Table of Contents
Affiliate Disclosure
Affiliate Disclosure DailyForex.com adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker's track record, plus the scope of regulatory standing. Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information.

Top Forex Brokers in South Korea

South Korea has become an international financial hub and high-tech centre featuring some of the world's most popular breakthroughs. The tremendous success of its economy and associated wealth, combined with cutting-edge infrastructure, makes South Korea a top Forex market, with growing demand by its highly educated population.

We have reviewed dozens of Forex brokers to compile our South Korea Forex brokers ranking featuring the most competitive trading environments.

1
5/5
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
Korean language website & cryptocurrency deposits and withdrawals.
15 high-quality plugins for MT4/MT5 & in-house research.
2
4.9/5
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
Choice of great platforms + top-tier technology
3
4.9/5
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
Pivot Point Strategy plugin for MT4 & VPS hosting for 24/5 low-latency trading.
Actionable trading signals and quality educational content for beginners.
4
4.8/5
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
24/7 multi-lingual customer support & quality education and research for beginners.
Superb choice of payment processors, including 15+ cryptocurrencies.
5
4.7/5
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
150+ cryptocurrency CFDs in MultiBank Trader 5 & a 20% deposit bonus.
A cutting-edge trading environment, superb asset selection, and excellent transparency.
  • ACY Securities, Swap-free trading with the MT5 trading platform.
  • FxPro, Choice of great platforms + top-tier technology.
  • FXTM, Best all-around broker with high floating leverage and fast execution.
  • FP Markets, ECN trading with leverage up to 1:500.
  • MultiBank Group, Deep liquidity with no trading restrictions.

Comparison of the Best Forex Brokers in South Korea

Regulators
ASICN/ACMA, CySEC, FCA, FSC Mauritius, FSCAASIC, CySEC, FSCAASIC, AUSTRAC, BaFin, BVIFSC, CIMA, CySEC, ESCA, FMA, MAS, TFG, VFSC
Year Established
20112006201120052005
Execution Type(s)
ECN/STP, Market MakerNo Dealing DeskECN/STP, Market MakerECN/STPECN/STP
Minimum Deposit
$50
$100
$200
$100
$50
Average Trading Cost EUR/USD
1.1 pips ($11.00)1.3 pips0.1 pips1.1 pips0.1 pips
Average Trading Cost GBP/USD
1.1 pips ($11.00)1.5 pips0.2 pips1.4 pips0.5 pips
Average Trading Cost Gold
$0.15 $0.29 $0.18 $0.21 $0.02
Trading Platform(s)
MetaTrader 4, MetaTrader 5Other, MetaTrader 4, MetaTrader 5, cTrader+MetaTrader 4, MetaTrader 5, Proprietary platformMetaTrader 4, MetaTrader 5, cTrader, Proprietary platform, Web-basedMetaTrader 4, MetaTrader 5, cTrader
Islamic Account
Negative Balance Protection
N/AN/A

ACY Securities

In Summary Swap-free trading with the MT5 trading platform

I rank ACY Securities among the best Forex brokers in South Korea due to Capitalise AI, enabling algorithmic trading in a code-free environment, a competitive edge few brokers can match. Traders also benefit from deep liquidity via 16 tier-1 global banks and high-speed order execution under 30 milliseconds. The well-balanced asset selection consists of 2,200+ CFDs, including ETFs and futures.

Copy traders can diversify via embedded MT4/MT5 copy trading services, fee-based Signal Start, or SoFinX Copy Trading. ACY Securities maintains competitive, commission-based trading fees with raw spreads from 0.0 pips for a commission of $6.00 per 1.0 round lot.

Read more on ACY Securities »
5.0/5 in this category

Pros & Cons

  • Large repository of daily analysis and educational content
  • Low spreads starting at 0 pips in the Spread Zero account
  • 16 payment processors, including cryptocurrencies
  • Competitive trading fees in its commission-based accounts
  • Only 1 regulator

FxPro

In Summary Choice of great platforms + top-tier technology

I rank FXPro among the best Forex brokers in South Korea for algorithmic traders and scalpers due to its cutting-edge trading infrastructure. The NDD order execution engine delivers 71.40% of orders without slippage and 12.90% with positive slippage. FXPro has an average order execution speed of twelve milliseconds, and in 2023, 99.38% of orders faced zero and 0.26% positive requotes.

