Easiest way to trade Bitcoin (Coinbase?)

[corkman]

Dear All,

 

What is the easiest way to trade bitcoin in Thailand, using my Thai bank account. 

 

I just want to buy it and sell it, as an investment. I have no plans to use it as a currency.

 

I don't mind paying a small commission, I just want a simple account that I can transfer money into a bitcoin account from my Thai bank account (in one click), buy or sell from the bitcoin account (in one click), then transfer money back into my Thai account (in one click). A similar level of effort as transferring money from (say) and SCB account to (say) a Bangkok Bank account, and/or buying something on Lazada.

 

Is that possible in Thailand?

 

Thanks in advance.

 

[phetphet]

Have a look at bitkub.

 

[Peter Denis]

Bitcoin is not an investment, it's a pyramid scheme that will come to a grinding halt once the amount of Greater Fools has been fully depleted.

But judging from some of the posts on the Forum, that might still take quite a while.

So good luck...

[johnnynmonic]

Bitkub might work for you if you're not American.
If that won't work, perhaps Binance (need to use debit or credit card to buy).
Last choice would be localbitcoins.com.  You can buy direct via bank transfer from other people in Thailand.  I say it's the last choice, because the premium is quite high.

[FarangLaoInter]

Bitkub and SatongPro are the 2 local exchanges/trading platforms that are still active (that I'm aware of). They both require you to submit a photo of yourself holding your id card/passport to prove your identity. It's 50/50 if you get approved or not.

 

Binance and AMP Global might also be options.

[a3tsw]

I bought some bitcoin back in 2017. I still can’t figure out how to transfer back to my bank account.

easy to buy , not so easy to get your money back , that has been my experience, would love to hear from anyone who has managed to get any money back to their account.

my advice therefore would be to invest a minimal amount, say 1,000baht , then attempt to get it back to your account... good luck with that!!

[HTC]

23 minutes ago, a3tsw said:

I bought some bitcoin back in 2017. I still can’t figure out how to transfer back to my bank account.

easy to buy , not so easy to get your money back , that has been my experience, would love to hear from anyone who has managed to get any money back to their account.

my advice therefore would be to invest a minimal amount, say 1,000baht , then attempt to get it back to your account... good luck with that!!

This can be done with Coinbase. Withdrawals to accounts, cards and Paypal all available.

[Andy from Kent]

2 hours ago, FarangLaoInter said:

They both require you to submit a photo of yourself holding your id card/passport to prove your identity. It's 50/50 if you get approved or not.

 

 

 

So much for the anonymity that bitcoin adherents tout.   ????

[johnnynmonic]

8 minutes ago, HTC said:

This can be done with Coinbase. Withdrawals to accounts, cards and Paypal all available.

Depending on when he bought in 2017, he'd probably lose money on it selling now.

[johnnynmonic]

3 minutes ago, Andy from Kent said:

 

So much for the anonymity that bitcoin adherents tout.   ????

Bitcoin is anything but anonymous.  It's a public ledger.

[mistral53]

9 minutes ago, Andy from Kent said:

 

So much for the anonymity that bitcoin adherents tout.   ????

Just shows that you don't know how BTC transactions works.

[Henricus]

1 hour ago, a3tsw said:

I bought some bitcoin back in 2017. I still can’t figure out how to transfer back to my bank account.

easy to buy , not so easy to get your money back , that has been my experience, would love to hear from anyone who has managed to get any money back to their account.

my advice therefore would be to invest a minimal amount, say 1,000baht , then attempt to get it back to your account... good luck with that!!

I have coins.co.th as my broker easy in and easy out in min. low fee.

[a3tsw]

1 hour ago, HTC said:

This can be done with Coinbase. Withdrawals to accounts, cards and Paypal all available.

tried coinbase some time ago without success , will give it another go....thanks!

 

[XGM]

1 hour ago, Andy from Kent said:

So much for the anonymity that bitcoin adherents tout.   ????

Bitcoin doesn't need your selfie or ID. The issues start when you decide to place a 3rd party between the sides (an exchange, a bank, localbitcoins, paxful, some of the online wallets etc). That 3rd party must conform to KYC and AML regulatory restrictions if it wants to stay in business.

 

Buy and sell from individuals? no IDs or selfies are required. No registration, not even an email address.

 

In essence, this is a trade off between anonyimity and security + efficiency.

[Antiparovian]

Bitcoin Tracker Funds. Leave the work to others. I use XBT PROVIDER AB BITCOIN TRACKER ONE.

[Wars]

Cashapp if your a US citizen can buy bitcoin for low fees. Coinbase is convenient but has pretty high fees in my opinion their app crashes as well during times you want to sell or buy at certain prices. Blockchain is good, Gemini is good as well. 

