5 Easy Ways Buy Bitcoin in South Korea 🇰🇷

By
• Published: May 4th, 2019
• Updated: September 2nd, 2020

We may receive affiliate commission when you click certain products. Read our important disclosure to learn more.

We know why you’re here.

You’re from South Korea and want to purchase your first Bitcoin.

South Korea is a country that’s accepted Bitcoin with open arms.

In March 2020 amidst the COVID-19 pandemic, the Korean government announced a framework for citizens and exchanges to legally operate with cryptocurrency inside the country.

All of this legislation was done to bring cryptocurrency and the innovations it brings safely to its massive population.

Ready to buy your first Bitcoin?

Well, we’ve done the research, the best ways to buy Bitcoin in South Korea are:

Best Ways to Buy Bitcoin in South Korea

Gemini is an exchange based in New York, US that allows for the trading of USD against Bitcoin, Ethereum, Litecoin, Zcash, and more. For fees on Gemini's brokerage service, expect 1.49% fees on buys and sells for orders over $200. Gemini's brokerage service is an intuitive way for beginners to purchase cryptocurrency.

If you feel comfortable using their exchange feature, have your account switched to ActiveTrader mode. On this mode, fees scale base off your trading volume and are between .35% and 0% depending on if you are a maker or taker.

Visit Gemini Read Review

Coinmama is another beginner-friendly cryptocurrency brokerage that focuses on credit and debit card purchases. They offer instant delivery and sell Bitcoin, Ethereum, Ripple, Litecoin, and more to 46 US States, and most countries.

Coinmama doesn’t provide its users with a wallet on the exchange. Instead, users are asked to provide a wallet address to send the purchased cryptocurrency to. As long as you have your own wallet, this shouldn’t be an issue!

Coinmama charges a fee of around 5% for credit and debit purchases with instant delivery and high purchasing limits of a max of $5,000 daily and $20,000 monthly.

Click here to see a step by step guide on how to purchase Bitcoin on Coinmama.

Visit Coinmama Read Review

 

Korbit prides itself on being the world's first Korean Won cryptocurrency exchange.

Like most other exchanges, Korbit has an order book where you are purchasing directly from another person. In the case of Coinmama, you are purchasing from the company, making them more of a brokerage than an exchange.

This may be intimidating for a cryptocurrency beginner, but usually leads to lower fee purchases. In Korbit's case, the exchange offers between .01%-.2% fees all depending on your monthly trading volume, and if you are a maker or a taker.

A maker is someone who offers liquidity, while a taker is someone who takes liquidity from the order book.

Visit Korbit

CPDAX is another popular Korean exchange that has been around for a while.

One common complaint with this exchange is that the user interface is a bit difficult to navigate. This is something you'll have to try for yourself. One cool thing about this exchange is that cards can be picked up at many stores in Korea for deposit onto the exchange.

This offer is great for gifting, and actually offers a decent amount of privacy as only a phone number is needed for purchase. For fees, CPDAX has extremely low trading fees, as low as .1% depending on volume. 

Visit CPDAX

LocalBitcoins offers a highly trustworthy escrow service and peer-to-peer (P2P) exchange.  On the exchange, users to trade among themselves by posting a quick buy or quick sell ad on the exchange platform. Fees and limits will depend on the offer or ad that you select.

Visit LocalBitcoins Read Review

 

Frequently Asked Questions

Are Bitcoin Gains Taxed in South Korea?

South Korea recently announced that Bitcoin and cryptocurrency gains in the country are subject to a 20% tax, for any amount of $2,000 or 2.5 million Won. This is a much clearer stance and approach than many of the countries in the world. As always, consult a tax specialist to help you with your specific situation.

When it comes to making filing your taxes easier, we’d definitely recommend looking into cryptocurrency tax software.

Is Bitcoin Legal in South Korea?

The short answer is yes! However, going on, things might become a little more complex than that.

Despite having one of the richest hubs for cryptocurrencies and blockchain technology all over the world, South Korea has one of the most stringent crypto regulations across ‘Bitcoin-accepting’ countries.

One of the best attributes of cryptocurrency trading is anonymity; in South Korea, there isn’t much room for hiding your identity, if you are serious about buying any Bitcoin anyway.

2017 was responsible for one of the craziest frenzies for cryptocurrencies and South Koreans were at the heart of things during the extraordinary rise of Bitcoin to reach an all-time high of about $20,000.

A study revealed that more than 80 percent of Korean cryptocurrency investors reported a significant profit in their investments: while the number is impressive, the frenzy surely did not last long.

The South Korean government came down hard on the cryptocurrency sector in the country and brought things to an abrupt end, albeit for a short time.

Check out this cool video interviewing people on the street about Bitcoin in South Korea.

Conclusion

And there you have it! A complete guide to the most popular options for purchasing Bitcoin in South Korea!

To recap, the best ways to buy Bitcoin in South Korea are:

Austin Tuwiner Administrator
Austin is the owner of Bitpremier, and got involved in Bitcoin in 2012. After working as a cryptocurrency journalist and and at several blockchain startups, he decided to start Bitpremier and educate the world on Bitcoin.
follow me

No Comments Yet

shape shape shape shape shape shape shape