| Updated: May 15, 2024Traders seeking brokers that will offer them the best forex trading experience in South Korea can use our list of top South Korean brokers as a reference for their research. Our trading experts have explored every factor that could make or break your trading experience online, opening real-money accounts with every broker to fully evaluate the services offered by every brand. Each of the brokers on our list is regulated and offers safe and fair trading conditions to traders based in South Korea.
Fusion Markets74-89% of retail CFD accounts lose money
IC Markets70.64% of retail investor accounts lose money
Forex.com77.7% of retail investor accounts lose money
Markets.com74.2% of retail investor accounts lose money
Spreadex64% of retail investors lose money
Eightcap76.09% of retail investor accounts lose money
Global Prime74-89% of retail CFD accounts lose money
Plus50080% of retail investor accounts lose money
Vantage FX
AxiThe vast majority of retail client accounts lose moneySouth Korean Forex Brokers Ranked by Trustpilot Score
| Forex Broker | Trustpilot Reviews | |
|---|---|---|
| 1. IC Markets | 35964 | 4.8 ⭐ |
| 2. Fusion Markets | 1409 | 4.8 ⭐ |
| 3. Forex.com | 1288 | 4.7 ⭐ |
| 4. Markets.com | 1165 | 4.7 ⭐ |
| 5. Spreadex | 93 | 4.4 ⭐ |
| 6. Eightcap | 2133 | 4.3 ⭐ |
| 7. Plus500 | 13168 | 4.1 ⭐ |
| 8. Global Prime | 100 | 4.1 ⭐ |
| 9. Vantage FX | 3033 | 3.4 ⭐ |
| 10. Axi | 1436 | 3.3 ⭐ |
South Korean Forex Brokers Ranked by Spread Commission
| Forex Broker | EURUSD | USDJPY | EURGBP | GBPUSD |
|---|---|---|---|---|
| 1. Fusion Markets | 0.11 | 0.13 | 0.15 | 0.11 |
| 2. Global Prime | 0.13 | 0.28 | 0.28 | 0.22 |
| 3. Markets.com | 0.6 | 0.7 | 0.9 | 0.9 |
| 4. Spreadex | 0.6 | 9 | 0.9 | 0.8 |
| 5. IC Markets | 0.8 | 0.8 | 0.8 | 0.8 |
| 6. Vantage FX | 1.0 | 1.0 | 1.2 | 1.0 |
| 7. Eightcap | 1 | 1.1 | 1 | 1 |
| 8. Forex.com | 1 | 1.2 | 1.3 | 1.3 |
| 9. Axi | 1.2 | 1.4 | 1.1 | 1.2 |
| 10. Plus500 | 1.2 | 1.5 | 1.5 | 1.5 |
South Korean Forex Brokers Ranked by Commission per Lot
| Forex Broker | Commission per lot |
|---|---|
| 1. Forex.com | $0 |
| 2. Plus500 | $0 |
| 3. Eightcap | $0 on Standard and TradingView Accounts; $7 round turn on Raw Accounts |
| 4. Spreadex | $0 |
| 5. Markets.com | $0 |
| 6. Vantage FX | $3 per side on Raw; $1.50 per side on Pro |
| 7. Fusion Markets | $0 Classic Account, $4.50 round turn on Zero Account |
| 8. Global Prime | $0 Standard Accounts; $7 round turn on Raw Accounts |
| 9. Axi | $0 on Standard Account; $7 round trip on Pro Account |
| 10. IC Markets | $0 Standard MT; $6 round turn on Raw cTrader; $7 round turn on Raw MT |
Important Note: The Financial Services Commission (FSC) and the Financial Supervisory Service (FSS) are the authorities responsible for the regulation of the forex trading sector in South Korea, ensuring the fairness and stability of financial markets within the country. To be able to participate in the local forex trading market, non-Korean entities are required to open a local branch. However, this condition will most likely be dropped by the end of 2024, further opening the South Korean trading market to foreign brokers. You can find more information about the FSC by visiting its website or following its X account.
