10 Best Forex Brokers In Thailand Compared
Best Forex Broker in Thailand - RoboForex
Best Forex brokers in Thailand are:
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RoboForex - Best Forex broker for beginners ($10 min. deposit, copy trading)
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Exness - Best raw spread account (avg. spread for major FX pairs 0.1-0.2 pips)
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TeleTrade - Best for learning trading basics (a lot of educational and analytical materials)
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Pocket Option - Best for Social Trading (top rated service by customers)
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Libertex - Best for Forex traders interested in cryptocurrencies (trading and proprietary mining app)
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Octa - Best for overnight trading (no swap fees)
Choosing the right broker plays a crucial role when trading on financial markets, because it determines how safe and efficient your trading will be.
The world of Forex trading in Thailand is dynamic and multifaceted, as well as having its own specific characteristics. In this article, Traders Union experts will tell you what supervisory bodies control the activity of brokers in this country, whether traders pay taxes for trading, and how to check who is in front of you - a reliable intermediary or a common fraudulent project. All this so that you can choose the best Forex broker in Thailand.
Top Forex brokers in Thailand
| Broker | Overall Score | Minimum Deposit | Advantages | Regulation | |
|---|---|---|---|---|---|
9.71 |
$10 |
|
FSC |
|
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9.57 |
$10 |
|
FCA, CySEC, FSA (Seychelles), FSCA, BVI FSC, FSC (Mauritius), CBCS, and CMA |
|
|
9.34 |
USD 10 |
|
CySEC |
|
|
8.98 |
$5 |
|
MISA |
|
|
8.92 |
100 EUR |
|
CySEC |
|
|
8.86 |
From USD 25 |
|
FSCA, MISA, CySEC |
|
|
8.8 |
100 (USD, EUR, GBP, CHF) |
|
FCA, CYSEC, FSCA, SCB |
|
|
8.74 |
$200 |
|
ASIC, CySEC, and FSA |
|
|
8.72 |
$100 / €100 |
|
FinaCom, MISA, FSC, FSA |
|
|
8.68 |
$5 |
|
ASIC, FSC, CySEC, DFSA |
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Comparison of the Top 10 Forex Brokers in Thailand
| Broker | Spread | Instruments | Trading platforms | Trading features | Cent account | Copy trading | |
|---|---|---|---|---|---|---|---|
0 points |
Forex (currency pairs), ETFs, index CFDs, oil CFDs, CFD on European and U.S. stocks, real securities |
MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader |
Negative Balance Protection; No swaps on Islamic accounts, a pleasant affiliate program: each market participant gets up to 20% loyalty; One Click Trading. |
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1 point |
Forex CFDs on: cryptos, commodities, indices, and stocks |
Exness Trade App (mobile), Exness Terminal (web), MetaTrader5, MetaTrader4 |
Floating spreads; |
|
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0.8 points |
Forex, metals, indices, energies, stocks, cryptocurrencies |
MT4, MT5 |
Cryptocurrency trading; Social trading. |
|
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1.2 point |
Binary options and CFDs on currency pairs, cryptos, indices, stocks, and commodities |
Pocket Option, MT5, MT4 |
Free signals; |
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0.1 points |
300+ CFDs on stocks, indices, commodities, metals, cryptocurrencies, ETFs, and commodities |
Libertex, MT5, MT4 |
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0.6 points |
32 currency pairs, 10 cryptocurrencies, 3 CFDs on energy resources, 10 indices, gold, silver and +150 CFDs on stocks |
MetaTrader4, MetaTrader5 |
All trading strategies are allowed; MT4 account with a floating or fixed spread. |
|
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0 points |
Over 2,100 assets are available: currencies, stocks, indices, futures, metals, energies, and cryptocurrencies. |
MT4, MobileTrading, MT5, cTrader, FxPro Edge |
Scalping - for all types of financial instruments; Negative balance protection for customer accounts; 24-hour multilingual support, 5 days a week; Advisors; Algorithmic Trading. |
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0 points |
Cryptos and Forex CFDs on indices, commodities, stocks, bonds, and futures |
MT4, cTrader, MT5, TradingView |
Scalping and expert advisors; |
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0 points |
Currencies, assets of stock and commodity markets, cryptocurrencies |
MT4, MT5, AMarkets App |
Cryptocurrency trade; COT indicator; Cayman indicator; Autochartist. |
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0.6 points |
Currencies, stocks, commodities, stock indices, precious metals, and energies |
MT4, MT5, MobileTrading, XM App |
There are Islamic accounts; It is possible to connect to the MQL5 trading services. |
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How to choose the best Forex broker in Thailand?
Are you looking for a reliable broker in Thailand? Then pay attention to such important nuances as: whether it has licenses, the size of trading costs, the speed of order execution, the variety of trading instruments and platforms, etc. You should not make a choice in favor of the first variant you come across, as the safety of your funds is at stake. Before starting a cooperation, carefully read the reviews of former and current clients of the broker and check its statements regarding regulation and awards. Our experts have detailed all the aspects below.
