A guide to help you pick the best Thailand Forex broker

Thailand is not well known when it comes to Forex trading. The Thai Baht is also not very well known either. Still, Thailand has a very vibrant Forex market. The Bank of Thailand which the central bank of the country is the one mandated with the role of overseeing the financial market in the country. The Bank of Thailand (BOT) also oversees the development and implementation of the financial policies in the country. When looking for a top Thailand FX broker that will safeguard your money and also provide a good trading environment, ensure that it is registered by BOT. At the same time, The Securities and Exchange Commission of Thailand (SEC) is the one mandated with the role of regulating the capital and securities trading. There are numerous brokers that purport to be genuine and yet they are not registered with BOT/SEC or any Forex trading licensing body.

The Thai Baht is not in the group of the world’s major currency pairs. It is, however, near one of the world’s economic powerhouse and Forex trading hub – Australia. The AUD is one of the major currencies traded on major exchanges. It then becomes easier for you as a trader residing in Thailand to monitor or trade the AUD. Still, the top Thailand FX brokers offer traders the opportunity to withdraw and fund their accounts using the Thai Baht. It is important to note that it is illegal to speculate using the Thai Baht in Thailand. There are of course tricks which one can use to circumvent this government red tape such as using VPN hosting.

The other thing to look out for when searching for a credible FX broker is the support a broker offers. Most of the brokers, the world over, nowadays offer support 24 hours throughout the five business days of the week. The best way to test whether a broker has good support is to try them out even before signing up.

The top Thailand FX brokers and their reviews

It is hard to know the exact number of licensed and regulated Forex brokers in Thailand today. This is because neither BOT nor SEC seems to have issued an official gazette of the brokers. However, there are many brokers in Thailand most of which are registered and based in other countries such as Cyprus and the U.K. We have conducted an in-depth research on the best Thailand FX brokers so that you can choose the right one to help you trade.

XM

XM Forex Broker Review

Minimum deposit

5$

Regulation

CySEC, FCA

Bonus

30$, 50%+20%

Maximum leverage

1:888

Year founded

2009

Trading platform

MT4, WebTrader

IQ Option

IQ Option Review

Minimum deposit

$10

Regulation

CySEC

Bonus

N/A

Maximum leverage

1:30

Year founded

2013

Trading platform

WebTrader

Plus500

Plus500 Review

Minimum deposit

100$

Regulation

FCA

Bonus

N/A

Maximum leverage

1:30

Year founded

2008

Trading platform

Custom

Forex.com

Forex.com Broker Review

Minimum deposit

250$

Regulation

FCA, NFA

Bonus

N/A

Maximum leverage

1:200

Year founded

1999

Trading platform

MT4

EasyMarkets

EasyMarkets Review

Minimum deposit

25$

Regulation

CySEC, ASiC

Bonus

N/A

Maximum leverage

1:200

Year founded

2003

Trading platform

MT4, WebTrader

LH-Crypto

LH-Crypto review

Minimum deposit

€10

Regulation

Vanuatu

Bonus

Rolling Swap, Contest

Maximum leverage

1:500

Year founded

2018

Trading platform

MT5, WebTrader

Z.Com Trade

Z.Com Trade Review

Minimum deposit

5$

Regulation

FCA

Bonus

N/A

Maximum leverage

1:200

Year founded

2005

Trading platform

MT4

You can visit a particular broker’s website to preview their services or you can simply read the reviews. The good thing about reading the reviews is that you won’t leave our website, which is convenient and safe. There are several Thailand Forex scams and we have carried out in-depth research on brokers to help you evade the scams. We have also removed all the sign-up links that lead to these websites.

Understanding the BOT and SEC

BOT regulated Forex brokers

In June 1940, the National Banking Bureau was established. After operating for just two years, it was changed to Bank of Thailand in 1942. The bank is mandated with the role of overseeing currency stability and by extension the economic stability of Thailand. Some of the roles it performs include;

  • Printing of currency
  • Promote monetary stability and formulate monetary policies
  • Provide banking facilities to financial institutions
  • Supervise and examine financial institutions
  • Manage Forex rate
  • Control the Forex rate

BOT was formed with the aim to bringing more government social responsibility in the economy. Under the Forex control law of the bank, it is illegal to use the Baht currency for speculative purposes if you are in Thailand. Even the top Thailand FX brokers are very keen to observe this law. However, you can still trade just like any other trader in another country when you find a good credible broker.

What is Thai SEC and Thai Regulated Forex Brokers?

Securities Exchange Commission (SEC) was established in 1992 under the Securities and Exchange Act. It is an independent public agency whose duty is to supervise the Thai capital market and ensure efficiency and transparency. While SEC supervises duty performance of SET – Securities Exchange of Thailand, Forex trading directly falls under BOT. SET under the SEC regulations also controls the Forex trading activities in the country.

Legal status of Forex trading in Thailand

As earlier mentioned, it is legal to trade Forex in Thailand. However, you should check out for the largest Forex brokers in Thailand to help you trade safely. In major economies such as Australia or the U.K, trading of Forex trading is done without any restrictions. In Thailand though, because the economy is still young, the BOT has introduced some restrictions when it comes to Forex trading.

According to the Exchange Control Act of Thailand, The Minister of finance has the power to issue ministerial regulations controlling, restricting or prohibiting of all exchange or operation of Forex. The minister also has the power to restrict the exportation of currency bank notes, money orders and foreign currency. Currently, all Thailand regulated Forex brokers and traders located within Thailand are not supposed to use Baht as a pair in their trading. This has been done so as to enable the BOT to take full charge of the currency. In 2017, the BOT introduced a reform on to the Foreign Exchange Regulations. It says that a Thai can invest in securities abroad at an amount not exceeding $1 million per year.

Many of the BOT regulated Forex brokers are those which are licensed under CySEC and FAC. It is, therefore, important to ensure that the broker you choose has a good reputation in Thailand as well as in other countries.

Thailand Forex Scams

You need to know all about Thailand Forex scams so that you can keep your money and yourself safe. Thailand is culture-rich country. It is also a leading tourist destination. It is a country where some of the most ingenious Forex scams are hatched. This is why you need to check Thailand Forex broker reviews before committing to any depositing of funds into an account or even signing up with one.

In July 2016, a Ponzi like scheme was unearthed. Some 30 people filed reports with police on how they had been swindled money. The police estimate that over 1,000 people lost their life savings of about $2.8 million within a matter of weeks. In this scam, people were cheated that when they put money in ‘investment packages’, they would enjoy returns of up to 60%. This Forex scheme was impersonating an investment management company. Thailand is a young economy with a plethora of all manner of opportunities. Before you invest your hard-earned money in any Forex company, read a lot of reviews. You should also beware that there are several Thailand cryptocurrency brokers that are scammers. This is important to note especially because many Forex traders are also eyeing the crypto market.