 

Disregard this post, Misread that original post you wanted to only use your Thai bank account. 

[1FinickyOne]

2 hours ago, a3tsw said:

I bought some bitcoin back in 2017. I still can’t figure out how to transfer back to my bank account.

Thank you - this needed to be said and I hope everyone reads it... I know an older fellow who lost his life's savings... 

[fdsa]

you will lose even more if you are stupid. or if you dive into something you understand nothing about, like this 2017 guy.

[Peter Denis]

43 minutes ago, fdsa said:

you will lose even more if you are stupid. or if you dive into something you understand nothing about, like this 2017 guy.

Well, if he bought early 2017 and considers selling now he will still make a killing.

If he bought at the peak - end of 2017 - he will have lost approx half of his 'investment'.

 

My brother made a hefty profit when he sold the bitcoin he bought in 2016 just after the peak period end of 2017.  It was pure luck from his part as he did not have a clue about the mechanisms of Bitcoin and Ethereum (which he had also bought).  But he was less enthusiastic about the ethics of his 'smart investment' when I explained him that his huge profit was paid for by those that stepped in late in the hope of Bitcoin going to the Moon.  Remember the McAfee guy promising to eat his private parts live on TV when Bitcoin did not reach 1.000.000 US $ in 2020 (and of course he backed down from that promise early 2020, stating that only fools would believe him).

[ncc1701d]

Binance using 3c.exchange as my ordering platform.

[Titan1962]

7 hours ago, a3tsw said:

I bought some bitcoin back in 2017. I still can’t figure out how to transfer back to my bank account.

easy to buy , not so easy to get your money back , that has been my experience, would love to hear from anyone who has managed to get any money back to their account.

my advice therefore would be to invest a minimal amount, say 1,000baht , then attempt to get it back to your account... good luck with that!!

You cannot transfer BTC to your bank account.

You need to register with a crypto currency exchange first. They will ask you for your details,including passport or some sort of id. Once accepted you can upload a photo of your bank account details,the bank account can only be yours. Once you have done that transfer your BTC to the exchange and put it up for sale at whatever price you decide. 
once it’s sold you will have money in your account,then transfer that to your bank account. Sounds a bit confusing,but once your account is open it’s straight forward. The most frustrating part will be opening your account at the exchange. Use Bitkub.

[fdsa]

On 6/6/2020 at 1:38 PM, Peter Denis said:

Well, if he bought early 2017 and considers selling now he will still make a killing.

judging by the phrase "I still can’t figure out how to transfer back to my bank account." he may have bought this

 

else he would sell Bitcoins the very same way he bought them.

 

anyway I'd suggest using localbitcoins.com, find a trader in your city and create a fake listing with them, then ask for meeting in person in the chat box.

this way you will be able to sell any amount of bitcoins without sharing the scans of your passport with some random estonian guys.

[WorriedNoodle]

On 6/5/2020 at 4:04 PM, phetphet said:

Have a look at bitkub.

Yep, this works in Thailand for me well, THB<>BTC trading or buying anything with BTC. Post#3 onwards of this thread are just getting silly.

[ThailandRyan]

On 6/6/2020 at 10:01 AM, Andy from Kent said:

 

So much for the anonymity that bitcoin adherents tout.   ????

and then there are the tax papers one must do if a US citizen when its tax time.....of course if you have a loss, confirmed of course, you can take it as a write off.  I unfortunately had to pay taxes on just a tad over 100,000 USD I was paid out from Bitcoin when I sold off all my assets.....should have cashed it out in 2017 when Bitcoin was up at 19,000 USD per coin, but then it is what it is.  I know a few of my sons college classmates who sold off and bought Lambo's and Maserati's as well as paying off there college education.........  

[daveAustin]

On 6/6/2020 at 4:01 AM, Andy from Kent said:

So much for the anonymity that bitcoin adherents tout.   ????

The ID thing is to use exchanges.

 

Op, I'd avoid Coinbase as they hoiked fees last year which only lower when trading large amounts. Binance talks with bank accounts now, though not sure with Thai. Their app also works better.

[daveAustin]

On 6/5/2020 at 10:21 AM, Peter Denis said:

Bitcoin is not an investment, it's a pyramid scheme that will come to a grinding halt once the amount of Greater Fools has been fully depleted.

But judging from some of the posts on the Forum, that might still take quite a while.

So good luck...

It was never meant as an investment, but what Bitcoin isn't is a pyramid scheme, since it is not centralised, can be used as payment, doesn't directly pay others when new folk buy in (returns are from upward movement in market as with stocks or gold) and - despite whale action - cannot be crashed by a single entity. Folk typically spout ponzi etc after they get 'rekt', which is what happens to most noobs who try to day trade it.