Regulation and security
One of the hallmarks of a trustworthy broker is that they are licensed by a local public law institution. In this case, the Securities and Exchange Commission of Thailand (SEC). Even if the broker's website contains scanned copies of licenses, it is better to check the names of the projects on the databases of regulators yourself. How to do it correctly - described below, so read the material to the end.
Trading conditions
Compare the spreads, commissions, and swaps of different brokers and choose the one whose offers match your trading style and volume, as these costs can significantly affect your overall profitability. Make sure the company offers a wide selection of currency pairs and other instruments that are of interest to you. A reliable broker should offer a wide range of assets. Also, find out if the site offers the possibility to trade with leverage.
Trading platforms
Evaluate the usability and function of the platform, making sure it has all the necessary tools and indicators for your trading style. Also check the availability of a demo account to test the platform before opening a real account. It is ideal if the broker's resource provides several options for platforms.
Some intermediaries offer traders author's software, but you should be careful here, as most often self-written platforms are part of a fraudulent scheme by swindlers. They use them to “drain” users' deposits, appropriating all their money for themselves.
Customer support
Make sure that the broker offers its clients round-the-clock multi-lingual support and different ways of communication. Also, the reliability of the broker is evidenced by the presence of educational materials and resources on its website that will help traders improve their trading process.
Reviews and reputation
This is a mandatory item that will allow you to finally make sure of the reliability of the broker or, on the contrary, to realize that you are facing a company of dubious origin. If negative reviews prevail on independent forums, such as the Traders Union website, it is better to stay away from this broker. Also, do not believe paid reviews, which stand out from other comments and have a pronounced laudatory character without a clear evidence base.
Is Forex trading legit in Thailand?
Forex trading is perfectly legal in Thailand and is regulated by the Securities and Exchange Commission (SEC). To qualify for a license, brokers must adhere to the following points:
have the status of a securities broker;
be a brokerage company trading on the Thai Stock Exchange for at least 3 years prior to applying for licensing;
the regulator has not revoked the company's license;
the brokerage company is not bankrupt, nor has any bankruptcy transition order been issued against it.
As you can see, not all brokers can get this document, as the SEC sets rather strict requirements. For example, newly established companies or companies that are just starting out will not be able to become license holders.
The obtained license is valid for one year. Further, the document will be renewed annually by representatives of the relevant ministry.
How to check a regulation?
To check whether your chosen broker is indeed regulated by the local Securities and Exchange Commission (SEC), follow the following algorithm:
Go to the SEC's official website;
Official website of Thai SEC
In the right corner, select “Filing/Prospectus”;
Official website of SEC
Next, select “Listed company information” from the list provided;
Official website of SEC
In the search bar, enter the name or registration number of the broker you are interested in;
Official website of SEC
On the company page you will see the following information: address of the broker's main office, date of registration, amount of registered capital, type of license, names of management staff, etc.
Official website of SEC
Do Forex traders in Thailand pay taxes?
Yes, Forex traders from Thailand are required to pay taxes on their profits, and the exact taxation requirements may depend on the trader's status (e.g., whether or not he or she is a resident of the country), trading volume, and other factors. According to the local Tax Code, income from Forex trading is taxed on a progressive scale (this is a taxation system in which the rate increases as the taxable base increases).
The current tax rates are as follows:
Income from 0 to 150,000 baht per year is taxed at a rate of 0%;
From 150,001 to 300,000 baht per year: 5%;
From 300,001 to 500,000 baht per year: 10%;
From 500,001 to 750,000 baht per year: 15%;
From 750,001 to 1,000,000 baht per year: 20%;
From 1,000,001 to 2,000,000 baht per year: 25%;
From 2,000,001 to 4,000,000 baht per year: 30%;
Over 4,000,000 baht per year: 35%.
A trader must self-declare his income. Failure to pay taxes may result in fines and restrictions.
What are Forex trading hours in Thailand?
The Forex market is open 24 hours a day, Monday through Friday. However, it is important for traders from Thailand to consider the time zone. Thailand uses the UTC+7 time zone, not corrected for daylight saving time. Consequently, when it's 8am in Bangkok, it's 1am in Greenwich (GMT). This time difference means that when major sessions, such as the London session, open at 7am GMT, it is two o'clock in the afternoon in Thailand.
Schedule of major Forex trading sessions according to Thai time:
Asian session:
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Singapore, Hong Kong, Taiwan: from 7:00 am to 2:00 pm (GMT+7).
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Tokyo: 8:00 to 15:00 (GMT+7).
European session:
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London: from 14:00 to 22:00 (GMT+7).
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Frankfurt: 15:00 to 23:00 (GMT+7).
American session:
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New York: from 20:00 to 04:00 the following day (GMT+7).
How to start Forex trading in Thailand?
To start Forex trading in Thailand, choose a broker, register on its website, open a trading account, choose a platform and decide on the strategy you plan to use on a permanent basis. TU experts have described the main steps in more detail below.
