I'm Confused: Crypto Exchange and Legality in Thailand.

[bluebird729]

A few years ago I used to trade with BX Thailand.  It was very reliable for me but then, (shortly after the crypto market crashed) it folded up and is no longer operating.

Now the market seems exciting again so I'd like to start buying coins again. But I have no idea which exchange is a good one.

I've heard about BitKub.   Is this pretty much the best one? or are there other more reliable ones?

 

Please can someone recommend a legitimate and good exchange?

My funds are in Krungsri bank, so hopefully its still easy to transfer money between my bank and exchange, and visa-versa ?

 

Also:

Several posts in Thai visa (recently) are talking like there is something secretive about coinbase.

is there some sort of problem in Thailand with coinbase or crypto?

I'm out of touch (since 2 years ago).

 

[Heng]

The best way to trade and invest in crypto in Thailand is to keep the bulk of your liquid assets in Singapore (or any other country where the banking system isn't living in the late 80-90's) and using Binance and DEX's.   As far as the LOS is concerned, nothing is happening here other than you living a lush life.

[bluebird729]

11 minutes ago, Heng said:

The best way to trade and invest in crypto in Thailand is to keep the bulk of your liquid assets in Singapore (or any other country where the banking system isn't living in the late 80-90's) and using Binance and DEX's.   As far as the LOS is concerned, nothing is happening here other than you living a lush life.

you havent made me less confused.

Personally I think the Thai Banking system is pretty good.

At least its better than what we have in the UK !

As long as I can transfer from my bank to the crypto exchange (and back again), then what else would I need in a bank ?

 

Anyway,, I have a Thai Bank account. 
My money is in the Thai bank account. 
So, I want to know an exchange where I can trade (low fees).

If I traded between my thai bank and binance, then surely I would keep getting charged international swift fees.

So isnt a thai exchange my best option?

 

[Heng]

Of course, everyone's needs are going to be different.   The Thai banking system is fine for day to day use.  I just wouldn't leave larger sums with it.   Many people are fine with doing so, myself I prefer other places.    

 

As for back and forth (between exchanges and the legacy banking system), that's generally something I avoid as well, even overseas.  Feel free to Google it (keywords along the lines of: bank closed account for crypto), but there are more than a few instances of banks just suddenly deciding not to deal with you when you are doing nothing more 'suspicious' than having many crypto related transactions.   When using crypto as a hedge against fiat, I find a periodic transfer (maybe 1 per quarter) of bank account to crypto exchange about the norm.  Not so often as the banks would care about, and also no so frequent that I would have to worry about SWIFT fees.   As for cashing out, which generally is against the whole point of having a crypto hedge, I'd avoid direct exchange to bank accounts altogether and just stick with peer to peer (bank transfer though) type transactions.    As for Thai exchanges vs. the various super liquid exchanges in the world, it's no question which are preferable.

[bluebird729]

41 minutes ago, Heng said:

Of course, everyone's needs are going to be different.   The Thai banking system is fine for day to day use.  I just wouldn't leave larger sums with it.   Many people are fine with doing so, myself I prefer other places.    

 

As for back and forth (between exchanges and the legacy banking system), that's generally something I avoid as well, even overseas.  Feel free to Google it (keywords along the lines of: bank closed account for crypto), but there are more than a few instances of banks just suddenly deciding not to deal with you when you are doing nothing more 'suspicious' than having many crypto related transactions.   When using crypto as a hedge against fiat, I find a periodic transfer (maybe 1 per quarter) of bank account to crypto exchange about the norm.  Not so often as the banks would care about, and also no so frequent that I would have to worry about SWIFT fees.   As for cashing out, which generally is against the whole point of having a crypto hedge, I'd avoid direct exchange to bank accounts altogether and just stick with peer to peer (bank transfer though) type transactions.    As for Thai exchanges vs. the various super liquid exchanges in the world, it's no question which are preferable.

ok, I understand.

But the annoying thing is that I have a meaningful amount of money in my Thai bank.  
If I swift it to the UK (to buy crypto with Coinbase or Binance) then i will also lose a lot on the exchange rate to the UK right now.

Do you know if there is a way to buy crypto from a large international exchange using my Thai funds (without having to send my money via my home country England). ?

[Heng]

Myself, and everyone is going to have a different list of priorities in terms of risk...  when comparing the market risk of losing out on any particular forex exchange (or SWIFT transfer), compared to the institutional risk of choosing to trade on a local (no forex risk) crypto exchange as opposed to the larger int'l exchanges: Binance, Bitfinex, Bitstamp, etc., that have 100-1000x in daily trade volume, there is simply no way I'd go with the local exchange route, so I probably can't advise you in that regard.   There are far too many small operations that end up in the 'no longer operating' column of list of exchanges.    

Edited November 26, 2020 by Heng

[bluebird729]

8 hours ago, Heng said:

 There are far too many small operations that end up in the 'no longer operating' column of list of exchanges.    

Thats a very good point.

Ok, does this sound like a possible idea:  I buy the BTC with my local exchange and then transfer the BTC to my Binance account ?

