Are you a trader based in Thailand and looking for the very best Thai forex brokers to choose from?
If that is the case, then we have the perfect selection for you. Here you will find not only a list of the top forex brokers and the best fx trading platforms, but also everything you need to know about getting started in forex trading in Thailand.
Let’s get started with a closer look at the key points you should know.
Is Forex Trading legal in Thailand?
This is the first, and one of the most important questions when forex trading in Thailand. You will be glad to know that forex trading is actually legal in Thailand although it was banned up until 2017.
Within Thailand, you will find that brokers are regulated by the Thai SEC (Securities and Exchange Commission). With that said, it is not uncommon for internationally recognized, and trustworthy brokers to be allowed to accept Thai traders. This often includes those registered by the FCA, CySEC, and ASIC which are all very well-respected bodies in the forex world.
How to trade forex in Thailand
Trading forex in Thailand is very similar to starting to trade in any part of the world. The process is relatively painless and can be completed very quickly. All you really need to provide are a few documents. These are as follows:
- A copy of your ID typically in the form of your passport works best.
- Proof of your residence. This can be from a recent utility bill or bank statement and must match the information on your account.
This and your personal details is all you really need to open an account with a Thai forex broker. From there you will pass the verification process and will be ready to deposit into your account and start trading.
Top 10 Best Forex Brokers in Thailand
Here is a closer look at the top Thai forex brokers we have found for you to choose from:
Thai trader? Here’s what to look for in a forex broker
As always, there are a few key points to look out for as a Thai forex trader. These can also be said no matter what country you are trading from. In Thailand, you have the luxury of being able to choose from some of the best international forex brokers since Thai SEC regulation is not mandatory. With that said, there are still a few things to prioritize. Here are few tips in that respect:
1. Choose a broker with a great demo account if you are a beginner
A demo account is one of the best, and safest ways in which you can get to know both a broker and the industry. Here you can trade risk-free with virtual funds, while still experiencing the trading environment. If you are a new trader, it pays to remember that any kind of trading carries a risk, particularly trading on leverage, and you should try to open a top-quality demo account first to practice.
2. Look for brokers allowing Thai payment methods
It is to your benefit as a Thai trader to find a broker who accepts deposits in the local currency (THB). Of course, Visa and Mastercard are global, but not every broker will accept a payment in local currency. This means you could be left with a small currency conversion fee. Try to avoid this if possible and look out for a broker with your base currency, or at least one who may offer local internet banking deposit choices.
3. Try to avoid offshore regulated brokers
An offshore broker is one which is regulated in some more flexible regions. This can provide some benefits if you want to trade on higher leverage, but typically you should always prioritize trading with a broker who offers top-tier regulation. This can come in the form of European brokers with CySEC, Australian brokers under ASIC, or others under the FCA and some other well-reputed regulators in the world.
How to verify if a forex broker is regulated in Thailand
Verifying that your broker is indeed regulated is a key step if you want to perform your due diligence correctly. Doing this is very simple. All you have to do is go to the official Thai SEC website if you want to check. But since this isn’t mandatory, we recommend you to check if brokers are ESMA compliant, ASIC or FCA regulated also. You can double check this through the following links noting that European brokers usually register with CySEC and all EU brokers should feature as ESMA compliant:
Is forex trading taxable in Thailand?
Like many parts of the world, profits from trading with a Thai forex broker are taxable. The capital gains tax here stands at 15% for trading and stock-investing incomes.
We are not professional tax advisors, thus we strongly suggest you contacting local authorities if you don’t know how to manage this aspect