Best Forex Brokers South Korea 2022

To come up with this list, we have tested forex brokers South Korea.

We opened a real account and deposited between $4,000 and $6,000 with each broker. Afterward, to get the real picture, we placed real trades in each popular market. 

We then reached out to customer support to see how the team was able to solve our issues. At last, we withdrew our funds to check the withdrawal process.

We handpicked the best forex brokers South Korea based on our trading data and experience as a trader.

Is Forex Trading Legal in South Korea?

South Korea is located in East Asia. It is on the southern part of the Korean Peninsula and borders North Korea. Its population is about 51.75 million. South Korea is a developed country. The country pays a lot of attention to its education, and in a short time, it has transformed into a highly educated country. It ranks among the most educated countries in the world. South Korea is also considered the fifth largest nuclear power producer in the world.

As to Forex trading, in South Korea it is legal. The sector is well-regulated by two main bodies – The Bank of Korea and The Financial Services Commission. The latter has issued several regulations and laws, in an attempt to control Forex Trading in the country. These laws enable the country’s residents to conduct forex trading in safe and reliable conditions.

The Bank of Korea is responsible to ensure financial stability in the country. You can read more about the institution on Wikipedia.

The official website of the Bank of South Korea is www.bok.or.kr.

🏦Regulator	The Bank of South Korea
🛡️Is It safe to trade	Yes
🔒Negative Balance Protection	No
💰Compensation Scheme	No
📊 Maximum Leverage	1:30

Best Forex Brokers in South Korea

Forex Trading is legal in South Korea. Due to local laws and regulations, South Korean traders can trade in a safe environment. There are Brokers that are based in the country and fall under local regulation. However, there are also many brokers that accept Traders from the country. We recommend signing only with reliable firms as money safety in trading goes first.

Before signing with a broker, we advise you to check the broker’s offerings and see whether they meet your trading expectations. It is important to verify whether the broker’s accounts are supported by necessary payment methods. Also, it is essential to check whether customer support provides help in the preferred language.

To select the best forex brokers South Korea, we have reviewed many regulated forex brokers. Based on our research, we have come up with a list of the best forex brokers South Korea:

• eToro – Best online forex broker South Korea overall
• Tickmill – Best Korea Forex broker for beginners
• FBS – Best ECN Forex brokers South Korea
• GO Markets – Best forex broker for professionals in South Korea
• IG – Best Korean forex broker for MT5

Best Online Forex Broker South Korea Overall

We picked eToro as the best overall online forex broker South Korea.

eToro was founded in 2007. It is headquartered in Tel Aviv, Israel, and holds licenses in the UK, USA, Australia, and Cyprus. The broker especially stands out for its social trading platforms. It allows trading with multiple markets: forex, indices, commodities, stocks, exchange-traded funds (ETFs), and cryptocurrencies. eToro offers only a single account type.

eToro offers multiple payment methods for deposits and withdrawals. This is one of the best forex broker for withdrawals. It offers bank transfers, credit/debit cards, and PayPal. eToro has its own trading platform, which is very easy to use.

Best Korea Forex Broker for Beginners

We picked Tickmill as the best forex broker South Korea for beginners.

Tickmill is a global Forex and CFDs broker. It was founded in 2014. The broker is headquartered in London and holds multiple licenses in the UK, Cyprus, South Africa, Seychelles, and Labuan (Malaysia). Tickmill enables traders’ access to the following instruments: Forex, Commodity, Indices, and Bonds.

Tickmill offers 3 main account types: the Pro, Classic, and VIP accounts. Clients can deposit funds into their trading accounts through debit/credit cards, bank transfers, and e-wallets like Skrill, and Neteller. Tickmill offers different leverage levels to its clients depending on the entity under which they registered their accounts. Tickmill is a high leverage forex broker offering leverage as high as 500:1.

We have picked Tickmill as the best forex broker South Korea for beginners. It has great education offering webinars, seminars, Ebooks, video tutorials, forex glossary, fundamental analysis, technical analysis, market insights, and infographics.

Best ECN Forex Brokers South Korea

We have picked FBS as the best ECN forex broker South Korea.

FBS was founded in 2009. It is a forex and contracts for differences (CFDs) broker headquartered in Belize and Cyprus. The broker is regulated in Belize, Cyprus, and Australia. FBS enables traders to access the following categories: forex, indices, commodities, stocks, and cryptocurrency CFDs. FBS offers Standard, Cent, Micro, Zero Spread, and ECN accounts.

With FBS traders have access to multiple platforms: MT4, MT5, and FBS Trader (Only on mobile).

We have chosen FBS as the best ECN forex broker for scalping. FBS allows hedging and scalping. However, leverage change is not allowed for retail traders. Read more about ECN Forex Brokers.

