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Best Forex Trading Platforms In South Korea 2024

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Written By
Michael MacKenzie
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Written By
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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Edited By
James Barra
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Edited By
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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Fact Checked By
Jemma Grist
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Fact Checked By
Jemma Grist
Jemma is a writer, editor and fact-checker focused on retail trading and investing. Jemma brings a unique perspective to the forex, stock, and cryptocurrency markets and works across several investment websites as a researcher and broker analyst.
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Updated
Jul 3, 2024

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 10 Forex Trading Platforms In South Korea

These are the 10 best forex platforms that accept traders from South Korea according to our firsthand testing and exhaustive analysis:

Click a broker for details
  1. 1
    Vantage
    50% Welcome Deposit Bonus, earn redeemable rewards in the Vantage Rewards scheme
    Ratings
    4.6 / 5
    4.5 / 5
    4.5 / 5
    4.4 / 5
    4.3 / 5
    4.4 / 5
    4 / 5
    4 / 5
    3.6 / 5
    3.9 / 5
    $50
    0.01 Lots
    1:500
    FCA, ASIC, FSCA, VFSC
    CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds
    ProTrader, MT4, MT5, TradingView, DupliTrade
    Skrill, BPAY, JCB Card, AstroPay, Visa, Swift, Neteller, Wire Transfer, Credit Card, Debit Card, UnionPay, FasaPay
    USD, EUR, GBP, CAD, AUD, NZD, JPY, HKD, SGD, PLN
    Go To Vantage
  2. 2
    IC Markets
    Ratings
    4.6 / 5
    4 / 5
    3.5 / 5
    4.6 / 5
    4 / 5
    4.5 / 5
    4 / 5
    3.5 / 5
    3.1 / 5
    4.2 / 5
    $200
    0.01 Lots
    1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global)
    ASIC, CySEC, FSA, CMA
    CFDs, Forex, Stocks, Indices, Commodities, Bonds, Futures, Crypto
    MT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade
    PayPal, Skrill, Neteller, Visa, UnionPay, Wire Transfer, Rapid Transfer, Mastercard, POLi, BPAY, Credit Card, Klarna, Swift, SafeCharge
    USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD
    Go To IC Markets
  3. 3
    AvaTrade
    20% Welcome Bonus up to $10,000
    Ratings
    4.8 / 5
    4.3 / 5
    4.5 / 5
    3.8 / 5
    4.3 / 5
    4.3 / 5
    4.3 / 5
    4.5 / 5
    4.3 / 5
    4 / 5
    $100
    0.01 Lots
    1:30 (Retail) 1:400 (Pro)
    ASIC, CySEC, FSCA, ISA, CBI, FSA, FSRA, BVI, ADGM
    CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting, Futures
    WebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade
    Skrill, Wire Transfer, FasaPay, Mastercard, Perfect Money, Swift, MoneyGram, Credit Card, WebMoney, JCB Card, Debit Card, Neteller, Boleto
    USD, EUR, GBP, CAD, AUD
    Go To AvaTrade
  4. 4
    FOREX.com
    20% Welcome Bonus Up To $5000
    Ratings
    4.9 / 5
    4 / 5
    4.3 / 5
    4.6 / 5
    4.6 / 5
    4.3 / 5
    4.8 / 5
    4.5 / 5
    3.6 / 5
    3.8 / 5
    $100
    0.01 Lots
    1:400
    NFA, CFTC, CIRO, FCA, CYSEC, ASIC, SFC, FSA, MAS, CIMA
    Forex, CFDs, Stocks, Indices, Commodities, Futures, Options, Crypto
    MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral
    Wire Transfer, Credit Card, Debit Card, Visa, Mastercard, Skrill, Neteller, ACH Transfer
    USD, EUR, GBP, CAD, AUD, JPY, CHF, PLN
    Go To FOREX.com
  5. 5
    Pepperstone
    CFDs and FX are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs.
    Ratings
    4.6 / 5
    4 / 5
    3.8 / 5
    4.4 / 5
    4.4 / 5
    4.6 / 5
    4.3 / 5
    4 / 5
    4.4 / 5
    4.1 / 5
    $0
    0.01 Lots
    1:30 (Retail), 1:500 (Pro)
    FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB
    CFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto, Spread Betting
    MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade
    Visa, Mastercard, Credit Card, Debit Card, PayPal, Wire Transfer, POLi, UnionPay, BPAY, Neteller, Skrill
    USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD
    Go To Pepperstone
  6. 6
    XM
    $30 No Deposit Bonus When You Register A Real Account
    Ratings
    4.3 / 5
    4.5 / 5
    4.3 / 5
    4.3 / 5
    4 / 5
    4.5 / 5
    4.5 / 5
    4.5 / 5
    4.7 / 5
    3.9 / 5
    $5
    0.01 Lots
    1:1000
    ASIC, CySEC, DFSA, FSC, FSCA, CNMV, AMF
    Forex, Stock CFDs, Turbo Stocks, Indices, Commodities, Precious Metals, Energies, Shares, Crypto, Futures
    MT4, MT5
    Credit Card, Debit Card, Skrill, Neteller, Wire Transfer, Perfect Money, Apple Pay, Google Wallet, TransferWise, Visa, M-Pesa
    USD, EUR, GBP, AUD, JPY, ZAR, CHF, SGD, PLN, HUF
    Go To XM
  7. 7
    Eightcap
    Ratings
    4.3 / 5
    4 / 5
    3.6 / 5
    3.8 / 5
    4.3 / 5
    4 / 5
    3.5 / 5
    3 / 5
    4.8 / 5
    4.4 / 5
    $100
    0.01 Lots
    1:500
    ASIC, FCA, CySEC, SCB, CNMV
    CFDs, Forex, Stocks, Indices, Commodities, Crypto
    MT4, MT5, TradingView
    Neteller, Skrill, Visa, UnionPay, Credit Card, Debit Card, Bitcoin Payments, Wire Transfer, FasaPay, BPAY, PayPal, Dragonpay, PIX Payment
    USD, EUR, GBP, CAD, AUD, NZD, SGD
    Go To Eightcap
  8. 8
    IQ Option
    RISK WARNING: YOUR CAPITAL MIGHT BE AT RISK
    $10
    0.001 Lots
    1:500
    CFD, Forex, Crypto, Stocks, Digital Options
    Own
    Skrill, Yandex Money, QIWI, Wire Transfer, Alipay, Perfect Money, MoneyGram, Credit Card, Vietcombank Transfer, Volet, Maestro, Sofort, GlobePay, Boleto
    USD, EUR, GBP, ZAR
    Go To IQ Option
  9. 9
    IG
    Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
    Ratings
    4.9 / 5
    4 / 5
    4.5 / 5
    3.5 / 5
    4.8 / 5
    4.5 / 5
    4.9 / 5
    5 / 5
    4.6 / 5
    4 / 5
    $0
    0.01 Lots
    1:30 (Retail), 1:250 (Pro)
    FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB
    CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting
    Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral
    PayPal, Wire Transfer, Mastercard, Credit Card, Visa, Debit Card
    USD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD
    Go To IG
  10. 10
    FxPro
    Ratings
    4.5 / 5
    3.8 / 5
    4.2 / 5
    4.3 / 5
    4.5 / 5
    4.1 / 5
    4.4 / 5
    4.3 / 5
    4.7 / 5
    4.3 / 5
    $100
    0.01 Lots
    1:30 (Retail), 1:500 (Pro), 1:1000 (Via Prime Ash Capital Limited)
    FCA, CySEC, FSCA, SCB, FSC
    CFDs, Forex, Stocks, Indices, Commodities, Futures
    FxPro Platform, MT4, MT5, cTrader, AutoChartist, TradingCentral, DupliTrade
    Wire Transfer, Credit Card, PayPal, Skrill, Neteller, Maestro, Mastercard, Visa
    USD, EUR, GBP, AUD, JPY, ZAR, CHF, PLN
    Go To FxPro

