bx.in.th alternative

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thaidreaming

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•  #26

Posted 3 hours ago (edited)

In thai we have 3 official (licensed by SEC) exchange and 1 broker.

3 official exchange: Bx.in.th (bitcoin co.ltd.), Bitkub and Satang corporation (satang pro).

1 broker: Coins TH

 

The best exchange after Bx is Bitkub -> Bitkub exchange

I hope all volumes from bx will move there

 

 

This is a post by "thaidreaming".

 

Be aware as in beware as that's his email for discounted commission  or a kick back from any of you who use this particular link.

 

Sleazy, Sleazy , Sleazy...

[SicTransit]

This Everex is a funny thing. The claim is no fees and they show you a rate of 13.35 THB for EVX, their own coin. But when you cash out to a bank account, the rate is 12.9 THB all of a sudden. Nowhere else you see this number, and no, it's not due to price volatility, just a nicely hidden spread I guess.

 

Bottom line, with Everex you lose 3.5 THB on every 100 THB withdrawn, a.k.a 3.5% hidden fee.

 

BX, you will be missed.

[uli65]

8 hours ago, Neeranam said:

Are you a resident here?

yes, many years, I have accounts bx.th and coins.co.th full verified. only bitkub makes me headache. maybe they are not interested in new customers??

[bearpolar]

Satang is owned by a guy from Zcoin. They quickly answered me in english through fbook and im certain you can reach the owner on telegram easily.

 

I will move my business there. Volume should end up on that one.

[JPhillips]

11 hours ago, SicTransit said:

This Everex is a funny thing. The claim is no fees and they show you a rate of 13.35 THB for EVX, their own coin. But when you cash out to a bank account, the rate is 12.9 THB all of a sudden. Nowhere else you see this number, and no, it's not due to price volatility, just a nicely hidden spread I guess.

 

Bottom line, with Everex you lose 3.5 THB on every 100 THB withdrawn, a.k.a 3.5% hidden fee.

 

BX, you will be missed.

I took some EVX out today and by my estimation the fee is around 1% only. Are you sure?

[Neeranam]

6 hours ago, uli65 said:

yes, many years, I have accounts bx.th and coins.co.th full verified. only bitkub makes me headache. maybe they are not interested in new customers??

They ask a lot of questions. 

They asked about my job and company address. Salary etc.

[SicTransit]

29 minutes ago, JPhillips said:

I took some EVX out today and by my estimation the fee is around 1% only. Are you sure?

Yes. The rate displayed on your balance page is 13.31, while on the withdraw page it's 12.9 (not displayed directly, just enter 1000 in the Amount field). I'm seeing about 3% spread right now.

[Happy Grumpy]

14 hours ago, phiber said:

that would be theft

Somebody's starting to understand the world of crypto. ????

[MJKT2014]

17 hours ago, uli65 said:

the Bitkub suckers never  accept my documents for verification.

Is anyone getting verified at the moment? How long is it taking from uploading docs?

[JPhillips]

26 minutes ago, SicTransit said:

Yes. The rate displayed on your balance page is 13.31, while on the withdraw page it's 12.9 (not displayed directly, just enter 1000 in the Amount field). I'm seeing about 3% spread right now.

On my side, the balance page shows 13.31, while I got 13.15 after withdrawal. The actual spread is just a little over 1% (1.2%).

[Xaos]

This is best alternative, partnered with OkEx exchange 

 

Bit exchange Thailand

 

Backup option is:    Satang

[Duck J Butters]

On 9/2/2019 at 3:37 PM, ukrules said:

My BX account is empty, I only really use it for buying or selling and not very often.

 

I wonder why they are closing, it's very odd to just close a business like this.

 

Normally you would sell a business that's spent years building a good name, you don't just shut it down because you don't want to continue.

 

I wonder if it's driven by regulatory changes.

Bx.in.th reported 200 million baht in profit just last year but I heard from a close friend that they did closer to 30 billion baht profit ( they only "reported" 200 million ). Bx.in.th was started and is still run by an American citizen. I'm fairly certain that when the Thai banks and hi-so Thais caught wind that a US citizen was milking 30 billion baht / year from local Thais, they immediately wanted to shut him down. The banks probably didn't realize how many Thais were laundering money through bx over the past few years. Big money to be made by controlling and taxing crypto so do not be surprised if we see an SCB-backed trading platform open up in the near future. In the meantime, have fun arbitraging between bx.in.th and Coinbase.

