Is The Exchange Coins.co.th Safe to Use?

[Dazinoz]

I have normally traded with an Australian Crypto exchange as that is where most of my investments are located.

 

I intend to sell some of my BTC when it reaches a certain level. Currently it is stored on my hardware wallet. My plan was to transfer the BTC I want to sell back to the Australia exchange and then cash to bank. I plan to make a largish purchase in Thailand of around just under 1 million THB. So obviously cost fees to sell in Oz then fees to transfer back to Thailand.

 

So my next thought was to transfer and sell the amount of BTC to cover purchase here in Thailand via a Thai exchange. I signed up for coins.co.th. I received an email from coins.ph. I seem to recall reading it was a Philippine company behind coins.co.th.

 

So my question is has anybody used coins.co.th and have withdrawn cash to their bank? Any issues?

 

Can anyone see advantages/disadvantaged in doing what I suggest?

 

[2530Ubon]

I'm a noobie to the world of digital currencies, but during my research, I found this:

 

The SEC says it has authorised only three companies to operate digital assets businesses, namely Bitcoin Co (www.bx.in.th), Bitkub Online Co (www.bitkub.co.th) and Satang Corporation Co (www.satang.pr), he said.

 

Coins TH Co (www.coins.co.th) is the only authorised digital currency broker or dealer.

 

Looks reliable.

[Dazinoz]

5 minutes ago, 2530Ubon said:

I'm a noobie to the world of digital currencies, but during my research, I found this:

 

The SEC says it has authorised only three companies to operate digital assets businesses, namely Bitcoin Co (www.bx.in.th), Bitkub Online Co (www.bitkub.co.th) and Satang Corporation Co (www.satang.pr), he said.

 

Coins TH Co (www.coins.co.th) is the only authorised digital currency broker or dealer.

 

Looks reliable.

I will still mostly use my Oz exchange. I wanted to use a thai one to transfer a small part of my BTC, sell then cash out to Thai Bank.

[ChaiyaTH]

Just use satang.com or P2P sales on LocalBitcoins or Binance instead. Binance also withdraws THB via Satang.

 

How much you want to sell? I'd hand you cash for it at 2% markup.

Edited February 22, 2021 by ChaiyaTH

[Dazinoz]

11 minutes ago, ChaiyaTH said:

Just use satang.com or P2P sales on LocalBitcoins or Binance instead. Binance also withdraws THB via Satang.

 

How much you want to sell? I'd hand you cash for it at 2% markup.

Thanks for the info. I have signed pop and gone through the verification levels but wanted to check if anyone used them before transferring BTC to them.

 

I am not ready to sell yet as I am waiting for BTC to hit a certain level. then it will be about 900k to 1 million THB worth.

 

[Worldplus]

I've used Bitazza for 2 years..

 

I used to use coins but the exchange rate and charges are not cheap.

 

Very happy with bittaza..

 

Regards

[ukrules]

There has been a recent development with the opening of 'UpBit Thailand' - it's an exchange from South Korea but they now operate in Thailand.

 

It had low volume the last time I checked but it's operational now.

 

The URL for the Thai exchange is https://th.upbit.com/home

 

Registering requires id upload and a 'selfie' holding a dated note, which is identical to other exchanges - you will almost certainly need to register on a mobile phone with a high quality camera or they will constantly reject your documents - they need to read the text on the passport in the photo - not generally possible on a low resolution laptop camera.

 

[Dazinoz]

58 minutes ago, ukrules said:

There has been a recent development with the opening of 'UpBit Thailand' - it's an exchange from South Korea but they now operate in Thailand.

 

It had low volume the last time I checked but it's operational now.

 

The URL for the Thai exchange is https://th.upbit.com/home

 

Registering requires id upload and a 'selfie' holding a dated note, which is identical to other exchanges - you will almost certainly need to register on a mobile phone with a high quality camera or they will constantly reject your documents - they need to read the text on the passport in the photo - not generally possible on a low resolution laptop camera.

 

Thanks everyone for the info but I have already gone through 4 levels of verification on coins.co.th which didn't take as long as expected. A few hours actually.

 

So trying to find out if anyone has used coins.co.th and if ok before i trade with them. Don't know why but I have less trust in ones here than in Oz.

 

Thanks again.

[ukrules]

34 minutes ago, Dazinoz said:

So trying to find out if anyone has used coins.co.th and if ok before i trade with them. Don't know why but I have less trust in ones here than in Oz.

 

I've never personally used it but it has been around for many, many years. I used to use bx.in.th a few years back but it inexplicably shut down without reason a while back.

[jesimps]

I've been using coins.co for about six weeks and so far no complaints. Being the ham-fisted type, I've had to use their online help a few times and they've been swift and knowledgeable. I haven't cashed out to my local bank yet, but putting money in is the usual faffing about, copying the transfer confirmation etc. Similar to Bx, you have to twist their arm to make them accept your money.

[DeepSea]

14 hours ago, Dazinoz said:

Thanks everyone for the info but I have already gone through 4 levels of verification on coins.co.th which didn't take as long as expected. A few hours actually.

