Author:
Alexander Foster
Last Updated:
19/11/2022
Table of Content
- Use our comparison to find the best forex platform in Thailand
- Is forex trading in Thailand legal?
- Five tips for safe online forex trading in Thailand
- Key ingredients of a good forex broker review in Thailand
- Checklist: Finding the best online forex broker in Thailand for your needs
- Beyond forex trading in Thailand – What else can you trade?
- Conclusion – Check back to find the best forex broker in Thailand
- Forex trading in Thailand FAQ
Use our comparison to find the best forex platform in Thailand
We’ve set up this comparison to let everyone see who are the best forex trading platforms in Thailand. The recent changes in Thai law have meant that there has been an influx of offshore trading sites who are now open for business in Thailand. As a result, you’ll need our comparison to see which of these sites could be suitable for your forex trading requirements.
We realise that there may be plenty of people reading this who have never traded forex before. This is why we’ve been careful to only include those online brokers who give you a simple and accessible way to speculate on the forex markets.
However, even those with plenty of forex trading experience should be able to use our comparison to find a good online broker that they may have previously overlooked. So whether you’re looking to trade USD against JPY, or EUR against AUD, be sure to check out our comparison to find your perfect forex trading platform.
Is forex trading in Thailand legal?
Yes, forex trading in Thailand has been legal since 2017 although it didn’t really come into force until late 2019. Bear in mind that the broker that you are using must have the approval of regulators such as the Bank of Thailand, as well as the Securities and Exchange Commission of Thailand (SEC).
These institutions have the legal framework required to allow private investors to make trades to offshore brokers for a variety of different financial instruments – including forex trading. This is a marked shift from previous regulation that only allowed wealthier investors and organisations to invest in foreign currencies.
The move was made in a bid to help capital come in and out of Thailand, and the proposals were hoped to strengthen the Thai baht. Now there is no need to trade through any kind of Thailand-based intermediary, but you will be required to complete a Bank of Thailand registration form that can be found on the bank’s website.
While all of this is a positive step, there are two main considerations to keep in mind. Firstly, there is a yearly cap of the equivalent to $200,000 for an individual trader. Secondly, you cannot speculate on the Thai baht in Thailand. This last measure was introduced after speculation caused the value of the baht to soar to record levels in 2019.
Five tips for safe online forex trading in Thailand
You shouldn’t just sign up to the first forex trading platform that you see. Here are five safety features that you should look for in all good online brokers:
Key ingredients of a good forex broker review in Thailand
We’re determined to help you find your perfect forex broker. This is why we have set up a thorough test process by which we review each online trading platform. It’s only by doing this that we are able to give you a fair and balanced picture of what it’s really like to use an online broker. Here are just some of the things that we look for in our reviews:
Usability
There’s no point in using an online trading platform if it suffers from a badly designed interface. After all, the value of forex currencies can change quickly and you’ll want to know that you are getting the best possible deal. So we’ll examine how easy it is to navigate the site and let you know how well it works on a computer, smartphone or tablet.
Trading Platforms
All good online brokers will let you trade forex via a range of different trading platforms. Most will offer up the popular MetaTrader 4 and MetaTrader 5 trading platforms, but some will feature their own in-house trading software. All of which should give you a stress-free way to execute your forex trades.
Account Types
It’s common to be allowed to choose different kinds of trading accounts at an online broker. These could include CFD, options, copy trading or even Islamic accounts. Make sure that you find a trading account that is a good fit for your own investment requirements.
Payment Options
Some online trading platforms will only accept payments via bank transfer, and others will let you deposit with credit cards, debit cards, e-Wallets and even cryptocurrencies. Be sure that there aren’t any unreasonable charges for making deposits or withdrawals with your preferred payment method.
Customer Support
There’s no excuse for having bad customer support at an online broker site. Ideally, there should be a minimum of email and live chat support that you can access 24/7. We also like those brokers who feature a helpful FAQ section and telephone support.
Our recommended brokers in Thailand
The risk of loss in online trading of stocks, options, futures, currencies, foreign equities, and fixed Income can be substantial.
All investments involve risks, including the possible loss of capital.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Checklist: Finding the best online forex broker in Thailand for your needs
Every investor has their own trading needs and every online broker will have something different to offer. So be sure to shop around the different forex trading platforms reviewed here to see how they treat the following factors:
Compare the spreads: The spreads for trading can vary to a significant degree among online brokers which obviously has a big impact on the success of your investment goals. This is why it’s important to always examine what the average spread different brokers have for forex trading. Thankfully, if you go with any of our recommendations for the best forex broker in Thailand, you should be guaranteed competitive spreads.
Currency trading options; You’ll want to have lots of different options for forex trading in Thailand. The best forex platforms will give you dozens of different currency pairings that include heavyweights like the US dollar, Japanese yen, euro, along with more exotic currencies. Don’t forget that you won’t be able to speculate on the Thai baht in Thailand.
Fees and charges: More and more online trading platforms allow you to execute your trades 100% commission-free. This means that the cost of your trades will be factored into the spread, and there will probably be further charges down the line. So be sure to see whether there are any fees for setting up your account, making withdrawals, using certain payment methods and so on.
Beyond forex trading in Thailand – What else can you trade?
The good news is that you can now use the best forex broker in Thailand to trade much more than just foreign currencies. This is because the legislative changes have made it legal to trade a variety of assets in foreign currencies other than the Thai baht.
As a result, you will be able to trade in precious metals like gold, energies like oil and gas, and commodities such as coffee and sugar. Other popular trading options include stocks, as well as indices.
We should note that there has been a relaxation around the regulation of CFDs in Thailand. Plus the Digital Asset Act of 2018 made it legal to trade cryptocurrencies at licensed crypto exchanges too.
Conclusion – Check back to find the best forex broker in Thailand
By now, you’ll know exactly what you should be looking for in the best forex broker in Thailand. While the trading laws have loosened up significantly in the past few years, it has ultimately forced private investors to work hard to ensure that they are trading at a legit online broker.
Thankfully our comparison has given you a free, safe and fast way to find your perfect site for forex trading. Plus we’ll be constantly updating our comparison to take account of any new forex brokers that enter the market. So make sure that you bookmark this page to ensure that you’re always trading with the best forex broker in Thailand.
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