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Choose a reliable broker. Study the offers of different brokerage companies: compare trading costs, platforms, options of account plans and the list of available instruments. Also find out whether their activities are regulated by the local supervisory body - the Securities and Exchange Commission. And be sure to read reviews. Other people's experience will help you better understand whether the terms of cooperation described on the broker's website really correspond to reality, and how things are with withdrawals.
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Open a trading account. Decide on a broker and go through the standard registration procedure on its website by entering your name, surname, e-mail address and other requested data in a special form. In addition, most reputable brokers oblige their clients to undergo the verification procedure. After successful verification of your identity, you will be able to choose the type of account and replenish your balance. If there is such an opportunity, practice your trading strategies on a demo account so as not to risk real funds.
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Choose a trading platform. Download and install the platform provided by the chosen broker. Familiarize yourself with the interface and functions of the platform.
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Develop a trading plan. Decide on your goals and risk tolerance, choose currency pairs (it is important to clarify here: if you are a beginner, focus on two, maximum - three currency pairs to analyze the dynamics of the exchange rate and their characteristic characteristics), and develop a money management strategy.
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Start trading. As soon as you are sure that you are ready to trade on the real currency market, open your first trade. Remember to watch and analyze the market so you can make informed decisions. And remember, don't risk what you can't afford to lose.
Our Methodology
Traders Union applies a rigorous methodology to evaluate brokers using over 100 both quantitative and qualitative criteria. Multiple parameters are given individual scores that feed into an overall rating.
Key aspects of the assessment include:
Regulation and safety. Brokers are evaluated based on the level/reputation of licenses and regulations they operate under.
User reviews. Client reviews and feedback are analyzed to determine customer satisfaction levels. Reviews are fact-checked and verified.
Trading instruments. Brokers are evaluated on the breadth and depth of assets/markets available to trade.
Fees and commissions. A comprehensive analysis is done of all trading costs to analyze overall cost to clients.
Trading platforms. Brokers are assessed based on the variety, quality and features of platforms offered to clients.
Other factors like brand popularity, customer support, education resources are also evaluated.
Expert Opinion
Forex trading in Thailand, as in any other country, has its own specific characteristics. On the one hand, Thailand is an attractive environment for traders, as there are many licensed brokers concentrated here. In addition, the country boasts a high-speed internet connection, which is important for easy and fast access to the currency market. In addition, the Thai economy is considered one of the most stable in Southeast Asia, which, in turn, reduces the risk of currency fluctuations. The progressive taxation scale is also a plus.
On the other hand, it should be remembered that Forex trading involves high risks regardless of the country where the trader lives. Market volatility, changes in the world economy, political instability and other factors - all of this can significantly affect currency quotes. Therefore, if you are not able to control your emotions and are not ready to constantly improve your knowledge and skills, it is better to choose a safer way of earning money.
Conclusion
Although the basic principles of Forex trading are the same all over the world, there are still some peculiarities in Thailand that are important to consider.
Firstly, it is regulation: the activities of brokerage companies here are supervised by the local Securities and Exchange Commission, which sets its own, different from other countries, requirements for licensing and reporting brokers. Secondly, the issue of taxation requires special attention. For example, in Thailand there is a progressive rate of taxation on income from trading. And, of course, no one cancels cultural factors and nuances of the Thai time zone.
We hope that this material will help you better understand the pros, cons and pitfalls of Forex trading in Thailand.
FAQs
Is Forex trading legal in Thailand?
Yes, Forex trading is legal in Thailand. In order to operate freely in the country, brokers must be authorized by the local public law institution, the Securities and Exchange Commission (SEC).
Is Forex trading taxable in Thailand?
Yes, Forex trading profits are taxable in Thailand. Income from Forex trading is considered part of the total annual income, so it is subject to income tax on a progressive scale, the rate of which varies from 25 to 35%. As for non-residents of Thailand, they are subject to income tax at a rate of 35%. The tax is usually withheld by the broker with whom the non-resident is served.
Can I make a living from Forex trading in Thailand?
Theoretically yes, but it is also worth remembering that there are no guarantees, as Forex trading involves risks. To be successful, a trader must have a deep understanding of the functioning of the market and the basic principles of its movement, develop an effective strategy, do not ignore the importance of risk management, develop psychological stability and discipline, and most importantly - have sufficient starting capital.
How to start Forex trading in Thailand?
The first step is to choose the right broker. To do this, carefully check its licenses, familiarize yourself with the terms of cooperation (compare its spreads, commissions, leverage, minimum deposit, available trading platforms, etc. with the conditions presented by other brokers). Then you need to open an account, replenish your balance, test your trading strategy on a demo account, if possible, and start making transactions on the real market.
Team that worked on the article
Parshwa is a content expert and finance professional possessing deep knowledge of stock and options trading, technical and fundamental analysis, and equity research. As a Chartered Accountant Finalist, Parshwa also has expertise in Forex, crypto trading, and personal taxation. His experience is showcased by a prolific body of over 100 articles on Forex, crypto, equity, and personal finance, alongside personalized advisory roles in tax consultation.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).