[Duck J Butters]

On 9/2/2019 at 8:24 AM, Dario said:

I only noticed that bx,in,th is closing down (very fast!) about 15 minutes ago. Had to sell everything and will now transfer my money back to my bank account. Looks markets are crashing on bx.in.th.

So you must be the guy that sold BTC to me at 200,000 baht? Thank you very much. I have made a small killing in the last couple days by arbitraging  between Coinbase and bx. Great arbitrage opportunity going on right now for anyone that has trading accounts outside of Thailand.

[Xaos]

1 hour ago, Xaos said:

This is best alternative, partnered with OkEx exchange 

 

Bit exchange Thailand

 

Backup option is:    Satang

Bitkub LINE group for KYC speed ups

 

[Tayaout]

What's up with all these refferal links? 

[SicTransit]

2 hours ago, JPhillips said:

On my side, the balance page shows 13.31, while I got 13.15 after withdrawal. The actual spread is just a little over 1% (1.2%).

Really interesting how are you getting those numbers. Mine are still those specified in the screenshot.

[alexnsk]

2 hours ago, SicTransit said:

Really interesting how are you getting those numbers. Mine are still those specified in the screenshot.

Hmm, did you choose Thailand and Bank? Just tried - got about 1% too.

[Ks45672]

On 9/2/2019 at 10:59 PM, Happy Grumpy said:

What's surprising is they didn't just shut it down and keep everyone's coins. 

David is well known tho and he isn't living under some umbrella of protection in a far away tax haven <deleted>hole

[gillap]

Hi... I transferred all my coins about 2 years ago when the Thai government were near passing their laws on crypto ownership and investments! No way I wanted to pay 15%+7% at the sale of coins! So I transferred everything to Bitstamp which is based in Luxembourg. Bitstamp unlike BX is accessible by phone( 3 offices in the world) and offers a very high security! It's a state of the art in crypto managing and I recommend this company very much!

[Dario]

17 hours ago, Duck J Butters said:

So you must be the guy that sold BTC to me at 200,000 baht? Thank you very much. I have made a small killing in the last couple days by arbitraging  between Coinbase and bx. Great arbitrage opportunity going on right now for anyone that has trading accounts outside of Thailand.

No, I'm a bit more seasoned than that. I sold at 285'000 Baht. I'm considering to put my money back in. I still have time today and tomorrow to do it.

[WebGuy]

7 hours ago, gillap said:

Hi... I transferred all my coins about 2 years ago when the Thai government were near passing their laws on crypto ownership and investments! No way I wanted to pay 15%+7% at the sale of coins! So I transferred everything to Bitstamp which is based in Luxembourg. Bitstamp unlike BX is accessible by phone( 3 offices in the world) and offers a very high security! It's a state of the art in crypto managing and I recommend this company very much!

They are really good but started charging crypto withdrawal from 1st August. Coinbase Pro are the best at the moment when taking into consideration the quality of service and the fee schedule.

 

After BX is closed, I think that BitCub would be the best solution.

 

My only fear is that the Government will cease this whole crypto story in Thailand.

[gamesgplayemail]

why do they close ?

[WebGuy]

56 minutes ago, gamesgplayemail said:

why do they close ?

That's the one no one knows.

 

They say because they want to focus on some other opportunities. What are those? No one knows

[Neeranam]

15 hours ago, gillap said:

Hi... I transferred all my coins about 2 years ago when the Thai government were near passing their laws on crypto ownership and investments! No way I wanted to pay 15%+7% at the sale of coins! So I transferred everything to Bitstamp which is based in Luxembourg. Bitstamp unlike BX is accessible by phone( 3 offices in the world) and offers a very high security! It's a state of the art in crypto managing and I recommend this company very much!

Can you transfer from Bitstamp to a thai bank?

