Best Forex Trading Platforms In South Korea 2024

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Michael MacKenzie
Michael is a writer and editor with over a decade in journalism and publishing. His niche lies in editing and fact-checking content in the financial services sector, with a focus on online brokers and trading platforms. Michael previously reported on politics and economics in the Middle East and edits books for established publishers.
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James Barra
James is an investment writer with a background in financial services. He has worked as a management consultant, where he delivered large-scale operational transformational programmes at some of Europe's biggest banks. James authors, edits and fact-checks content for a series of investing websites.
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Interest in forex trading has risen in South Korea, driven by its advanced technology and widespread smartphone use, enabling real-time currency trading. The Bank of Korea has also been taking steps to encourage investment in its foreign exchange market, now allowing authorized global firms to take part in the dollar-won interbank market.

Explore our selection of the best forex brokers in South Korea to find trustworthy brands with excellent platforms, wide-ranging access to the foreign exchange market, and convenient deposits in Korean won (KRW).

Top 5 Forex Trading Platforms In South Korea

These are the 5 best forex platforms that accept traders from South Korea according to our firsthand testing and exhaustive analysis:

  1. Vantage - Vantage offers 55+ currency pairs - above the industry average, so experienced traders can explore plenty of opportunities. Vantage's deep liquidity pool provides forex spreads from 0.0 pips in the ECN account, lower than many alternatives. There are also no commissions, deposit fees or hidden charges.
  2. IC Markets - IC Markets maintains its commitment to providing exceptionally tight 0.0-pip forex spreads on major currency pairs such as EUR/USD. This makes it an excellent option if you are seeking superior execution, with an average of 35 milliseconds. Additionally, if you are a high-volume trader, you can benefit from rebates of up to $2.50 per forex lot.
  3. AvaTrade - AvaTrade offers 50+ currency pairs with competitive spreads from 0.9 pips and zero commissions. You can trade majors, minors and exotics around the clock on industry-leading platforms, including MT4 and MT5. Traders can also access beginner-friendly trading tools and comprehensive forex education.
  4. FOREX.com - FOREX.com continues to uphold its stature as a premier FX broker, offering over 80 currency pairs and boasting some of the most competitive fees in the industry. With EUR/USD spreads dipping as low as 0.0 and $5 commission per $100k, it stands out. Moreover, its SMART Signals help to identify price behaviors across numerous major currency markets.
  5. Pepperstone - Pepperstone offers ultra-competitive forex spreads averaging 0.12 pips on EUR/USD in the Razor account, accompanied by a diverse portfolio comprising 100+ currency pairs - an extensive selection surpassing most competitors. Additionally, Pepperstone distinguishes itself by offering three currency indices (USDX, EURX, JPYX), not commonly found among alternative platforms. Pepperstone has now won our annual 'Best Forex Broker' award twice.

Best Forex Trading Platforms In South Korea 2024 Comparison

Best Forex Trading Platforms In South Korea 2024 Comparison
Broker Forex Assets EUR/USD Spread Forex App Rating Minimum Deposit Regulator Visit
Vantage logo
55+ 0.0
$50 FCA, ASIC, FSCA, VFSC Visit
IC Markets logo
75 0.02
$200 ASIC, CySEC, FSA Visit
AvaTrade logo
50+ 0.9
$100 ASIC, CySEC, FSCA, ISA, CBol, FSA, FSRA, BVI, ADGM Visit
FOREX.com logo
80+ 1.2
$100 NFA, CFTC, CIRO, FCA, CYSEC, ASIC, SFC, FSA, MAS, CIMA Visit
Pepperstone logo
100+ 0.1
$0 FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB Visit
XM logo
55+ 1.6
$5 ASIC, CySEC, DFSA, FSC, FSCA Visit
Eightcap logo
50+ 0.0
$100 ASIC, FCA, xCySEC, SCB Visit
IQ Option logo
60+ 14 pips
$10 - Visit
BDSwiss logo
50+ 1.2
$10 FSC, FSA Visit
FxPro logo
70+ 1.58 pips (Ave)
$100 FCA, CySEC, FSCA, SCB, FSC Visit
FXCC logo
70+ 0.2
$0 CySEC Visit
XTB logo
70+ 1.0
$0 FCA, CySEC, KNF, CNMV, DFSA, FSC Visit
Plus500 logo
60+ 0.6
$100 FCA, ASIC, CySEC, DFSA, MAS, FSA, FSCA, FMA, EFSA Visit
IG logo
80+ 0.8
$0 FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA Visit
Markets.com logo
67 0.70 pips (var)
$100 FCA, CySEC, ASIC, FSCA, FSC Visit