This way, my money is only with the local exchange for a very short period of time. So its extremely less risky.

How does that sound?

It means I avoid the Swift fee.

I'm sure the BTC transfer fee isn't as high as swift?

[soisanuk]

The speaker at the Pattaya City Expats Club meeting on 18 November recommended this exchange:  https://coins.co.th/

[Sharp]

coins.co.th as stated I've never had problems with this crew and it's linked to my SCBbank for cash in and out with a 1% fee.  

[tpkhk]

Here's one more local exchange to consider

 

Satang.com (been around since 2018 or so)

 

I have never used them - but see this review site - https://www.cryptowisser.com/exchange/satang-pro/

 

Also - Band Protocol used them to launch their first trading pair:  https://medium.com/bandprotocol/the-leading-thai-digital-asset-exchange-satang-list-thb-fiat-pair-for-band-protocol-band-6aae69e39d78

 

[Henricus]

22 hours ago, bluebird729 said:

ok, I understand.

But the annoying thing is that I have a meaningful amount of money in my Thai bank.  
If I swift it to the UK (to buy crypto with Coinbase or Binance) then i will also lose a lot on the exchange rate to the UK right now.

Do you know if there is a way to buy crypto from a large international exchange using my Thai funds (without having to send my money via my home country England). ?

use coins.co.th low fees good reputation 

[Brunolem]

On 11/26/2020 at 8:58 AM, bluebird729 said:

Please can someone recommend a legitimate and good exchange?

Recently 7 crypto exchanges and 5 crypto brokers have received a Thai government approval.

 

The list is easily available with a search on Google.

 

I use Bitazza (broker) which offers a very good service, with staff proficient in English.

 

They have a hotline working 24/7 and answer quickly to all the questions sent by email.

[bluebird729]

4 hours ago, Sharp said:

coins.co.th as stated I've never had problems with this crew and it's linked to my SCBbank for cash in and out with a 1% fee.  

i had a look at coins.co.th website, and I notice they only have BTC.

They dont have any other coins.

 

have i missed something?

[me4175]

I have an account on nearly all of the local exchanges and IMO Zipmex is the best at the moment. They are trying very hard to drag crypto into the mainstream here. And with their ZipUp program, you gain up to 10% p.a. interest on your crypto, paid out daily, while still being able to sell at any time.

[allanos]

1 hour ago, me4175 said:

I have an account on nearly all of the local exchanges and IMO Zipmex is the best at the moment. They are trying very hard to drag crypto into the mainstream here. And with their ZipUp program, you gain up to 10% p.a. interest on your crypto, paid out daily, while still being able to sell at any time.

Ten percent is a good return. Luno is only paying 4%. But it means that the exchange is either trading with your crypto for their own account, or loaning out your crypto, both of which comes with higher risk for one's deposited crypto.

 

Crypto is not a one-way bet. If Zipmex trading is poor, or sub-standard,  or their lending book goes bust because of defaulting borrowers, the exchange is not going to be in business for long.

 

Caveat emptor!

[me4175]

Zipmex is officially licensed by the SEC, active in Singapore and other Asian countries and insured by Bitgo. But of course every investment comes with more or less of a risk. Everyone needs to judge if it's acceptable for them. And Crypto is definitely not a safe place for your nest egg! ????

[Titan1962]

If your looking for a crypto exchange in Thailand,I highly recommend Bitkub.

I have been using them since BX closed up shop and I have never had any problems with them.

They have plenty of crypto currencies to choose from and no issues removing them from their exchange to your hardware wallet. 
Since BX closed up shop they seem to be the go to exchange here in Thailand,their users have increased dramatically. They also have a telegram chat to assist you in any questions you may have. The platform is easy to understand and use,transferring  money is. Straight forward process,their bank is Kashikorn and transfers are instant. Other banks take a bit longer.

hope this helps.

 

[bluebird729]

7 hours ago, Titan1962 said:

If your looking for a crypto exchange in Thailand,I highly recommend Bitkub.

I have been using them since BX closed up shop and I have never had any problems with them.

They have plenty of crypto currencies to choose from and no issues removing them from their exchange to your hardware wallet. 
Since BX closed up shop they seem to be the go to exchange here in Thailand,their users have increased dramatically. They also have a telegram chat to assist you in any questions you may have. The platform is easy to understand and use,transferring  money is. Straight forward process,their bank is Kashikorn and transfers are instant. Other banks take a bit longer.

hope this helps.

 

Thank you  ????

By the way, have you any idea what happened to Bx?  They were good.. and then all of a sudden, they announced closure, which was a pity.

[Titan1962]

3 hours ago, bluebird729 said:

Thank you  ????

By the way, have you any idea what happened to Bx?  They were good.. and then all of a sudden, they announced closure, which was a pity.

Not 100% sure,but I think it had something to do with the cost of renewing the license for the exchange and the tax involved. I think the exchange was owned by a foreigner and he made heaps of money. Maybe he called it a day and bought a Lambo.

