bx.in.th block American citizens from opening accounts, whats the best alternative?

[dictater]

bx.in.th will not allow American citizens to open accounts, despite using US passport as an example of a document for upload. So what is the next best alternative to use here in Thailand. I'm looking to buy small value crypto, not bitcoin or any other well established? And also a total newbie. Advice? Answers? and of course a lot of other nonrelated crap I'm sure. 

[PattayaAngel]

I don't think this is correct. What you may mean is you need a visa here that is appropriate to opening an account. I know loads of Americans that operate through Bx.in.th

 

If you were thinking of opening an account from USA or with a tourist visa then you cannot, obviously.

[dictater]

 when I sent initial documents to verify which included a scan of my passport I was informed that Americans were blocked. 

[PattayaAngel]

7 minutes ago, dictater said:

 when I sent initial documents to verify which included a scan of my passport I was informed that Americans were blocked. 

 

What visa do you have in Thailand?  I think they meant 'foreigners' are blocked and of course they are (same as when trying to open a bank account etc.).  

[dictater]

My visa is not the issue since its the photo page, and it says specifically Americans, it seems the American financial reporting laws are the issue and that this is not the only exchange that blocks Americans, and further certain American states, I wondered about using my Thai license as ID but dont think that will pass either. 

[userabcd]

1 hour ago, PattayaAngel said:

 

What visa do you have in Thailand?  I think they meant 'foreigners' are blocked and of course they are (same as when trying to open a bank account etc.).  

Refer terms and conditions of service on the BX website: Prohibited Nationalities.

[PattayaAngel]

38 minutes ago, userabcd said:

Refer terms and conditions of service on the BX website: Prohibited Nationalities.

 Interesting but I know Americans who are registered i wonder how they got round it. 

[dictater]

Perhaps pre-dated that restriction?

[Calach]

Problem is the US government demands info to foreign institutions on its citizens to tax their capital gains, that's why more and more are refusing American citizens recently as it's a giant administrative pain for them to comply. 

 

The only solution is to register on a trading platform abroad that accepts Americans (most have low KYC standards if you move less than 2 BTC a day, which leaves some margin), buy Bitcoins on coins.co.th or Localbitcoins, have them transferred to the platform and trade from there. When you want to cash out gains, convert them into Bitcoin and sell them on Localbitcoins.

 

I have never tried Localbitcoins but I heard it worked well as long as you make sure to choose a trusted seller or buyer. Other services allow you to get paid on Paypal but I heard fees could be high.

 

 

Edited January 4, 2018 by Calach

[dictater]

14 hours ago, Calach said:

Problem is the US government demands info to foreign institutions on its citizens to tax their capital gains, that's why more and more are refusing American citizens recently as it's a giant administrative pain for them to comply. 

 

The only solution is to register on a trading platform abroad that accepts Americans (most have low KYC standards if you move less than 2 BTC a day, which leaves some margin), buy Bitcoins on coins.co.th or Localbitcoins, have them transferred to the platform and trade from there. When you want to cash out gains, convert them into Bitcoin and sell them on Localbitcoins.

 

I have never tried Localbitcoins but I heard it worked well as long as you make sure to choose a trusted seller or buyer. Other services allow you to get paid on Paypal but I heard fees could be high.

 

 

I haven't looked at using paypal for payments yet but I did think about it, anyone do that? I just signed up to coinmama which takes no verification to buy up to 150 euro, but has very high fees up to 10%. I'm just dipping my toe in so I thought it wouldn't matter as I learn how this works. 

[BMW Overlander]

Same happened to me with bx.in.th

 

If you want to do the deals with fellow btc traders in Thailand open account at localbitcoin.com

So far works perfectly for me, transactions completed within minutes.

[pattayadon]

Two years ago you could walk into any bank and open an account. That simple. NOW, you need documentation and your ssn is registered. This is all because of tax laws back home!!  Something absolutely doesn't sound right with your issue. But as BMW said, go with the local Bitcoin!  If Bx.in.th doesn't want our business **** ****!  Chok dee kop!

[seancbk]

On 1/4/2018 at 3:17 PM, PattayaAngel said:

I don't think this is correct. What you may mean is you need a visa here that is appropriate to opening an account. I know loads of Americans that operate through Bx.in.th

 

If you were thinking of opening an account from USA or with a tourist visa then you cannot, obviously.

 

There is no problem opening an account on a tourist visa, in fact they don't even ask what type of visa you are on.

They do however refuse to open accounts for US Citizens.   Two of my American friends had accounts and then about 2 months ago were told they had to close them as the new policy was 'No Americans'.

It has nothing to do with Thailand or visas.   It is because the US has strict financial reporting requirements so the US Government can tax Americans living abroad.
 

 

To the OP:   Open an account at kucoin.com or Bittrex.com  or Binance.com    (I have accounts at all of them plus a few others actually).    Then use localbitcoins to acquire some bitcoin, which you can then send to one of your trading accounts to trade for the alt coins you are interested in holding.

 

Edited January 5, 2018 by seancbk

[csabo]

On 1/4/2018 at 3:31 PM, PattayaAngel said:

 

What visa do you have in Thailand?  I think they meant 'foreigners' are blocked and of course they are (same as when trying to open a bank account etc.).  

Wrong.  They meant Americans.  They told me the same thing.  NO AMERICANS ALLOWED.  Americans can go to https://coins.co.th/.  Or Coinbase (not sure if I used a VPN when signed up but probably).  Coinbase is a disaster though due to long delays (13 days for a cash transfer) and high fees.  Using their sister site GDAX has reduced fees but it is impossible to get their verification system to work.  Also, you can get a Bitsane account very easily but if you register as an American you will not be able to fund the account with USD, only transfers of other cryptos.  Coinbase does not (and apparently will not) add Ripple so you can get that at Bitsane.  And Localbitcoins.com should work also for USC's.