#1 - Vantage

Why We Chose Vantage

Vantage offers 55+ currency pairs - above the industry average, so experienced traders can explore plenty of opportunities. Vantage's deep liquidity pool provides forex spreads from 0.0 pips in the ECN account, lower than many alternatives. There are also no commissions, deposit fees or hidden charges.

"Vantage remains an excellent option for CFD traders seeking a tightly-regulated broker with access to the reliable MetaTrader platforms. The fast sign-up process and $50 minimum deposit make it very straightforward to start day trading quickly."

- DayTrading Review Team
  • GBPUSD Spread: 0.5
  • EURUSD Spread: 0.0
  • EURGBP Spread: 0.5
  • Total Assets: 55+
  • Leverage: 1:500
  • Platforms: ProTrader, MT4, MT5, TradingView, DupliTrade

About Vantage

Founded in 2009, Vantage offers trading on 1000+ short-term CFD products to over 900,000 clients. You can trade Forex CFDs from 0.0 pips on the RAW account through TradingView, MT4 or MT5. Vantage is ASIC-regulated and client funds are segregated. Copy traders will also appreciate the range of social trading tools.

Pros

  • Vantage caters to hands-off investors with beginner-friendly social trading via ZuluTrade & Myfxbook
  • There’s an excellent suite of day trading software, including the award-winning platforms MT4 and MT5
  • The broker has recently made efforts to expand its suite of CFDs providing further trading opportunities

Cons

  • The average execution speeds of 100ms to 250ms are slower than alternatives based on tests
  • Unfortunately, cryptos are only available for Australian clients
  • It's a shame that some clients will need to register with the offshore entity, which offers less regulatory protection

#2 - IC Markets

Why We Chose IC Markets

IC Markets maintains its commitment to providing exceptionally tight 0.0-pip forex spreads on major currency pairs such as EUR/USD. This makes it an excellent option if you are seeking superior execution, with an average of 35 milliseconds. Additionally, if you are a high-volume trader, you can benefit from rebates of up to $2.50 per forex lot.

"IC Markets offers superior pricing, exceptionally fast execution and seamless deposits. The introduction of advanced charting platforms, notably TradingView, and the Raw Trader Plus account, ensures it remains a top choice for intermediate to advanced day traders."

- DayTrading Review Team
  • GBPUSD Spread: 0.23
  • EURUSD Spread: 0.02
  • EURGBP Spread: 0.27
  • Total Assets: 75
  • Leverage: 1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global)
  • Platforms: MT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade

About IC Markets

IC Markets is a globally recognized forex and CFD broker known for its excellent pricing, comprehensive range of trading instruments, and premium trading technology. Founded in 2007 and headquartered in Australia, the brokerage is regulated by the ASIC, CySEC and FSA, and has attracted more than 180,000 clients from over 200 countries.

Pros

  • With ultra-fast execution speeds averaging 35 milliseconds and deep liquidity, IC Markets provides an optimal trading environment for scalpers, hedgers, and algorithmic traders.
  • You have access to over 2,250 CFDs across various markets, including forex, commodities, indices, stocks, bonds, and cryptocurrencies, allowing for diversified trading strategies.
  • As a tightly regulated and widely respected broker, IC Markets prioritizes client security and transparency, helping to ensure a reliable trading experience globally.

Cons

  • Interest isn't paid on unused cash, an increasingly popular feature found at alternatives like Interactive Brokers.
  • The breadth and depth of tutorials, webinars and educational resources still need work, trailing alternatives like CMC Markets and reducing its suitability for beginners.
  • There are fees for certain withdrawal methods, including a $20 wire charge, which can eat into profits, especially for frequent withdrawals.

