With it being well-known for its use of technology, it should be no surprise that there are a number of cryptocurrency exchanges that are based in South Korea. After all, they have a tendency to be at the absolute forefront of changes in technology, so doing something such as this is well within their retinue.
However, perhaps the most surprising thing of all is that not every South Korean cryptocurrency exchange is actually that well known to the public. As a result, they are not as active as you may have expected with this being true especially in comparison with a number of the other exchanges that have garnered together a more stellar reputation.
That being said, we believe that these four currency exchanges are well worth checking out even though, as you will see, they do tend to have a few limitations that could have a negative impact on your overall experience with them.
The first thing that is going to surprise you about Yapizon is that it has been around for a number of years even though it is really not that well known. Its main focus is on Bitcoins although that alone was almost their un-doing since a number of Bitcoins were stolen from it some time ago, and you certainly do not want your security brought into questioning when you are a cryptocurrency exchange.
In actual fact, it is believed that the sum of coins lost was around 3,000 and the company was then forced into changing the balances of their clients to then go ahead and address that particular loss. The fact that they did this does show that they are an honest company and exchange with them also creating a rewards program to try and help to compensate those individuals that were negatively affected by the loss.
Coinone is another cryptocurrency exchange that has really not managed to gain too much traction over the years. It focuses on three key markets, Bitcoin, Ethereum and also Ethereum Classic so there is certainly more than enough scope for the exchange to operate in. However, they appear to have rather limited themselves by organizing that the cryptocurrencies can only be traded against the Korean Won rather than being traded with one another. This may very well be a reason why it has struggled to gain a significant foothold compared to others although it is still known to be trading in a perfectly reasonable volume on a daily basis.
What is clear is that Coinone has to look at potentially including other fiat currencies as well as those digital currencies if it is to expand and gain new followers as a matter of urgency.
The Korbit cryptocurrency exchange is actually one of the oldest that has been created within South Korea. Furthermore, it has taken its time to build up its reputation with it being seen as being a solid exchange and one that can undoubtedly be trusted. However, part of this reputation was due to it being one of the first exchanges that offered trading between Bitcoin and the Korean Won, so we should perhaps not read that much into it all.
The good thing about this exchange is that they did move away from just looking at Bitcoin and decided to include both Ethereum and Ethereum Classic to their list. Just trading in these three cryptocurrencies appears to be relatively common within South Korean exchanges, but that could very well be something that is going to change in the future and as cryptocurrencies become more acceptable in society.
Furthermore, Korbit does also have several other currencies available, such as LTC and Monero but they do tend to keep that news pretty quiet and you have to search for information on it all. Oh, and you will generally find that they do stick to only trading with the fiat currency rather than with one another which is always going to be a problem.
Even though this is perhaps one of the cryptocurrency exchanges that you are least likely to have heard of, there have been some significant moves with this trading option in recent times. In actual fact, it has now become one of the key exchanges in South Korea and it seems to have been able to do that from practically out of nowhere. They deal in Bitcoin, which is the main basis of their trading, as well as Ethereum and also Litecoin with those two cryptocurrencies also able to generate a pretty impressive daily trading limit as well. Also, it is known that the trading volume that they are dealing with is continuing to grow on a weekly basis, so they must be doing something correct in order to achieve this.
However, as with all of the others, there are limitations even though they do have additional trading pairs that you are not going to see anywhere else with a South Korean cryptocurrency exchange. If they can continue to add more then there is every reason to suspect that Bithumb will only go from strength to strength and continue to dominate the market.
The one thing that is clear from just these four different exchanges based in South Korea is that they are perhaps not as fluid or open to trading than those that come from other parts of the world. That should not put you off potentially checking them out as everything does work smoothly so there should really be no complaints at all.
However, they are rather insular in their approach, and there are so many other exchanges out there that deal with additional pairings and offer a wider range of cryptocurrencies that should really draw in the crowds away from the four mentioned above. Overall, there is no doubt that they do have a significant role to play in the development of digital currencies in the country, and if they can cover those additional areas then they could play a dominant role across Asia and not just in the country.