5 Best Forex Brokers in South Korea
Last Update: March 14th, 2024
The 5 Best Forex brokers in South Korea revealed. We have explored and tested several prominent brokers to identify the 5 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
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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.
5 Best Forex Brokers in South Korea (2024*)
- ☑️IC Markets – High South Korean Trust Score.
- ☑️FP Markets – Lowest Overall Costs in South Korean Won.
- ☑️Interactive Brokers – Best Mobile Trading Experience.
- ☑️AvaTrade – Highly regulated Forex Broker in South Korea.
- ☑️eToro – Best Mobile Trading Experience.
5 Best Forex Brokers in South Korea
| 👥 Brokers | 👉 Open Account | 💰 Minimum Deposit | ⚖️ Regulators | 📈 Minimum Spread |
| 1. IC Markets | 👉 Open Account | KRW266,183 or $200 | ASIC, CySEC, FSA, SCB | From 0.0 pips |
| 2. FP Markets | 👉 Open Account | KRW 133,066.50 or USD100 | ASIC, CySEC, FSCA, FSA, FSC | From 0.0 pips |
| 3. Interactive Brokers | 👉 Open Account | There is no specific minimum deposit required | SEC, CFTC, FCA, IIROC | From 0.0 pips |
| 4. AvaTrade | 👉 Open Account | KRW 133,066.50 or USD100 | Central Bank of Japan (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, CySEC, ISA | From 0.0 pips |
| 5. eToro | 👉 Open Account | KRW 66,526 or $50 | CySEC, FCA | From 0.9 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
Overview
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’ 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
| Feature | Information |
| ⚖️ Regulation | ASIC, CySEC, FSA, SCB |
| 💻 Account Types | cTrader Account, Raw Spread Account, Standard Account. |
| 💵 Minimum Spread | From 0.0 pips |
| 💸 Minimum Deposit | KRW266,183 or $200 |
| 📱 Platforms Supported | MetaTrader 4 MetaTrader 5 cTrader IC Social Signal Start ZuluTrade |
| 📈 Range of Markets | Forex Commodities Indices Bonds Cryptocurrencies Stocks Futures |
| 📊 Demo Account | Yes |
| ✴️ Social Trading Offered | LinkedIn 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
Overview
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’ 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
| Feature | Information |
| ⚖️ Regulation | ASIC, CySEC, FSCA, FSA, FSC |
| 💻 Account Types | MT4/5 Standard Account, an MT4/5 Raw Account, an MT4/5 Islamic Standard Account, and an MT 4/5 Islamic Raw Account |
| 💵 Minimum Spread | From 0.0 pips |
| 💸 Minimum Deposit | KRW 133,066.50 or USD100 |
| 📱 Platforms Supported | MetaTrader 4 MetaTrader 5 IRESS cTrader FP Markets App |
| 📈 Range of Markets | Forex Shares Metals Commodities Indices Cryptocurrencies Bonds ETFs |
| 📊 Demo Account | Yes |
| ✴️ Social Trading Offered | LinkedIn 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
Overview
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.
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
| Feature | Information |
| ⚖️ Regulation | SEC, CFTC, FCA, IIROC |
| 💻 Account Types | Individual, Joint, Trust, IRA. Non-Professional Advisor. Family Office. Advisor. Advisor Client (including Non-Professional Advisor and Family Office) Broker Client. EmployeeTrack. |
| 💵 Minimum Spread | From 0.0 pips |
| 💸 Minimum Deposit | There is no specific minimum deposit required |
| 📱 Platforms Supported | IBKR |
| 📈 Range of Markets | Global stocks, options, futures, currencies, cryptocurrencies |
| 📊 Demo Account | Yes |
| ✴️ Social Trading Offered | Facebook 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
Overview
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’s commitment to regulatory compliance and reputation for reliability instills confidence among Forex traders, ensuring a secure trading environment.
Unique Features
| Feature | Information |
| ⚖️ Regulation | Central Bank of Japan (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, CySEC, ISA |
| 💻 Account Types | Retail Account, Professional Account |
| 💵 Minimum Spread | From 0.0 pips |
| 💸 Minimum Deposit | KRW 133,066.50 or USD100 |
| 📱 Platforms Supported | AvaTradeGO AvaOptions AvaSocial MetaTrader 4 MetaTrader 5 DupliTrade ZuluTrade |
| 📈 Range of Markets | Forex Stocks Commodities Cryptocurrencies Treasuries Bonds Indices Exchange-Traded Funds (ETFs) Options Contracts for Difference (CFDs) Precious Metals |
| 📊 Demo Account | Yes |
| ✴️ Social Trading Offered | Instagram 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%
eToro
Overview
eToro presents a compelling option for copy traders in South Korea due to several key advantages. eToro’s innovative CopyTrader feature allows users to automatically replicate the trades of successful investors, offering an accessible way for less experienced traders to benefit from the expertise of others.
eToro’s global reach ensures access to a diverse pool of traders from around the world, allowing South Korean copy traders to diversify their portfolios and mitigate risk.
eToro’s user-friendly interface and comprehensive mobile app make it convenient for South Korean users to engage in copy trading seamlessly.
Unique Features
| Feature | Information |
| ⚖️ Regulation | CySEC, FCA |
| 💻 Account Types | Personal Account Professional Account Corporate Account Islamic Account |
| 💵 Minimum Spread | From 0.9 pips |
| 💸 Minimum Deposit | KRW 66,526 or $50 |
| 📱 Platforms Supported | eToro proprietary platform |
| 📈 Range of Markets | Stocks. Indices. ETFs. Currencies. Commodities. Cryptoassets. |
| 📊 Demo Account | Yes |
| ✴️ Social Trading Offered | Facebook YouTube Telegram |
| 👉 Open Account | 👉 Open Account |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| Users can interact with and mimic the decisions made by successful investors through eToro's ground-breaking social trading platform, which could increase learning and possibly improve trading performance. | Compared to other platforms, eToro's research tools are somewhat limited, which can make it difficult for traders to perform in-depth analysis. |
| A wide range of assets, such as stocks, cryptocurrencies, commodities, and FX pairings, are offered by eToro. | Even though eToro offers cheap spreads, traders may find their costs to be slightly higher than those of other brokers. |
| Because of its intuitive design, eToro is appropriate for traders of all experience levels, even novices. | Because eToro's charting tools aren't as good as those of other brokers, traders' ability to perform technical analysis is limited. |
| With CopyPortfolios—diversified investment portfolios overseen by experts—that eToro offers, traders can invest in many assets with just one click. | Traders may be adversely affected by eToro's low withdrawal limits and withdrawal costs. |
Trust Score
eToro has a trust score of 90%
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, while eToro stands out for its innovative social trading platform. Traders should choose based on their specific requirements.
Frequently Asked Questions
What is Forex trading and how does it work?
Forex trading involves buying and selling currency pairs in the foreign exchange market. Traders aim to profit from fluctuations in exchange rates.
Is Forex trading legal in South Korea?
Yes, Forex trading is legal in South Korea.
What are the regulatory requirements for Forex brokers operating 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.
Which Forex brokers accept traders from South Korea?
Several reputable Forex brokers accept traders from South Korea, including IC Markets, FP Markets, AvaTrade, and eToro, among others.
What are the most traded currency pairs among South Korean Forex traders?
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.
Top 4 Brokers
