Jan 26 2021 2
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:
How to trade forex in Thailand
- Pick a currency pair to trade.
- Consider how much money you want to invest in forex trading.
- Pick a good forex broker.
- Choose a trading strategy.
- Start trading
Choosing the best forex brokers in Thailand
When we found the best forex brokers in the world, we thought that they could be applied to any other countries on the planet. However, we are so wrong. Each country has a different trading conditions; therefore, traders there will require different things from a forex broker. The common standards for the best broker are: reliability, trading cost, trading conditions, and local support. But in Thailand, they should be: Thai regulations, Thai support, and then trading cost and trading conditions. Here are some brokers that I think will be suitable for the name “best forex brokers in Thailand”.
- Exness - 8/10 Click here to learn more
- Hotforex - 7.5/10 Click here to learn more
- XM - 7.5/10 Click here to learn more
- FXTM - 7/10 Click here to learn more
- FBS - 6/10
Now I will explain how these brokers can be the best forex broker in Thailand and can meet the standards that I mentioned above.
THE BEST FOREX BROKERS IN THAILAND MUST BE RELIABLE
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…
Does Thailand have a forex regulation?
The forex regulator in Thailand is also the Bank of Thailand. They monitor and regulate forex brokers who operate in the country. However, this BOT regulation is just a low-level forex regulation. Almost no forex brokers bother to apply for this regulation. Also, Thai traders would rather choose an international forex broker with top-tier foreign forex regulations. Some examples are the FCA regulation of the United Kingdom, the ASIC regulation of Australia, the CySEC regulation of Cyprus or NFTC regulation of the United States.
Here are the regulations obtained by the best forex brokers in Thailand:
- Exness - CySEC, FCA Check regulations here.
- HotForex - CySEC, FSCA, FSC Check regulations here.
- XM - CySEC, FCA, ASIC Check regulations here.
- FXTM - IFSC Check regulations here.
- FBS - CySEC, IFSC
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:
- Exness is the largest retail forex brokers with the monthly trading volume up to more than $700 billion Check details.
- XM’s trading volume is around $300 billion monthly Check details.
Does Thailand have a forex regulation?
Thailand currently does have a forex regulation, called BOT. However, this regulation is small and has many limits so not many brokers try to obtain it. The best forex brokers for Thai traders are foreign brokers. Foreign brokers have way better trading conditions and lower trading cost.
THE BEST FOREX BROKERS IN THAILAND SHOULD HAVE THE LOWEST TRADING COSTS
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.
Which brokers have the best payment system?
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 here.
Spread and commission
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.
THE BEST TRADING PLATFORMS IN THAILAND
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.
THE BEST FOREX BROKERS IN THAILAND MUST SUPPORT TRADERS BETTER
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:
- Exness - 8/10 Click here for more details
- Hotforex - 7.5/10 Click here for more details
- XM - 7.5/10 Click here for more details
- FXTM - 7/10 Click here for more details
- FBS - 6/10
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. Next, learn about the best Bitcoin forex brokers.