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4 Best Forex Brokers in South Korea

Last Update: June 26th, 2024

Best Forex Brokers in South Korea

 

The 4 Best Forex brokers in South Korea revealed. We have explored and tested several prominent brokers to identify the 4 bests. 

In this in-depth guide you’ll learn: 

  • Who is the Best Suited Broker for Beginner South Korean Traders?
  • KRW Accounts and how they work.
  • Pros and cons of each broker 
  • Popular FAQs about the best Forex brokers in South Korea 

 

And lots more…  

Let’s dive right in… 

 

🏆 10 Best Forex Brokers

BrokerReviewRegulatorsMin DepositWebsite
🥇Read ReviewASIC, FSA, CBI, BVI, FSCA, FRSA, CySEC, ISA, JFSAUSD 100Visit Broker >>
🥈Read ReviewFMA, FSAUSD 50Visit Broker >>
🥉Read ReviewFSCA, CySEC, DFSA, FSA, CMAUSD 0Visit Broker >>
4Read ReviewASIC, BaFin, CMA, CySEC, DFSA, FCA, SCBUSD 200Visit Broker >>
5Read ReviewFCA, CySEC, FSCA, SCBUSD 100Visit Broker >>
6Read ReviewCySEC, MISA, FSCAUSD 25Visit Broker >>
7Read ReviewCySEC, FCA, FSA, FSCA, Labuan FSAUSD 100Visit Broker >>
8Read ReviewCBCS, CySEC, FCA, FSA, FSC, FSCA, CMAUSD 10Visit Broker >>
9Read ReviewASIC, CySEC, FSCA, CMAUSD 100Visit Broker >>
10Read ReviewIFSC, FSCA, ASIC, CySECUSD 1Visit Broker >>

 

What is a Forex broker in South Korea? 

Forex brokers accepting South Korean traders typically offer diverse trading platforms, competitive spreads, and comprehensive customer support in Korea. They ensure compliance with local regulations and provide access to a wide range of currency pairs and trading instruments. These brokers prioritize user-friendly interfaces and secure payment options for seamless trading experiences.

 

4 Best Forex Brokers in South Korea (2024*)

  1. ☑️IC Markets – High South Korean Trust Score.
  2. ☑️FP Markets – Lowest Overall Costs in South Korean Won.
  3. ☑️Interactive Brokers Best Mobile Trading Experience.
  4. ☑️AvaTrade Highly regulated Forex Broker in South Korea.

 

4 Best Forex Brokers in South Korea

👥 Brokers👉 Open Account💰 Minimum Deposit⚖️ Regulators📈 Minimum Spread
1. IC Markets 👉 Open AccountKRW266,183 or $200 ASIC, CySEC, FSA, SCB From 0.0 pips
2. FP Markets 👉 Open AccountKRW 133,066.50 or USD100 ASIC, CySEC, FSCA, FSA, FSC From 0.0 pips
3. Interactive Brokers 👉 Open AccountThere is no specific minimum deposit requiredSEC, CFTC, FCA, IIROC From 0.0 pips
4. AvaTrade 👉 Open AccountKRW 133,066.50 or USD100 Central Bank of Japan (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, CySEC, ISA From 0.0 pips

 

The 5 Best Forex Brokers in South Korea 

Below is our selection of the 5 best Forex brokers in South Korea that provide excellent trading conditions and feature-rich platforms.  

 

IC Markets 

IC Markets is an advantageous option for swing traders and position traders in South Korea. 

IC Markets’ extensive range of trading instruments, including forex, commodities, indices, and cryptocurrencies, provides ample opportunities for these traders to diversify their portfolios and capitalize on various market movements. 

The broker’s user-friendly platform and advanced charting tools facilitate in-depth technical analysis, crucial for swing trading strategies based on identifying short- to medium-term trends.  

 

IC markets

 

IC Markets’ commitment to regulatory compliance ensures a secure trading environment for South Korean traders.  