Top 10 FX Brokers in South Korea
Fusion Markets Broker Details Regulators ASIC, FSA (Seychelles), VFSC (Vanuatu) Min Deposit $0 Trading Platforms MetaTrader4, MetaTrader5, cTrader, DupliTrade, Fusion+ Copy Trade Trustpilot Rating 4.8 out of 1409 reviews Number of Forex Pairs to Trade Over 200 Leverage Forex & Metals: 30:1
Index CFDs: 5:1
Cryptocurrencies: 2:1Spread EURUSD: 0.11
USDJPY: 0.13
EURGBP: 0.15
GBPUSD: 0.11Forex Commission per Lot per Trade $0 Classic Account, $4.50 round turn on Zero Account Deposit Methods Visa, Mastercard, PayPal, Skrill, Neteller, Fasapay, Jeton Wallet, Perfect Money, Online Naira, Doku, Bitcoin, Ethereum, Litecoin, USDT, Tether, Ripple, bank wire Withdrawal Methods Visa, Mastercard, Bank Wire, Skrill, Neteller,Bitcoin, Ethereum, Litecoin, Tether, Ripple Founded by Australian trading experts, Fusion Markets was launched in 2017 and is currently one of the top destinations for traders all over the globe. While it is common for brokers to advertise low spreads, Fusion Markets was actually recognized by Brookerchooser, receiving the award “Lowest Spread Forex Broker” four years in a row.
In addition to offering traders tight spreads, Fusion Markets is committed to offering the best value for your trading, charging a significantly low commission of only $2.25 per lot ($4.50 per side). As you can see, const-effectiveness is one of the main values of this top-shelf broker.
Safety is always a priority for Fusion Markets, with major regulatory bodies like the Australian Financial Services (license No.385620), the Financial Services Authority of Seychelles (license No.SD096), and authorities in Vanuatu regulating the services provided by the broker. Under ASIC’s (Australian Securities & Investments Commission) regulation, the broker also provides a negative balance protection to some of its clients.
With no minimum on deposits and a wide range of popular trading platforms like MetaTrader4, MetaTrader5, cTrader, and more, it is no surprise that Fusion Markets is one of the top choices of traders. With an average score of 4.6 out of 5 on Trustpilot, this broker has received an Excellent rating from more than 1,300 happy customers.
Key Pros
- Offers some of the lowest spreads
- ASIC clients enjoy a negative balance protection
- Supports popular trading platforms
- Offers two copy trading platforms
- Supports fiat and crypto payment solutions
Key Cons
- Does not offer investor protection
- Traders outside Australia have no negative balance protection
- Cannot set up an account in a minor currency
Global Prime Broker Details Regulators ASIC (No. 385620), VFSC (No. 40256) Min Deposit $0 Trading Platforms MT4 Desktop, MT4 Webtrader, MT4 Android Trustpilot Rating 4.1 out of 100 reviews Number of Forex Pairs to Trade 56 Leverage Forex & Metals: 500:1
Index CFDs: 100:1
Cryptocurrencies: 10:1Spread EURUSD: 0.13
USDJPY: 0.28
EURGBP: 0.28
GBPUSD: 0.22Forex Commission per Lot per Trade $0 Standard Accounts; $7 round turn on Raw Accounts Deposit Methods Visa, Mastercard, PayPal, Skrill, Neteller, Gate8, Dragonpay, Fasapay, VNPay, Pagsmile, BPay, POLi, AstroPay, Bank Transfer, Interac, Perfect Money, PayID, Jeton, MiFinity, XPay, Crypto Withdrawal Methods Mastercard, Visa, Local Bank Transfer, Bank Wire Transfer, Skrill, Neteller, AstroPay, PayPal, Dragonpay, Perfect Money, Jeton, Interac, Cryptocurrencies
Global Prime is a reliable brokerage that has been providing low-cost trading services since 2010. Regulated by the watchdogs of Vanuatu and Australia, the broker facilitates trading with over 150 financial instruments, including indices, bonds, commodities, cryptocurrencies, and more than 50 currency pairs. Major-pair spreads on raw accounts start at zero pips, with most orders being executed within 10 milliseconds on average. The broker works with MT4 only but plans to soon expand its range of supported platforms with cTrader, MT5, and TradingView.
These excellent trading conditions, coupled with a streamlined registration process, fee-free transactions to and from customer accounts, and round-the-clock support, have earned the broker a solid 4.1 score on Trustpilot. Still, there is scope for improvement as the company offers no cent and swap-free accounts for Islamic customers. The broker has no compensation scheme for client funds, either, which is yet another area Global Prime could improve in.
