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How To Buy Bitcoin In Thailand

Last updated 14th Jun 2022
Disclosure

Converting your fiat currency to Bitcoin is a great method to avoid inflation and generate long-term profits, especially if you live in Thailand. Unfortunately, the country is going backward in terms of progression since all cryptocurrencies will be banned as a form of payment from April 1st, 2022.

However, although crypto will be banned as a payment method, you can still invest in various coins like Bitcoin and Ethereum. This allows you to build long-term wealth that perhaps will be usable in the future. This guide covers everything you need to know about acquiring BTC in Thailand. We’ll go over the best cryptocurrency platforms, along with their pros and cons.

Best Brokers To Buy Bitcoin in Thailand in 2022

Best Brokers To Buy Bitcoin in Thailand in 2022

Dozens of cryptocurrency brokers and exchanges provide premium services in Thailand. We’ve researched the best platforms and compiled them in the table below.

Key Takeaways

  • Starting April 1st, Thailand investors will be exempt from a 7% value-added tax (VAT) on digital assets from government-approved exchanges.

  • All cryptocurrencies are banned as a form of payment in Thailand from April 1st. This is apparently to protect the economy and the native fiat currency.

  • The best cryptocurrency exchange for Thailand investors is Kraken, while the top crypto broker is eToro.

  • It’s estimated that over 3.6 million people (5.2% of the population) currently invest in cryptocurrencies.

  • Thailand investors predominantly purchase Bitcoin and Ethereum. With 53% owning Ethereum and 52% for Bitcoin.

1
eToro
Minimum Deposit
$200
Exclusive Promotion
User Score
10
More than 3,000 assets, including currencies, stocks, cryptocurrencies, ETFs, indices and commodities
Buy crypto, or trade cryptocurrencies via CFDs
This ad promotes virtual cryptocurrency investing within the EU (by eToro Europe Ltd. and eToro UK Ltd.) & USA (by eToro USA LLC); which is highly volatile, unregulated in most EU countries, no EU protections & not supervised by the EU regulatory framework. Investments are subject to market risk, including the loss of principal.
2
UpHold
Minimum Deposit
$1
Exclusive Promotion
User Score
7
High profit potential
Highly rated
Clear user interface
3
Coinbase
Minimum Deposit
$50
Exclusive Promotion
User Score
6
Trade and invest in over 25 cryptocurrencies
Extremely simple user interface
Over 68 million customers
4
Paybis
Minimum Deposit
$50
Exclusive Promotion
User Score
5
First transaction fee free
24/7 customer service
Instant payouts

What Options Do I Have When Buying Bitcoin In Thailand

Investors in Thailand can use various platforms to purchase Bitcoin. They offer different buying methods, potential investment opportunities afterward, and fee structures. Let’s analyze them in greater detail.

  • Brokers: Crypto brokers like eToro allow investors to purchase Bitcoin without conveying ownership. These platforms issue CFDs, ETFs, and futures, letting clients speculate on the price of Bitcoin.

  • Centralized Exchanges: CEXs are great for purchasing Bitcoin at ultra-low fees. These platforms have high liquidity, letting investors buy huge quantities of BTC. The top centralized exchanges to acquire cryptocurrencies are Binance, Kraken, and Coinbase.

  • Decentralized Exchanges: DEXs are perfect for buying Bitcoin anonymously since they require no ID verification. Decentralized Exchanges work by connecting a crypto wallet, making this option more tech-savvy. Investors can use platforms like 1inch Network and Uniswap regardless of their location.

  • P2P Marketplaces: Peer-to-peer platforms are websites that facilitate trades between buyers and sellers. They allow you to set up a time and location for when to trade cryptocurrencies for a small fee.

  • Global Exchanges: Platforms like Binance connect traders globally to participate in various investment activities. They allow clients to stake, trade, and withdraw cryptocurrencies to private wallets.

How To Buy Bitcoin In Thailand?

Buying Bitcoin in Thailand can seem like a complicated process if it’s your first time. Therefore, we’ve created step-by-step instructions that you can use as a guideline.

Select a cryptocurrency
Begin the signup process
Next, open your inbox
Verify your identity
Deposit money
Open the trading interface
Input the amount of fiat currency
You can view your recently bought Bitcoin

Where To Buy Bitcoin In Thailand?

There are multiple cryptocurrency platforms you can use to invest in Bitcoin, which provide great fee structures, investment options, and many trading pairs for the token. Below are our top choices.