This is why we think these brokers are the best in this category:

  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.
  6. XM - XM offers ultra low spreads across a wide range of forex assets with no re-quotes or hidden charges. Over 50 currency pairs are available, which is above the market average and is in line with one of our top award-winners, AvaTrade.
  7. Eightcap - Eightcap offers 50+ currency pairs in line with the industry average but trailing category leaders like CMC Markets with its 300+ currency pairs. However, Eightcap stands out with institutional-level spreads from 0.0 pips on major pairs like the EUR/USD, alongside low $3.50/side commissions. The broker also offers rich forex data to inform trading decisions, including key fundamentals, bullish/bearish indicators and a calendar that tracks key events in the foreign exchange market.
  8. IQ Option - IQ Option offers CFD trading on 24 forex assets, including major pairs and some minors. EU traders can access a maximum of 1:30 leverage in line with local regulations. The broker offers commission-free trades but spreads are on the high side so the brand does not excel in this area.
  9. IG - IG offers an above-average suite of 80+ currency pairs on its proprietary web platform, mobile app or MetaTrader 4, with more advanced charts and forex analysis tools available on the ProRealTime software. Forex spreads are competitive based on tests, starting from 0.1 pips on majors like the EUR/USD.
  10. FxPro - FxPro offers 70+ currency pairs with ultra-fast execution speeds and tight spreads from 0.46 pips on EUR/USD. The range of forex assets outranks many rivals, including our award winner, AvaTrade. Various short-term forex strategies are permitted, including EA trading and hedging.

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
Vantage logo
55+ 0.0 4 / 5 $50 FCA, ASIC, FSCA, VFSC
IC Markets logo
75 0.02 4.8 / 5 $200 ASIC, CySEC, FSA, CMA
AvaTrade logo
50+ 0.9 4.3 / 5 $100 ASIC, CySEC, FSCA, ISA, CBI, FSA, FSRA, BVI, ADGM
FOREX.com logo
80+ 1.2 4.9 / 5 $100 NFA, CFTC, CIRO, FCA, CYSEC, ASIC, SFC, FSA, MAS, CIMA
Pepperstone logo
100+ 0.1 4.7 / 5 $0 FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB
XM logo
55+ 1.6 4.7 / 5 $5 ASIC, CySEC, DFSA, FSC, FSCA, CNMV, AMF
Eightcap logo
50+ 0.0 3.6 / 5 $100 ASIC, FCA, CySEC, SCB, CNMV
IQ Option logo
60+ 14 pips 4.5 / 5 $10 -
IG logo
80+ 0.8 4.9 / 5 $0 FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB
FxPro logo
70+ 1.58 pips (Ave) 2.5 / 5 $100 FCA, CySEC, FSCA, SCB, FSC

Vantage

"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."

Jemma Grist, Reviewer

Vantage Quick Facts

Bonus Offer50% Welcome Deposit Bonus, earn redeemable rewards in the Vantage Rewards scheme
GBPUSD Spread0.5
EURUSD Spread0.0
EURGBP Spread0.5
Total Assets55+
Leverage1:500
PlatformsProTrader, MT4, MT5, TradingView, DupliTrade
Account CurrenciesUSD, EUR, GBP, CAD, AUD, NZD, JPY, HKD, SGD, PLN

Pros

  • Vantage caters to hands-off investors with beginner-friendly social trading via ZuluTrade & Myfxbook
  • Vantage maintains its high trust score thanks to its strong reputation and top-tier regulation from the FCA and ASIC
  • There are no short-term strategy restrictions with hedging and scalping permitted

Cons

  • It's a shame that some clients will need to register with the offshore entity, which offers less regulatory protection
  • A steep $10,000 deposit is needed for the best trading conditions, which include the $1.50 commission per side
  • Unfortunately, cryptos are only available for Australian clients
Visit Vantage
Vantage Review

IC Markets

"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."

Christian Harris, Reviewer

IC Markets Quick Facts

GBPUSD Spread0.23
EURUSD Spread0.02
EURGBP Spread0.27
Total Assets75
Leverage1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global)
PlatformsMT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade
Account CurrenciesUSD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD

Pros

  • IC Markets offers fast and dependable 24/5 support based on firsthand experience, particularly when it comes to accounts and funding issues.
  • As a tightly regulated and widely respected broker, IC Markets prioritizes client security and transparency, helping to ensure a reliable trading experience globally.
  • IC Markets offers among the tightest spreads in the industry, with 0.0-pip spreads on major currency pairs, making it especially cost-effective for day traders.

Cons

  • Interest isn't paid on unused cash, an increasingly popular feature found at alternatives like Interactive Brokers.
  • There are fees for certain withdrawal methods, including a $20 wire charge, which can eat into profits, especially for frequent withdrawals.
  • While IC Markets offers a selection of metals and cryptos for trading via CFDs, the range is not as extensive as brokers like eToro, limiting opportunities for traders interested in these asset classes.
Visit IC Markets
IC Markets Review

AvaTrade

"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."