#3 - AvaTrade

Why We Chose AvaTrade

AvaTrade offers 50+ currency pairs with competitive spreads from 0.9 pips and zero commissions. You can trade majors, minors and exotics around the clock on industry-leading platforms, including MT4 and MT5. Traders can also access beginner-friendly trading tools and comprehensive forex education.

"AvaTrade offers the full package for short-term traders. There is powerful charting software, reliable execution, transparent fees, and fast account opening with a low minimum deposit."

- DayTrading Review Team
  • GBPUSD Spread: 1.5
  • EURUSD Spread: 0.9
  • EURGBP Spread: 1.5
  • Total Assets: 50+
  • Leverage: 1:30 (Retail) 1:400 (Pro)
  • Platforms: WebTrader, AvaTradeGO, AvaOptions, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade

About AvaTrade

AvaTrade is a leading forex and CFD broker, established in 2006 and regulated across 9 jurisdictions. Over 400,000 users have signed up with the broker which processes over 2 million trades each month. The firm offers multiple trading platforms, including MT4, MT5, and a proprietary WebTrader. 1250+ financial instruments are available for day trading, alongside a comprehensive education center and multilingual customer support.

Pros

  • There's a great range of fee-free deposit methods, including bank wire, credit cards and popular e-wallets like Skrill
  • The broker offers reliable 24/5 multilingual customer support with fast response times during testing
  • Day traders can access stable spreads and zero commissions with no hidden fees

Cons

  • There is no ECN account with raw spreads
  • It’s a shame that there are no rebate schemes for serious traders looking for additional perks - CMC Markets would be a better choice here
  • Traders from the US are not accepted

#4 - FOREX.com

Why We Chose FOREX.com

FOREX.com continues to uphold its stature as a premier FX broker, offering over 80 currency pairs and boasting some of the most competitive fees in the industry. With EUR/USD spreads dipping as low as 0.0 and $5 commission per $100k, it stands out. Moreover, its SMART Signals help to identify price behaviors across numerous major currency markets.

"FOREX.com remains a best-in-class brokerage for active forex traders of all experience levels, with over 80 currency pairs, tight spreads from 0.0 pips and low commissions. The powerful charting platforms collectively offer over 100 technical indicators, as well as extensive research tools."

- DayTrading Review Team
  • GBPUSD Spread: 1.3
  • EURUSD Spread: 1.2
  • EURGBP Spread: 1.4
  • Total Assets: 80+
  • Leverage: 1:200 (Retail), 1:500 (Pro)
  • Platforms: MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral

About FOREX.com

Founded in 1999, FOREX.com is now part of StoneX, a financial services organization serving over one million customers worldwide. Regulated in the US, UK, EU, Australia and beyond, the broker offers thousands of markets, not just forex, and provides excellent pricing on cutting-edge platforms.

Pros

  • Alongside a choice of leading platforms, FOREX.com offers a superb suite of supplementary tools including Trading Central research, SMART Signals pattern scanner, trading signals, and strategy builders.
  • FOREX.com offers industry-leading forex pricing starting from 0.0 pips, alongside competitive cashback rebates of up to 15% for serious day traders.
  • With over 20 years of experience, excellent regulatory oversight, and multiple accolades including runner-up in our 'Best Forex Broker' awards, FOREX.com boasts a global reputation as a trusted brokerage.

Cons

  • Demo accounts are frustratingly time-limited to 90 days, which doesn’t give you enough time to test day trading strategies effectively.
  • Funding options are limited compared to leading alternatives like IC Markets and don’t include many popular e-wallets, notably UnionPay and POLi.
  • Despite increasing its range of instruments, FOREX.com's product portfolio is still limited to forex and CFDs, so there are no options to invest in real stocks, real ETFs or real cryptocurrencies.

#5 - Pepperstone

Why We Chose Pepperstone

Pepperstone offers ultra-competitive forex spreads averaging 0.12 pips on EUR/USD in the Razor account, accompanied by a diverse portfolio comprising 100+ currency pairs - an extensive selection surpassing most competitors. Additionally, Pepperstone distinguishes itself by offering three currency indices (USDX, EURX, JPYX), not commonly found among alternative platforms. Pepperstone has now won our annual 'Best Forex Broker' award twice.