Key Pros
- Overseen by a top-tier financial regulator (ASIC)
- No fees on deposits and withdrawals
- Low fees for FX trading
- Streamlined sign-up process
- A broad range of currency pairs
Key Cons
- Could use more trading platforms
- A limited range of educational resources
- Does not offer Islamic or cent accounts
Forex.com Broker Details Regulators ASIC, MAS, FCA, CIRO, JFSA, CFTC , MiFID, CySEC Min Deposit $100 Trading Platforms MetaTrader 4, MetaTrader 5, TradingView, WebTrader Trustpilot Rating 4.7 out of 1288 reviews Number of Forex Pairs to Trade 80+ Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 1
USDJPY: 1.2
EURGBP: 1.3
GBPUSD: 1.3Forex Commission per Lot per Trade $0 Deposit Methods Visa, Mastercard, Skrill, Neteller, Bank Transfer Withdrawal Methods Visa, Mastercard, Skrill, Neteller, Bank Transfer Launched in 2001, Forex.com has been offering innovative trading solutions for over two decades. Traders will have the chance to trade more than 80 currency pairs or choose from numerous shares and commodities trading options. Advanced trading tools are definitely among the strengths of the broker, offering multiple platforms and even AI tools that allow easier analysis.
Whether you trade on your desktop device or wish to trade on the go, Forex.com offers a wide selection of platforms that enable smooth trading experiences on any type of device. MetaTrader 4 and 5, Web Trader, and the Forex.com mobile app will offer you access to a number of instruments that can make trading more intuitive and easy. Members of Forex.com can also use the TradingView platform, allowing them to handle their trades using a handful of exclusive trading tools.
Among the numerous reasons why many traders have decided to trust Forex.com, tight spreads are definitely a key factor. Execution speed is also one of the broker’s strongest suits, with about 99.79% of trades executed in under one second and an average execution speed for Forex trades of 0.03 seconds. While trading with Forex.com, you can be sure that your funds are always protected via industry-standard security tools, with the broker following guidelines imposed by major regulators. StoneX, which is Forex.com’s parent company, is regulated by ASIC, MAS, FCA, CIRO, JFSA, CFTC, CySEC, and MiFID in the EU market.
Key Pros
- Supports a great selection of trading platforms
- Enables easy mobile trading
- Offers over 80 currency pairs
- Provides a vast variety of products
- Forex spreads can be very competitive
Key Cons
- Navigating platforms can be difficult for beginners
- Instruments on MT4 platforms are significantly fewer than other platforms
- Charges monthly fee after 12 months of inactivity
Plus500 Broker Details Regulators FSA (No.4.1-1/18), FCA (No. FRN 509909), CySEC (No.250/14), FMA (No.47546), SFSA (No. SD039), MAS (No. CMS100648), DFSA (No. F005651), ASIC (No. 417727) Min Deposit $100 Trading Platforms Proprietary desktop and mobile platforms Trustpilot Rating 4.1 out of 13168 reviews Number of Forex Pairs to Trade 60+ Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 1.2
USDJPY: 1.5
EURGBP: 1.5
GBPUSD: 1.5Forex Commission per Lot per Trade $0 Deposit Methods Mastercard, Visa, Skrill, PayPal, Bank Transfer, Apple Pay, BPAY Withdrawal Methods PayPal, Bank Transfer, Visa, Mastercard, Skrill Plus500 is a well-funded trading company with a spotless reputation that services over 25 million customers across 50 countries. This market-leading brokerage is regulated by some of the strictest financial watchdogs in the world, including ASIC, FCA, and CySEC. Its parent company Plus500 Ltd trades publicly on the Main Market of the London Stock Exchange, which only adds to the broker’s good reputation.
The broker specializes in providing CFD trading across multiple asset classes, offering a choice from over 2,800 financial instruments. Forex, indices, stocks, commodities, cryptocurrencies, options, and ETFs are all tradable at Plus500. It ensures a clean trading experience with a robust platform flaunting a modern yet highly intuitive design.
Plus500 caters to traders with tight spreads and charges no additional commissions on forex trades. Customers can fund their live trading accounts via cards, bank transfers, and several popular e-wallets, with minimum deposits starting at $100. Deposits and withdrawals are free but administrative fees are levied on dormant accounts after three months of inactivity.
Key Pros
- Trades publicly on the London Stock Exchange
- Commission-free FX trading with tight spreads
- Great selection of analytical tools and educational materials
- Easy and quick account opening
- Provides real-time FX quotes
Key Cons
- Charges administrative fees on inactive accounts
- The platform could use more customization features
Eightcap Broker Details Regulators SCB (No. SIA-F220), ASIC (No.391441), CySEC (No. 246/14), FCA (No. 921296) Min Deposit $100 Trading Platforms MT4, MT5, WebTrader, TradingView Trustpilot Rating 4.3 out of 2133 reviews Number of Forex Pairs to Trade 50+ Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 1
USDJPY: 1.1
EURGBP: 1
GBPUSD: 1Forex Commission per Lot per Trade $0 on Standard and TradingView Accounts; $7 round turn on Raw Accounts Deposit Methods Visa, PayPal, Mastercard, Wire Transfer, Neteller, Skrill, Tether, Bitcoin, BPAY, Dragonpay, Fasapay, Interac, Pix Withdrawal Methods Mastercard, Visa, PayPal, Skrill, Neteller, Bitcoin, Tether, Wire Transfers, BPAY, Fasapay, Pix, Interac Eightcap was established back in 2009 in Melbourne. The brokerage has greatly grown over the years, currently reaching traders from more than 100 countries around the globe. The Australian company is licensed to conduct online trading by first-tier financial watchdogs like FCA, ASIC, and CySEC. It provides favorable trading conditions but its product range is a bit slimmer compared to competitors.
