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Best Forex Trading Platforms In South Korea 2024

Written By

Michael MacKenzie

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

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

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.

» Jemma Grist Profile Page

Updated

Apr 29, 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 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
	55+	0.0	4 / 5	$50	FCA, ASIC, FSCA, VFSC	Visit
	75	0.02	4.8 / 5	$200	ASIC, CySEC, FSA	Visit
	50+	0.9	4.3 / 5	$100	ASIC, CySEC, FSCA, ISA, CBol, FSA, FSRA, BVI, ADGM	Visit
	80+	1.2	4.9 / 5	$100	NFA, CFTC, CIRO, FCA, CYSEC, ASIC, SFC, FSA, MAS, CIMA	Visit
	100+	0.1	4.7 / 5	$0	FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB	Visit
	55+	1.6	4.7 / 5	$5	ASIC, CySEC, DFSA, FSC, FSCA	Visit
	50+	0.0	3.6 / 5	$100	ASIC, FCA, xCySEC, SCB	Visit
	60+	14 pips	4.5 / 5	$10	-	Visit
	80+	0.8	4.9 / 5	$0	FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA	Visit
	70+	1.58 pips (Ave)	2.5 / 5	$100	FCA, CySEC, FSCA, SCB, FSC	Visit
	70+	0.2	3.4 / 5	$0	CySEC	Visit
	70+	1.0	4.8 / 5	$0	FCA, CySEC, KNF, CNMV, DFSA, FSC	Visit
	60+	0.6	5 / 5	$100	FCA, ASIC, CySEC, DFSA, MAS, FSA, FSCA, FMA, EFSA	Visit
	67	0.70 pips (var)	3.9 / 5	$100	FCA, CySEC, ASIC, FSCA, FSC	Visit
	70+	from 0.2 pips (floating)	3.3 / 5	$0	FCA, ASIC, DFSA, FMA	Visit

#1 - Vantage

Visit

Review

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

• The low minimum deposit of $50 and zero funding fees make this broker a great choice for new traders
• The broker has recently made efforts to expand its suite of CFDs providing further trading opportunities
• Vantage maintains its high trust score thanks to its strong reputation and top-tier regulation from the FCA and ASIC

Cons

• A steep $10,000 deposit is needed for the best trading conditions, which include the $1.50 commission per side
• The average execution speeds of 100ms to 250ms are slower than alternatives based on tests
• Unfortunately, cryptos are only available for Australian clients

Visit Vantage

#2 - IC Markets

Visit

Review

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

• IC Markets offers fast and dependable 24/5 support based on firsthand experience, particularly when it comes to accounts and funding issues.
• 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.
• You have access to over 2,250 CFDs across various markets, including forex, commodities, indices, stocks, bonds, and cryptocurrencies, allowing for diversified trading strategies.

Cons

• Despite four industry-leading third-party platforms, there is no proprietary software or trading app built with new traders in mind.
• 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.
• Interest isn't paid on unused cash, an increasingly popular feature found at alternatives like Interactive Brokers.

Visit IC Markets

#3 - AvaTrade

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Review

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

• Automated trading is supported through MetaTrader Expert Advisors (EAs), as well as the AvaSocial and DupliTrade tools
• Day traders can access stable spreads and zero commissions with no hidden fees
• The broker’s unique risk management tool, AvaProtect, protects against losses up to $1 million and is easy to activate in the platform

Cons

• There is no ECN account with raw spreads
• There’s an above-average $50 inactivity fee after three months, though this won't impact active day traders
• Traders from the US are not accepted

Visit AvaTrade

#4 - FOREX.com

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Review

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

• 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.
• 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.
• 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.

Cons

• FOREX.com's MT4 platform offers approximately 600 instruments, significantly fewer than the over 5,500 available on its non-MetaTrader platforms.
• Funding options are limited compared to leading alternatives like IC Markets and don’t include many popular e-wallets, notably UnionPay and POLi.
• Demo accounts are frustratingly time-limited to 90 days, which doesn’t give you enough time to test day trading strategies effectively.

Visit FOREX.com

#5 - Pepperstone

Visit

Review

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

• Pepperstone boasts impressive execution speeds, averaging around 30ms, facilitating fast order processing and execution that’s ideal for day trading.
• 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.

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

Visit Pepperstone

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:

• It can only be recommended to traders with a high-risk appetite.
• Appropriate warnings about the dangers and suitability must be provided.
• It can not be traded under consignment.

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.

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.

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.

Michael MacKenzie

Author

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.

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:

FAQ

Is Forex Trading Legal In South Korea?

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.

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