Finally, IC Markets’ provision of localized customer support in Korea further enhances accessibility and assistance for traders in the region.  

In essence, IC Markets presents an attractive proposition for swing traders and position traders in South Korea, combining diverse trading opportunities, competitive rates, advanced tools, and reliable support. 

 

Unique Features 

FeatureInformation
⚖️ RegulationASIC, CySEC, FSA, SCB
💻 Account TypescTrader Account, Raw Spread Account, Standard Account.
💵 Minimum SpreadFrom 0.0 pips
💸 Minimum Deposit KRW266,183 or $200
📱 Platforms SupportedMetaTrader 4

MetaTrader 5

cTrader

IC Social

Signal Start

ZuluTrade
📈 Range of MarketsForex

Commodities

Indices

Bonds

Cryptocurrencies

Stocks

Futures
📊 Demo AccountYes
✴️ Social Trading OfferedLinkedIn

Twitter

Facebook

YouTube
👉 Open Account👉 Open Account

 

Pros and Cons

✔️ Pros❌ Cons
IC Markets offers competitive spreads, especially for its Raw Spread accounts, which draws traders looking for low-cost trading. A comparative analysis of IC Markets' instructional tools with those of other brokers may indicate that they are somewhat limited, which may inhibit novice traders' acquisition of expertise.
IC Markets makes social trading easier by partnering with ZuluTrade, allowing users to watch and copy the strategies used by successful traders. The complex features and tools offered by IC Markets may be intimidating to inexperienced traders, requiring some time for adjustment before fully utilizing them.
To cater to a diverse range of trading preferences, IC Markets provides a vast array of trading products, including currency pairings, indices, commodities, and cryptocurrencies. While IC Markets offers customer care, there is a chance that certain customers will become frustrated because of differences in the calibre and promptness of their assistance.
The broker offers a variety of account types, including Standard and Raw Spread accounts, so customers may choose the one that best suits their trading style and tastes. Reports of difficulties or hold-ups in the IC Markets withdrawal process have occasionally appeared. This might be annoying to users who want quick access to their money.
IC Markets is supervised by reputable regulatory agencies, such as the Australian Securities and Investments Commission (ASIC) and the Seychelles Financial Services Authority (FSA), which guarantee that customers transact in a safe and open environment. Some customers have reported occasional platform instability or technical issues during transactions with IC Markets, which could disrupt trading activities.

 

Trust Score 

IC Markets has a trust score of 86% 

 

FP Markets 

FP Markets stands out as an excellent choice for high-volume traders in South Korea due to several compelling reasons.  

FP Markets’ institutional-grade liquidity ensures that high-volume trades can be executed swiftly and efficiently, minimizing slippage and enhancing overall trading performance.  

Thirdly, the broker provides access to a wide range of global markets, including forex, commodities, indices, and cryptocurrencies, allowing high-volume traders to diversify their trading strategies and portfolios effectively.  

 

FP Markets

 

FP Markets’ advanced trading technology and robust infrastructure ensure stability and reliability even during periods of heightened market activity, further appealing to high-volume traders who require seamless execution and performance.  

Overall, FP Markets presents a comprehensive solution tailored to the needs of high-volume traders in South Korea, combining liquidity, competitive pricing, diverse markets, and advanced technology. 

