Traders Union has analyzed financial markets for over 14 years, evaluating brokers based on 250+ transparent criteria, including security, regulation, and trading conditions. Our expert team of over 50 professionals regularly updates a Watch List of 500+ brokers to provide users with data-driven insights. While our research is based on objective data, we recommend that users perform independent due diligence and consult official regulatory sources before making any financial decisions.
Learn more about our methodology and editorial policies.
WOORI BANK Pros & Cons
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).
TU Expert Verdict
WOORI BANK is rated as very high risk. Testing and client reviews highlight serious concerns regarding service quality, stability, and overall reliability. I recommend approaching this broker with extreme caution, as it may not be suitable for most traders.
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WOORI BANK User Reviews
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5-star
0%
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4-star
20%
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3-star
20%
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2-star
20%
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1-star
40%
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Commissions and Fees
Score:We evaluate brokers' fees and spreads by assessing the costs associated with Standard and ECN/Raw spread accounts, including commissions and spreads. Additionally, our evaluation considers extra fees such as deposit/withdrawal charges and inactivity fees. Learn the assessment criteria7 /10The trading and non-trading commissions of WOORI BANK have been analyzed and rated as having Medium fees, with a fees score of 7/10. Additionally, these commissions were compared with those of the top two competitors, OANDA and FOREX.com, to provide the most comprehensive information.
- Low Forex trading fees
- Tight EUR/USD market spread
- No deposit fee
- No withdrawal fee
- 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 OANDA FOREX.com EUR/USD min, pips 0.1 0.1 0.7 EUR/USD max, pips 0.2 0.5 1.2 GPB/USD min, pips 0.1 0.1 0.9 GPB/USD max, pips 0.2 0.5 1.4 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 OANDA FOREX.com Commission ($ per lot) The commission is the fee charged by the broker for trading one standard forex lot (100,000 units of the base currency). 4.00 3.5 5 EUR/USD avg spread 0.10 0.15 0.2 GBP/USD avg spread 0.15 0.2 0.4 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 OANDA FOREX.com Deposit fee, % The indicated amount does not include possible fees from payment systems and banks. 0 0 0 Withdrawal fee, % The indicated amount does not include possible fees from payment systems and banks. 0 0 0 Withdrawal fee, USD The indicated amount does not include possible fees from payment systems and banks. 0 0-15 0 Inactivity fee ($, per month) 50 0 15 -
Is WOORI BANK Safe?
Score:We evaluate brokers' safety based on several key criteria. The highest value is placed on regulation, especially Tier 1 regulation, which ensures adherence to stringent standards set by top financial authorities like the FCA in the UK, CFTC in the US, CySEc and BaFin (EU) or ASIC (Australia). High scores are also given for participation in investor protection funds, which safeguard clients' funds in case of broker insolvency. Learn the assessment criteria1.5 /10WOORI 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 NoVerification (KYC) YesWOORI BANK is Not a Regulated Broker
Attention! It's your choice to work with regulated or unregulated brokers, but please consider the risks carefully. Unregulated brokers might offer lower fees and flexible trading options, but they lack investor protection, have a higher fraud risk, and no guarantee of withdrawals. Thoroughly research before deciding.
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Account Types
Score:We evaluate a broker’s account offering by analyzing the range and suitability of available account types and how effectively they cater to different trader profiles and strategies. Our assessment covers the diversity of account options — including Standard, ECN/Raw, Cent, Swap-Free (Islamic), and VIP accounts — as well as the flexibility of trading conditions provided. Learn the assessment criteria.0 /10WOORI BANK offers the following account options: Standard, ECN/Raw spread.
However, it does not provide a Cent account, which can be a disadvantage for beginners looking to practice with minimal risk.
- Low minimum deposit
- Standard account with balanced trading conditions
- Tight spread ECN account
- No Swap Free account
- No Cent account
WOORI BANK account types vs top competitors WOORI BANK Trading.com Plus500 Standard YesYesYesECN/Raw spread YesNoNoDemo NoYesYesCent NoNoNoMicro NoNoNoSwap Free NoNoNoVIP NoNoNoManaged NoNoNo -
Deposit and Withdrawal
Score:This section assesses the efficiency, speed, and affordability of brokers’ transaction processes, focusing on available methods, currencies, and fees. For further details, please refer to our data-focused methodology4 /10WOORI 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.
- Bank wire transfers available
- Bank card deposits and withdrawals
- Minimum deposit below industry average
- Low minimum withdrawal requirement
- Limited deposit and withdrawal flexibility, leading to higher costs
- Wise not supported
- Only major base currencies available
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 Trading.com Plus500 Bank Wire YesYesYesBank card YesYesYesPayPal NoNoYesWise NoNoNoBTC NoNoNoWhat are WOORI BANK base account currencies?
A wide range of base account currencies minimizes the need for currency conversion, potentially reducing transaction costs. WOORI BANK supports the following base account currencies: KRW.
