XM
Visit XM
77,37% of retail investor accounts lose money
10 Best Forex Brokers in Thailand for 2023
Our Picks
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FBS
Visit FBS74-89% of retail CFD accounts lose money -
AvaTrade
Visit AvaTrade79% of retail investor accounts lose money -
eToro
Visit eToro77% of retail investor accounts lose money -
OctaFX
Visit OctaFX74-89% of retail CFD accounts lose money -
FXTM
Visit FXTM81% of retail investor accounts lose money -
FP Markets
Visit FP Markets74-89% of retail CFD accounts lose money -
XTB
Visit XTB79% of retail investor accounts lose money -
Oanda
Visit OandaCFDs are not available to residents in the United States
Thailand, located in Southeast Asia, is a significant player in the global financial markets, known for its vibrant economy and emerging market status.
The country’s currency is the Thai Baht, often represented by the symbol “THB”. As the nation’s economy has continued to expand and integrate with the global market, foreign exchange (forex) trading has gained prominence.
The regulatory body responsible for overseeing retail forex trading activity in Thailand is the Securities and Exchange Commission (SEC). The SEC ensures that the forex market operates transparently and fairly, setting guidelines and standards to protect traders and investors.
Here we have collected some of the top forex brokers for trading in Thailand. We have taken into consideration the following factors in choosing the brokers below:
- Regulation of the broker;
- If Thai language and support were provided by the broker;
- If local deposits were available for Thai clients;
- Minimum deposit of the broker;
- Spreads and leverage on forex.
Table of Content
What are the best forex brokers in Thailand?
Below is our curated list of the best forex brokers for traders living in Thailand, with details and information about the country laws, the features, and the characteristics.
Warning
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you can afford to take the high risk of losing your money.
XM : best for beginners
- Thai traders can trade under the XM Global entity which is regulated by IFSC Belize (000261/397).
- XM offers Thai Language on their website.
- XM global entity provides different bonuses in Thailand including a $25 bonus, a 50% deposit bonus, a 20% deposit bonus, and a very rewarding loyalty program.
- XM won the ‘Most trusted Asian Forex Broker’ award in 2019.
- Traders in Thailand will find an XM minimum deposit of $5.
- XM offers 55+ currency pairs with spreads on forex from 0 pips and maximum leverage up to 1000:1 for Thai clients.
FBS : best for negative spreads
- Thai traders can trade under the FBS Global entity which is regulated by IFSC (60/230/TS/18).
- FBS supports Thai language for Thai clients.
- FBS bonuses are available in Thailand, including a 100% deposit bonus, level up bonus, and cashback program.
- FBS has won an award for being the best broker in Thailand.
- FBS provides local banking transfers in THB. Deposits for Thai clients via QR code with no fees from FBS in 3 hours are also available..
- The FBS minimum deposit in Thailand starts from $1.
- Forex clients in Thailand will find FBS spreads from -1 pips on 35+ currency pairs with a leverage up to 3000:1.
AvaTrade : best for fixed spreads
- Thai clients can trade under the AvaTrade entity regulated by St Vincent BVI (n. SIBA/L/13/1049).
- Thai language is available on AvaTrade’s website.
- AvaTrade Thai traders can also get help from customer support in Thai.
- Thai clients can open an account with the local currency THB.
- An AvaTrade minimum deposit of $100 is needed to open an account in Thailand.
- AvaTrade in Thailand offers 60+ currency pairs with fixed spreads from 0.9 pips and a 100:1 maximum leverage.
eToro : best for social trading
- eToro accepts Thai traders under CySEC regulation (n. 109/10) which allows eToro to operate cross-border in Thailand.
- Thai language is available on eToro’s website.
- eToro minimum deposit in Thailand is $200.
- Thai traders will find only one account base currency, which is USD.
- eToro clients in Thailand can trade among 47 forex currency pairs with spreads from 1 pip.
- eToro supports a top-notch CopySocial trading service through whichThai clients can connect with other traders and copy more expert clients’ trades.
OctaFX : best for Asian traders
- Thai traders can trade under the OctaFX global entity regulated by Saint Vincent and the Grenadines 19776.
- OctaFX also provides excellent language support for Thai traders.
- OctaFX has won several awards for being the best broker in Asia, the last one in 2022.
