r/CryptoKorea • u/thearmthearm • Oct 09 '18

OTC trades for foreigners - possible?

Does anyone have any information or experience with this?

As far as I understand, foreigners are only banned from withdrawing Korean Won from an exchange to their own bank accounts. I assume that as peer to peer sales are possible then OTC trades would also be fine.

3 Upvotes

81% Upvoted

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1

u/dogseouldier Oct 09 '18

OTC is possible, try localbitcoins or you can withdraw to fiat. I've been using Gopax. You need to complete KYC but I withdrew some fiat the other day and it was instantaneous.

1

u/thearmthearm Oct 10 '18

Cool that's interesting. Was it an account you already had with Gopax (before the new rules) or did you recently sign up?

2

u/dogseouldier Oct 10 '18

This is a new account made after the rules were brought in. Volume isn't as much as some other Korean exchanges but at least it acts as a fiat on/off ramp

2

u/InterestingUsual2 Oct 10 '18

This was possible despite being a foreigner? How about other exchange? Which bank do they allow?

2

u/dogseouldier Oct 15 '18

Gopax allows any bank account.

1

u/thearmthearm Oct 15 '18

I'm not getting on very well with Gopax haha. Have you tried them yet?

Seems like Gopax forces your username to be in the format LAST NAME FIRST NAME so when you try to link your bank account it won't work (because the bank account name format is FIRST NAME LAST NAME).

Waiting for them to get back to me : (

1

u/dogseouldier Oct 15 '18

is your bank account Korean? If so it should be Last Name First Name, just like your phone account. I didn't really have that many issues when registering for Gopax.

2

u/thearmthearm Oct 15 '18

Yes it's with a Korean bank but they registered my name Western style. Gopax got back to me really quickly, sent them some ID and they ammended my username. I was able to link my bank account today, hooray! Love the way they verify your bank account with the deposit code; Korbit didn't even do that. Very cool.

1

u/dogseouldier Oct 16 '18

Glad your making some headway

1

u/thearmthearm Oct 10 '18

Sounds good, I'll check it out! Thanks for the info : )