Key Takeaways
- To buy crypto in Thailand, pick a trusted exchange, select a legal exchange, complete KYC verification, fund your account, and decide how to store your coins securely.
- Selling is just as simple, transfer your coins to an exchange, set your price, sell, and withdraw your money.
- Stay informed on Thailand’s crypto regulations, taxation rules, and secure storage practices to make sound trading decisions.
Thailand is emerging as a hub for cryptocurrency in Southeast Asia thanks to its growing market and supportive regulations. With platforms like Bitkub and Satang Pro leading the way, buying and selling crypto has become easier and safer for Thai residents. This guide covers everything you need to know—from choosing the right exchange to complying with Thailand’s crypto laws—so you can confidently explore the world of digital assets.
How to Buy Cryptocurrency in Thailand?
Thailand has a rapidly growing cryptocurrency market, and buying crypto is a straightforward process when done through proper channels. Here’s a step-by-step process:
Choose a Cryptocurrency Exchange in Thailand
The first step is selecting a reliable and secure platform. Look for exchanges registered with the Thailand SEC, such as Bitkub and Satang Pro, or international platforms like Binance. Research fees, supported cryptocurrencies, and features offered by each platform. Also, read user reviews and security measures implemented by the exchange. Remember, choose platforms with customer support in Thai and integrate with local banking systems for easier transactions.
Create an Account
After selecting an exchange, you need to create an account:
Visit the Exchange: Go to the official website or download their app.
Sign Up: Click the “Sign-Up” or “Create Account” button. Provide your email address and set a strong password.
Email Verification: Check your email for a verification link and click it to confirm your registration.
Complete KYC Verification: Most exchanges in Thailand require KYC (Know Your Customer) verification:
- Personal Information: Fill in the required personal details, such as your full name, address, and date of birth.
- Document Submission: Upload verified documents, which usually include:
- A government-issued ID (e.g., passport, national ID)
- Proof of address (e.g., utility bill, bank statement dated within three months).
- Facial Recognition: Some platforms may require you to complete a facial recognition step for additional verification.
Use two-factor authentication (2FA) for added security. The KYC process can take anywhere from a few minutes to several days, depending on the exchange and volume of applications.
Fund Your Account
Once verified, you must deposit funds into your exchange account:
Currency Selection: Opt for Thai Baht (THB) for local convenience, which many exchanges accept.
Deposit Methods: Common deposit methods include:
- Bank Transfer: Most Thai exchanges support deposits via local banks (e.g., Bangkok Bank, Kasikorn Bank). Link your bank account for direct transfers.
- Credit/Debit Card: Some exchanges allow card purchases; remember that fees may apply.
- QR Payments: Using local payment apps like PromptPay can facilitate easy transactions.
Make the Deposit: Follow the instructions on your chosen exchange to complete the deposit.
Watch for transaction fees associated with deposits. Some exchanges may offer promotions like fee-free deposits.
Buy Cryptocurrency
With funding in place, you can now purchase cryptocurrencies:
Select Crypto: Navigate to the market section of the exchange to choose the cryptocurrency you wish to buy (e.g., Bitcoin, Ethereum). Check the historical performance and market sentiment for your chosen cryptocurrency.
Order Type: Decide on the type of order you wish to place:
- Market Order: Buy at the current market price.
- Limit Order: Set a specific price at which to buy.
Make Purchase: Decide how much you want to invest in the selected cryptocurrency. Validate the transaction details and confirm your purchase. The purchased cryptocurrency will be credited to your account.
Some platforms also offer dollar-cost averaging (DCA) tools, which help you invest consistently over time.
Secure Your Investment
After purchasing cryptocurrency, it’s crucial to secure your digital assets:
Exchange Wallet: They are convenient but less secure, ideal for short-term holdings or frequent trading.
Other Wallets: For better security, use software wallets (like Trust Wallet or MetaMask) or hardware wallets (like Ledger Nano or Trezor). Ensure you securely back up your wallet information, including private keys, to prevent loss of access to your funds.
