How to Buy Bitcoin in Thailand The rules and ways for buying Bitcoin can vary depending on where you are in the world. Each country has its ...

How to Buy Bitcoin in Thailand

The rules and ways for buying Bitcoin can vary depending on where you are in the world. Each country has its own rules and regulations and some make it quite difficult to be able to legally trade cryptocurrency. Thailand has taken a fairly reasonable and rational approach to trade Bitcoin in the Kingdom. Here we will simply discuss the simple things you must do if you wish to trade Bitcoin or other cryptocurrencies if you are Thai or living in Thailand.

To trade Bitcoin in Thailand, the simplest and safest way is to join one of the local Thai cryptocurrency exchanges. There are a few reasons for this. Firstly, there are fairly stringent laws relating to trading and every licensed exchange is thoroughly scrutinized by the Thai SEC for compliance. While this does not guarantee that your funds are one hundred percent safe on an exchange, you can feel comfortable that there is some accountability. 

The next reason for joining a local exchange is the simplicity of on and off-ramping funds. All of the local exchanges have connections to local Thai banks which means that you can direct deposit via a QR code free and almost instantly. Conversely, when you wish to withdraw your funds, the fee is minimal (less than $1) and the money is there in your bank account usually in a few minutes. This is far better than waiting for wire transfers or paying credit card fees.

So, if you wish to buy Bitcoin in Thailand, then you really need two things - a Thai bank account, and an account at a Thai cryptocurrency exchange where you will move your funds in and out of the digital system.

Opening an account with a Thai cryptocurrency exchange is relatively simple, but there are a few hoops that you will need to jump through and I expect regulations to continue getting tougher in the future. The two biggest exchanges currently in Thailand are Bitkub and SatangPro, with the former doing much more volume. Regardless of which exchange you decide to choose, you will follow a similar sequence for joining which will include verifying your identity, passing a financial suitability test, uploading some supporting documents, and providing a selfie. For more detailed instructions about joining various exchanges, you can visit www.comparebitcoinexchange.com and follow one of their simple and informative how-to guides.

Once you have completed the registration, you may need to wait a few days for approval or be asked to supply some additional paperwork. Although this can be frustrating, the exchange is merely ensuring that they are fulfilling their obligations or they may lose their trading license.

Once your account is opened, then you simply need to connect it to your Thai bank account. This is simple and easy and should be finished in a few minutes.

You are now ready to transfer some Thai Baht from your bank account to your exchange wallet. If you use any of the banking applications then you can transfer simply from your phone, or if you prefer you may complete the transfer from your nearest ATM.

All Thai exchanges trade against THB pairs, so simply choose Bitcoin or any other token that you wish to purchase and complete your trade from within the exchange. It’s that easy. Good Luck!