[Neeranam]

On 9/3/2019 at 4:15 PM, Duck J Butters said:

Bx.in.th reported 200 million baht in profit just last year but I heard from a close friend that they did closer to 30 billion baht profit ( they only "reported" 200 million ). Bx.in.th was started and is still run by an American citizen. I'm fairly certain that when the Thai banks and hi-so Thais caught wind that a US citizen was milking 30 billion baht / year from local Thais, they immediately wanted to shut him down. The banks probably didn't realize how many Thais were laundering money through bx over the past few years. Big money to be made by controlling and taxing crypto so do not be surprised if we see an SCB-backed trading platform open up in the near future. In the meantime, have fun arbitraging between bx.in.th and Coinbase.

I got xrp for 6.5 baht!

[WebGuy]

2 hours ago, Neeranam said:

Can you transfer from Bitstamp to a thai bank?

Of course he cannot but he can transfer BitCub and then transfer to Thai bank 

[Tayaout]

2 hours ago, WebGuy said:

Of course he cannot but he can transfer BitCub and then transfer to Thai bank 

Can probably do wire transfer but it's slow and expensive. 

[Conno]

Hi Fellas.

 

Been a member of TV for years but never really posted before, just the occasional lurking in the shadows. Anyway, thought it about time I added to a conversation seems I'm into cryptos. Been an account holder with BX for a grand total of about a month, so very disappointed to hear the news this week. Apparently the well known global digital asset exchange Huobi is due to officially open its doors in Thailand very soon. https://www.huobi.co.th/ so might be worth considering.

 

My first contact with them stated that initially there won't be a ramp in/ramp out for THB/BTC etc only a coin exchange. However after saying that the email answer I got back was a little difficult to understand [broken English] but I think that was the point they were trying to explain. 

 

Also opened an initial account with Bitkub but haven't done any KYC yet. At first glance it seems to be quite a bit more involved than it was with BX i.e. many more personal questions and a three tier deposit/withdrawal lvl system each requiring deeper info to qualify. First impressions of the GUI is it's a sleeker platform than BX, but BX worked smoothly for me so that's the main thing at the end of the day. Shame they have decided to shut up shop.

 

Couple of other links that may be useful. Here's the link to the SEC website which lists the current "approved" operators in LOS.  

https://www.sec.or.th/EN/Pages/Shortcut/DigitalAsset.aspx

 

One last point that expats living in Thailand should keep in mind is the Thai Gov position on Tax. I'm not an expert but the info I have uncovered states that if you are living here and trading cryptos you will be liable to Tax EVEN IF YOU ARE TRADING ON AN OVERSEAS EXCHANGE. They don't consider crypto trading overseas in the same light as they would with other types of expat investment exchanges e.g. Stock trading account for example. The reason for this is that cryptos are by their very nature a border-less asset, in other words they are in Thailand as much as they are everywhere else.

 

It seems a "Tax Event" will be considered to have occurred if you do one of three things.

 

1. Sell crypto for THB at a profit. Trade between different cryptos at a profit. 3. Make a transaction in crypto for a product or service....in other words spend your crypto. Bit of a nightmare really even if you just want to buy a BTC coffee for example ???? but I'm a Hodler so not really fussed at the moment. Something to consider though for the future.

 

Like I said I'm no expert but I do love living in Thailand and have washed my hands of the UK [What a mess it is back there these days ???? Oh Brother, but that's another story] So I want to make sure I stay on the correct side of the LOS law.  

 

Hope the above info is of some help.

[Conno]

To back up some of the statements I made in my previous post please review the following. Dated July 2019

 

PUGNATORIUS LTD

International Lawyers Kingdom of Thailand

 

THE TAX STRUCTURING OF DIGITAL ASSETS IN THAILAND

https://pugnatorius.com/bitcoin-taxation/

Thailand’s Revenue Department and the cryptocurrency taxation

Until the end of 2017, public consciousness made a threefold error by thinking that cryptocurrencies might be

• so highly speculative that wins would not be taxed,
• so highly anonymous, that capital gains would not be discoverable, and
• so highly complex, that the Revenue Department would not be capable to impose existing tax laws.

Such an approach seemed too good to be true. And as often, it turned out to be a naive illusion.

Seven viewpoints of the Revenue Department on digital asset taxation – and why you need a professional tax structuring

This statement reflects the current official viewpoint as publicly announced. There is no guarantee that this legal view remains unchanged in the future.

