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South Korea, an East Asian country officially named the Republic of Korea usually flexes its economic muscle and is popular for its bustling capital. Despite numerous stern regulations on cryptocurrency adoption, business establishment, and certain other fronts, the country witnesses enormous crypto trading activity. As per a report by the Financial Service Commission of the country, South Korea’s crypto market was valued at USD 45.9 billion by the end of 2021.
Reasons behind Rising Popularity of Cryptocurrencies in South Korea
Considering the whooping trading volumes at cryptocurrency exchange software platforms and various other studies, it has been observed that South Korea’s affinity towards cryptocurrency markets is spiraling over the last few years.
The following three theories explain the rapidly growing popularity and adoption of cryptocurrencies and cryptocurrency exchange clone script solutions in South Korea:
- Youth Unemployment and Cryptocurrency Craze Among Youngsters:
The youth unemployment problem plagues the otherwise prosperous country. Despite countless programs and efforts unveiled by authorities for uplifting young workers, the youngsters faced fiercely competitive employment which drew them towards the next best alternative – cryptocurrency. Cryptocurrency exchange software platforms unlocked avenues for youngsters to attain financial stability.
- Prevailing Affinity for Digital Payments and Cryptocurrency’s Unparalleled Reputation
South Koreans have always admired and embraced digital innovations. Their fastest internet speeds, popular mobile payment systems, and advanced telecommunication systems are evidence of their likeliness to adopt any revolutionary technology. Cryptocurrency holds an unparalleled reputation as a transaction mode and investment option. The widespread popularity of such innovation under the existing scenario is incontestable.
- Political Uncertainty and Decentralized Digital Currency
Unlike regular currencies, bitcoin and altcoins are people’s currencies. No authorities regulate these digital decentralized currencies. This is one of the reasons why cryptocurrencies entice investors and venture capitalists that are wary of political disruptions, cross-border intentions, and other possibilities that might fuel political or financial unrest.
Develop your own cryptocurrency exchange platform
Schedule Free Demo5 Best Cryptocurrency Exchange Software Platforms of South Korea in 2022
Being an entrepreneur interested in launching cryptocurrency exchange software in South Korea, one must be aware of the prevailing trends and regulatory environment of the country. Another thing that any business thinking to break into any market must research is competition. Businesses that opt for cryptocurrency exchange clone script solutions must also thoroughly examine the best crypto exchanges carefully and then choose which script to go for. So, here’re 5 cryptocurrency exchange platforms in South Korea that performed best in 2022:
- Upbit
Launched in South Korea on 24th October 2017, the premier trading platform has become one of the largest exchanges in South Korea.
Exclusive Features of Upbit:
- A clean, uncomplicated trading view
- No minimum deposits
- Intuitive user interface
- Built-in Risk Assessment Module
- Support Fiat and Most of the Renowned Cryptocurrencies
- Top-tier Security
- Advanced Analytics Module
- Korbit
Blazed trail in 2013, the first bitcoin exchange software in South Korea – Korbit tops the charts in terms of trading volume as it is one of the most popular crypto exchanges.
Exclusive Features of Korbit:
- Moderate trading fees
- Bilingual Exchange – Supporting English and Korean Languages
- No deposit fees
- Robust Security
- Supports local fiat currency
- Hosts more than 100 popular cryptocurrencies
- High-speed transactions
- Coinone
The second-largest cryptocurrency exchange software in South Korea, founded in February 2014, is Coinone. It is another exchange after Korbit that only accepts Korean Won as fiat for exchange.
Exclusive Features of Coinone:
- A Pro chart Tool for in-depth analysis of currencies
- In-built wallet
- Suitable for novices as well as experienced traders and investors
- Readily available customer support
- Low Fees and a sliding fee scale
- Robust security mechanisms for client assets and account information
- No deposit fees
- Facilitates trading of multiple popular cryptocurrencies
- Advanced Margin and leverage trading module
- Staking Modules
- Bitstamp
Bitstamp is one of the largest bitcoin exchanges that started in 2011 and has more than 4 million active users around the globe.
Exclusive Features of Bitstamp:
- Simple user interface – A great choice for beginners and experienced investors
- Competitive fees
- Supports multiple fiat currencies and more than 50 largest cryptocurrencies
- Institutional grade security
- Low fee structure and a discounted fee for a select category of traders
- Easy-to-comprehend tradeview charts
- Supports hot and cold wallets
- Bybit
Established in 2018, Bybit is a leading cryptocurrency exchange software platform popular among investors looking for multiple trading tools within a single trading platform.
Exclusive Features of Bybit:
- Advanced trading options
- Perpetual contracts
- Enables up to 100X leverage on crypto trades
- Known for demo account feature and educational resources
- Multilingual customer support
- Quick account verification
- A clear and accessible interface
Conclusion:
These were 5 cryptocurrency exchange platforms that performed great in 2021 and 2022. If you are considering to buy cryptocurrency exchange script to launch your crypto exchange in South Korea, you must consider cloning any of the exchanges mentioned above.
Here’s a list of alternatives if you wish to go for popular cryptocurrency exchange clone scripts of 2022:
- Capital
- Gemini
- Paxful
- Coinmama
- LocalBitcoins
- SpectroCoin
- eToro
Pro Tip:
Don’t miss to check the cryptocurrency exchange script for the key features of that particular trading platform or you would end up building an exchange that lacks major features to attract crypto traders and investors.
At Antier Solutions, we provide world-class script solutions to enable you to quickly launch your crypto exchange. If you need any of the above-mentioned clone scripts or any script other than those, we can successfully cater to your needs. Besides, we can also help you build a customized exchange from the ground up.
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