There are around 800 financial instruments to choose from, which puts the broker’s selection of tradable products slightly below the industry averages. Various asset classes are covered, including equity indices, shares, cryptocurrencies, forex, and commodities. The broker specializes in providing speculative trading via contracts for difference, with maximum leverage ratios capped at 30:1 or 200:1, depending on the country of access.
Traders at Eightcap can go long or short on approximately 50 forex pairs, with minimum spreads starting from zero pips on Raw accounts where a $7 round-turn commission is in place instead. Standard accounts allow for commission-free forex trading but have slightly higher spreads (from 1 pip) compared to their Raw counterparts. Capitalizing on currency price movements is possible via the TradingView, MT5, and MT4 platforms. Minimum deposit requirements align with the industry average ($100), with plenty of secure payment methods at customers’ disposal.
Key Pros
- Commission-free FX trading via standard accounts
- Spreads from 0 pips on major currency pairs
- Accepts cryptocurrency deposits
- Fantastic variety of deposit and withdrawal methods
- Insights section with webinars, trade ideas, and weekly forecasts
Key Cons
- Below-average range of tradable instruments
- Crypto withdrawals incur transaction fees
Axi Broker Details Regulators FSA, FCA, CySEC, DFSA, ASIC Min Deposit $0 Trading Platforms MT4 Desktop, MT4 WebTrader, Axi Mobile Trustpilot Rating 3.3 out of 1436 reviews Number of Forex Pairs to Trade 80 Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 1.2
USDJPY: 1.4
EURGBP: 1.1
GBPUSD: 1.2Forex Commission per Lot per Trade $0 on Standard Account; $7 round trip on Pro Account Deposit Methods Visa, Mastercard, Bank Transfer, Neteller, Skrill, AstroPay, Fasapay, Przelewy24, Boleto, Pix, Bitcoin, Ethereum, Ripple, Litecoin, Tether, Stellar Withdrawal Methods Mastercard, Visa, Bank Transfer, Przelewy24, Fasapay, Skrill, AstroPay, Pix, Boleto, Neteller, Bitcoin, Ripple, Ethereum, Litecoin, Tether, Stellar Since 2007, Axi has served 60,000 traders from more than 100 countries, offering low-cost trading with over 290 financial instruments across five major asset classes. The company carries licenses from Australia’s ASIC, New Zealand’s FMA, and the UK’s FCA. It enjoys a fine reputation among traders worldwide and has not seen any controversies.
The Sydney-based broker caters to customers with over 70 currency pairs and charges no commissions on FX trades conducted via Standard retail accounts. Commissions are in place only on Pro and Elite accounts but fall within the industry averages. Hard and soft commodities, equity indices, cryptocurrencies, and stocks are tradable at favorable conditions and low pricing via the MT4 platform.
Leverage caps are jurisdiction-specific, with customers in some countries benefiting from leverage ratios of up to 500:1. Multiple base currencies are available for retail accounts, allowing traders to save on currency conversion fees. The broker caters to its international client base with over a dozen payment methods. Using payment solutions like Fasapay and Boleto is restricted to specific regions only.
Key Pros
- Provides multilingual customer support
- Standard and Pro accounts available in 10 base currencies
- No minimum deposit requirements on Pro and Standard accounts
- Over 70 FX pairs tradable from zero pips
- Swift order execution and tight spreads
Key Cons
- A limited choice of trading platforms
- Below-average number of tradable symbols
Spreadex Broker Details Regulators FCA (No. 190941) Min Deposit $0 Trading Platforms TradingView, proprietary software Trustpilot Rating 4.4 out of 93 reviews Number of Forex Pairs to Trade 60+ Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 0.6
USDJPY: 9
EURGBP: 0.9
GBPUSD: 0.8Forex Commission per Lot per Trade $0 Deposit Methods Mastercard, Visa, Maestro, Direct Debit, Check, Bank Transfer Withdrawal Methods Visa, Maestro, Mastercard, Bank Transfer, Check Spreadex is a UK-regulated firm that provides financial spread betting and leveraged trading through contracts for difference. The company carries the stamp of approval of the Financial Conduct Authority (FCA) and has over 25 years of industry experience. Over 60,000 customers worldwide choose Spreadex for its competitive pricing, advantageous trading conditions, and diverse product range comprising more than 10,000 financial instruments.
