Cryptocurrencies are becoming famous around the world among investors because of the factors like transparency and rapid payment options of the exchanges at this site.
But, the policies for cryptocurrency are more strict with passing time in this nation. Prominent among such rules is the compulsion of registration for the Crypto exchanges. At present, there are twenty-eight such registered exchanges present in the nation. And among them, about 5 exchanges reports for 90 percent of the Crypto deals of South Korea. Although the banks along with the Government of the nation are protesting against the functioning of Crypto exchanges, South Korea is among the major centers of Cryptocurrency.
The Highest Ranging Five South Korean Exchanges are:
- UPbit:
This Crypto exchange holds its position as being the top exchange in the nation. They have a more than eight million user base and volume of trade that rises above billions that estimate at around $2.6 which is a branch of tech expert of Korea that is Kakao.
This exchange aids the Blockchain technology of Korea by its venture of around 50 million dollars since its emergence into the market.
- Bithumb:
This exchange often shares the position with UPbit and now stands down to UPbit. They are facing the right direction in this market though they faced a downwards trend in the initial years. The exchange has a user base of than eight million along with one million of the users utilizing their mobile application.
But, Bithumb has faced a bunch of hacks in all the passing years since its existence. The majority of these are the results of higher rates of suspension of the staff from the office of Bithumb to maintain half of the employees level. This is the result of the heavy fall in the prices of digital currencies in the market.
The branches of Bithumb are present in ten nations that help in easy and safe transactions.
- Coinone:
It is the top exchange of the nation and looks forward to expanding the exchange in the entire regions of Asia, specific of which is Southeast Asia. Coinone has a branch that functions in nations like Indonesia and gives faster and more seamless service.
Coinone is also a pioneer in forming an easy mobile application named Cross and it facilitates faster transactions around the world. Moreover, this lets the users of the Philippines or Thailand have transactions at a meager cost. They aim to impoverish a healthy market that lacks speculation. And also, Coinone aims at a major fraction of projects related to Korean Blockchain has market-oriented plans of the business.
- Korbit:
It is in the fourth position functioning as an exchange. The popularity of Korbit is to the extent that Disney is in tough competition against EA to get this exchange. Moreover, it is the foremost exchange to have Crypto valued in Korean Won. Also, it has obtained the optimal grade.
- Gopax:
It holds the fifth position among the prominent SouthKorean digital currency exchanges. Streamit is the founder and joined hands with a bank named Shinhan and aims to hire the best of the engineers of the world who are from institutions like Harvard or Stanford.
The exchange facilitates trade in the nation’s currency and has the availability of more than twenty coins with them. With zero transaction costs, the dealers can start trading the very same day they enlist with Gopax. They pay special attention to foreign traders and developed a website named gopax.com and this website is of no use to Korean-based traders. But the brand is set in Korea where they even pay taxes for the same.
Conclusion
These are the top five South Korean exchanges for digital currencies. These exchanges stay in the top positions due to the services they provide and for faster transactions around the world. Moreover, as South Korea is changing to a center of trade in digital currencies, the exchanges are developing very fast in this nation.
