential and addressing the challenges of digital assets.

South Korean regulatory authorities are actively working to understand cryptocurrency activities and are considering incorporating them under regulation whenever possible, making South Korea a forward-thinking country in cryptocurrency management in East Asia. South Korea's attitude towards digital currencies is gradually shifting towards a more favorable outlook, especially with the expanding global adoption.

Taxation Requirements in South Korea

In South Korea, the National Tax Service (NTS) oversees cryptocurrency taxation, providing clear directives for individuals and businesses. South Korean residents holding cryptocurrencies must declare the value of their assets to affect their wealth tax assessments. Unlike some jurisdictions, South Korea levies capital gains tax on the earnings generated from these digital assets.

For South Korean businesses and independent contractors, cryptocurrencies are treated as business assets, subject to income tax and wealth tax. Activities like mining, staking, or lending that generate income are subject to corporate income tax. Additionally, consumption tax may apply to specific transactions related to cryptocurrencies.

Can You Buy Bitcoin in South Korea?

Yes, individuals residing in South Korea can buy Bitcoin and a range of other digital assets. To have a secure and direct buying experience, it is recommended to use reputable cryptocurrency exchanges that comply with South Korea's National Bank or equivalent Asian institution regulations. These regulations create a secure environment for transactions through local bank transfers or affiliated debit and credit cards.

Here, we recommend the secure international exchange Binance, where registration can enjoy fee waivers.

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