VPS hosting ensures low-latency 24/5 trading, and FXPro offers traders the MT4/MT5 platforms, cTrader, and its proprietary FXPro Trading Platform. Traders also benefit from fast deposit and withdrawal processing times and can diversify their portfolios via 2,000+ trading instruments.

Read more on FxPro »
4.9/5 in this category

Pros & Cons

  • Quality education for beginners and trading tools for advanced traders
  • Excellent asset selection and high leverage with negative balance protection
  • Competitive commission-free and commission-based trading fees
  • Excellent NDD order execution, including positive slippage and requotes
  • Limited payment processors and no crypto deposits/withdrawals

FXTM

In Summary Best all-around broker with high floating leverage and fast execution

The cutting-edge FXTM trading infrastructure includes a superb price improvement technology that decreases trading fees by an average of $3.00 per round lot. For a minimum deposit of $500, traders get ultra-low trading fees at FXTM in the Advantage account from 0.0 pips for a commission of $0.80 and $4.00 per 1.0 standard round lot. It makes FXTM the best-priced Forex broker among our best South Korea Forex brokers.

FXTM developed its user-friendly mobile app FXTM Trader. Traders also get the MT4/MT5 trading platform.

Read more on FXTM »
4.9/5 in this category

Pros & Cons

  • Excellent commission-based Forex pricing environment and transparency
  • Upgraded MT4/MT5 trading platforms plus proprietary mobile trading app
  • Quality market research and educational content for beginner traders
  • A highly regulated broker with a tier-1 license
  • No cryptocurrencies and limited choice of commodities

FP Markets

In Summary ECN trading with leverage up to 1:500

FP Markets provides the most upgraded MT4/MT5 environment from our best South Korea Forex brokers. Besides a 12-plugin upgrade package, traders get Trading Central and Autochartist. Licensed account managers can offer traditional account management services via MAM/PAMM. Traders also benefit from competitive, commission-based trading fees and a well-balanced asset selection.

Copy traders can use the proprietary FP Markets solution, the fee-based Signal Start, and the well-known Myfxbook Autotrade service. Alternatively, they can rely on the trusted, embedded copy trading services in MT4/MT5/cTrader. Traders can get daily market reports via the FP Markets newsletter, and FP Markets stands out with its fast payment processing times.

Read more on FP Markets »
4.8/5 in this category

Pros & Cons

  • Choice of trading platforms and auxiliary trading tools
  • Very competitive cost structure and excellent asset selection
  • Low minimum deposit requirement and leverage of up to 1:500
  • Well-regulated and trustworthy
  • Availability of Iress geographically restricted

MultiBank Group

In Summary Deep liquidity with no trading restrictions

MultiBank is the most highly regulated broker among our best South Korea Forex brokers, with ten regulatory licenses and 25+ global offices. Traders get MT4/MT5 or the proprietary, web-based MultiBank Traders 4 and 5. API trading allows advanced trading solutions to connect to the MultiBank infrastructure. MAM/PAMM accounts support traditional account management services, and MultiBank accepts cryptocurrency deposits.

High-volume traders benefit from a cashback program, and copy traders get the embedded MT4/MT5 services or the in-house MultiBank copy trading alternative. MultiBank maintains reasonable, commission-free Forex spreads from 0.8 pips or $8.00 per lot in the Pro account.

Read more on MultiBank Group »
4.7/5 in this category

Pros & Cons

  • 20,000 assets offering broad coverage of financial markets
  • Raw spreads from 0 pips and maximum leverage of 1:500
  • MAM/PAMM accounts and proprietary copy trading platform
  • ECN trading with deep liquidity and no requotes
  • Access to raw spreads requires a $5,000 minimum deposit on the ECN account

Forex Trading in South Korea

South Korea has an exceptional Forex trading infrastructure due to leadership in finance, technology, and education. Over 81% live in urban centres, the internet penetration is almost 98%, while the mobile penetration is just shy of 128%, with social media usage at 92%. Domestic Forex brokers have a dominant presence, but our South Korea Forex brokers are expanding their market share amid cutting-edge trading tools and services.

What to Look for in a Forex Broker from South Korea

All competitive South Korea Forex brokers should offer the following:

  • Regulation - 10+ years clean regulatory track record.
  • Low trading fees - Low trading fees and swap rates, including positive ones.
  • Trading platforms - Algorithmic and copy trading plus a user-friendly mobile app.
  • Asset diversity - A choice of liquid assets.
  • Deposits/Withdrawals - No internal transaction fees and low minimum requirements.