Cryptocurrency Exchanges

Binance

Binance is the largest cryptocurrency exchange, with over 28.6 million users globally. The platform gained huge popularity for providing a great service to beginner and expert investors. The cryptocurrency selection is vast, and the trading platform continues to incorporate upcoming coins. Bitcoin is their largest coin, with over $1.5 billion daily volume. Also, it has multiple trading pairs, including THB/BTC.

Moreover, It offers relatively low trading fees starting at 0.5% on all cryptocurrencies. These fees can be reduced by using the platform’s native BNB token, granting a 25% discount. After buying Bitcoin, you gain access to various investment activities like staking, lending, and entering liquidity pools.

Binance is excellent for beginners, thanks to its FAQ page that goes in-depth on using the platform and investment tips. The cryptocurrency exchange also provides information on keeping your coins safe from potentially getting stolen.

Key Features

  • Binance is the largest cryptocurrency exchange, with over 28.6 million users.

  • The platform provides various staking opportunities to investors.

  • Binance updates its portfolio of coins regularly.

Pros and cons of Binance

Pros

Low fees that can be reduced further by holding the native cryptocurrency BNB
Wide selection of trading options and order types
Multiple trading pairs for Bitcoin

Cons

Must complete a KYC process to remove withdrawal limits
Customer support is extremely slow due to long queue times
Binance features complicated trading interfaces that can be confusing to beginners.

Kraken

Kraken is a major cryptocurrency exchange that makes purchasing and selling cryptocurrencies convenient. It offers over 100 coins to buy, including market leaders like Ethereum and Bitcoin. In addition to trading crypto at market rates, Kraken offers margin accounts and futures trading for investors looking to go the riskier route.

The platform features a user-friendly interface, making the process of acquiring Bitcoin smooth for those less tech-savvy. Also, Kraken heavily focuses on being transparent to its followers. Recently, they have announced that all future audits will be public so investors can verify their coins are backed by real assets.

Furthermore, Kraken heavily focuses on security to keep clients’ investments safe. They incorporate technologies like SSL encryption, PGP signed and encrypted email, constant real-time monitoring for suspicious activity, and more. You can read about all the measures they take to protect your money by visiting their dedicated security page.

Key Features

  • Kraken is a platform that focuses on being transparent, with all audits being public.

  • Kraken uses over a dozen different security technologies to protect clients’ investments.

  • The platform provides several trading pairs of Bitcoin.

Pros

More than 120 coins supported
User-friendly interface
High liquidity for Bitcoin

Cons

High fees if you don’t use Kraken Pro
Too easy to obtain a margin account

Cryptocurrency Brokers

eToro

eToro is a market-leading cryptocurrency CFD broker, allowing investors to copy the trades of experienced individuals or receive premium perks for sharing their own successful portfolios. The platform offers stocks, commodities, and cryptocurrencies, letting investors easily diversify their portfolios.

Moreover, eToro is constantly expanding its portfolio of cryptocurrencies, adding the top and upcoming projects. However, the platform only offers derivative products, meaning you will not convey ownership of the coins you purchase. Also, this means you cannot withdraw coins to a private wallet after purchase.

Key Features

  • eToro is the largest crypto broker with over 24.8 million registered users.

  • The platform features a user-friendly design that makes buying Bitcoin convenient.

  • eToro is a regulated online broker with over 15 years of market experience.

Pros

Excellent security
Regulated in multiple jurisdictions
Investors can copy successful portfolios

Cons

Higher fees compared to cryptocurrency exchanges
Does not allow ownership of real assets

Plus500

Plus500 is a well-regulated broker with competitive spreads. They mainly offer CFDs (Contracts for Difference) for cryptocurrencies like Bitcoin. This allows investors to speculate on the coin price without conveying ownership. The platform regularly adds more cryptocurrencies to its system, giving you more investment opportunities than Bitcoin.

Furthermore, WebTrader is Plus 500’s proprietary platform that offers a streamlined trading experience. It’s easy to navigate, and Plus500 provides various informational videos to help guide beginners. Also, it has multiple tools like technical analysis charts, indicators, and different time frames. Therefore, beginner investors can utilize this user-friendly platform for their trading needs.

Key Features

  • Plus500 is for investors that seek products in various financial markets at low trading costs.

  • The platform offers guaranteed stop-loss orders.

  • Plus500 is regulated in multiple nations worldwide.

Pros

Access to more than 2,000 assets
User-friendly interface makes trading straightforward
Excellent security

Cons

Customer support has long queue times
Plus500 has higher fees compared to cryptocurrency exchanges
Plus500 does not allow clients to convey ownership of real assets

What are the Regulations and Taxes When Buying Bitcoin In Thailand?