#1. Fully taxable: From the viewpoint of Thailand’s Revenue Department, Bitcoin taxation is easy: Cryptocurrencies and other coins and tokens are intangible assets. The trade follows general taxation principles. Capital gains of companies are taxed at the regular corporate tax rate of 20% CIT. Capital gains made by individuals are taxed at Thailand’s progressive tax rate of up to 35% PIT.

Our accounting team follows the characterization as “an identifiable non-monetary asset without physical substance” in the meaning of IAS 38 (Intangible Assets). Therefore, accounting is done at cost or revaluation.

#2. Tax events: An increase in value is not taxable. However, a tax event that results in a due and payable tax burden does not only occur, when the digital assets are sold for fiat money (Baht, US$, etc.) but also

• if cryptocurrencies are used to buy goods and services, or
• if digital assets are exchanged against other coins and tokens.

The rearrangement and shifting of a cryptocurrency wallet can, therefore, result in a taxable event, even if the digital wealth remains on the same platform.

#3. Foreign transactions: According to a statement of the bureau of legal affairs at the Revenue Department (“BLARD”) as quoted in Bangkok Post on May 21, 2018, “those who live in Thailand but trade digital assets abroad, … it’s the duty of taxpayers to declare such income, otherwise, they will face both civil and criminal penalties if the Revenue Department discovers the transactions.”

The extended profit tax rules under the Royal Decree would be pretty meaningless if digital transactions on the blockchain and its related profits would be deemed as untaxable foreign income. Instead, the Revenue Department has the standpoint that Thailand’s territory tax system does not exclude crypto profits from domestic taxation if the profit transfer is delayed until the next fiscal year. Blockchain-related profits are not foreign-sourced. The blockchain is everywhere, even in Thailand.

#4. The 2017 taxation: The statement above describes the legal situation in 2018, but potentially also in 2017. It does not base on the 2018-Royal Decrees but on old legislation. Under this view, the high Bitcoin profits made in 2017 are fully taxable and had to be declared in the tax declaration for 2017.

The Revenue Code was amended by the Royal Decree to include

• “a share of profit or any benefit derived from holding or having possession of digital tokens”
• “capital gain from the transfer of cryptocurrencies or of digital tokens”

as assessable taxable income. Whether this describes the final arrangement for crypt-profit taxation or just adds potential circumventions to the already existing rule of full crypto-taxation, might be seen differently.

 

#5. 15% W/H tax: Under the May 2018-amended Revenue Code, individuals who gain and receive benefits from putting money into digital assets are subject to a 15% withholding tax. Regulations by the Finance Ministry to impose a 15% withholding tax on capital gains and benefits from digital asset transactions for corporate entities have to be observed.

This change in law does not have the character of a tax reduction. It does not allow to deem the withholding tax rate as final taxation. Therefore, to quote the BLARD, “juristic persons and individuals are required to include capital gains and benefits from digital asset transactions in computing income tax.” As a result, the upper limit for Bitcoin taxation remains at 35%, instead of 15%.

#6. 7% VAT: The May-2018 legislation dealt with 7% VAT on a digital asset transaction. The Revenue Department announced to waive this additional tax burden for retail investors who trade cryptocurrencies and digital tokens through digital exchanges.

The Finance Ministry issued ministerial regulations to impose a 15% withholding tax on capital gains and benefits from digital asset transactions for corporate entities. This is not (yet) part of a VAT waiver by the Revenue Department. Therefore, companies making digital-asset-related trades will be liable for a 7% VAT payment from the transaction value, on top of the 15% withholding tax, on top of the 20% CIT.

Private coin sales on a licensed Thai digital asset exchange are not subject to 7% VAT.

#7. ICO taxation: Specific rules apply to ICO Initial Coin Offerings. More details will be provided later.

Cryptocurrencies can utilize traditional capital gains strategies by

• offsetting gains with losses,
• the timing of dispositions to qualify for long-term treatment,
• the tax-effective harvesting of losses and gains.

However, the specific character of the digital coins with zigzagging prices creates additional tools and modules for a highly efficient tax structuring of digital wealth. These and other tax implications had been discussed in the (now pretty outdated) article “Seven questions: Bitcoin taxation in Thailand.”

How to reverse and revert the tax-contamination of digital assets is described at “Seven strategies for tax-contaminated cryptocurrencies“. A big part of how this game is played is to not reveal how this game is played.

[Tayaout]

This could explain why they are closing. Scary <deleted> lol.