Yes it was a good exchange,easy to use and navigate. But now I am used to Bitkub,it’s on par with BX. Plus they are always adding new coins. They hold a survey every now and then to see what coins customers want added to the exchange. Since I have been on there,they have added about 10. They added polkadot,cardano,Band to name a few. They have most of the top traded coins. You have to go through the normal process to join,KYC and you need a Thai bank account. But it’s straight forward and once your done it’s easy.

Best of luck.

[bluebird729]

4 hours ago, Titan1962 said:

Not 100% sure,but I think it had something to do with the cost of renewing the license for the exchange and the tax involved. I think the exchange was owned by a foreigner and he made heaps of money. Maybe he called it a day and bought a Lambo.

Yes it was a good exchange,easy to use and navigate. But now I am used to Bitkub,it’s on par with BX. Plus they are always adding new coins. They hold a survey every now and then to see what coins customers want added to the exchange. Since I have been on there,they have added about 10. They added polkadot,cardano,Band to name a few. They have most of the top traded coins. You have to go through the normal process to join,KYC and you need a Thai bank account. But it’s straight forward and once your done it’s easy.

Best of luck.

Thanks again for all the info  ????

I actually joined up with both  BitKup and Satang and have been approved with both...  But I will go with BitKup as I have been getting good reviews about them,  ???? (including your nice review)

Bank account added.

Will start trading soon  ????

Thanks again  ????

[Sharp]

Slightly off topic I'm guessing no upward momentum until mid 2021 after the recent loss ...Thoughts !?

[Barnabe]

Impossible to say. 
 

I am holding my coins, slightly topping up and betting on a quick recovery. We probably reached a new price consolidation plateau, at least for bitcoin.

 

But remember, in theory it can all go to zero tomorrow!

[Titan1962]

On 11/28/2020 at 10:10 AM, bluebird729 said:

Thanks again for all the info  ????

I actually joined up with both  BitKup and Satang and have been approved with both...  But I will go with BitKup as I have been getting good reviews about them,  ???? (including your nice review)

Bank account added.

Will start trading soon  ????

Thanks again  ????

Best of luck and hope you make enough to enjoy the rest of your life.

Still early birds we are.

[Jessy Joy]

I have an account with Bitkub. For me this is the best and most reliable one. Its application is easy to use, however there are times that I'm confused on how to process some trading status like I don't know what to do next, I usually get help by the support team tho even lately there might be quite a long queue before you get reached since they say there are high volume of transaction nowadays. 

[uli65]

I can confirm, Bitkub is the place for cryptos in Thailand.

[oMega69]

So 7% VAT on all trades and 18% on all capital gains .. correct ? . .

 

[Jenkins9039]

On 12/20/2020 at 12:51 AM, oMega69 said:

So 7% VAT on all trades and 18% on all capital gains .. correct ? . .

 

I don't believe this to be the case in your own name unless you have a TAX ID against your passport, however if utilising your wife's name then i'd imagine the reporting would be automating a tax demand.

 

Having said that, If for example, under current Thai law, you earn a income outside of Thailand, and allow it to mature for a year before bringing in, then that is not taxable (last time i checked), so if you transfer in USDT and those funds 'sat' in a USDT address for 12 months prior (if they enquire) then you'd just argue it was income a year ago, and you are merely utilising Crypto for remittance, though that hasn't been tested.

[khunphil]

Interesting article ...

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

Enjoy ...

Phil.

[karunasup]

Recently BITKUB refused to open an account for me - As an American citizen living in Thailand with a local Thai bank account, with a marriage visa, local address. 

Any suggestions about which Thai exchanges will accept US citizens?

Also, what other exchanges outside Thailand are best for American citizens - and which accept a USA based bank account - while being a resident of Thailand, with a Thai based mobile?

Thanks

[bluebird729]

2 hours ago, karunasup said:

Recently BITKUB refused to open an account for me - As an American citizen living in Thailand with a local Thai bank account, with a marriage visa, local address. 

Any suggestions about which Thai exchanges will accept US citizens?

Also, what other exchanges outside Thailand are best for American citizens - and which accept a USA based bank account - while being a resident of Thailand, with a Thai based mobile?

Thanks

Did you get any reason why you were not accepted ?
The customer service 'online chat' (in the bottom right corner of the screen) is actually very quick and helpful.  
Perhaps ask them why you were rejected.
To join BitKub, you dont need to show your visa at all.
You just need to show your passport photo page, and it has to MATCH the exact name on your Thai Bank,  (and, if my memory is correct, you also need to take a photo of yourself holding your passport in one hand, with a piece of paper in the other hand which you have written BitKub and signed).
  * maybe i'm mixing the last part up with other exchanges.
I also use Binanace which seems fine.
I also have Coinbase Pro  (not to be mixed with Coinbase) because coinbase is really simplistic.  (Coinbase Pro is the same company, but it has more advanced features than coinbase).
I think binanace is good though.
Bitkub is very good and I cant see why you would be rejected unless your passport scan wasnt clear or maybe something didnt 'match up'.

I would suggest asking their customer services, and re-apply.