Jemma Grist, Reviewer

AvaTrade Quick Facts

Bonus Offer20% Welcome Bonus up to $10,000
GBPUSD Spread1.5
EURUSD Spread0.9
EURGBP Spread1.5
Total Assets50+
Leverage1:30 (Retail) 1:400 (Pro)
PlatformsWebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade
Account CurrenciesUSD, EUR, GBP, CAD, AUD

Pros

  • Recently introduced AvaFutures offers an alternative vehicle to speculate on over 35 markets with low day trading margins
  • WebTrader is well-suited to beginners and features a strong suite of technical analysis tools and market research for day traders
  • The broker offers reliable 24/5 multilingual customer support with fast response times during testing

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
  • There’s an above-average $50 inactivity fee after three months, though this won't impact active day traders
Visit AvaTrade
AvaTrade Review

FOREX.com

"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."

Christian Harris, Reviewer

FOREX.com Quick Facts

Bonus Offer20% Welcome Bonus Up To $5000
GBPUSD Spread1.3
EURUSD Spread1.2
EURGBP Spread1.4
Total Assets80+
Leverage1:400
PlatformsMT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral
Account CurrenciesUSD, EUR, GBP, CAD, AUD, JPY, CHF, PLN

Pros

  • There’s a wealth of educational resources including tutorials, webinars, and a stacked YouTube channel to help you get educated in the financial markets.
  • The in-house Web Trader continues to shine as one of the best-designed platforms for aspiring day traders with a slick design and over 80 technical indicators for market analysis.
  • 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

  • FOREX.com's MT4 platform offers approximately 600 instruments, significantly fewer than the over 5,500 available on its non-MetaTrader platforms.
  • 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.
Visit FOREX.com
FOREX.com Review

Pepperstone

"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."

Christian Harris, Reviewer

Pepperstone Quick Facts

GBPUSD Spread0.4
EURUSD Spread0.1
EURGBP Spread0.4
Total Assets100+
Leverage1:30 (Retail), 1:500 (Pro)
PlatformsMT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade
Account CurrenciesUSD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD

Pros

  • Pepperstone emerges as a low-cost broker, especially for serious day traders with spreads from 0.0 in the Razor account and rebates of 25%+ through the Active Trader program.
  • Now offering spread betting through TradingView, Pepperstone provides a seamless, tax-efficient trading experience with advanced analysis tools.
  • Award-winning customer support is available via telephone, email or live chat with response times of <5 minutes during testing.

Cons

  • 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.
  • Pepperstone does not support cTrader Copy, a popular copy trading feature built into the excellent cTrader platform and available at alternatives like IC Markets.
  • 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.
Visit Pepperstone
Pepperstone Review

XM

"XM is one of the best forex and CFD brokers we have tested. The flexible account types will suit a variety of short-term trading styles while the $5 minimum deposit and smooth sign-up process make it easy to start trading."

William Berg, Reviewer

XM Quick Facts

Bonus Offer$30 No Deposit Bonus When You Register A Real Account
GBPUSD Spread1.9
EURUSD Spread1.6
EURGBP Spread1.8
Total Assets55+
Leverage1:1000
PlatformsMT4, MT5
Account CurrenciesUSD, EUR, GBP, AUD, JPY, ZAR, CHF, SGD, PLN, HUF

Pros

  • Transparent and low fees with spreads from 0.0 pips that will help protect day trading profit margins
  • XM continues to deliver diverse and multilingual educational materials and offers a useful live education schedule for its webinars and insights
  • 1000+ instruments are available, including recently added thematic indices, providing exposure to emerging industries

Cons

  • There is weak regulatory oversight through the global entity
  • There's $5 inactivity fee after only 3 months, though this won't affect active traders
  • PayPal deposits are not supported
Visit XM
XM Review

Eightcap

"Eightcap delivers in every area for day traders with a growing selection of charting platforms and AI-powered tools. Now sporting 250+ crypto CFDs and the Crypto Crusher market scanner, it's also become a stand-out choice for crypto trading, winning our 'Best Crypto Broker' award two years in a row."

