How to Buy Bitcoin in South Korea
We found 9 trusted online cryptocurrency exchanges operating in South Korea including Bithumb, UPbit, and Korbit.
We found 9 trusted online cryptocurrency exchanges operating in South Korea including Bithumb, UPbit, and Korbit.
Bithumb is the most popular Bitcoin exchange in South Korea with 8,000,000 users
UPbit allows buying and selling Bitcoin with 2 forms of payment
Korbit accepts users and payments from 1 countries
Ease of Use
Medium
Fees
Average
Verification
1-2 Days
Reputation
Low
Bithumb is a cryptocurrency exchange from South Korea that at one point has been estimated to account for 10% of bitcoin trading on a global scale.
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Bithumb is a cryptocurrency exchange from South Korea that at one point has been estimated to account for 10% of bitcoin trading on a global scale. Bithumb has suffered near-crippling hacks in June 2017, June 2018, and again on March 2019. It has also been fined for leaked customer data. Despite all of these mishaps, Bithumb has plans to expand to the American and Japanese markets. Bithumb does not have a strong security record and users are strongly recommended to explore alternative exchanges.
Not really. The exchange’s history of hacks indicates Bithumb has a complete lack of regard for its customers’ welfare.
Ease of Use
Medium
Fees
Average
Verification
1-2 Days
Reputation
Trusted
Upbit is currently one of the largest crypto-asset exchanges in South Korea although only launching late 2017.
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Upbit is currently one of the largest crypto-asset exchanges in South Korea although only launching late 2017. Founded by one of South Korea’s richest men, Song Chi-Hyung and through its exclusive partnership with Bittrex, it’s no wonder why UPbit is quickly becoming the most popular exchange in Asia.
Upbit’s online wallet security is provided by BitGo, which boasts one of the best global standards in multi-signature wallets.
Ease of Use
Medium
Fees
Average
Verification
1-2 Days
Reputation
Trusted
Korbit is the first bitcoin exchange in South Korea and has strong venture capital backing.
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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).
Korbit is considered a safe exchange in South Korea.
After buying bitcoin from an exchange, it's important to withdraw to your own non-custodial wallet for security, privacy, and to have full control over your bitcoin.
Coinbase is an easy iOS & Android crypto and NFT wallet. Buy, sell, and self-custody directly from the app.
Ledger Nano X is a secure hardware wallet that connects to your computer via USB
Electrum is a popular desktop Bitcoin wallet which is compatible with Windows, Mac, and Linux
Ease of Use
Medium
Fees
Low
Verification
1 Day
Reputation
Trusted
Within 8 months of launching in July 2017, Binance quickly skyrocketed into the world's largest cryptocurrency exchange by trading volume, processing more than $1 billion on a daily basis.
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Within 8 months of launching in July 2017, Binance quickly skyrocketed into the world's largest cryptocurrency exchange by trading volume, processing more than $1 billion on a daily basis. It’s rise to popularity can be attributed to the impressive number of cryptocurrencies they offer, professional attitude, friendly and transparent CEO, and low trading fees.
Binance is considered a safe cryptocurrency exchange. Binance provides 2-factor authentication and offers both multi signature wallets and cold storage options.
Ease of Use
Medium
Fees
Very High
Verification
1-2 Days
Reputation
Trusted
Gemini is a digital asset exchange and custodian, founded in 2014 by brothers Cameron and Tyler Winklevoss, that allows customers to buy, sell, and store digital assets such as bitcoin and ether.
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Gemini is a digital asset exchange and custodian, founded in 2014 by brothers Cameron and Tyler Winklevoss, that allows customers to buy, sell, and store digital assets such as bitcoin and ether. Gemini is regulated by the New York State Department of Financial Services (NYSDFS) and also the first exchange to launch bitcoin futures contracts in December 2017.
Gemini is considered to be one of the most secure cryptocurrency exchanges on the market. Gemini is governed by the Bank Secrecy Act (BSA) and complies with anti-money laundering (AML) rules. Client deposits are eligible for Federal Deposit Insurance Corporation (FDIC) insurance coverage and the company is also heavily capitalized to protect the digital currency you store offline
Ease of Use
Easy
Fees
Average
Verification
2-3 Days
Reputation
Trusted
With millions of active users, an international market, and strategic investors on board, Kraken, joins Coinbase and Binance to become the big three cryptocurrency exchanges in the global market.
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With millions of active users, an international market, and strategic investors on board, Kraken, joins Coinbase and Binance to become the big three cryptocurrency exchanges in the global market. Kraken provides cryptocurrency to fiat trading and provides price information to Bloomberg Terminal. In February 2019, Kraken announced that it had raised $100 million in a direct offering to its largest customers at a $4 billion valuation.
Kraken is considered one of the safest bitcoin exchanges around. The platform provides cryptography-verified proof of reserve audits. These audits verify the total amount of cryptocurrency held by Kraken. The company appears to be well-capitalized and very safe to use.
Ease of Use
Easy
Fees
High
Verification
1 Day
Reputation
Trusted
Coinmama is a leading cryptocurrency exchange that allows you to buy and sell bitcoin and other cryptocurrencies with a credit card and/or bank transfers.