 

On that, would advise OP to swing (over days/weeks/months) based on Fibonacci levels, watch financial news and keep tabs with some of the more measured players on Trading View like Taiwan Bear.

[Peter Denis]

14 hours ago, daveAustin said:

It was never meant as an investment, but what Bitcoin isn't is a pyramid scheme, since it is not centralised, can be used as payment, doesn't directly pay others when new folk buy in (returns are from upward movement in market as with stocks or gold) and - despite whale action - cannot be crashed by a single entity. Folk typically spout ponzi etc after they get 'rekt', which is what happens to most noobs who try to day trade it.

 

On that, would advise OP to swing (over days/weeks/months) based on Fibonacci levels, watch financial news and keep tabs with some of the more measured players on Trading View like Taiwan Bear.

I appreciate your response, and indeed crypto-coins like Bitcoin are not a 'classical' pyramid or Ponzi scheme.
But it's difficult to deny that the 'upward movement in market' which drives up the price, relies on a continually increasing demand for the coin.  So without influx of new folks buying in, the whole thing would come to a grinding halt.

And when that happens only those that bought early and sold at a profit will be smiling (and of course the Whales that are manipulating the price both upwards and downwards).  

But the common folks considering stepping into Bitcoin should realize that any profit they make is paid for by those that bought later in the hope their 'investment' pays off.

It is correct that Bitcoin when it was conceived was never meant as an 'investment' , but once again it is difficult to deny that most Bitcoin-holders hardly use their coins to pay, but instead are 'hodling' them because they are hoping for the price to go up.  And since trading Bitcoin is not a value-creating activity like producing goods or providing services, the upward market trend can only come from new folks bying in and there is an obvious limit to that.

Yes, that's the Greater Fool theory in a nutshell.

Note: I am a no-coiner by conviction as I refuse to make money by stepping into a scheme that ultimately amounts to scamming gullible people that are greedy and looking for Big and Easy Profits. 

 

[mr mr]

try coinfield 

[mr mr]

11 minutes ago, Peter Denis said:

Note: I am a no-coiner by conviction as I refuse to make money by stepping into a scheme that ultimately amounts to scamming gullible people that are greedy and looking for Big and Easy Profits. 

what about the actual real world use case of many of the other crypto projects out there ? i really hope you don't think the entire crypto market and blockchain is a ponzi scheme. 

[fdsa]

10 minutes ago, Peter Denis said:

I appreciate your response, and indeed crypto-coins like Bitcoin are not a 'classical' pyramid or Ponzi scheme.
But it's difficult to deny that the 'upward movement in market' which drives up the price, relies on a continually increasing demand for the coin.  So without influx of new folks buying in, the whole thing would come to a grinding halt.

And when that happens only those that bought early and sold at a profit will be smiling (and of course the Whales that are manipulating the price both upwards and downwards).  

But the common folks considering stepping into Bitcoin should realize that any profit they make is paid for by those that bought later in the hope their 'investment' pays off.

It is correct that Bitcoin when it was conceived was never meant as an 'investment' , but once again it is difficult to deny that most Bitcoin-holders hardly use their coins to pay, but instead are 'hodling' them because they are hoping for the price to go up.  And since trading Bitcoin is not a value-creating activity like producing goods or providing services, the upward market trend can only come from new folks bying in and there is an obvious limit to that.

Yes, that's the Greater Fool theory in a nutshell.

Note: I am a no-coiner by conviction as I refuse to make money by stepping into a scheme that ultimately amounts to scamming gullible people that are greedy and looking for Big and Easy Profits. 

 

I appreciate your response, and indeed stocks like AMD or Tesla are not a 'classical' pyramid or Ponzi scheme.
But it's difficult to deny that the 'upward movement in market' which drives up the price, relies on a continually increasing demand for the stock.  So without influx of new folks buying in, the whole thing would come to a grinding halt.

And when that happens only those that bought early and sold at a profit will be smiling (and of course the Whales that are manipulating the price both upwards and downwards).  

But the common folks considering stepping into stock market should realize that any profit they make is paid for by those that bought later in the hope their 'investment' pays off.

It is correct that stock shares when it was conceived was never meant as an 'investment' , but once again it is difficult to deny that most shares holders hardly use their shares to get dividends, but instead are 'hodling' them because they are hoping for the price to go up.  And since trading shares is not a value-creating activity like producing goods or providing services, the upward market trend can only come from new folks bying in and there is an obvious limit to that.

Yes, that's the Greater Fool theory in a nutshell.

Note: I am a no-stocker by conviction as I refuse to make money by stepping into a scheme that ultimately amounts to scamming gullible people that are greedy and looking for Big and Easy Profits.