 

So trying to find out if anyone has used coins.co.th and if ok before i trade with them. Don't know why but I have less trust in ones here than in Oz.

 

Thanks again.

Hi Dazinoz,

 

I used Coins.co.th a few times as recently as 2017 but not since. I can confirm that they are a legitimate operation and purchasing Bitcoin from them was easy, I had no issues.

 

My opinion on cashing out has changed somewhat, and I'm no expert on Thai Law in respect to the issue of capital gains liabilities, but I know that Coins.co.th do have reporting requirements, and you may want to get some professional advice in respect to what if any Capital Gains taxes you may incur if you cash out in Thailand (it may depend on whether you both bought and then subsequently sold through Coins.co.th).

 

I just posted a response to a question about cashing out of Crypto, as there is a Plan B off-ramp which a lot of people may not be aware of, you can read the post here.

 

Cheers and good luck.

 

 

Edited February 23, 2021 by DeepSea

[KannikaP]

15 hours ago, Dazinoz said:

Thanks everyone for the info but I have already gone through 4 levels of verification on coins.co.th which didn't take as long as expected. A few hours actually.

 

So trying to find out if anyone has used coins.co.th and if ok before i trade with them. Don't know why but I have less trust in ones here than in Oz.

 

Thanks again.

Use them regularly with no problems at all.

[Henricus]

Used them many times no problems and quickly 

[TigerandDog]

18 hours ago, 2530Ubon said:

I'm a noobie to the world of digital currencies, but during my research, I found this:

 

The SEC says it has authorised only three companies to operate digital assets businesses, namely Bitcoin Co (www.bx.in.th), Bitkub Online Co (www.bitkub.co.th) and Satang Corporation Co (www.satang.pr), he said.

 

Coins TH Co (www.coins.co.th) is the only authorised digital currency broker or dealer.

 

Looks reliable.

Just a few problems there. BX is no longer operational, Bitkub was shut down by the SEC from accepting new registrations because their servers crashed and this has not yet been rectified. Those already registered before the shutdown are still able to trade, b ut still no new registrations being accepted. I've just signed up with Satang Pro and started trading with their platform today. The other thing to consider with the Thai platforms is the cryptos you wish to trade. Upbit ( the most recent Thai platform, owned by the same crowd that now own Tesco ) only have 5 coins listed. Bitkub has a good variety but not a large number of coins. Satang Pro recently got involved in a joint venture with Binance so to my way of thinking that makes them a bit more stable and reliable. Again they don't have all cryptos. 2 of the coins I wished to trade are not available on their platform.

[Dazinoz]

2 hours ago, DeepSea said:

My opinion on cashing out has changed somewhat, and I'm no expert on Thai Law in respect to the issue of capital gains liabilities, but I know that Coins.co.th do have reporting requirements, and you may want to get some professional advice in respect to what if any Capital Gains taxes you may incur if you cash out in Thailand (it may depend on whether you both bought and then subsequently sold through Coins.co.th).

The BTC were bought in Australia with Australian cash. The amount I want to sell here and spend cash here. So I really don't know what taxation laws would apply. I know for sure the Australian Taxation office would tax me if they found out. Not sure if the Thai taxation office would try to as well. May save hassles and money in the long term if I just stick to my exchange in Australia.

[nervona81732]

I just ran 1 1/2 mill thb through coins.co.th inthe last week and a half and nary a problem. I don't leave it there. I convert to ADA and stare on a private wallet. Jobs done and everything accounted for. Works good. 

[Dazinoz]

16 minutes ago, nervona81732 said:

I just ran 1 1/2 mill thb through coins.co.th inthe last week and a half and nary a problem. I don't leave it there. I convert to ADA and stare on a private wallet. Jobs done and everything accounted for. Works good. 

I like ADA, I have just under 107,000. I stake them on the Daedalus Mainnet.

Edited February 23, 2021 by Dazinoz

[allanos]

2 hours ago, Dazinoz said:

The BTC were bought in Australia with Australian cash. The amount I want to sell here and spend cash here. So I really don't know what taxation laws would apply. I know for sure the Australian Taxation office would tax me if they found out. Not sure if the Thai taxation office would try to as well. May save hassles and money in the long term if I just stick to my exchange in Australia.

Would it not help your thinking if your first familiarised yourself with Australian CGT or other forms of taxation which may apply to the increased value of your Bitcoin, upon selling it, rather than floundering in the dark?

 

No doubt there are Aussie citizens on this forum who would be able to answer any query, if they themselves have gone through a similar process.

 

My personal preference is to hodl my Bitcoin for the long term, and borrow against it with collateralised loans. If you do the math, this would appear to be an elegant solution to the question of deriving a tax-free income stream, while holding on to your Bitcoin and enjoying the price appreciation.

Edited February 23, 2021 by allanos
typo

[seancbk]

22 hours ago, 2530Ubon said:

I'm a noobie to the world of digital currencies, but during my research, I found this:

 

The SEC says it has authorised only three companies to operate digital assets businesses, namely Bitcoin Co (www.bx.in.th), Bitkub Online Co (www.bitkub.co.th) and Satang Corporation Co (www.satang.pr), he said.

