Photo Credit = X On December 3, 2024, South Korea was once again caught in the midst of a great historical upheaval. President Yoon Suk-yeol declared martial law under the pretext of national security, and the military seized control of major cities. Freedoms of assembly and expression were suppressed, and the daily lives of citizens were strictly monitored. Yet, even under such control, there was a generation determined not to remain silent: South Korea's MZ generation. The MZ generation found their own unique way of resisting—not through traditional means, but with lightsticks in hand, illuminating the darkness of oppression and showing their support for democracy. Lightsticks, symbols of the K-POP fandom, had long represented the unity and passion of music lovers. But that night, they took on a far greater meaning. They became a symbol of hope and support for democracy. In the streets of Seoul, citizens gathered with their lightsticks, creating a stunning display of diversity an...
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| Photo Credit = Pixabay |
For those new to cryptocurrency investing, selecting the right exchange is the first and most critical step. Each platform differs in terms of coin offerings, fee structures, and security measures, making a careful decision essential. In South Korea, the top four exchanges are Upbit, Bithumb, Coinone, and Korbit. Here’s a breakdown of their features and strengths.
Fees: A Key Factor in Choosing an Exchange
Transaction fees are a primary consideration for investors, as lower fees mean more capital can be allocated to actual investments.
Upbit, Korea’s leading exchange by trading volume, charges 0.05% for regular transactions and 0.25% in the BTC market. Bithumb has a higher base fee of 0.25%, but it offers subscription coupons that can reduce fees to as low as 0.04%. Coinone and Korbit charge 0.2% and 0.15%, respectively.
Low transaction fees have contributed to the financial success of these exchanges. In 2021, Upbit’s operator, Dunamu, reported revenue of KRW 3.69 trillion and operating profit of KRW 3.27 trillion—an increase of 2,110% and 3,429% from the previous year. Similarly, Bithumb Korea recorded KRW 1.01 trillion in revenue and KRW 782.1 billion in operating profit, reflecting significant year-on-year growth.
Variety of Coins Available for Trading
Exchanges also differ in the number and variety of cryptocurrencies they offer. According to CoinMarketCap, Bithumb leads the pack with 286 listed coins, followed by Upbit with 237, Coinone with 202, and Korbit with 94.
Korbit is known for its strict listing criteria, which can be seen as a strategy to minimize investor losses from delisted coins. Notably, despite a wave of delistings following the enforcement of the Specific Financial Information Act, Korbit avoided removing any coins. However, investors seeking more diverse portfolios may prefer exchanges like Bithumb or Upbit.
Security and Expansion into New Markets
Security is another crucial factor for investors. Coinone stands out with a seven-year record free of security breaches. It has also extended its partnership with NH Nonghyup Bank, securing a one-year contract for real-name accounts after undergoing stringent anti-money laundering system evaluations.
Both Upbit and Bithumb are expanding into the NFT market to diversify their business. Upbit launched its NFT marketplace, charging a 20% fee on primary sales and 5% on resales. Bithumb, on the other hand, established "Bithumb Meta" to develop its NFT and metaverse platform, attracting investments from companies like LG CNS and CJ OliveNetworks.
Korbit’s Strategy for a Comeback
Despite lagging behind in market share, Korbit is positioning itself for a rebound. After securing KRW 90 billion in investment from SK Square last year, Korbit has shifted to a more aggressive listing strategy, aiming to attract more traders.
Each exchange continues to enhance its competitive edge with distinct strengths. Investors should carefully evaluate fees, coin offerings, and security measures to choose the platform that best suits their needs.
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