By 2023, approximately 2 million South Korean residents own cryptocurrencies—representing 3.9% of the population. The mass adoption of digital assets began in 2017, and today, buying, selling, and trading cryptocurrencies is legal in the country. According to Triple-A, 54% of crypto owners in South Korea are male, while 46% are female. The majority of users (31%) fall within the 30–40 age bracket, followed by those aged 20–30 (25%) and over 40 (27%).
Four platforms dominate the market—Bithumb, UPbit, Coinone, and Korbit—collectively holding 90% of all crypto assets owned by locals. This guide explores these and other leading exchanges available to South Korean traders.
1. Bithumb
Founded in 2014, Bithumb is one of South Korea’s largest crypto exchanges, serving over 8 million users. It specializes in KRW/BTC trading pairs and supports assets like Ethereum, Ripple, and Litecoin. Advanced features include margin and futures trading.
👉 Discover Bithumb’s trading features
Pros:
- Strong security protocols
- Competitive fees
- Intuitive mobile app
- 24/7 customer support
Cons:
- KRW-only deposits/withdrawals
- Higher fees for non-Korean users
- Past security breaches
2. UPbit
Launched in 2017 by Kakao Corp’s subsidiary Dinamu Inc, UPbit ranks among the top global exchanges by trading volume ($20B daily). It supports KRW and major cryptocurrencies (BTC, ETH, USDT).
Notable Fact: In 2023, UPbit partnered with Italy’s Napoli FC as their jersey sponsor.
Pros:
- Extensive coin selection
- User-friendly interface
- High liquidity
Cons:
- Limited trading pairs
- KRW-only transactions
3. Korbit
Established in 2013, Korbit pioneered South Korea’s crypto market. Beyond trading, it offers an NFT marketplace and a metaverse platform for gamified earnings.
Pros:
- Strong reputation
- Fast customer support
Cons:
- High fees
- Narrow token selection
4. Coinone
Coinone provides virtual asset management and supports ETH, XRP, and BTC trading. Its subsidiary, Coinone Transfer, facilitates low-cost remittances to countries like Thailand and the Philippines.
Pros:
- Margin/futures trading
- Mobile app with real-time charts
Cons:
- Limited fiat options
5. Gopax
Acquired by Binance in 2023, Gopax appeals to beginners with educational resources and a cold-wallet storage system.
Pros:
- Low fees
- Offline fund storage
Cons:
- Basic trading features
6. Huobi Korea
A subsidiary of Huobi Global, this platform offers margin trading, futures, and OTC services.
Pros:
- Advanced tools
- Competitive fees
Cons:
- KRW-only deposits
7. ProBit Korea
Regulated by South Korean authorities, ProBit Korea supports trading for both mainstream and obscure cryptocurrencies.
Pros:
- High-security standards
- Staking options
Cons:
- Low liquidity
8. Hanbitco
Launched in 2017, Hanbitco features staking rewards and an OTC trading desk.
Pros:
- Mobile app
- Referral program
Cons:
- Limited coin variety
9. GDAC
Known for rapid trade execution, GDAC focuses on security but lacks advanced trading features.
Pros:
- Low fees
- KRW trading
Cons:
- Limited pairs
10. Coinplug
This fintech firm offers wallet services, ATMs, and holds 300+ blockchain patents.
Pros:
- User-friendly
- Payment processing
Cons:
- Higher fees
FAQs
Which exchange is most popular in South Korea?
UPbit leads with $20.7B in daily volume (2023).
Is crypto legal in South Korea?
Yes, exchanges operate under strict regulations, though crypto isn’t recognized as legal tender.
Which country adopts crypto most?
The UAE leads with 27.67% of its population holding digital assets.
Final Thoughts
For South Korean traders, "Big Four" exchanges like UPbit and Bithumb offer high liquidity and KRW support. Smaller platforms like Gopax cater to beginners with educational tools.
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Always prioritize security and regulatory compliance when choosing an exchange.
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