Demand for Bitcoin is growing steadily, and Korean investors are increasingly interested in the digital currency. So more and more I ask myself: “Can you buy Bitcoins in South Korea?” . After a short research, it turns out that this isn’t as easy as many other countries. In neighboring Austria, cryptocurrency is far more prevalent than in South Korea, and the currency is an uncontested alternative to the euro and other real currencies. Nonetheless, buying BTC in South Korea is not impossible. You can tell by looking closely. The possibilities of filling your Bitcoin wallet are not very diverse, so we will show you all the ways:
Buying Bitcoin in South Korea: How It Works
Offline Bitcoins, for example, are one step ahead of Austria in this regard, so far unfortunately not yet possible to buy in South Korea. Here, bitcoins can be purchased at gas stations and special outlets in the form of vouchers. Then, it should only be used on the provider’s website so that the coins can be deposited into the buyer’s digital wallet. Conversely, buying bitcoins in South Korea is only possible through the Internet. Therefore, interested parties should first look for all the alternatives online and compare them with each other to find the right investment. Options include:
Bitcoin buying in South Korea on the market
Investors often choose to invest in digital currencies because of Bitcoin’s anonymity. For example, preventing outsiders from understanding transactions, Bitcoin provides an ideal platform for customers. It doesn’t matter why investors value anonymity when buying Bitcoin. For example, Bitcoin marketplaces are available in South Korea. Besides some Korean-speaking providers, there are numerous international platforms that allow you to buy and sell Bitcoin. Bitcoin.de, for example, is one of the most well-known providers in the country, and the market has active daily transactions between users. Thus, the functioning of the market has already been roughly described. Buyers have direct contact with sellers without the involvement of intermediaries. Prices are determined by supply and demand. Buyers can later resell their bitcoins through the marketplace. To do this, you need a digital wallet, a bitcoin wallet. This stores all the bitcoins owned by investors. Owning multiple wallets is just as possible as registering on multiple Bitcoin marketplaces.
Bitcoin exchanges in the market are exchanged for other currencies, but not necessarily Euros. In addition, sales in other currencies are possible and the current price is announced to the market. Therefore, both parties can decide whether or not to transact under these conditions. When the transaction starts, we transfer the money to the seller’s account and the bitcoins are transferred to the buyer’s wallet.
Fees may apply when trading on the market. Users should provide information in advance and compare different providers. As a result, you can save a lot of money later in some cases.
Buy Bitcoin on the Korean Stock Exchange
Possibilities are alternatives to trading in the market, but often both are confused with each other. Here, the stock exchange acts as an intermediary, and buyers and sellers do not have direct contact. This is for the Bitcoin Marketplace only. Transactions take place automatically as payment classic currencies such as Euros and US Dollars are used. Exactly depends on the provider. CEX.IO is one of the best known bitcoin exchanges. Buyers and sellers who wish to trade on the stock exchange must provide different information. Buyers have to specify the price at which they will be buying bitcoins in this context. Merchants, on the other hand, must specify the amount of bitcoins they wish to submit and set the desired price. The stock exchange then compares the individual offers and, if there are two matching offers, makes a trade on behalf of the customer. For buyers and sellers, the advantage is that they don’t have to manually search through each other’s offers to find the right trading partner.
Bitcoin exchanges may also have fees, but the overall payment is not very complex. To buy Bitcoin in Korea, you must first pay money from the stock exchange to your user account. Providers often offer several methods for this purpose, often offering a deposit by credit card.
Buy and Sell Bitcoin Direct
Since the number of bitcoin owners is steadily increasing, direct transactions between two owners are also possible. Websites like bitcoin-treff.de allow you to get to know other Bitcoin owners and contact them for trading purposes. Does anyone know if any Bitcoin owners live nearby? Bitcoin buying in South Korea for this variant is completely anonymous, as there is no need to substitute a real name or address. Transactions are made without anyone knowing who the other is. This way of buying is unregulated, so there is no case for intervening in case of problems. Therefore, it is impossible to track payments as fraudulent.
You need a bitcoin wallet to buy and sell bitcoin directly. After the buyer receives payment – several types are also available – the bitcoins are sent directly to the digital wallet.
Buy Bitcoin in CFD form
All of the aforementioned options require you to have a Bitcoin wallet to which the purchased coins are transferred. Thus, buyers directly own the currency and can later resell it or use it as a means of payment for goods and services. However, anyone who thinks this is the only way to buy Bitcoin in Korea is wrong.
There are also variants that do not involve direct acquisition of currency. As a result, investors do not need a Bitcoin wallet. CFDs have proven to be a popular option in this regard, giving investors the opportunity to benefit from rising and falling Bitcoin prices. This form of investment is also suitable for newcomers with low capital since you do not have to apply the value of Bitcoin to your transactions. Instead, since leverage is a financial instrument, investors first take out a loan from a Bitcoin broker to arrive at the total required to trade. He pays only part of himself. On the one hand, it has the advantage of being able to get high returns with relatively little use. On the other hand, losses can exceed the amount of invested capital many times over. Therefore, CFDs are considered a very risky way to buy BTC in South Korea.
Investors should thoroughly compare different platforms before choosing a CFD Broker. In principle, all brokers offering cryptocurrencies can be traded, but in some cases they vary greatly in terms of fees, expiry dates or leverage provided. We need this time to filter out the right offers.
Buy Bitcoin Certificate
Certificates are applied as an alternative to CFDs where the investor does not own the currency. These so-called certificates of participation reflect the development of stock prices. That is, it is a derivative. Anyone looking to invest in certificates needs to have a strategy in place to do so. Since this form of investment is considered risky, consider our Bitcoin trading tips as well, as prudent actions can quickly lead to losses. Investors are also required to make deposits with providers to purchase participation certificates on stock exchanges.
