According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- Proprietary WOORI WON platform
- Samil Pricewaterhouse Coopers
Our Evaluation of WOORI BANK
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
WOORI BANK is a broker with higher-than-average risk and the TU Overall Score of 4.48 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by WOORI BANK clients on our website, Traders Union expert Anton Kharitonov recommends users to consider a more reliable broker with better conditions, as, according to reviews, many clients of this broker are not satisfied with the company’s work.
Brief Look at WOORI BANK
WOORI BANK was incorporated in April 1999 following the merger of the Commercial Bank of Korea and Hanil Bank. Now it is a part of Woori Financial Group and is among the top 10 world’s major banks and top 5 commercial banks of South Korea with the highest revenue performance. WOORI BANK focuses on investing in various funds, buying/selling foreign currencies, capital management, insurance, and real estate. The company provides its services to residents of Korea and other countries through its representative network in Asia, Europe, Africa, and both Americas. In South Korea, WOORI BANK is supervised by the FSC (Financial Services Commission) and the FSS (Financial Supervisory Service).
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Author, Financial Expert at Traders Union
WOORI BANK offers a diverse range of trading instruments including Forex, stocks, ETFs, and real estate funds. The company provides trading on its proprietary WOORI WON platform with high leverage and no minimum deposit requirement. Additionally, traders benefit from preferential currency exchange rates and the ability to manage investments and build portfolios through the platform. However, its clients should note that Forex trading is limited to currency pairs and does not include leverage, metals, or cryptocurrency pairs.
The main drawbacks of WOORI BANK include its low regulation and safety score, along with above-average Forex trading fees and an inactivity fee. The absence of Tier-1 regulation and limited withdrawal and deposit options could be concerning for some traders. Despite these challenges, WOORI BANK may suit experienced traders comfortable navigating higher-risk environments, but may not be ideal for those prioritizing stringent regulatory safety and a wide range of asset classes.
WOORI BANK Trading Conditions
Your capital is at risk. 79.43% of retail investor accounts lose money when trading CFDs with this provider. WOORI BANK and its affiliates do not target EU/EEA/UK clients. It is the user's responsibility to ensure that any use of the website or services adhere to local laws or regulations. Please be aware that you are able to receive investment services at your own exclusive initiative only, ensuring you fully understand all the risks involved.
| 💻 Trading platform: | Proprietary WOORI WON platform |
|---|---|
| 📊 Accounts: | Investment |
| 💰 Account currency: | KRW |
| 💵 Deposit / Withdrawal: | Bank transfers and bank cards |
| 🚀 Minimum deposit: | No |
| ⚖️ Leverage: | 1:1 |
| 💼 PAMM-accounts: | No |
| 📈️ Min Order: | No |
| 💱 EUR/USD spread: | 0,10 pips |
| 🔧 Instruments: | Forex, stocks, ETFs, index funds, foreign direct investments (FDI), securities funds, money market funds, real estate funds, and special and mixed asset funds |
| 💹 Margin Call / Stop Out: | No |
| 🏛 Liquidity provider: | No |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | No |
| 📋 Order execution: | No |
| ⭐ Trading features: | No Forex exchange limits for South Korean residents |
| 🎁 Contests and bonuses: | No |
WOORI BANK provides for buying and selling foreign currencies at preferential rates. For GBP, AUD, CAD, NZD, SGD, NOK, CHF, HKD, CNY, SEK, and DKK it is 30%, for USD, EUR, and JPY, it is 50%. Trading is executed real-time via online banking on workdays from 9:00 to 02:00 of the next working day, but before weekends and holidays — from 9:00 to 24:00 (GMT+9). Also, currency exchange at the reserved rate, which is forward exchange, is available on workdays from 9:00 to 17:00 (GMT+9). WOORI BANK allows traders to invest in various funds. Moreover, the company is engaged in capital management and building model portfolios, including by means of artificial intelligence.
WOORI BANK Key Parameters Evaluation
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Trading Account Opening
There are several ways to open an investment account with WOORI BANK:
Through the certification center on the bank's official website, in the relevant service section (e.g., Forex, stock trading, insurance, pension savings, etc.).
Via the WOORI WON mobile app. This requires a digital key for signing documents.
At any WOORI BANK branch. You can find a list of branches on the bank's website or contact a manager to find the nearest branch.
Account access is available through:
-
A digital certificate.
-
An identifier number and password.
Regulation and safety
WOORI BANK has a safety score of 1.5/10, which corresponds to a Low security level. The safest brokers are those with Tier-1 regulation, a long history (over 10 years in the market), and participation in investor compensation schemes.
- Flexible trading conditions with high leverage and less bureaucracy
- Not tier-1 regulated
- Not regulated
- No negative balance protection
- Track record of less than 8 years
WOORI BANK Security Factors
| Foundation date | - |
| Negative balance protection | No |
| Verification (KYC) | Yes |
WOORI BANK is Not a Regulated Broker
Commissions and fees
The trading and non-trading commissions of broker WOORI BANK have been analyzed and rated as Medium with a fees score of 7/10. Additionally, these commissions were compared with those of the top two competitors, Pepperstone and OANDA, to provide the most comprehensive information.
- Tight EUR/USD market spread
- No deposit fee
- No withdrawal fee
- Above-average Forex trading fees
- Inactivity fee applies
Trading Fees and Spread
Below, we evaluated and compared the trading commissions of WOORI BANK with those of two competitors. We focused on the spreads and other transaction fees directly associated with executing trades (e.g commission per lot on an ECN account). This comparison aimed to provide a clear understanding of the cost efficiency of each broker.
Standard Account Spread
For Standard accounts, WOORI BANK’s commissions are part of the floating spread, which varies with market conditions. Typical values are provided, but during high volatility, the spread may exceed these.