- Thai clients can benefit from an OctaFX 50% deposit
- Local bank deposits in THB are available.
- The recommended OctaFX minimum deposit in Thailand is $100, but can start as low as $25.
- Thai clients of Oanda can trade among 35 currency pairs with spreads from 0.6 and maximum leverage up to 500:1.
FXTM : best for account types choice
- Thai traders can trade under the FXTM Global entity which is regulated by FSC (C113012295).
- Thai language is provided by FXTM on their website.
- Clients in Thailand under the FXTM Global entity have access to the FXTM Loyalty program where they can earn money depending on how much they trade.
- FXTM has won the ‘Best FX Broker Asia’ in 2018 with the World Finance Awards.
- Deposits and withdrawals with Online Banking Thailand in THB and with no commission from FXTM’s part are accepted from FXTM for Thai clients.
- Thai clients are required to make an FXTM minimum deposit of $10.
- FXTM clients in Thailand will find spreads from 0 pips on 60+ currency pairs with a maximum leverage of 2000:1 depending on position size.
Instaforex : best for forex trading
- Thai traders can trade under the Instaforex Global entity which is regulated by BVI FSC (SIBA/L/14/1082).
- Thai language can be chosen on Instaforex’s website.
- Thai traders under the global entity of Instaforex can find different bonuses including a 100% bonus, 30% bonus, and 55% bonus under certain conditions.
- Instaforex has picked up an award for being the best broker in Asia in 2018.
- Instaforex provides local banking transfers in THB for Thai traders. Deposits in Thailand via QR code are also available.
- Instaforex clients in Thailand have to make a minimum deposit of $1.
- Instaforex in Thailand charges spreads from 0 pips on 100+ currency pairs with a leverage up to 1000:1.
61.14% of retail investor accounts lose money
FP Markets : best for fast execution of the orders
- Thai traders can trade under the international entity of the broker, FP Markets LLC, regulated in Saint Vincent and the Grenadines with limited liability number 126 LLC 2019.
- Thai Language is available on FP Markets’ website.
- PlusDebit and XPay South East Asia Online banking deposits are available in THB with no commission from FP Markets’ part for Thai traders.
- A $100 minimum deposit is what FP Markets clients in Thailand need to make in order to start trading.
- FP Markets Thai traders have access to 70+ currency pairs with spreads from 0.3 pips and leverage up to 500:1.
XTB : best for educational resources
- Thai traders can trade under the XTB International Limited (XTB) entity, with IFSC regulation in place (License No. 000302/185).
- The Thai language and customer support are available on the XTB xStation5
- Thai clients under XTB Global can benefit from the Cashback rebate program where the amount of cashback per month will is agreed between you and your dedicated account manager under certain conditions.
- XTB local deposits, including QR payments and online banking payments, can be used in Thailand.
- XTB Thai clients have no minimum deposit
- 48 currency pairs with spreads from 0 pips and maximum leverage up to 500:1 are what forex traders in Thailand will find with XTB.
Oanda : best for liquidity
- Oanda clients in Thailand can trade with Oanda Global Markets under the BVI Financial Services Commission, number: SIBA/L/20/1130.
- Oanda has won an award for best CFD Broker Asia Pacific in 2019.
- Oanda offers Thai clients online bank transfers and ewallets, in particular Wayar bank online and QR code payment options.
- There is no requirement for a minimum deposit for clients in Thailand.
- Thai traders under Oanda Global Markets will have access to70+ currency pairs with spreads from 0.6 pips and leverage up to 200:1.
Is Forex Trading legal in Thailand?
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.
What should Thai traders 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 a 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?
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
About The Author
Filippo Ucchino
Co-Founder - CEO - Broker Expert
Filippo is the co-founder and CEO of InvestinGoal.com. He has 15 years of experience in the financial sector and forex in particular. He started his career as a forex trader in 2005 and then became interested in the whole fintech and crypto sector.
Over this time, he has developed an almost scientific approach to the analysis of brokers, their services, and offerings. In addition, he is an expert in Compliance and Security Policies for consumers protection in this sector.
With InvestinGoal, Filippo’s goal is to bring as much clarity as possible to help users navigate the world of online trading, forex, and cryptocurrencies.
10 Best Forex Brokers in Thailand for 2023
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