"Pepperstone stands out as a top choice for day trading, offering razor-sharp spreads, ultra-fast execution, and advanced charting platforms for experienced traders. New traders are also welcomed with no minimum deposit, extensive educational resources, and exceptional 24/7 support."

- DayTrading Review Team
  • GBPUSD Spread: 0.4
  • EURUSD Spread: 0.1
  • EURGBP Spread: 0.4
  • Total Assets: 100+
  • Leverage: 1:30 (Retail), 1:500 (Pro)
  • Platforms: MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade

About Pepperstone

Established in Australia in 2010, Pepperstone is a top-rated forex and CFD broker with over 400,000 clients worldwide. It offers access to 1,300+ instruments on leading platforms MT4, MT5, cTrader and TradingView, maintaining low, transparent fees. Pepperstone is also regulated by trusted authorities like the FCA, ASIC, and CySEC, ensuring a secure environment for day traders at all levels.

Pros

  • Now offering spread betting through TradingView, Pepperstone provides a seamless, tax-efficient trading experience with advanced analysis tools.
  • There’s support for a range of industry-leading charting platforms including MT4, MT5, TradingView, and cTrader, catering to various short-term trading styles, including algo trading.
  • Award-winning customer support is available via telephone, email or live chat with response times of <5 minutes during testing.

Cons

  • Pepperstone’s demo accounts are active for only 30 days, which may not be not long enough to familiarize yourself with the different platforms and test trading strategies.
  • Despite enhancements to its range of markets, crypto offerings are relatively limited compared to other brokers such as eToro, with no option to invest in real coins.
  • There’s no simplified proprietary trading platform, nor are there any social trading features, which could be a disadvantage if you are new to day trading.

How We Rate Forex Trading Platforms In South Korea

Trust

We make no compromise when it comes to our trust ratings and you should thoroughly research prospective forex brokers, too.

The key criteria we use to identify trustworthy online forex trading platforms in South Korea include regulation from respected bodies, a track record of reliable service with no major security breaches, and a large base of satisfied online traders.

This is especially relevant given that South Korea’s Financial Services Commission (FSC) has reported an increase in crimes related to forex margin trading. The country’s regulator has also listed investor protections that should be provided to Korean traders using derivatives like forex CFDs:

  • FOREX.com is a highly trusted forex broker for South Korean traders thanks to its clean track record and licenses from 10 reputable regulators including the CFTC, ASIC and MAS. Additionally, its parent company, StoneX, is listed on the NASDAQ highlighting its legitimacy.

Currency Pairs

We recommend trading with a broker that provides a selection of at least 50 major, minor and exotic forex pairs so you can keep up with market trends and find trading opportunities.

The good news for traders in Korea is that, unlike some other local markets, the country’s regulators don’t restrict trading in currency pairs, and you’ll find KRW in forex pairs, for example the USD/KRW, at some top platforms.

TradingView platform with Korean currency pair - KRW/USD
TradingView – KRW/USD

Importantly, the trading dynamics of the Korean won are deeply influenced by South Korea’s export-driven economy, where fluctuations in global demand for its technology, such as Samsung Electronics, and automotive products like Hyundai vehicles, can significantly impact the currency’s value.

Additionally, geopolitical tensions in the Korean peninsula, which have remained high in recent years, often play a critical role in shaping investor sentiment, influencing the won’s volatility and trading patterns in the forex market.

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If you trade forex via CFDs, you may not have access to the same degree of leverage available elsewhere since Korean regulators have capped it at 1:10 for major and 1:5 for minor and exotic pairs.
  • IG remains a leading forex broker for traders in South Korea with over 80 currency pairs, including the USD/KWR, providing an opportunity to speculate on interest rate differentials between the US and the Republic of Korea.

Forex Platforms

The forex platforms and apps available are a key consideration when selecting a broker because they play such a crucial role in the day trading process.