 

Unique Features 

FeatureInformation
⚖️ RegulationASIC, CySEC, FSCA, FSA, FSC
💻 Account TypesMT4/5 Standard Account, an MT4/5 Raw Account, an MT4/5 Islamic Standard Account, and an MT 4/5 Islamic Raw Account
💵 Minimum SpreadFrom 0.0 pips
💸 Minimum Deposit KRW 133,066.50 or USD100
📱 Platforms SupportedMetaTrader 4

MetaTrader 5

IRESS

cTrader

FP Markets App
📈 Range of MarketsForex

Shares

Metals

Commodities

Indices

Cryptocurrencies

Bonds

ETFs
📊 Demo AccountYes
✴️ Social Trading OfferedLinkedIn

Twitter

Facebook

YouTube
👉 Open Account👉 Open Account

 

Pros and Cons

✔️ Pros❌ Cons
Traders benefit from FP Markets' highly advanced infrastructure. Due to FP Markets' worldwide focus, regional payment options might not get the same amount of attention.
All-inclusive customer support services are provided to investors by a group of committed and experienced employees. Despite the wide variety of items offered on FP Markets, certain traders may have a stronger preference for local or specialized markets.
FP Markets are governed by several international agencies, including the FSCA, CySEC, ASIC, FSA, and FSC. FP Markets computes withdrawal fees for various payment methods.
FP Markets provides traders with a comprehensive library of instructional resources aimed at enhancing their trading skills.
To meet the diverse needs and trading preferences of its customers, FP Markets provides a range of account categories.
Trading platforms with sophisticated charting and analytical features include cTrader, MetaTrader, IRESS, and MetaTrader 5.

 

Trust Score  

FP Markets has a high trust score of 87%  

 

Interactive Brokers 

Interactive Brokers is an excellent choice for experienced investors in South Korea. Interactive Brokers’ extensive range of investment products spans global markets, allowing experienced investors to diversify their portfolios effectively.  

 

Interactive Brokers

 

Additionally, Interactive Brokers’ robust regulatory compliance and reputation for reliability ensure a secure trading environment, instilling confidence among investors.  

Interactive Broker’s comprehensive educational resources and access to expert insights further empower experienced investors to stay informed and make informed investment choices.  

Overall, Interactive Brokers provides the necessary tools, global access, and reliability that appeal to experienced investors seeking to navigate diverse markets effectively from South Korea. 

 

Unique Features 

FeatureInformation
⚖️ RegulationSEC, CFTC, FCA, IIROC
💻 Account TypesIndividual, Joint, Trust, IRA.

Non-Professional Advisor.

Family Office.

Advisor.

Advisor Client (including Non-Professional Advisor and Family Office)

Broker Client.

EmployeeTrack.
💵 Minimum SpreadFrom 0.0 pips
💸 Minimum Deposit There is no specific minimum deposit required
📱 Platforms SupportedIBKR
📈 Range of MarketsGlobal stocks, options, futures, currencies, cryptocurrencies
📊 Demo AccountYes
✴️ Social Trading OfferedFacebook

Twitter

LinkedIn

YouTube
👉 Open Account👉 Open Account

 

Pros and Cons

✔️ Pros❌ Cons
Interactive Brokers allows traders to access a wide range of international markets, including equities, bonds, futures, currencies, and options. This allows traders to diversify their portfolios across many asset classes. Inexperienced traders may find it challenging to understand and use complex trading platforms and tools.
Interactive Brokers' trading platforms, including Trader Workstation (TWS) and IBKR Mobile, provide a wide range of execution and analytical options. Despite their reasonable prices, some traders may find Interactive Brokers' fee structures confusing due to the variable rates paid for different services and accounts.
Transparent pricing structures and competitive commission rates are provided by Interactive Brokers to active traders, particularly those with high trading volumes, which may reduce overall trading expenses. Compared to other brokers, Interactive Brokers has higher minimum balance requirements for some account types, which hinders the platform's ability to function for traders with lower account balances.
To help traders make informed investing decisions, Interactive Brokers offers a wide range of analytical and research resources, such as research papers, technical analysis, market commentary, and fundamental data.Even though Interactive Brokers offers live chat, phone, and email customer assistance, some traders may feel that smaller brokerages offer more personalized service and attention to detail.
The risk management tools provided by Interactive Brokers, such as risk-based margining, portfolio margining, and real-time margin computations, let traders effectively mitigate and control risk. Compared to other brokerages, Interactive Brokers may provide a smaller range of educational materials and resources, which means that new traders will need to look for additional sources of advice and knowledge.