Maintain Tax Records:
In Thailand, cryptocurrency earnings are subject to taxation. To comply with tax laws, keep detailed records of all transactions. For personalized advice, consult a tax advisor familiar with
Thai cryptocurrency regulations.
How to Sell Cryptocurrency in Thailand?
When you’re ready to sell your cryptocurrency, the process is quite straightforward. Follow these steps for an effective process:
Transfer Your Cryptocurrency to the Exchange
Use the same exchange where you bought the crypto for smoother transactions and lower fees. Before selling, ensure your crypto is in the exchange wallet where you intend to sell.
If your crypto is stored in an external wallet (hardware or software), initiate a transfer to your exchange account. Double-check the recipient address to avoid errors; cryptocurrency transactions are irreversible.
Specify Selling Details
When you are ready to sell, enter the transaction details:
Enter Amount to Sell: Specify how much cryptocurrency you want to sell. You can select an amount in either the cryptocurrency itself or the equivalent Thai Baht (THB) value.
Choose Order Type: Decide whether to place a market order or a limit order. Some platforms also provide OTC services for large volumes to minimize slippage. Check the transaction fees associated with your order type.
Verify and Confirm Sale: Click the “Sell” or “Confirm” button to execute your transaction. If required, complete any secondary confirmations as prompted by the platform.
Convert Crypto to Thai Baht (THB)
After executing your sell order, the proceeds will usually be in your exchange wallet as THB. Most Thai exchanges automatically convert the crypto to THB once the sale is complete. Some platforms also allow conversion to stablecoins (like USDT) before withdrawing, which can be useful if you want to hedge against market volatility.
Withdraw THB to Your Bank Account
Choose to withdraw THB directly to your bank account. Many platforms offer various Thai banks and local payment methods, including:
- Link your bank account to the exchange if not already done during the deposit process. Use popular Thai banks like Bangkok Bank, SCB, or Krungsri.
- Use PromptPay or direct bank transfer for faster withdrawals.
Check the withdrawal fees and minimum withdrawal amounts on the platform. Confirm that the bank account name matches your exchange account name to avoid delays.
Popular Cryptocurrency Exchanges in Thailand
Here’s a detailed look at the most popular cryptocurrency exchanges used in Thailand. Each offers unique features tailored to different types of users:
Bitkub
Bitkub is Thailand’s leading cryptocurrency exchange and is widely used by both beginners and experienced traders. It is licensed by the Thailand SEC, which makes it a safe and regulated platform. Bitkub is known for its simple interface that allows users to trade easily.
You can deposit and withdraw Thai Baht directly from your bank account, and the exchange supports many local banks. The trading fees are low, and the mobile app makes it convenient to trade from anywhere. Bitkub offers a good variety of cryptocurrencies, including Bitcoin, Ethereum, and XRP.
Satang Pro
Satang Pro is another SEC-approved exchange in Thailand and has a reputation for being secure and reliable. It is popular for its integration with PromptPay, which makes deposits and withdrawals fast and easy. Satang Pro supports a range of cryptocurrencies and allows users to trade directly with Thai Baht. It also offers a secure wallet service to store your crypto. Its focus on safety makes it a preferred choice for people who want to hold their investments for the long term.
Zipmex
Zipmex is a cryptocurrency exchange that operates across Southeast Asia, including Thailand. It is well-suited for users who want to earn passive income from their crypto investments. Zipmex allows users to stake cryptocurrencies and earn interest on their holdings.
It also provides high liquidity, making it easy to trade large amounts of crypto. The platform is user-friendly and supports major coins like Bitcoin and Ethereum. It is especially popular among investors looking for additional ways to grow their crypto portfolio.
Binance
Binance is a global cryptocurrency exchange, and it is also very popular in Thailand. It offers access to hundreds of cryptocurrencies, making it a great option for advanced traders. Binance is known for its low trading fees and powerful tools like futures and margin trading.
It also has a peer-to-peer (P2P) trading feature where you can buy and sell crypto directly with other users. Although Binance is not locally regulated in Thailand, it is trusted worldwide for its security and a vast range of services.