What are WOORI BANK's minimum deposit and withdrawal amounts?
The minimum deposit on WOORI BANK is KRW100, 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.
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Markets and Tradable Assets
Score:The evaluation in this section is based on the TU methodology and reflects the total number and variety of tradable assets offered by the broker, including Forex currency pairs. It also considers the availability of passive income tools such as PAMM accounts, copy trading, and similar services. All information is obtained from publicly available sources and may change. Learn the assessment criteria5.5 /10WOORI 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
- Indices trading
- 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 Trading.com Plus500 Currency pairs 50 69 60 Total tradable assets The total tradable assets listed include all available instruments, including CFDs. Due to regional restrictions, certain CFDs may not be offered in some countries. For example, cryptocurrency CFDs are banned in the UK, and the U.S. has restrictions on CFDs. 69 2800 Stocks YesNoYesCommodity futures NoNoYesCrypto Cryptocurrency CFDs are restricted or prohibited in certain regions due to regulatory limitations. These include the United Kingdom, China, Egypt, the United States and Canada. NoNoYesStock indices YesNoYesOptions NoNoYesInvestment 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 Trading.com Plus500 Bonds YesNoNoETFs YesNoYesCopy trading YesNoNoPAMM investing NoNoNoManaged accounts NoNoNo -
Trading Account Opening
Score:We evaluated Trading Account Opening at WOORI BANK by testing the registration process under real conditions, including opening an account and funding it with the minimum required deposit (but no less than $100). Our assessment considered whether onboarding was fully online, the average registration time, the speed of KYC verification, and how quickly traders could activate their accounts. Learn the assessment criteria.10 /10We successfully registered an account with WOORI BANK in 10 minutes. The KYC verification was completed within 1 business day. The minimum deposit amount at WOORI BANK is KRW100. This is one of the most accessible and hassle-free onboarding procedures on the market.
- Low minimum deposit requirement
- Fast registration time (up to 15 minutes)
- Fully online account opening process
- Account setup process may feel less convenient for beginners
WOORI BANK account opening WOORI BANK Trading.com Plus500 Online Registration YesYesYesMinimum deposit KRW100 $50 $100 Mandatory KYC YesYesYesRegistration time (min) 10 20 KYC time (days) 1 2 3 Is WOORI BANK available in my country?
If you are a citizen of United States, the broker accepts clients from your country.
Please note that availability may vary due to regulatory requirements, so we recommend confirming directly with the broker for the most accurate and up-to-date information.
Account opening details
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.
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Customer Support
Score:We evaluated Customer Support at WOORI BANK by opening a real account funded with the minimum required deposit (no less than $100) and contacting support to measure response time under real conditions. Our assessment considered contact channels, response speed, multilingual support, and availability hours. Learn the assessment criteria6.6 /10Customer support at WOORI BANK is available, but response speed and service quality may vary. Some requests are handled efficiently, while others may require follow-ups.
During testing, response times were moderate, and communication depended on the complexity of the request. WOORI BANK provides basic support functionality but does not stand out in overall service performance.
Contacts Regulation Samil Pricewaterhouse Coopers Official site https://www.wooribank.com/ Contacts 080-365-5000
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FAQs
How do reviews assess WOORI BANK’s regulation status and overall safety?
The review states that WOORI BANK has a safety score of 1.5/10 and is classified at a low security level. It is described as not regulated, not Tier-1 regulated, with no negative balance protection and a track record of less than 8 years, which the review notes may increase risks for clients.
What fee structure and trading costs are highlighted for WOORI BANK?
The review describes WOORI BANK’s overall fee level as medium, with low forex trading fees, tight EUR/USD spreads on standard accounts (typically 0.1–0.2 pips), and a RAW/ECN commission of $4 per lot with average EUR/USD spreads around 0.10 pips. It also notes that there are no deposit or withdrawal fees, but an inactivity fee of $50 per month applies.
What do user reviews and feedback reveal about WOORI BANK’s overall client satisfaction?
The user satisfaction score for WOORI BANK is 4.4/10 based on 5 reviews, with 40% of ratings at 1 star and no 5-star ratings. According to user reviews, this distribution indicates that overall feedback is mostly negative, with only a minority of users leaving positive or neutral scores.
Which markets and investment products are available with WOORI BANK according to the review?
The review notes that WOORI BANK offers a limited asset selection, with 50 currency pairs, stocks, and stock indices available, but no crypto, options, or commodity futures. It also mentions access to bonds, ETFs, and a copy trading platform, while PAMM investing and managed accounts are not offered.
How is WOORI BANK’s customer support performance described in expert reviews?
The review indicates that WOORI BANK’s customer support is available but provides only basic functionality, with service quality that does not particularly stand out. Response times during testing were described as moderate, and the speed and effectiveness of replies varied depending on the complexity of the request.
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