Crypto currency trading and investing is growing in popularity in Thailand. The Digital 2022 Global Overview report cited that 20.1% of all internet users in Thailand, aged between 16 and 64, owned some form of cryptocurrency. The popularity of cryptocurrencies is continually rising. For that reason you may also be interested in investing yourself.
However you may be doubting that as a non-Thai you can actually sign up with one of the Crypto Exchanges in Thailand. The simple answer to that question is ‘yes’. As of 2020, Thailand had 13 approved crypto exchanges that are legally able to operate in the Kingdom. All of the Crypto Exchanges in Thailand must comply with strict regulations concerning anti money laundering and finance terrorism, and only if they comply will they be fully licensed in the country. As a user this offers some security – so when choosing an Exchange it is important that it is fully regulated and licensed in Thailand.
Generally all the crypto exchanges use the same methods when it comes to the signing up procedure. Whichever Exchange you decide to use, the first step is to go to their official website and click on the sign-up or open account button. One main difference from other exchanges around the world is that on the Thai Exchanges the user is required to use only Thai Baht, unlike other exchanges around the world which deal in US dollars. The reasoning behind this is that Thailand wishes to protect the national currency against the dollar. In short it is therefore necessary for anyone who wishes to open an account on a Thai crypto exchange to have a Thai bank account, whether living in the country or not, in order to join one of the Thai Exchanges. It is certainly not altogether necessary to actually live in the country.
Once you have clicked on sign-up you will need to type in your email and name. The next steps are part of the KYC (Know Your Customer) process which is legally required, not just for crypto exchanges, but also for banks. For this you will generally be asked to supply the following: a scanned copy of your passport, a verified email address, and a phone number. The exchanges normally require you to also take a photo of yourself holding your passport and a piece of A4 paper with the name of the exchange written on it and the current date.
After this you will need to wait for your account to be verified, which can take from hours to days, depending upon the exchange. Only when you have a verified account can you start buying and trading in Bitcoin and other currencies.
(Incidentally, Thai laws regulating Crypto exchanges will come into effect this year from September 2022, requiring all new users to register in person if they wish to open a new account at any of the crypto exchanges in Thailand.)
In order to buy crypto currencies including Bitcoin you will need to add money into your newly verified crypto account. The simplest way to do this is by depositing money from your linked in Thai bank account. Each exchange has differing fees on deposits and withdrawals made, so always check this out when considering which Exchange to use. Some exchanges also allow for the use of debit or credit cards.
Thai Exchanges generally offer 2 methods of buying cryptocurrencies: Market orders and limit orders. Currently though, the Satang Pro Exchange only allows limit orders. Market orders on a Crypto Exchange allow the user to buy pretty much instantly at the current market price. A limit order means that the user chooses the price they are willing to buy or sell at.
The number of cryptocurrencies on each exchange differs widely. Bitkub is, at present, the biggest Crypto Exchange in Thailand and is extremely popular with crypto users and investors. Zipmex is also another large exchange in Thailand. It is also the newest. Satang Pro is also a popular exchange though is smaller than the others. To date Bitkub and Zipmex offer 59 trading pairs against the Thai Baht, whereas Satang Pro offers 37 trading pairs.
Each exchange, while differing in the number of cryptocurrencies it offers, also differs on the limits of how much you are allowed to withdraw from your account daily. It is always a good idea to check out these details before deciding on the exchange that is best for you.
The majority of the Crypto Exchanges in Thailand have English language options and responsive help centers – this is ideal for those just starting out on their crypto currency journey.
Whichever exchange you choose we hope our how-to guides will be of help.