Thailand has eased tax rules on digital assets until 2023. Starting April 1st, trades of digital assets on government-approved exchanges will be exempt from a 7% value-added tax (VAT). Also, investors will be able to deduct losses from crypto trading from taxes due on gains. This means traders will face fewer taxes when selling Bitcoin. However, after 2023 there are no guarantees that cryptocurrencies will be taxed harder and face stricter regulations.

Moreover, from April 1st, 2022, citizens will no longer be allowed to pay for goods and services via cryptocurrencies. The country will implement strict regulations regarding using crypto as a payment method because it would jeopardize the nation’s financial system and economy.

Other Considerations When Buying Bitcoin In Thailand

When buying Bitcoin in Thailand, there are some considerations to make beforehand. Below are the top factors you should think about when purchasing BTC in Thailand for the first time.

  • Volatility: Cryptocurrencies are highly volatile, meaning prices can significantly swing in either direction. Before investing, you should calculate if you can afford to take a huge hit on your portfolio.

  • Security: The broker or exchange you select should have the best security to store your funds safely. You can check what measures they take to protect clients’ investments by visiting their dedicated security page. Also, you should always enable 2-step authentication and whitelist your crypto addresses for extra security.

  • Transactions Can’t Be Reversed: Cryptocurrency transactions cannot be reversed, making them risky to execute. Ensure that the address you are sending to is correct because any number or letter that is incorrect will result in the coins being lost forever. Also, double-check when copy-pasting crypto addresses since viruses can replace your wallet address with their own.

  • Privacy: Using a cryptocurrency exchange or broker may require identification, eliminating your privacy. Although there are alternative anonymous methods, they may have higher fees. Also, with Thailand becoming stricter on cryptocurrency, you can easily incriminate yourself if you use platforms that are not allowed by the government.

What Payment Methods Can I Use To Buy Bitcoin In Thailand?

Thailand residents have multiple payment methods for buying Bitcoin with a broker or exchange. Here are the most popular and easiest options to use when purchasing BTC on an established site.

  • Credit/Debit Card: Bank cards are widely available and provide instant payments. Also, some cryptocurrency exchanges allow you to buy Bitcoin directly with a debit or credit card without going through the complicated trading interfaces.

  • Bank Transfer: This payment method is convenient and secure. Most platforms require you to input a reference code to direct the funds to your account. Therefore, you should double-check the transfer to ensure all numbers are correct.

  • Cryptocurrency: All Bitcoin exchanges allow users to deposit cryptocurrency. However, the transfer speed and fees depend on the coin you are sending. Afterward, you can instantly go to the trading interface to purchase BTC.

  • eWallet: Online banking services are straightforward to use and are a perfect alternative to debit and credit cards. They automatically connect to the exchange through integrations and allow instant deposits.

How To Store Coins

After buying Bitcoin on a cryptocurrency exchange, you’ll want to withdraw it to a private wallet since they have better protection. However, it can be difficult to decide if you should use a hot or cold wallet. Let’s analyze each option individually.

Hot Wallet

Hot wallets are software that stores coins securely by using various encryption technologies. The best apps to use for storing BTC are Trust Wallet, Exodus, Coinbase Wallet, and Luno Wallet. They are great if you have a small portfolio or trade on exchanges regularly. Perhaps the biggest danger in holding Bitcoin on a software wallet is the individual user losing their private keys or having them stolen.

Pros

Easily make transactions to exchanges
Provides better security than exchanges
Hot wallets are free to use

Cons

Can lose your funds easily if you forget your private key
You depend on the cold wallet to have no vulnerabilities

Cold Wallets

Cold wallets are hardware devices that provide the best protection by storing your coins offline. This makes online attacks ineffective as hackers cannot penetrate a device not connected to the blockchain. The best cold wallets are Ledger Nano X and Trezor One. However, hardware wallets are less convenient to use since you need to connect them to your computer every time you want to make a transaction.

Pros

Provides the best security for cryptocurrencies
Your private key never has contact with the computer
Easy to set up

Cons

Requires an initial investment
Inconvenient for storing small amounts of crypto

Final Thoughts

Buying Bitcoin in Thailand is easy when using a regulated cryptocurrency exchange or broker. These platforms feature user-friendly interfaces and multiple trading pairs for Bitcoin. We recommend using Binance or Kraken if you require ownership of your coins. However, if you want to invest in Bitcoin and don’t mind buying a derivative product, eToro or Plus500 are amazing options.

FAQs

Do I need to pay tax on profits in Thailand?
Can I buy Bitcoin without an ID in Thailand?
Staff Writer

Staff Writer