Payment method to buy BTC in Korea
Anyone looking for an opportunity to buy Bitcoin in South Korea will inevitably compare the payment methods available on each platform. For example, not everyone owns a credit card, so other investors use credit cards only for payment purposes. Still others only do all their transactions through online payment services. Therefore, comparison of payment methods can be considered very useful. One of the most common methods offered by providers, including direct debit, bank transfer, credit card, Giropay, Neteller, Sofortüberweisung, PayPal, AstroPay or Paysafe the Paysafecard.
Buying Bitcoin is always very similar in terms of process regardless of which payment method an investor chooses. You need to do the following steps:
- Open Bitcoin wallet
A digital wallet is a basic requirement for Bitcoin transactions. So, you need to open a Bitcoin account before finding the right platform for you. Bitcoin Wallet exists as an online and offline solution, so many investors prefer a mix of the two offers to achieve the best possible security for their Bitcoin. The best personal solution for investors can only be found by comparing individual offers. One and the same wallet can be traded on multiple platforms, so there is no disadvantage for investors. You can easily drill through multiple wallets for your platform at the same time.
- Finding the right platform
After creating a digital Bitcoin wallet, if you want to search for the right provider, you can find it not only in Korea but also abroad. Basically, there is no difference in where to trade, but investors should get all the information about the platform before signing up. Reputable providers are regulated by government agencies and must meet certain security and other requirements. Especially the security aspect cannot be ignored as many websites are now platforms for trading Bitcoin and are victims of hacker attacks. Investors should also read reviews from other users to get an impression of the provider.
- Buy Bitcoin in South Korea
The final step is to log in to the platform. Although usually fast, some vendors require personal information to prevent fraudulent intent. Several methods are provided for account verification. Users should be careful not to have to disclose too much information here. Otherwise, the aspect of anonymity will quickly disappear. Once registration is complete, investors can fill their wallets by making deposits and buying bitcoins in South Korea.
However, the path described only applies to direct transactions in Bitcoin. If an investor decides to trade Bitcoin via CFDs or Certificates, they only need to create one account with the broker. No additional registration is required for the wallet, as the investor does not directly own the digital currency.
How to buy Bitcoin in South Korea?
The possibility of buying BTC in South Korea has been explained in several ways. But investors are still skeptical and wondering if it’s worth buying. To clarify this question, we take a look at the developments cryptocurrency has taken in recent months and years. For example, in 2015 you could still buy Bitcoin at a price of 200 euros. Anyone who recognized the potential of digital currencies at the time, or earlier, will soon be delighted with their massive rise in value. Just two years later, the coin’s value has already risen to 7,000 euros. At this point, the question of whether the investment is still worthwhile is justified. It is clear that this continued price increase must come to an end eventually. However, experts predict that its value will soon exceed 10,000 euros. Nonetheless, anyone interested in investing should cover the subject in detail so that they can weigh all the pros and cons, as the risk of a price cut is always present.
Some pundits are less optimistic, predicting that the bubble will burst instead of a five-digit figure, which helps investors keep an eye on the market. Tracking the course and news that may have an impact can help you find good moments to sell or buy Bitcoin.
Of course, you have to listen to the experts’ statements, but ultimately it’s up to the investor whether or not they want to invest in Bitcoin. He has to weigh the pros and cons and then decide whether to take the risk or not. The obvious advantages are:
- Bitcoins can be transferred worldwide without exorbitant fees. So you can settle invoices for goods or services in a simple way. For travelers, for example, this is an interesting alternative to traditional exchanges with currencies.
- Executing an anonymous payment Many people fear that their every step can be traced, especially on the internet. Bitcoin offers an anonymity alternative. Outsiders cannot see who paid. Even the transaction partners remain unrecognized.
- Investment with high return potential. This requires investors to spend enough time investing and keeping an eye on the price. If this continues to increase, your profits may increase.
Bitcoin as an Investment: Some Tips
Bitcoin as an investment is not its own runner. There is a risk if you only buy a currency and wait for it to appreciate itself. Therefore, investors should cover the subject in detail to get an overview of the market. As you know, supply and demand control the price of Bitcoin. The price continues to rise because the demand for the coin is very high right now. However, when an event that suddenly reduces demand occurs, investors must act immediately. Timely selling of the currency can protect the currency from high losses. Likewise, those interested in buying can find a favorable moment for this venture. Investors should also spend enough time comparing platforms.
Regardless of how Bitcoin purchases are conducted in South Korea, there is always a risk remaining. Effective risk management is important so that you don’t lose all the money you invested at once. This is the case, for example, when all capital is invested in a single investment. Risk must always be propagated. In the case of digital currencies, this does not mean investing in Bitcoin’s competitors at the same time. The past has shown that competitor price development is closely related and that a price decline, especially for a sector leader, can have a marked impact on the price of a current smaller competitor.
People who don’t have the time to track prices and business news should look for other ways to invest. Bitcoin is considered to be very sensitive to changes in the market, which can quickly cause changes in its price course. Anyone who reacts too late here could lose a lot of money. On the other hand, if you do a deep analysis and act with an effective strategy (e.g. shorting Bitcoin), your chances of success are much higher.
Conclusion: Many Ways to Buy BTC in South Korea
It should be noted that buying Bitcoin in South Korea is also possible through several channels, although other countries offer investors far more options than South Korea. However, transactions are only done online and marketplaces and exchanges can be used for this purpose. However, this requires a Bitcoin Wallet through which the coins are transferred. An alternative is provided by CFDs, and investors can benefit from price development. No wallet is required, and investors have significantly less start-up capital. It is worthwhile for investors to compare the pros and cons of all offers.