Clients can trade over 60 currency pairs with tight spreads averaging 0.6 pips on majors like the EUR/USD. Beyond Forex, Spreadex has decent enough coverage of the equity index, commodity, and stock markets. Options, bonds, interest rates, and exchange-traded funds are also available for trading at favorable conditions.
Traders at Spreadex can stay ahead of the curve with weekly technical analysis, trading updates, and an economic diary, all available under the News & Analysis tab. Connecting your Spreadex account to TradingView is an option, although the broker’s proprietary software also ensures a seamless trading experience and fast order execution. Spreadex does not support MT4 and MT5 at the moment but has earned an above-average Trustpilot score of 4.5 stars despite this shortcoming.
Key Pros
- Provides access to over 10,000 tradable symbols
- Well-designed and intuitive mobile trading app
- Offers spread betting on FX pairs
- Commission-free FX trading with tight spreads
- Seamless registration process
Key Cons
- No support for MetaTrader 4 or 5
- Licensed by a single financial regulator (FCA)
- Deposits under $/£50 may incur additional charges
IC Markets Broker Details Regulators FSA (Seychelles), CySEC, ASIC Min Deposit $200 Trading Platforms MetaTrader4, MetaTrader5, cTrader, ZuluTrade Trustpilot Rating 4.8 out of 35964 reviews Number of Forex Pairs to Trade 61 Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 0.8
USDJPY: 0.8
EURGBP: 0.8
GBPUSD: 0.8Forex Commission per Lot per Trade $0 Standard MT; $6 round turn on Raw cTrader; $7 round turn on Raw MT Deposit Methods Bank transfer, Visa, Mastercard, PayPal, Skrill, Neteller, Visa Direct, SafeCharge, Transact365, eCommPay, CardPay, Bpay, FasaPay, Poli, RapidPay, Klarna Withdrawal Methods Bank transfer, Visa, Mastercard, PayPal, Skrill, Neteller, Visa Direct, SafeCharge, Transact365, eCommPay, FasaPay, Poli, RapidPay, Klarna Launched in 2007, IC Markets is a well-experienced Australian-based broker, catering to traders across multiple markets. We recommend the brand mainly to forex traders due to its tight spreads and a rather decent currency pair coverage. Supporting the standard MetaTrader 4 and 5 platforms as well as cTrader and ZuluTrade, IC Markets offers a smooth trading experience to both seasoned and less experienced traders.
Cost-effectiveness is definitely one of the reasons for so many traders choosing the services of IC Markets. With no inactivity or withdrawal fees, traders can enjoy a better value for their trading. Forex commission fee is as low as $3.50 per lot traded, while the average spread for a standard pair like EUR-USD is 0.2 for raw spread accounts.
The minimum deposit at IC Markets starts at $200, with traders having multiple secure payment options to choose from. Further ensuring its clients’ security, the broker follows strict trading guidelines imposed by regulators like the Cyprus Securities and Exchange Commission (License No. 362/18) and Australian Securities and Investments Commission ( License No. 335692). Another proof of the broker’s excellent trading services is the extremely high score of 4.8 out of 5 on Trustpilot.
Key Pros
- Offers a large number of forex pairs to trade
- Great for forex traders due to low spreads
- Supports all industry-standard trading platforms
- Supports a wide range of payment solutions
- Low forex trading commission
Key Cons
- Non-EU customers have no investor protection
- Not listed on stock exchange
- List of products can be further expanded
Markets.com Broker Details Regulators ASIC (license no. 424008), FCA (license no. 481853), CySEC (license no. 092/08), FSCA (license no. 46860), FSC (license no. SIBA/L/14/1067), FSA (license no. 27030 BC 2023) Min Deposit $100 Trading Platforms MetaTrader 4, MetaTrader 5, WebTrader, Mobile App Trustpilot Rating 4.7 out of 1165 reviews Number of Forex Pairs to Trade 50+ Leverage Forex & Metals: 30:1
Index CFDs: 20;1
Cryptocurrencies: 2:1Spread EURUSD: 0.6
USDJPY: 0.7
EURGBP: 0.9
GBPUSD: 0.9Forex Commission per Lot per Trade $0 Deposit Methods Visa, Mastercard, PayPal, Apple Pay, Skrill, Neteller, Bank Transfer Withdrawal Methods Visa, Mastercard, PayPal, Apple Pay, Skrill, Neteller, Bank Transfer When it comes to online trading, it is always recommended to trust only reliable brokers that are capable of offering great trading conditions to their clients. Luckily for you, Markets.com is one of the most reputable trading brands, operating since 2008 and offering traders a wide selection of markets. Whether you are an expert in trading or you are a beginner, at Markets.com, you can find plenty of tools to help you improve your trading sessions.