Best Forex Broker for Professionals in South Korea

We picked Go Markets as the best forex broker for professionals in South Korea.

GO Markets is a global forex broker founded in 2009. It is headquartered in Australia with multiple licenses in Australia, Cyprus, the UAE, and Seychelles. GO Markets enables access to hundreds of tradable instruments: forex pairs, indices, metals, commodities, and shares. With GO Markets traders can choose from 3 account types: the standard account, the GO Plus+ account, and the Pro account.

Based on our trades, the spreads on forex and commodity were lower than industry averages. For all the other categories, spreads were either on the lower side or equal to the industry average.

We have picked Go markets as the best forex broker for professionals in South Korea. Go Markets is a PAMM account forex broker. It also enables such startegies as hedging and scalping.

Best Korean Forex Broker for MT5

We picked IG as the best MT5 forex broker South Korea.

IG was founded in 1974. It holds licenses from the FCA, ASIC, CFTC, DFSA, etc. IG offers multiple instruments in different categories: forex, indices, shares, commodities, cryptocurrencies, bonds, ETFs, options, industry sectors, and interest rates.

The broker offers both its own proprietary platform and the popular MT4, and MT5 platforms. We have picked IG as the best MT5 forex broker South Korea, as its MT5 platform is very favorable for trades. It includes all the necessary tools and features for successful trading.

Korean Forex Brokers List

We have tested many regulated and trustworthy forex brokers South Korea. Based on our research, we have come up with a list of available forex brokers South Korea.

Forex Broker South Korea	About Our Test	Our Review
Admiral Markets	Deposit Amount: Over €4,500 Total Trade: 12 trades	Admiral Markets Review
eToro	Deposit Amount: Over $6,000 Total Trade: 18 trades	eToro Review
XTB	Deposit Amount: Over €5,000 Total Trade: 12 trades	XTB Review
GO Markets	Deposit Amount: Over €4,000 Total Trade: 12 trades	Go Markets Review
Tickmill	Deposit Amount: Over €8,000 Total Trade: 12 trades	Tickmill Review
Trading 212	Deposit Amount: Over €5,500 Total Trade: 15 trades	Trading 212 Review
XM	Deposit Amount: Over €5,000 Total Trade: 12 trades	XM Review
ActivTrades	Deposit Amount: Over €5,000 Total Trade: 12 trades	ActivTrades Review
FXTM	Deposit Amount: Over €6,000 Total Trade: 12 trades	FXTM Review
Vantage FX	Deposit Amount: Over €5,000 Total Trade: 15 trades	Vantage FX Review
IG		IG Website

FAQ and More on Forex Trading in South Korea

Traders usually have many questions related to forex trading in South Korea. In an attempt to be helpful we picked and answered some of the most essential questions related to forex brokers South Korea.

How to Verify South Korea Regulated Broker?

Generally, verifying forex brokers is easy. The information can be easily found on the regulator’s website. If you want to verify a forex broker South Korea, you can check the information on the regulator’s website. The regulator of the sector is The Bank of South Korea.

There is yet another method of verifying a forex broker South Korea. All brokers provide information about their availability or restrictions in certain regions and countries. So, South Korean traders can check the information immediately on the broker’s website.

South Korea Forex Broker with Bonus

South Korean traders often look for brokers with no deposit bonuses. No deposit bonus is provided to the traders upon opening their trading accounts. See more in our No deposit bonus forex article.

Based on our tests, we were able to come up with only Tickmill as a no deposit bonus forex broker South Korea.

Forex Broker with Crypto Deposit

Lately, cryptocurrencies, especially bitcoin, have become quite popular. Based on our research, we have found out that Korean traders are looking for trustworthy forex brokers with crypto deposits. Thus, we recommend eToro as a reliable and tightly regulated broker with favorable offerings.

Fixed Spread Forex Broker for South Korea Trading

For traders who prefer stable market conditions and more predictable costs, fixed spreads are the best option. Fixed spreads are transparent and they protect the traders from volatility and liquidity.

Based on the trading data we were able to come up with fixed and low spread forex brokers South Korea. Here are our best picks:

• FBS
• Tickmill
• Go Markets

Tax in South Kora for Forex Trading

Taxation for forex trading can be a tricky subject. In South Korea the taxation process in the sector is not very clear, anyway, traders need to pay taxes for their gains.

As there are no clear rates mentioned in this respect, we recommend that Korean forex traders have a closer look into the matter.

Traders should remember that filing tax forms to the relevant institutions is entirely their responsibility. If they fail to do so, the consequences may be rather unpleasant, such as huge fines and penalties.