Coinbase
Coinbase is a global exchange that is growing in popularity in Thailand, especially among new users. It is known for its beginner-friendly interface and strong security measures. While Coinbase doesn’t allow Thai Baht deposits directly, users can buy crypto using credit cards or transfer funds through international banking services. Coinbase supports many well-known cryptocurrencies, including Bitcoin, Ethereum, and Solana, and offers wallet services for secure storage.
OKX
OKX is another international exchange used by traders in Thailand who want advanced features. It provides tools for futures trading, staking, and earning interest on crypto holdings. OKX supports a wide range of coins and tokens, and its fees are competitive. While it does not support Thai Baht directly, users can use stablecoins or trade through third-party P2P services. It is favored by traders looking for a professional trading platform.
KuCoin
KuCoin is popular for its variety of altcoins and tokens, including many that are not available on other exchanges. It is ideal for users who want to explore smaller cryptocurrencies. KuCoin has a user-friendly interface and offers additional features like staking, trading bots, and margin trading. While it doesn’t directly support Thai Baht, users can trade stablecoins like USDT or use P2P trading for local transactions.
How to Choose the Right Exchange in Thailand?
When selecting a cryptocurrency exchange in Thailand, consider the following:
Regulation: Opt for exchanges licensed by the Thailand SEC to ensure safety and compliance.
Fees: Compare deposit, withdrawal, and trading fees across platforms.
Supported Cryptocurrencies: Check if the exchange supports the coins you want to trade.
Ease of Use: For beginners, user-friendly platforms like Bitkub are ideal.
Security: Look for exchanges with suitable security measures, such as two-factor authentication (2FA) and cold storage for funds.
Cryptocurrency Taxations and Regulations in Thailand
Taxations
In Thailand, buyers and sellers of cryptocurrency must be aware of the following main taxes:
Personal Income Tax: Profits from selling cryptocurrency are taxed as regular income. Rates range from 0% to 35%, depending on total annual income.
Capital Gains Tax: There is no separate capital gains tax. Instead, gains from crypto sales are included in personal income tax calculations, taxed as the difference between the selling price and purchase cost.
Value Added Tax (VAT): Cryptocurrency transactions are currently exempt from VAT, so no additional tax of 7% is applied.
Withholding Tax: A 15% withholding tax applies to foreign entities earning income from crypto in Thailand.
Tax Reporting Forms:
- Use PND.90 for general income reporting.
- Use PND.91 for payment received in cryptocurrency.
- Use PND.94 for mid-year tax on mining or staking.
It is essential for cryptocurrency users in Thailand to understand and comply with these tax requirements to avoid penalties. Consult a tax professional to ensure compliance with Thai laws and understand how to minimize your tax liability legally.
Crypto Regulations
In Thailand, there are key regulations regarding cryptocurrencies that buyers and sellers should be aware of. The Emergency Decree on Digital Asset Businesses (2018) mandates that cryptocurrency exchanges and brokers obtain licenses from the Ministry of Finance and adhere to strict guidelines.
The Securities and Exchange Commission (SEC) regulates digital tokens, which are considered securities, requiring them to register and comply with specific disclosure requirements, particularly for Initial Coin Offerings (ICOs).
Additionally, cryptocurrency businesses must follow Anti-Money Laundering (AML) rules, which involve verifying customer identities and reporting any suspicious activities. The Bank of Thailand (BOT) advises against using cryptocurrencies as a means of payment, treating them more like barter transactions. Furthermore, regulatory sandboxes allow companies to test new cryptocurrency technologies under supervision safely. Understanding these regulations is vital for anyone participating in Thailand’s cryptocurrency market.
Conclusion
Cryptocurrency offers exciting opportunities for investors and traders in Thailand. By following the proper steps to buy and sell, using trusted exchanges, and adhering to local regulations, you can participate in this dynamic market with confidence.
Remember to prioritize security for your investments, stay informed about tax obligations, and choose platforms that meet your needs. With the right approach, cryptocurrency trading in Thailand can be a safe and rewarding experience.