Security is one of the broker’s strongest suits, with major regulators like ASIC, FCA, CySEC, and many more overlooking the operations of Markets.com. To make the trading process smoother and more intuitive, the brand supports popular platforms like MetaTrader 4 and 5 as well as WebTrader. The dedicated Markets.com app will also allow a seamless transition to mobile trading, with both MT4 and MT5 adapted for mobile trading.
When it comes to managing your deposits and withdrawals at Markets.com, you will be able to choose from several convenient methods, including bank cards, popular e-wallets, and bank transfers. Withdrawals are also possible via the same selection of methods, enabling easy bankroll management for members of the broker.
Key Pros
- Offers tight spreads and low fees for FX traders
- Traders can choose from over 50 currency pairs
- Supports a wide range of payment methods
- Mobile trading available through dedicated app
- Supports popular trading platforms
Key Cons
- Offers only CFD and FX products
- Charges inactivity fee
- No dedicated platform for copy trading
Vantage FX Broker Details Regulators FCA (license no. FRN: 590299), VFSC (reg. No. 700271), ASIC (license no. no. 428901), FSCA (license no. 51268), CIMA (no. 1383491) Min Deposit $50 Trading Platforms MetaTrader 4, MetaTrader 5, ProTrader, TradingView, Copy Trading Trustpilot Rating 3.4 out of 3033 reviews Number of Forex Pairs to Trade 40+ Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 1.0
USDJPY: 1.0
EURGBP: 1.2
GBPUSD: 1.0Forex Commission per Lot per Trade $3 per side on Raw; $1.50 per side on Pro Deposit Methods Visa, Mastercard, Union Pay, Boleto, Bank Wire, Skrill, Neteller, Crypto Withdrawal Methods Visa, Mastercard, Union Pay, Bank Wire, Skrill, Neteller, Crypto Vantage is an online broker offering traders over 1,000 CFD products, with competitive pricing offering members of the company to enjoy the best value for their investments and sales. Founded in 2009, the broker has proven to be one of the most trustworthy names in this industry, with authorities like ASIC, FCA, FSCA, CIMA, and VFSC regulating the services provided by Vantage.
Trading at Vantage FX is possible through several platforms, including MetaTrader 4 and 5, TradingView, and ProTrader. Copy Trading is also available to Vantage FX clients, with the broker receiving the ForexBrokers’ recognition for the Best in Class for Copy Trading in 2024. Copy Trading is available on the Vantage FX app, offering smooth trading on the go for both Android and iOS users.
Once they decide to top up their Vantage FX account, traders will be able to choose from methods like credit and debit cards, bank transfers, e-wallets like Neteller and Skrill, crypto wallets, and the instant banking service of Boleto. Keep in mind that some methods are country-specific and may not be available to all traders using the services of Vantage FX. You can fund your account with as little as $50 or the equivalent in another currency.
Key Pros
- Regulated by reputable authorities
- Offers over 1,000 CFD products
- Supports various popular platforms
- Enables easy copy trading on mobile app
- Tight spreads and low commission for forex traders
Key Cons
- Some banking methods are exclusive to certain markets
- Could add more currency pairs to its products
- Limited educational materials
Is Forex Trading Legal in South Korea?
Forex trading is a regulated and legal activity in the territory of South Korea, with the FSC and FSS overseeing the operations of brokers catering to South Korean traders. That said, the local forex trading market is rather limited, with only two brokers licensed by the government offering local traders forex trading with the South Korean currency, the won.
Currently, due to a series of strict regulations, the onshore forex trading sector in South Korea is rather limited, with no licenses provided to major brokers to operate locally. This forces traders from the country to head to offshore brokers, licensed and regulated by other authorities across other major trading markets.
Residents of South Korea will also have issues with funding their trading accounts with offshore brokers. This is due to the ban imposed on the use of credit cards as deposit solutions at offshore forex brokers. Under local regulations, South Koreans can use only wire transfers to deposit into their trading accounts offshore. This regulatory measure was introduced by the South Korean regulators to prevent uncontrolled speculation on funds that have been borrowed.