Christian Harris, Reviewer

Eightcap Quick Facts

GBPUSD Spread0.1
EURUSD Spread0.0
EURGBP Spread0.1
Total Assets50+
Leverage1:500
PlatformsMT4, MT5, TradingView
Account CurrenciesUSD, EUR, GBP, CAD, AUD, NZD, SGD

Pros

  • Having excelled across all key areas for day traders, Eightcap outperformed more than 490 competitors to win our 'Best Overall Broker' award for 2024, also securing our 'Best Crypto Broker' title.
  • With tight spreads from 0 pips, low commission fees, and high leverage up to 1:500 for certain clients, Eightcap provides cost-effective and flexible trading conditions that can accommodate an array of strategies, including day trading and scalping.
  • After bolstering its roster in 2021, Eightcap offers one of the most extensive selections of cryptocurrency CFDs in the market, with crypto/fiat pairs, crypto/crypto pairs, plus crypto indices for broader exposure to the market.

Cons

  • Despite a useful library of educational guides and e-books, Eightcap still trails IG’s comprehensive toolkit for aspiring traders with its dedicated IG Academy app and 18 course categories.
  • Eightcap needs to continue bolstering its suite of instruments to match category leaders like Blackbull Markets with its 26,000+ assets, featuring a particularly weak selection of commodities.
  • The demo account expires after 30 days and can only be extended upon request - a notable inconvenience compared to the likes of XM with its unlimited demo mode.
Visit Eightcap
Eightcap Review

IQ Option

"IQ Option is a good broker for beginners with a slick platform and low minimum investment. New users can also open an account in three easy steps."

William Berg, Reviewer

IQ Option Quick Facts

GBPUSD Spread5 pips
EURUSD Spread14 pips
EURGBP Spread15 pips
Total Assets60+
Leverage1:500
PlatformsOwn
Account CurrenciesUSD, EUR, GBP, ZAR

Pros

  • Access to IQ Option community
  • High payouts on binary options
  • iOS & Android compatible app

Cons

  • No MetaTrader 4 integration
  • €10 inactivity fee after 90 days
Visit IQ Option
IQ Option Review

IG

"IG continues to provide a comprehensive package with an intuitive web platform and best-in-class education for beginners, plus advanced charting tools, real-time data, and fast execution speeds for experienced day traders."

Christian Harris, Reviewer

IG Quick Facts

GBPUSD Spread0.9
EURUSD Spread0.8
EURGBP Spread0.9
Total Assets80+
Leverage1:30 (Retail), 1:250 (Pro)
PlatformsWeb, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral
Account CurrenciesUSD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD

Pros

  • IG offers an extensive collection of professional and engaging educational resources, including webinars, articles, and analysis
  • The ProRealTime advanced charting platform is free as long as certain modest monthly trading activity requirements are met
  • The proprietary web-based platform continues to caters to traders of all levels, with advanced charting tools and real-time market data useful for day trading

Cons

  • IG has discontinued its swap-free account, reducing its appeal to Islamic traders
  • IG applies an inactivity fee of $12 per month after 2 years, deterring casual investors
  • While there is negative balance protection in the UK and EU, there is no account protection or guaranteed stop losses for US clients
Visit IG
IG Review

FxPro

"FxPro is best for experienced traders looking for wide market access, premium research tools and advanced charting platforms. The competitive fees and fast execution will serve serious short-term traders, whilst the BnkPro investment service will appeal to those looking for long-term e-money solutions."

William Berg, Reviewer

FxPro Quick Facts

GBPUSD Spread2.39 pips (Ave)
EURUSD Spread1.58 pips (Ave)
EURGBP Spread1.74 pips (Ave)
Total Assets70+
Leverage1:30 (Retail), 1:500 (Pro), 1:1000 (Via Prime Ash Capital Limited)
PlatformsFxPro Platform, MT4, MT5, cTrader, AutoChartist, TradingCentral, DupliTrade
Account CurrenciesUSD, EUR, GBP, AUD, JPY, ZAR, CHF, PLN

Pros

  • Thousands of CFDs are available across 6 asset classes with a particularly impressive range of indices and precious metals
  • There's an interactive learning center for beginners with tests, courses, video tutorials and webinars
  • FxPro maintains its position as a top no dealing desk (NDD) broker, with fast execution speeds under 13ms and co-located trading servers with Tier 1 banks

Cons

  • FxPro's services are mainly geared towards experienced investors and beginners may find the broker's fees and accounts complex
  • There are only a handful of payment methods available, compared to the 10+ offered at top competitors like AvaTrade
  • The broker charges a $10 inactivity fee after 6 months of account dormancy, though this is more lenient than many brokers
Visit FxPro
FxPro Review

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, long history since 1999, 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.

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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 forex 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 forex 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.

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