 

Coins TH Co (www.coins.co.th) is the only authorised digital currency broker or dealer.

 

Looks reliable.

 

Bx.in.th closed down in 2019.   It was a good site and always reliable.

Bitkub.co.th  seems to be ok, although they did have some issues with too many people trying to signup.  

 

[DeepSea]

3 hours ago, Dazinoz said:

The BTC were bought in Australia with Australian cash. The amount I want to sell here and spend cash here. So I really don't know what taxation laws would apply. I know for sure the Australian Taxation office would tax me if they found out. Not sure if the Thai taxation office would try to as well. May save hassles and money in the long term if I just stick to my exchange in Australia.

Or just ask Coins.co.th directly what your exposure may be (if any) in respect to capital gains tax if you sell through them in Thailand. During my interaction with their staff (including phone conversations), there was nothing that suggested they wouldn't be upfront and helpful in answering your question.

[Dazinoz]

45 minutes ago, allanos said:

Would it not help your thinking if your first familiarised yourself with Australian CGT or other forms of taxation which may apply to the increased value of your Bitcoin, upon selling it, rather than floundering in the dark?

Not really floundering in the dark. Had to declare CGT last financial year so have a pretty good idea. Don't know about Thai Tax laws and don't want to.

 

47 minutes ago, allanos said:

 

My personal preference is to hodl my Bitcoin for the long term, and borrow against it with collateralised loans. If you do the math, this would appear to be an elegant solution to the question of deriving a tax-free income stream, while holding on to your Bitcoin and enjoying the price appreciation.

Good if you can afford to hodl. Due to unforeseen circumstances my crypto is my only saviour and it needs to save me this year. If crypto crashes early this year I am back to Oz living on the streets.

 

Ok, if I borrow against crypto how do I pay loan back with no income? Again good luck to you if you can.

[pmhmaster]

Since bitkub is closed for new registrations, I tried zipmex, now waiting a week to get my KYC from zipmex verified. The zipmex app feels nice, anyone using it?

(Impatiently I just tried Satang. It looks on the web as a copy of binance, but I didn't install the androip app as it forces one to install the google authenticator app.)

 

So binance is still the only working crypto exchange for me, but I wasn't able to manage to get THB from my kasikorn account onto it to buy more cc, any advice?

Someone commented it draws THb from satang?

[ChipButty]

7 minutes ago, pmhmaster said:

but I didn't install the androip app as it forces one to install the google authenticator app.)

 

 

Im glad you mention that, Google Authenticiator app,

I am having major problems with that, If you get your phone stolen or lose it, you are in BIG trouble, as we speak I am about to email Google back.

Even though they issue the app there is no backup or recover codes.

Not looking good

[ukrules]

6 minutes ago, ChipButty said:

Im glad you mention that, Google Authenticiator app,

I am having major problems with that, If you get your phone stolen or lose it, you are in BIG trouble, as we speak I am about to email Google back.

Even though they issue the app there is no backup or recover codes.

Not looking good

If you make a screenshot and copy / paste of the QR code and the alphanumeric code that's always issued alongside the QR code then you can add the same account onto as many phones as you want at any point in the future.

 

This is how I've been doing it right back until the day it started. I scan the code onto both phones and make a backup so it can be added to any future phones.

 

Doing the above makes it trivial, not doing this can cause all sorts of problems - which is why I do it.

[fdsa]

5 hours ago, pmhmaster said:

I didn't install the androip app as it forces one to install the google authenticator app.

 

5 hours ago, ChipButty said:

I am about to email Google back.

Even though they issue the app there is no backup or recover codes.

 

Google just made a standard application, the authentication protocol itself does not have anything with Google as a company.

There are other applications for this authentication protocol, search for "TOTP". 

I could recommend AndOTP: https://f-droid.org/en/packages/org.shadowice.flocke.andotp/ it could make a backup of private keys to a file.

 

[Surin Russ]

I am from oz and i have used coins.co Thailand for two years now. They are great. 

[Neeranam]

Have you though of getting a Crypto debit card. 

 

I have a crypto.com one

[Neeranam]

One idea I have is to buy gold with my Crypto.com card. I can then sell the gold for Thai baht. 

[allanos]

7 hours ago, Dazinoz said:

Not really floundering in the dark. Had to declare CGT last financial year so have a pretty good idea. Don't know about Thai Tax laws and don't want to.

 

Good if you can afford to hodl. Due to unforeseen circumstances my crypto is my only saviour and it needs to save me this year. If crypto crashes early this year I am back to Oz living on the streets.

 

Ok, if I borrow against crypto how do I pay loan back with no income? Again good luck to you if you can.

Your income doesn't have to feature. You would put up your bitcoin and agree an LTV (loan to value) with the provider of the funds. Your BTC is held as collateral. Out of the released funds, you can service the debt monthly over, say, 12-24 months. Take a look online and you will see what is available. There are a number of providers.

[ukrules]

Quick question : Is there any circumstance under which you are taxed on funds that come into Thailand from a loan that you actively repay?