Traders from the Asian country are allowed to participate in margin trading but they must go through vigorous account check-ups and are required to have a rather high minimum capital to be allowed to open margin trading accounts.
Since there are no local brokers authorized to offer forex trading services to South Koreans, traders from the country can head to offshore brokers regulated in jurisdictions like Cyprus, the UK, Australia, and others. For those who do not feel comfortable trading with offshore brokers, the Korea Exchange offers a few onshore options, with currency futures contracts like USD/KRW, CNY/KRW, JPY/KRW, and EUR/KRW being available. These can be traded at the two government-regulated brokers, Korea Money Brokerage Group and Seoul Money Brokerage.
Regulatory Actions Imposed by South Korean Financial Market Regulators
As already mentioned, the financial market and forex trading in South Korea are regulated by the FSC and the FSS. Despite the local authorities issuing licenses to no foreign broker companies, they are still adamant about providing fair market prices and a secure trading environment for South Korean traders.
Since there is no law forbidding trading with offshore brokers, locals can pick trading brands regulated and licensed in different jurisdictions. That said, they are still required to operate in accordance with local laws to make sure they are trading currencies legally.
South Korean regulators have introduced quite limiting regulations to maintain a safe trading sector, with the FSS issuing multiple warnings about the risks related to forex trading with offshore brokers. That said, there have not been any official bans on joining trading websites regulated in different jurisdictions. Despite that, traders who choose to join unregulated brokers may face some penalties from the local regulators.
Rigorous KYC (Know Your Customer) checks and extremely low leverage limits are also among the measures introduced by South Korean regulators who wish to limit the risks linked to leverage trading. Credit card deposits to offshore broker accounts have also been banned by local authorities, leaving South Korean traders no other option but to fund their accounts via wire transfers.
How Can South Korean Traders Verify the Authorization of Forex Brokers?
While current regulations do not allow foreign brokers to operate in South Korea unless they launch a local branch, traders from the Asian country can still legally trade currency pairs with offshore brands. However, to make sure their funds are safe and they can still have access to additional security tools, South Koreans should pick properly regulated brokers.
Joining brokers licensed and regulated by authorities like the FCA, CySEC, and ASIC is usually a smart decision as these are determined to be some of the tier-1 regulators in the trading sector, meaning they are strict about issuing permissions to forex brokers. Of course, to make sure they have picked a properly regulated broker, South Korean traders are advised to verify the licenses of trading brands.
Authorization backup check is extremely easy as each of the aforementioned regulatory bodies has an official registry of licensed and regulated entities. These lists of brands are usually available on the official websites of said regulators, allowing traders to verify if a specific broker is currently regulated by the respective authority.
Are South Koreans’ Funds Safe When Trading with Forex Brokers?
It should be underlined that the safety of South Korean traders’ money generally depends on whether they have joined a properly regulated and reputable forex broker. Of course, joining the two government-approved brokers offers great security for your funds, but locals will have access to a limited number of future contracts. Meanwhile, offshore brokers welcoming South Koreans can offer a significantly larger selection of currency pairs to trade. However, to be sure that your money will be handled in the most secure manner, we suggest always joining brokers that have been licensed by some of the most reputable regulatory bodies in the trading sector.
If South Koreans pick a properly regulated forex trading company, they can be certain that their funds will be properly protected. Keeping customers’ money in segregated accounts is a common requirement for licensed brokers to meet, ensuring the safety of their clients’ funds. In addition, many regulators require licensed brokers to implement strict anti-money laundering (AML) measures to prevent fraudulent activities.
Minimum required starting capital is also a condition that brokers must meet when they apply for a trading license in most jurisdictions. Ensuring they are financially stable and can handle the orders of their clients is yet another indicator that investors’ money will be properly protected.
Do Brokers Catering to South Korean Traders Provide Negative Balance Protection?
Since South Korean traders depend on offshore brokers for their forex trading, the availability of the additional security tool known as negative balance protection depends on the regulatory conditions imposed on said brokers.
Authorities like the FCA, ASIC, and regulators across the EU require that licensed brokers are offering their clients negative balance protection. This type of security tool protects traders from accumulating losses that can exceed the funds available in their accounts, leaving them indebted to the broker. Having this additional layer of protection is especially useful for inexperienced traders who may often underestimate the risk of trading pairs with higher leverage.
The good news is that South Koreans will have plenty of options for brokers that offer negative balance protection. This will help them avoid cases when their losses may exceed the amount they have deposited into their accounts. Instead, their balance will simply be reduced to $0, without owning the broker any money.
Do South Koreans Pay Tax on Forex Trading Income?