 

Trust Score  

Interactive Brokers has a trust score of 95%  

 

AvaTrade 

AvaTrade stands out as an advantageous choice for Forex traders in South Korea. 

AvaTrade’s comprehensive offering of currency pairs, including major, minor, and exotic pairs, ensures ample opportunities for traders to capitalize on various market movements.  

AvaTrade provides competitive spreads and leverages, enabling Forex traders to optimize their trading strategies and maximize potential profits. The broker’s user-friendly trading platforms, including AvaTradeGO and MetaTrader 4, offer intuitive interfaces and advanced charting tools, facilitating seamless execution and analysis for traders in South Korea. 

 

AvaTrade

 

AvaTrade’s commitment to regulatory compliance and reputation for reliability instills confidence among Forex traders, ensuring a secure trading environment.  

 

Unique Features 

FeatureInformation
⚖️ RegulationCentral Bank of Japan (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, CySEC, ISA
💻 Account TypesRetail Account, Professional Account
💵 Minimum SpreadFrom 0.0 pips
💸 Minimum Deposit KRW 133,066.50 or USD100
📱 Platforms SupportedAvaTradeGO

AvaOptions

AvaSocial

MetaTrader 4

MetaTrader 5

DupliTrade

ZuluTrade
📈 Range of MarketsForex

Stocks

Commodities

Cryptocurrencies

Treasuries

Bonds

Indices

Exchange-Traded Funds (ETFs)

Options

Contracts for Difference (CFDs)

Precious Metals
📊 Demo AccountYes
✴️ Social Trading OfferedInstagram

Facebook

Twitter

YouTube
👉 Open Account👉 Open Account

 

Pros and Cons

✔️ Pros❌ Cons
Customers can create diverse investment portfolios with the help of AvaTrade's extensive selection of trading instruments, which include indices, cryptocurrencies, commodities, FX pairings, and stocks. AvaTrade's spreads might be higher than those of other brokers, especially for aggressive traders, which would mean higher trading costs.
By enabling users to examine and replicate the tactics of profitable traders, the combination of ZuluTrade and AvaTrade streamlines social trading. The platform offers a restricted range of research and analytical tools, which discourages certain traders from carrying out in-depth market study.
While AvaSocial and AvaTradeGo, respectively, speed up social and mobile trading, AvaProtect provides improved technical analysis and charting. It may be difficult for inexperienced traders to understand and take advantage of all the features and opportunities available on the platform.
To give its customers a safe and stable exchange environment, AvaTrade complies with rules set forth by regulatory organizations such as the Central Bank of Japan and the Financial Services Commission of the British Virgin Islands.
AvaTrade provides its traders with a wide range of instructional materials, including webinars, seminars, and market research, all aimed at enhancing their understanding of the market.

 

Trust Score  

AvaTrade has a high trust score of 96% 

 

Forex Brokers in South Korea

 

Conclusion

Overall, selecting the best Forex broker in South Korea depends on individual trading preferences and needs. Brokers like IC Markets, FP Markets, and AvaTrade offer competitive features catering to diverse trading styles. Traders should choose based on their specific requirements. 

FAQs

Forex trading involves buying and selling currency pairs in the foreign exchange market. Traders aim to profit from fluctuations in exchange rates. 

Yes, Forex trading is legal in South Korea.

Forex brokers in South Korea must be licensed by the Financial Services Commission (FSC) and adhere to strict regulatory standards to ensure the safety of investors’ funds. 

Several reputable Forex brokers accept traders from South Korea, including IC Markets, FP Markets, and, AvaTrade, among others. 

The most traded currency pairs among South Korean Forex traders typically include major pairs like EUR/USD, USD/JPY, and GBP/USD, as well as popular cross-currency pairs. 

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