[dpdp]

Why using bx.in.th and not any other website ?

 

 

[davidst01]

22 hours ago, Calach said:

Problem is the US government demands info to foreign institutions on its citizens to tax their capital gains, that's why more and more are refusing American citizens recently as it's a giant administrative pain for them to comply. 

 

The only solution is to register on a trading platform abroad that accepts Americans (most have low KYC standards if you move less than 2 BTC a day, which leaves some margin), buy Bitcoins on coins.co.th or Localbitcoins, have them transferred to the platform and trade from there. When you want to cash out gains, convert them into Bitcoin and sell them on Localbitcoins.

 

I have never tried Localbitcoins but I heard it worked well as long as you make sure to choose a trusted seller or buyer. Other services allow you to get paid on Paypal but I heard fees could be high.

 

 

THank god Im not american. The IRS is a nightmare. 

[davidst01]

OP you should put it in your wife's name or gf?

[seancbk]

2 hours ago, dpdp said:

Why using bx.in.th and not any other website ?

 

 

 

1) Because we live in Thailand

2) Because you can transfer THB from your ban account to bx.in.th and purchase various crypto currencies
3) Because when you sell the crypto you can withdraw THB direct to your bank account

 

[dpdp]

8 hours ago, seancbk said:

 

1) Because we live in Thailand

2) Because you can transfer THB from your ban account to bx.in.th and purchase various crypto currencies
3) Because when you sell the crypto you can withdraw THB direct to your bank account

 

 

yes but as it;s already hard to trust any other international website, I feel weird that some people could put money on a Thai website, or maybe you just plan to invest $200, then I understand, but I would never put my $100000 on a Thai website.

 

 

[seancbk]

7 hours ago, dpdp said:

 

yes but as it;s already hard to trust any other international website, I feel weird that some people could put money on a Thai website, or maybe you just plan to invest $200, then I understand, but I would never put my $100000 on a Thai website.

 

 

 

I suspect you don't understand how an exchange website works.   They only have my money for a few minutes whilst I'm making a purchase.   
 

[Calach]

19 hours ago, davidst01 said:

THank god Im not american. The IRS is a nightmare. 

 

Me neither. I guess we're lucky our home countries' governments aren't powerful enough to impose their demands like the US' does. 

[Grumpy Duck]

23 hours ago, seancbk said:

 

1) Because we live in Thailand

2) Because you can transfer THB from your ban account to bx.in.th and purchase various crypto currencies
3) Because when you sell the crypto you can withdraw THB direct to your bank account

 

I live in Bangkok, I am an American from California, I have an account with Krungsri bank and coins.co.th. And have zero trouble transferring funds either way. I never tried to transfer funds from my us bank as they charge $35 for transfers to/from a foreign bank, and hold the funds for 3 to 5 days. 

[seancbk]

8 hours ago, Grumpy Duck said:

On 1/5/2018 at 8:31 PM, seancbk said:

 

1) Because we live in Thailand

2) Because you can transfer THB from your ban account to bx.in.th and purchase various crypto currencies
3) Because when you sell the crypto you can withdraw THB direct to your bank account

 

I live in Bangkok, I am an American from California, I have an account with Krungsri bank and coins.co.th. And have zero trouble transferring funds either way. I never tried to transfer funds from my us bank as they charge $35 for transfers to/from a foreign bank, and hold the funds for 3 to 5 days. 

 

How many different cryptos can you trade at coins.co.th?   

 

[jmccarty]

14 hours ago, Grumpy Duck said:

I live in Bangkok, I am an American from California, I have an account with Krungsri bank and coins.co.th. And have zero trouble transferring funds either way. I never tried to transfer funds from my us bank as they charge $35 for transfers to/from a foreign bank, and hold the funds for 3 to 5 days. 

Do you see an exchange locally that deals in other alt currencies?  coins.co.th looks good. Would be good to be able to purchase litecoin or ethereum somehow.

[Grumpy Duck]

46 minutes ago, jmccarty said:

Do you see an exchange locally that deals in other alt currencies?  coins.co.th looks good. Would be good to be able to purchase litecoin or ethereum somehow.

No experience with other alt currencies. My friend has good luck with bx.co.th but he is here from Singapore. 

[seancbk]

5 hours ago, jmccarty said:

Do you see an exchange locally that deals in other alt currencies?  coins.co.th looks good. Would be good to be able to purchase litecoin or ethereum somehow.

 

Bx.in.th  has markets that trade in THB 

 

 

 

And it has markets that trade in BTC

 

 

 

The only issue will be if you are an American, as they won't open accounts for US citizens.   

 

[jmccarty]

27 minutes ago, seancbk said:

 

Bx.in.th  has markets that trade in THB 

 

 

 

And it has markets that trade in BTC

 

 

 

The only issue will be if you are an American, as they won't open accounts for US citizens.   

 

Looking for the US citizen approach to this.  Coinbase is a problem also with US citizens if not residing in the US..

Edited January 7, 2018 by jmccarty

[fiddlehead]

On 1/7/2018 at 4:37 AM, seancbk said:

 

How many different cryptos can you trade at coins.co.th?   

 

^Only BTC (Bitcoin)^

 

Then you have to sign up with binance.com or similar (Kracken?)

And transfer your BTC and buy the alts on there. 
I am in the same boat. 
bx wouldn't allow me in since I'm American. 
No problems with coins.co.th

 

 

[ghworker2010]

Binance is awesome. Its the best exchange for Americans as its likely not to co operate with IRS. There are youtube videos about this