Exchange South Korean Won / KRW to Bitcoin and vice versa

Current Discount Codes

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Compare your Top 3 Bitcoin Exchanges
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Provider
Pro and Contra
Has been hacked?
Fees
Security
Trading
All in One
80 80
Pro
  • Very low fees
  • A myriad of coins to exchange with
  • No lags experienced with website
Contra
  • Customer support lacks phone
  • Has been hacked one time (but compensated their users)
  • Different domains for US and the rest of the world
Has been hacked? Yes (on 7. May 19) Fees
Deposit Fees:
No
Withdrawal Fees:
Yes
Trading Fees:
0.012% - 0.10%
Security Ok Trading
Futures? Yes
Derivatives? Yes
Margin Trading? up to 20x
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80 80
Pro
  • “Real” Decentralized Exchange
  • Anonymous
  • Account creation is fast and very easy (not required to complete KYC/AML)
  • Accepts Fiat payments
Contra
  • In Business only since 2016
Has been hacked? No Fees
Deposit Fees:
No
Withdrawal Fees:
No
Trading Fees:
Yes
Security Excellent Trading
Futures? None
Derivatives? No
Margin Trading? None
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84 84
Pro
  • Safe and decentralized trading
  • Arbitrators
  • 2-out-of-3 multisig security in trades
  • Wide selection of FIAT and Crypto Currencies
Contra
  • They need more aggressive advertising
  • More active development
  • They need to team up with other companies
  • High fees
Has been hacked? No Fees
Deposit Fees:
No
Withdrawal Fees:
Yes
Trading Fees:
0.001% - 0.009%
Security Excellent Trading
Futures? No
Derivatives? No
Margin Trading? No
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Anonymous P2P
90 90
Pro
  • Many coins and payment methods supported
  • Multi-blockchain P2P exchange
  • Transparency about company background
Contra
  • Reliability of service is depending on the sellers on the platform
  • Too many options to choose from can paralyze users
  • High crypto prices
Has been hacked? No Fees
Deposit Fees:
No
Withdrawal Fees:
Yes
Trading Fees:
1.00%
Security Medium Trading
Futures? No
Derivatives? No
Margin Trading? No
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90 90
Pro
  • Non-custodial exchange
  • Highly recognized team
  • Multiple available features
  • Low transaction fees
Contra
  • No mobile app
  • No trading tools
  • Limited Swaps/Purchases
  • Not an anonymous service
Has been hacked? No Fees
Deposit Fees:
No (only network fees)
Withdrawal Fees:
Trading Fees:
0.75% - 4%
Security Strong Trading
Futures? No
Derivatives? No
Margin Trading? No
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86 86
Pro
  • Hundreds of supported cryptocurrencies
  • Multiple trading products and markets
  • High trading volume
  • Transparent company background
Contra
  • Poor customer service
  • KYC required for full usage
  • Many complaints towards Bybit's policies
  • Comparably limited amount of trading pairs
Has been hacked? No Fees
Deposit Fees:
No
Withdrawal Fees:
No (miner fee only)
Trading Fees:
0% - 0.1%
Security Strong Trading
Futures? Yes
Derivatives? Yes
Margin Trading? up to 100x
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Easy to use
76 76
Pro
  • High liquidity
  • Integrated debit and credit cards
  • Newbie friendly
Contra
  • Major violations of users privacy
  • High Trading Fees for < $50k Trading / Month
  • Segwit still not supported ( = high TX fees )
Has been hacked? No Fees
Deposit Fees:
Yes
Withdrawal Fees:
Yes
Trading Fees:
0.50%-0.05%
Security Excellent Trading
Futures? No
Derivatives? No
Margin Trading? No
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68 68
Pro
  • Easy account creation
  • Online and Offline payment options
  • Easy to operate platform
Contra
  • Fees are high (3-11.9%)
  • No leveraged trading
  • No App
Has been hacked? No Fees
Deposit Fees:
N/A
Withdrawal Fees:
N/A
Trading Fees:
0.25%-8.75%
Security Excellent Trading
Futures? No
Derivatives? No
Margin Trading? No
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82 82
Pro
  • Trade gift cards for BTC instantly
  • A wide variety of payment methods and currencies accepted, at least in theory
  • Easy to join and get going
Contra
  • Mixed reviews
  • Slow customer support
  • High commissions charged (by the seller) for buying Bitcoin with uncommon methods or in non-mainstream currencies
Has been hacked? No Fees
Deposit Fees:
No
Withdrawal Fees:
Yes
Trading Fees:
0.00%-1.00% (with gift cards up to 5%)
Security Excellent Trading
Futures? No
Derivatives? No
Margin Trading? No
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60 60
Pro
  • Large Volume Exchange
  • Low trading fees
Contra
  • Only accepts KRW Fiat
  • Hacking incident
  • Focused in South Korea
Has been hacked? Yes Fees
Deposit Fees:
Free
Withdrawal Fees:
1,000 KRW
Trading Fees:
0.75%
Security Bad Trading
Futures? No
Derivatives? None
Margin Trading? No
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70 70
Pro
  • Good selection of crypto/KRW pairs
  • Reasonable fees
Contra
  • Account levels (different levels needed for Fiat access)
  • Account creation problems for people outside South Korea
  • Caters to South Korean market
Has been hacked? No Fees
Deposit Fees:
No
Withdrawal Fees:
KRW 1,000
Trading Fees:
0.08% up to 0.20%
Security Excellent Trading
Futures? No
Derivatives? No
Margin Trading? No
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80 80
Pro
  • Margin trading available
  • Accepts Fiat and Crypto deposits
  • Easy to understand trading platform
Contra
  • Exclusive for South Korean traders
  • Crazy account tiers
Has been hacked? No Fees
Deposit Fees:
Yes
Withdrawal Fees:
N/A
Trading Fees:
N/A
Security Excellent Trading
Futures? No
Derivatives? No
Margin Trading? up-to 100x
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Best KRW / Bitcoin Exchanges