Skilled forex traders have made money on established platforms like MetaTrader 4, MetaTrader 5 and cTrader for 10+ years thanks to their sophisticated charting and indicators as well as integrated features like auto trading, catering to short-term traders.

However, we increasingly rate brokers with modern bespoke platforms since we often find that their slick designs are more attractive for newer forex traders while still packing powerful research, charting and algo trading features.

AvaTrade's WebTrader forex trading platform
AvaTrade – WebTrader
  • AvaTrade’s selection of top platforms is still among our favorite, with MT4, MT5, a terrific WebTrader and mobile app, as well as AlgoTrader, DupliTrade and Trading Central, giving serious traders first-rate analysis tools and forex market insights.

Trading Fees

Good forex brokers in South Korea give traders bang for their buck by providing reliable order execution, an excellent suite of currency pairs, and powerful trading tools, all while keeping fees low.

As part of our exhaustive review process, we analyze fees on popular currency pairs, notably the EUR/USD, GBP/USD and EUR/GBP, as well as considering non-trading fees, such as inactivity fees that penalize casual investors, and conversion charges for transferring funds in say the Korean won.

For newer forex traders, a commission-free, floating spread account may keep pricing simple. Experienced traders might opt for a raw-spread account with low fixed commissions for high-volume, fast-paced strategies like day trading and scalping.
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Michael MacKenzie
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  • IC Markets impresses us year after year by delivering ultra-tight spreads from 0.0 pips on the EUR/USD, alongside a choice between Standard and Raw Spread accounts catering to a wide range of traders. There is also no inactivity fee and a free Virtual Private Server (VPS).

Account Funding

Choosing a forex trading platform with convenient account funding and withdrawals from the Republic of Korea will ensure a smooth investing experience.

Our tests show that not many forex trading platforms offer the country’s most popular digital wallets, KakaoPay and Naver Pay. However, credit cards are widely accepted at our top forex platforms and remain one of the most widely used payment methods in the country according to findings from KOMOJU, responsible for 72% of internet transactions.

All our recommended forex brokers in Korea also offer affordable minimum deposits of up to 250 USD, around 250,000 KRW, catering to budget traders through to advanced investors.

  • Plus500 excels for its diverse payment options, including credit cards and popular e-wallets, alongside an affordable minimum investment of 100 USD. Our experts have also traded at Plus500 using real money with no withdrawal issues.

Methodology

To select the best forex trading platforms in South Korea, we sorted those that accept Korean traders and then ranked them by their comprehensive rating which considers critical factors, notably: DayTrading.com broker testing methodology overview

  • Verifying the forex broker is licensed by a reputable regulator if not Korea’s FSC.
  • Evaluating currency pairs available to traders in South Korea, such as KRW/USD.
  • Ensuring that the forex broker offers excellent platforms and apps that cater to short-term traders.
  • Analyzing the fees on popular currency pairs and balancing this against the quality of the trading tools.
  • Confirming the platform offers convenient funding solutions for Korean forex traders.

FAQ

Forex trading is legal in South Korea, though the country does have stricter regulations than many countries including capital controls.

Also make sure you are up to date on forex trading taxes owed to the National Tax Service.

Who Regulates Forex Trading In South Korea?

Forex trading in South Korea is regulated by the Financial Services Commission (FSC) and the Korea Financial Intelligence Unit (KoFIU). They oversee the compliance of foreign exchange transactions within the country and are generally considered stringent regulators.

It’s also worth paying attention to decisions from the Bank of Korea, which has been taking steps in recent years to boost investment in the forex market, opening its doors to foreign investors and extending trading hours.

How Much Money Do I Need To Start Trading Forex In South Korea?

From our extensive research, the maximum you will typically need to start trading forex online in South Korea is up to 250 USD, or about 350,000 won.

However, several of our most highly-rated brokers are considerably more affordable than that; Pepperstone, for example, imposes no minimum deposit for new registrations.

Article Sources

The writing and editorial team at DayTrading.com use credible sources to support their work. These include government agencies, white papers, research institutes, and engagement with industry professionals. Content is written free from bias and is fact-checked where appropriate. Learn more about why you can trust DayTrading.com