As already mentioned, forex trading is legal in South Korea and is regulated by the local authorities, which include the FSC and FSS. Even though the majority of South Koreans resort to offshore brokers to trade different currency pairs, as long as they have joined a regulated brand, they should not face any legal issues. When it comes to the taxation of the earnings they have gained through their forex trading endeavors, South Koreans are obligated to pay a tax on their forex profits.
Under the current taxation regulations in South Korea, the earnings generated through forex trading fall under the category of miscellaneous income.
The exact tax rate that will apply to one’s income from forex trading may vary, which is why we recommend South Korean traders contact local tax experts. That way, they can be certain that they are compliant with the tax system and laws within their home country.
How Does the Available Leverage Allowed in South Korea Compare to the Leverage Offered by Brokers Regulated Offshore?
One of the reasons for South Korea’s limited forex trading environment is the high risk linked to this type of financial operation. Typically, traders enjoy making use of higher leverage while trading currencies, as high leverage ratios may indicate very lucrative returns. However, what many traders fail to assess is the risk related to trading with high leverage.
To minimize the risk levels, South Korean regulators have imposed extremely low leverage limits. While trading major currency pairs, South Koreans can enjoy a maximum leverage of 1:10. Meanwhile the leverage ratio on non-major currencies is even lower, standing at a maximum of 1:5. Compared to brokers regulated offshore, these ratios are extremely low, which explains why many South Koreans prefer foreign brokers.
If you compare the maximum leverage allowed by South Korean regulators to the limits introduced by regulators like the FCA, ASIC, CySEC, and more, you will get a much higher leverage of 1:30 on major currency pairs and 1:20 on exotic pairs. While significantly higher than the South Korean allowed maximums, the leverage limits at different regions can go significantly higher.
Brokers licensed in the US are allowed to offer their forex traders a leverage of up to 1:50 on major currencies. Meanwhile, you may have a leverage above 1:1,000 in some Asian countries and up to 1:5,000 in regions like the Seychelles where brokers operate under the regulations of the FSA.
Can South Koreans Apply for Professional Forex Trading Accounts?
The leverage limits typically apply to retail traders, with this type of security measure working in combination with negative balance protection to minimize the risks while trading currency pairs online. However, traders who enjoy trading with hefty sums will rarely appreciate such limitations, seeking ways to make use of higher leverage. Usually, this can be achieved through opening a professional trading account with the broker of your choice. South Korean traders that choose to trade with offshore brokers may also be eligible for this type of trading but they will be required to go through several steps to prove they can qualify for the professional trading status.
The conditions that need to be met to be eligible for professional trading may differ depending on the regulator overseeing the trading operations of the broker. That said, most jurisdictions have introduced similar requirements for professional broker clients, asking them to provide proof of their experience, trading knowledge, and financial stability. This can be achieved by completing a certain minimum number of high-volume transactions per a specific period of time. Meanwhile, professional traders may also confirm they are knowledgeable enough by having at least one year of experience working in the financial market sector.
Since professional trading accounts require higher deposit limits and overall trading in higher volumes, traders must prove they have the means of completing high-volume transactions. This is usually proven by having a portfolio consisting of financial instruments that are worth a specific minimum that may be around $/€500,000.
What Trading Platforms are Available to South Korean Traders?
Efficiency in trading is definitely a quality cherished by most South Korean traders who are looking for trading platforms offering smooth and fast executions of orders. Conveniently enough, brokers that cater to South Korean traders tend to support all popular platform variations, with some brokers also offering proprietary platforms. With MT4, MT5, and cTrader being the current popular options in the global trading scene, reputable brokers welcoming South Koreans will also feature at least one if not all of the popular trading platforms.
MetaTrader 4:There is hardly a trader who has not heard of the MT4 platform, which is one of the best options for both newbies and experienced forex traders. Covering enough markets and offering several tools that allow easy market evaluation, MT4 is a great platform that is commonly available to South Korean traders.
MetaTrader 5: Expanding beyond simple forex and CFD trading, MT5 offers a more advanced experience to traders. Offering a wider selection of charts and tools for technical analysis, MT5 is enjoyed by many expert traders. Adapted for both mobile and desktop devices, this platform is often adopted by a large number of brokers catering to South Korean traders.
cTrader: Compared to other platform options, cTrader definitely elevates the trading process for forex traders. Offering a wide range of advanced tools for better market evaluations and risk assessment, cTrader gives traders a better insight into markets. Fast execution of orders is also one of the platform’s strong features, allowing many South Korean traders an intuitive and modern trading experience.Below you can find some useful references with links to organisations that monitor the forex market in South Korea.