Brief History of KRW/BTC trading pair

The South Korean bitcoin market started to gain popularity when China imposed bans on the CHF/BTC trading in China mainland. Chinese and Asian investors were looking for alternative markets in the region and South Korea has emerged within months to become of the leading bitcoin in the world.

KRW/BTC tradingIn a couple of instances during the history of bitcoin it happened that the bitcoin prices on the South Korean market were higher compared to other exchanges. Arbitrage opportunities do exist in some rare cases but it is available for those citizens who are exposed to multiple countries currency and bitcoin markets. Korea’s anti-money laundering law impact the bitcoin prices in the country. If a Korean-owned business were to attempt to buy Bitcoin in large quantities from overseas, they would be questioned and likely fined if they couldn’t properly explain the purpose of the purchase. The same can cause an imbalance in buy/sell pressure. Korean residents who want move their money in or out of the country without the banks getting involved are converting their funds to cryptocurrency.

About 15k BTC changes ownership daily on South Korean bitcoin exchanges, making the South Korean market one of the largest on the world. The most popular bitcoin exchange is Bithumb where more than 5% of the total daily BTC trading volume is concentrated. Additionally, about 5-7k BTC is exchanged on Korbit cryptocurrency platform.

The South Korean Won (code: KRW) or the Korean Republic Won is the official currency of South Korea. The economy of South Korea is the fourth largest economy in Asia. South Korea is famous for its spectacular rise from one of the poorest countries in the world to a developed, high-income country in just one generation.

Exchange KRW to Bitcoin

Exchange KRW to bitcoinThere are two major players on the South Korean bitcoin exchange market. Bithumb is the second largest bitcoin market in the world in terms of trading volume. Based in Seoul, Bithumb began its operation in 2014 and quickly grew into a global leader in cryptocurrency trading.

The other popular local platform used for KRW/BTC trading is Korbit. The exchange has raised over $3.5MM USD from venture capital funding during the past years.

Retail investors often use Local Bitcoin exchange site as well in order to facilitate KRW/BTC trading.

KRW/BTC Country Specific Regulation: Bitcoin in South Korea

Bitcoin is not illegal in South Korea, however the South Korean authorities make every effort to prosecute any illegal activity which involves bitcoin or other cryptocurrencies.

Trade Korean Won against bitcoinCurrently, there is no specific regulation about bitcoin in South Korea. Although at the end of December 2013, the president of Bank of Korea have made an announcement at a press conference that bitcoin is recommended to be regulated in the future, no major steps have been made so far to progress with updating the regulation.

However during the recent months and last year had the government been considering favorable treatment of bitcoin in the country. As reported by the Korea Herald, representative Park Yong-jin, a lawmaker and member of the country’s ruling Democratic Party had proposed a regulatory framework for digital currencies. The proposal includes revising the existing Electronic Financial Transactions Act in order to mandate regulatory approval for cryptocurrency transactions. The other revisions will address income and corporate tax laws to enable financial authorities to curb any instances of tax evasion from digital currency transactions.

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