Thailand is one of the most popular countries in terms of trading in cryptocurrency. Ever since Bitcoin became legal in Thailand in 2016, its trade has increased significantly. The Thailand Government has taken many steps to ensure security and ease of trade. Thai Securities and Exchange Commission (SEC) regulates each and every crypto exchange in the country. Owing to the huge popularity of digital currency and the Government’s support, there have been many exchanges set up in Thailand.
You can buy bitcoins in Thailand from these crypto exchanges without much hassle, try them!
Before listing the best exchanges, it is important to understand the basics of how they work.
Understanding Crypto Exchanges in Thailand
Crypto exchanges are similar to stock exchanges. The only major difference is the ‘commodity’ which is being traded. In a stock exchange, shares, bonds, and debentures are traded whereas, in crypto exchanges, various cryptocurrencies are traded. People buy and sell digital coins to earn maximum profits. Some exchanges allow people to buy cryptocurrency in exchange for fiat money while others only allow trade between cryptocurrencies.
Operating through the first type of exchange is very simple. Users need to sign up and create a Digital wallet for themselves. This wallet provides a private key, which ensures the security of the transactions. People can easily log in to their accounts and purchase their desired cryptocurrency, let’s say Bitcoin, by using fiat money. Most of these exchanges accept payment through cash, debit and credit card, and even bank transfers.
Once Bitcoins are purchased, you can trade them for other popular cryptocurrencies. These exchanges only offer a few popular coins and do not operate internationally. Bitmart is one of the few exchanges which operates internationally and even accepts payments in USD.
The second type of exchange only allows users to trade cryptocurrency through other cryptocurrencies. They offer a wide range of options for people to invest in. Thus, if you own a digital wallet with a popular currency like Bitcoin, you can exchange these coins for other less popular cryptocurrencies like Monero through these exchanges. They are the most popular type of exchanges in Thailand. However, these exchanges do not allow users to convert their profits into fiat money. To do so, you need to convert the profits back into Bitcoin and transfer the coins back to the Digital wallets. Once transferred, people can convert them back through the first type of exchange.
Another way in which exchanges differ from one another is the presence of a third party. Some exchanges follow the centralized system of trading where the funds are deposited at the exchange. It may hamper the security but it also earns people interest on the amount deposited. Other exchanges do not involve any middle party and allow users to directly trade with one another.
There are several personalized factors to be kept in mind before choosing the right exchange. Here is a list of the best crypto exchanges in Thailand
Crypto Exchanges in Thailand You can Trust!
Easily, one of the best crypto exchanges in Thailand is BitMart. Apart from high security and low fees, it also allows international users to trade in cryptocurrencies. BitMart can be seen as a culmination of all the crypto exchanges mentioned above. It offers the advantages of every crypto exchange and eliminates all drawbacks from them.
For starters, BitMart allows people to purchase cryptocurrency using fiat money. Unlike other platforms, it offers a variety of cryptocurrencies for people to trade-in. The profits earned by the user can also be converted back to fiat money easily. Apart from that, this exchange has its own digital wallet. Users earn interest when they store their coins in a BitMart wallet. It makes it extremely profitable, even for beginners. The exchange also has its own mobile app which allows people to access it easily.
The next feature of BitMart is the low fees. Usually, crypto exchanges charge a fee for their services and charge even more when a profit is earned. BitMart offers a fair price for its services which remains constant at 0.25 whether the user has earned a profit or not. Exchanges also charge a high fee when the profits are converted back into fiat money. BitMart only charges 0.0005 BTC for 1 Bitcoin. This pricing makes it extremely affordable when compared to other exchanges.
BitMart also offers privacy with security. People usually need to choose between the two options while choosing their crypto exchange. BitMart allows people to trade securely while maintaining their privacy. All the transactions are recorded publicly via blockchain technology which makes them secure. On The other hand, the digital wallet offers the security of the transactions.
BitMart is a highly recommended crypto exchange in Thailand, both for beginners as well as experts.
eToro is a trading platform as well as a crypto exchange. It supports various digital currencies like Bitcoin, Ethereum, Litecoin, and many more. It is a suitable option for beginners because it allows payment with fiat money including credit and debit cards too. Their fee is low compared to its counterparts. eToro also has an extremely helpful call center wherein users can ask their queries.
The only downside is that it does not allow people to deposit cryptocurrency to make payments. eToro is generally used by experts who trade in shares as well as cryptocurrency.
This platform is popular amongst people who choose to trade without the involvement of a middle party. It works by allowing buyers and sellers to trade with each other directly. The price is fixed after negotiation between both parties. It is the most used platform for people who want to remain anonymous. Apart from Thailand, it is well established in countries like the USA, UK and many more. The fee charged by LocalBitcoin is slightly higher and the platform may also not have other cryptocurrencies. It is ideal for people who use Bitcoins in their day to day lives.
In conclusion, it is important for people to look at the pros and cons of every crypto exchanges in Thailand and choose the ideal one wisely.