WOORI BANK Standard spreads
| WOORI BANK | Pepperstone | OANDA | |
| EUR/USD min, pips | 0,1 | 0,5 | 0,1 |
| EUR/USD max, pips | 0,2 | 1,5 | 0,5 |
| GPB/USD min, pips | 0,1 | 0,4 | 0,1 |
| GPB/USD max, pips | 0,2 | 1,4 | 0,5 |
RAW/ECN Account Commission And Spread
The spread on ECN/RAW accounts is market-based and fluctuates, with average values given during active hours. It may vary during volatility spikes. A commission per lot is also charged.
WOORI BANK RAW/ECN spreads
| WOORI BANK | Pepperstone | OANDA | |
| Commission ($ per lot) | 4,00 | 3 | 3,5 |
| EUR/USD avg spread | 0,10 | 0,1 | 0,15 |
| GBP/USD avg spread | 0,15 | 0,15 | 0,2 |
Non-Trading Fees
We conducted a detailed analysis of the non-trading fees associated with WOORI BANK. This review offers a comprehensive overview of the additional costs that may impact traders beyond regular trading activities.
WOORI BANK Non-Trading Fees
| WOORI BANK | Pepperstone | OANDA | |
| Deposit fee, % | 0 | 0 | 0 |
| Withdrawal fee, % | 0 | 0 | 0 |
| Withdrawal fee, USD | 0 | 0 | 0-15 |
| Inactivity fee ($, per month) | 50 | 0 | 0 |
Deposit and withdrawal
WOORI BANK received a Low score for the efficiency and convenience of its deposit and withdrawal processes.
WOORI BANK offers limited payment options and accessibility, which may impact its competitiveness.
- Minimum deposit below industry average
- No deposit fee
- Bank card deposits and withdrawals
- Bank wire transfers available
- Only major base currencies available
- Wise not supported
- PayPal not supported
What are WOORI BANK deposit and withdrawal options?
WOORI BANK offers a limited selection of deposit and withdrawal methods, including Bank Card, Bank Wire. This limitation may restrict flexibility for users, making WOORI BANK less competitive for those seeking diverse payment options.
WOORI BANK Deposit and Withdrawal Methods vs Competitors
| WOORI BANK | Plus500 | Pepperstone | |
| Bank Wire | Yes | Yes | Yes |
| Bank card | Yes | Yes | Yes |
| PayPal | No | Yes | Yes |
| Wise | No | No | No |
| BTC | No | No | No |
What are WOORI BANK base account currencies?
A wide range of base account currencies minimizes the need for currency conversion, potentially reducing transaction costs for clients worldwide. WOORI BANK supports the following base account currencies:
What are WOORI BANK's minimum deposit and withdrawal amounts?
The minimum deposit on WOORI BANK is $100 KRW, while the minimum withdrawal amount is $100. These minimums may vary depending on the chosen account type and payment method. For specific details, please contact WOORI BANK’s support team.
Markets and tradable assets
WOORI BANK offers a limited selection of trading assets compared to the market average. The platform supports 0 assets in total, including 50 Forex pairs.
- Passive income with bonds
- 50 supported currency pairs
- Copy trading platform
- Crypto trading not available
- Limited asset selection
Supported markets vs top competitors
We have compared the range of assets and markets supported by WOORI BANK with its competitors, making it easier for you to find the perfect fit.
| WOORI BANK | Plus500 | Pepperstone | |
| Currency pairs | 50 | 60 | 90 |
| Total tradable assets | 2800 | 1200 | |
| Stocks | Yes | Yes | Yes |
| Commodity futures | No | Yes | Yes |
| Crypto | No | Yes | Yes |
| Stock indices | Yes | Yes | Yes |
| Options | No | Yes | No |
Investment options
We also explored the trading assets and products WOORI BANK offers for beginner traders and investors who prefer not to engage in active trading.
| WOORI BANK | Plus500 | Pepperstone | |
| Bonds | Yes | No | No |
| ETFs | Yes | Yes | Yes |
| Copy trading | Yes | No | Yes |
| PAMM investing | No | No | Yes |
| Managed accounts | No | No | No |
Contacts
| Regulation | Samil Pricewaterhouse Coopers |
|---|---|
| Official site | https://www.wooribank.com/ |
| Contacts |
080-365-5000
|
Comparison of WOORI BANK with other Brokers
| WOORI BANK | Eightcap | XM Group | RoboForex | Markets4you | LiteFinance | |
| Trading platform |
Proprietary WOORI WON platform | MT4, MT5, TradingView | MT4, MT5, MobileTrading, XM App | MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader | MT4, MobileTrading, MT5 | MT4, MT5, MultiTerminal, Sirix Webtrader |
| Min deposit | No | $100 | $5 | $10 | No | $10 |
| Leverage |
From 1:1 to 1:1 |
From 1:30 to 1:500 |
From 1:1 to 1:30 |
From 1:1 to 1:2000 |
From 1:10 to 1:4000 |
From 1:1 to 1:1000 |
| Trust management | No | No | No | No | No | Yes |
| Accrual of % on the balance | No | No | No | 10.00% | No | 7.00% |
| Spread | From 0 points | From 0 points | From 0.8 points | From 0 points | From 0.1 points | From 0.5 points |
| Level of margin call / stop out |
No | 80% / 50% | 100% / 50% | 60% / 40% | 100% / 20% | 50% / 20% |
| Order Execution | No | Market Execution | Market Execution | Market Execution, Instant Execution | Market Execution, Instant Execution | Market Execution, Instant Execution |
| No deposit bonus | No | No | No | No | No | No |
| Cent accounts | No | No | No | Yes | Yes | Yes |
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