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Coinmama is a leading cryptocurrency exchange that allows you to buy and sell bitcoin and other cryptocurrencies with a credit card and/or bank transfers. Since its foundation in 2013, it has grown to serve over 2 million customers across 188 countries and today has over 40 employees. Coinmama is a really simple exchange, which makes a perfect platform for safe, secure and quick transactions.
Coinmama is considered a reputable platform for bitcoin purchases.
Ease of Use
Medium
Fees
Average
Verification
1-2 Days
Reputation
Trusted
Launched in 2013, Huobi is the 5th largest cryptocurrency exchange in the world by volume and boasts a 24-hour trading volume of $26 Billion.
Buy Bitcoin
Launched in 2013, Huobi is the 5th largest cryptocurrency exchange in the world by volume and boasts a 24-hour trading volume of $26 Billion. Huobi has a massive prescence in the Asian markets and their 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 providing another level of asset protection.
Ease of Use
Easy
Fees
Average
Verification
1 Day
Reputation
Trusted
Changelly allows one to exchange one cryptocurrency for another and also buy using a bank card.
Buy Bitcoin
Changelly allows one to exchange one cryptocurrency for another and also buy using a bank card. All this is done through a convenient and clean user-interface and a quick registration via email or social media account. Changelly’s conversion mechanism is integrated into some of the biggest cryptocurrency platforms such as Poloniex, Bittrex, and Binance. There are no geographical restrictions to the service that Changelly provides, so it can be accessed from anywhere in the world.
Changelly offers two-factor authentication and an HTTPS security protocol. No user funds are stored by Changelly as all coins sent are processed to be exchanged and transferred to user wallets.
Buying bitcoin and other cryptocurrencies in South Korea is a simple process and usually takes less than 10 minutes to get fully setup.
The first step is to register with a platform, app or exchange and complete a Know Your Customer (KYC) process.
The exchange you choose will be interoperable with most devices, desktop and mobile, and will allow you to withdraw to your own personal hardware wallet.
here are also several options available for buying and selling without verification on P2P exchanges, although they are much less user-friendly and are recommended for more advanced users.
Before purchasing, there are a couple of important things you'll need to prepare:
1. Create an account with an exchange
South Korea has 9 trusted exchanges available for you to sign up for, with the most popular being Bithumb and UPbit, which account for a combined 8,000,000 active users.
Both exchanges are considered to be beginner-friendly and offer multiple deposit methods and a variety of cryptocurrencies.
Exchanges will differ by fees, security, payment methods, and other features, so explore the "info" tab on the exchanges listed above to find which one is the right fit for you.
The platform you end up choosing will depend on your preferences and the cryptocurrencies and payment methods they support.
Also it's important to note that you can always sign up to other exchanges later.
2. Complete the KYC verification process
After signing up to an exchange you will need to verify your identity and address, which is part of the Know Your Customer (KYC) process. This is an unavoidable legal requirement for almost all exchanges in South Korea.
To complete this step you will need your photo ID readily available to take pictures of both the front and back sides of the document.
In most cases your verification will be approved instantly and at most can take 1-2 days.
3. Make a fiat deposit
To begin buying bitcoin and other cryptocurrencies you will need to link a bank account or credit card to the exchange.
Some of the payment methods provided by Bithumb and UPbit are: Cryptocurrency, Wire Transfer.
Depending on the payment method, it could take anywhere from a couple of minutes to days for the funds to arrive at the exchange.
4. Buy cryptocurrency
Once your account has been funded, you are ready to buy your first bitcoin. It's important to note that you do not need to buy a full bitcoin.
Most exchanges will let you buy as little as a few dollars worth of bitcoin, or any other cryptocurrency.
5. Send your bitcoin to a personal wallet
Once you've purchased bitcoin or your cryptocurrency of choice it's important to withdraw it to your own secure personal wallet.
Leaving your coins on an exchange poses a security risk as many exchanges are targets for hackers to steal user funds. Storing your own coins on your personal hardware wallet mitigates that risk.
South Korea
Bitcoin and other cryptocurrencies are legal to buy, sell, and trade in South Korea.
🌎 View bitcoin and cryptocurrency legality around the world
There are 9 trusted exchanges operating in South Korea with the most popular being Bithumb , UPbit , and Korbit.
You can review each of these exchanges and find best exchange that works for you. Bitrawr ranks exchanges in South Korea based on fees, users, and security while giving placement preference to exchanges located in South Korea or specifically catering to users in South Korea.
Yes, you can buy bitcoin safely and anonymously by using P2P (Peer to peer) exchanges like Bisq, Paxful, LocalSwap and LocalBitcoins.
Most of the exchanges operating in South Korea have debit/credit card payment options available. Remember that this requires completing KYC.
No! For complete custody of your Bitcoin or other cryptocurrencies it is recommended to store them in a hardware wallet as it keeps private keys safe and entirely offline.
Bitcoin ATMs are an excellent way to buy bitcoin using cash and offer little to no requirements for KYC. ATMs are commonly located inside of convenience stores, shops, restaurants, malls or airports. Find one near you using our ATM map.
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