BRKV - Like many other Asian countries, Thailand is not very open to forex trading. However, forex trading is very popular to the people there. And since there are no brokers from the country, Thai traders look for the best forex brokers in Thailand from abroad. Trading forex is popuar there because it is very easy to start trading and make money. Check out the basic steps of forex trading in Thailand:
It is still a controversy among many forex traders that whether there is the best forex brokers in Thailand and if so, which qualities we can use to asset it. However, after discussing, it is agreed that there isn’t the absolute best forex broker in Thailand, because each broker has their strengths and weaknesses according to Thai market. US and UK brokers are clearly more trustworthy than brokers from the rest of the world, while brokers from Cyprus provide traders with better trading conditions such as: lower spread, lower margin, better trading platforms, and Thai payment systems… The standards for the best broker should be: reliability, trading cost, trading conditions, and local support. Here are some brokers that I think will be suitable for the name “best forex brokers in Thailand”.
Now I will explain how these brokers can be the best forex broker in Thailand and can meet the standards that I mentioned above.
Asian traders, including Thai traders, face the most difficulties when trading forex in the world. They contribute up to 30% of the total forex trading volume globally, but trading forex in Asia is illegal in most countries including Thailand. That’s why if something goes wrong, most Thai traders won’t be protected. Therefore, if you want to find the best broker in Thailand, that broker must be able to keep their clients safe. So how to identify a reliable broker? We just need to check their regulations or licenses. Regulations are made by profit or non-profit financial organizations to manage brokers in the forex market. Although they are different organizations but their regulations all have some rules in common like: maximum leverage, quotes quality, broker’s minimum operation fund, bonuses, and segregated accounts to protect clients or advertising messages to avoid misleading traders…
Regulations obtained by brokers:
It is quite difficult for a broker to obtain a license, so brokers who have license are reliable brokers. However, regulations have disadvantages as well. For US and UK regulations, the brokers’ spread, commission, margin are usually higher. There are less trading platforms supported and less payment methods. Because of those disadvantages, brokers should obtain one or two regulations maximum. I think CySEC and FCA license are the most reliable. The brokers who have these licenses are also in top largest retail forex brokers:
The most important is that the best forex brokers in Thailand must offer better payment systems or payment methods for their Thai traders.
I’m sure that some US or UK brokers are very good in their country, but overseas, they are relatively bad, especially in Asia, or more specifically, Thailand. In Thailand, if traders deposit by their credit cards, their banks will charge them from 1.7 to 4% of their total fund. Having a profit rate at 5% monthly is hard enough and now they have to pay 4% just for depositing? I don’t think so. That’s why it is not wise for Thai traders to trade with those US and UK brokers. Therefore, choosing brokers who can offer local payment systems is very important.
BRKV - Almost all the brokers I mentioned before have payment systems through local banks in Thailand. There are banks such as Krung Thai Bank, Siam Commercial Bank, Bangkok Bank, Bank of Ayudhya, and Kasikorn Bank together with multiple Internet payment systems like Perfect Money, WebMoney, Neteller, Skrill, and Cashu.
I have traded with a lot of forex brokers and I along with many of my fellow traders agree that Exness payment system is the best. Exness offers more than 30 different payment methods. In Thailand, they provide many free-of-charge local payment systems.
Exness payment systems are like instant. Most of their transactions are just seconds. It only takes you milliseconds to deposit or withdraw or transfer your money while other brokers will take you up to hours or days to do that.
Check Exness Payment system
Forex brokers from the US often charge the highest spread and commission in the market. For example, Forex.com and FXCM charge from 1.7 to 2 pips for EUR/USD trading, while all of the brokers I mentioned above charge very little spreads. They target at the Asian market, so they don't acquire many Western regulations, which make spreads really high. The spreads of our brokers are about 50% lower than that of American brokers.
For new traders, a great way to start trading or cut down trading cost is using forex bonus. Forex bonus is offered by many forex brokers. However, the bonus of small brokers is often a scam. They are very difficult to withdraw or you have to trade a lot to withdraw which leads to losing more money than the bonus. Only take bonus from big and precious brokers like the XM 30$ bonus or HotForex 100% SuperCharged Bonus.
We all know that MT4 and MT5 are the two most well-known trading platforms. However, I can say that they aren’t perfect. They are not compatible with some operation systems such as Window Vista or Window XP. They also cannot be installed in some phones. That’s why some brokers have made their own trading platforms. The leader in developing/improving trading platforms is XM.
On the other hand, when talking about copy trading, the broker with the best copy trading platform is Exness. It is simple and easy to use. You can earn money just as experts do.
In the field of forex trading, supporting traders is very important since forex trading is a very complicated subject. Like other traders from all over the world, Thai forex traders will need a lot of supports. The best forex brokers in Thailand should have local offices to support their clients face-to-face. The brokers who have local offices in Thailand are:
Also, these brokers instruct and assist their customers in Thai, which makes it easier since not all traders are good at English. Exness and XM is a bit better because they support clients 24/7.
In conclusion, the best forex brokers in Thailand must meet the standards for credibility, trading cost, trading conditions, and customer service. If they fail to satisfy customer in any of those fields, they cannot be considered a good broker for Thai traders. Choose wisely if you want to succeed in forex trading in Thailand.