Forex Trading Regulations in South Korea

The Bank of Korea announced sweeping new regulations that welcome offshore brokers, like the ones listed here, while extending interbank Forex trading hours. The Financial Services Commission and the Bank of Korea regulate the Forex markets, and the Electronic Financial Transaction Act regulates all electronic financial transactions. It is also leading cryptocurrency regulations, with the Bank of Korea proposing similar rules and oversight for crypto as Forex and other financial assets.

How Much is Forex Leverage in South Korea?

South Korea has a very restrictive maximum leverage environment, with maximum Forex leverage capped at 1:10. All brokers on our South Korea Forex brokers list offer negative balance protection. Forex traders should always use proper risk management when trading leveraged accounts.

How to Start Forex Trading in South Korea?

Before opening an account with these South Korea Forex brokers, beginners should consider my tips below.

  1. Begin with quality education.
  2. Respect Forex trading as a skilled profession.
  3. Trading psychology separates 90% of unprofitable traders from profitable ones.
  4. Learn the relationship between leverage and risk management.
  5. Leverage magnifies profits and losses.
  6. Risk management is as important as the trading strategy.
  7. Choose a suitable trading strategy that reflects your personality.
  8. Low trading fees are paramount to a competitive trading environment.
  9. Master appropriate take profit and stop loss placement.

What is the Best Trading Platform in South Korea

With 80%+ of daily Forex trading volume algorithmic, any competitive trading platform should support it. MT4 is the leading algorithmic trading platform, and all brokers on our South Korea Forex brokers list offer it, making it the best trading platform in South Korea. It fully supports algorithmic, API, and copy trading, and traders can upgrade it via 25,000+ custom indicators, plugins, and EAs. A user-friendly mobile app is also available. MT5 and cTrader come in as the second and third-best choices, as they lack the versatility of MT4.

Forex Trading Taxation in South Korea

Our South Korea Forex brokers review only found that a 10% personal income tax applies to Forex trading income, which can increase to 11% and 14%, depending on total annual income from all sources. The South Korean Forex landscape, including taxes, continues to evolve and become more competitive while already ranking among the best in many areas, except leverage. South Korean Forex traders should consult a legal professional to seek tax advice in South Korea to ensure compliance with local rules and regulations.

Pros & Cons of Forex Trading in South Korea

Before funding a Forex trading account with any of our South Korea Forex brokers, traders must evaluate the pros and cons of Forex trading in South Korea.

The pros of Forex trading in South Korea are:

  • Lower capital requirements versus other assets
  • Low-latency algorithmic trading
  • 24/5 decentralized trading
  • Mobile trading
  • PAMM/MAM accounts
  • Copy and social trading
  • Passive income opportunities

The cons of Forex trading in South Korea are:

  • Lack of respect for Forex trading as a high-skilled profession
  • Unrealistic trading expectations
  • Disconnect between leverage and its relationship to risk management
  • Misleading marketing campaigns
  • Emotion-based decision-making
  • Demo trading that results in a false sense of accomplishment

Bottom Line

South Korea is an excellent hub for Forex traders, and unlike many jurisdictions, it has introduced regulatory changes to welcome offshore brokers. South Korea has a vibrant domestic brokerage scene, which has the advantage of offering trading accounts denominated in South Korean Won. However, trading from US Dollar-denominated accounts eliminates many currency conversion fees. All brokers from our South Korea Forex brokers review accept credit/debit deposits in South Korean Won but convert them into the account base currency. In addition, most accept cryptocurrency deposits.

Traditional account management services, algorithmic trading, and copy trading are leading strategies, and South Korea is also a leading cryptocurrency hub.

You might also be interested in reviewing the below top brokers:

FAQs

Can you trade Forex in South Korea?

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Yes, South Korean Forex traders can trade in South Korea via domestic and offshore Forex brokers.

Is trading legal in South Korea?

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Yes, trading is legal and widespread in South Korea.

What is the best broker in Asia?

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The choice depends on individual preferences, but the best broker in Asia will fully support algorithmic and copy trading, have low trading fees, deep liquidity, and excellent order execution.

Is South Korea a good country to trade in?

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South Korea is an excellent country for traders as it is a leading international financial hub, a high-tech society with an educated population, and a high-income economy.

Is crypto illegal in South Korea?

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No, crypto is legal in South Korea, a global cryptocurrency innovation and adoption leader.

Christopher Lewis
About Christopher Lewis

Christopher Lewis has been trading Forex for several years. He writes about Forex for many online publications, including his own site, aptly named The Trader Guy.