South Korea remains one of the most crypto-enthusiastic nations globally, with citizens actively trading digital assets—sometimes even incorporating them into retirement plans. Despite government regulations on ICOs and exchange operations, the daily trading volume of cryptocurrencies in Korea is exceptionally high. This guide explores the top 5 South Korean cryptocurrency exchanges, their features, and market positions.
South Korea’s Leading Cryptocurrency Exchanges
Here’s a curated list of the five most prominent crypto trading platforms in South Korea:
1. Bithumb
- Market Share: 33%
- Daily Trading Volume: Over ₩250 billion KRW
Key Features:
- Supports major cryptocurrencies like Bitcoin, Ethereum, Litecoin, and Dash.
- Promotes real-world crypto usage (e.g., Bitcoin Cash-accepting vending machines).
- Robust security protocols and high liquidity.
👉 Discover Bithumb’s trading features
2. Korbit
- Market Share: 6%
- Founded: Korea’s first crypto exchange.
Notable Aspects:
- Low trading fees and strong security.
- Restricted non-Korean users from depositing local currency in recent years.
- Maintains a user-friendly interface despite regulatory challenges.
3. Coinone
- Market Share: 8%
- Focus: Bitcoin, Ethereum, and Ethereum Classic.
- Growth: Expanded from 20 employees in 2017 to 100+ today.
- Educational Initiatives: Provides technical insights on listed tokens to foster informed trading.
4. Zeniex
- Launch Year: 2018
Challenges:
- Limited to crypto-to-crypto trading due to delayed bank account approvals.
- Many Korean banks refuse to issue verified accounts for crypto transactions.
5. Youbit (Rebranded as Coinbin)
- Controversy: Suffered a high-profile hack (allegedly linked to North Korea).
- Rebirth: Relaunched under new management with enhanced security measures.
Why South Korea’s Crypto Market Stands Out
- Regulatory Landscape: The government fines exchanges with weak security to protect investors, signaling a commitment to market stability over outright bans.
- Market Maturity: Eight major exchanges operate, including Upbit and Coinplug, alongside Bithumb.
👉 Explore crypto regulations in South Korea
FAQs About South Korean Crypto Exchanges
Q: Are non-Koreans allowed to trade on these exchanges?
A: Some platforms like Korbit restrict fiat deposits for foreigners, but crypto-to-crypto trading may still be accessible.
Q: Which exchange has the lowest fees?
A: Korbit and Coinone are known for competitive fee structures.
Q: How safe are Korean exchanges?
A: Post-hack reforms (e.g., Youbit’s rebranding) have improved security, but users should enable 2FA and cold storage options.
Q: Can I trade altcoins on these platforms?
A: Yes—Bithumb and Zeniex offer diverse altcoin listings, though liquidity varies.
Q: What’s the future of crypto in South Korea?
A: Progressive regulations aim to balance innovation with investor protection, fostering long-term growth.
Key Takeaways
- Bithumb dominates with 33% market share.
- Regulatory fines target weak security, enhancing trust.
- Always verify exchange credentials and security features before trading.
For further insights, visit our curated resources on global crypto trends.
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