Bitcoin is the pioneer of cryptocurrencies, and it has a current market supply limit of 21 million BTC. Satoshi Nakamoto, a pseudo developer, introduced Bitcoin back in 2009 as a decentralized P2P electronic cash system. Bitcoin transaction data are maintained and validated using a public ledger known as the blockchain. Individual users can connect to the blockchain using their computers to validate transaction data, which travels from node to node.
In the absence of any centralized controlling authority, individual validators known as miners verify and keep records of transaction details. These miners are rewarded with BTC for successfully validating transaction data and mining Bitcoins. The blockchain uses an SHA-256 hashing algorithm to secure and encrypt the transaction data.
Many investors consider Bitcoin as an excellent long-term investment opportunity. You can also buy Bitcoins in Thailand like in many other countries. The Thailand Security and Exchange Commission (SEC) controls and oversees the policy and regulations for Bitcoins and other cryptocurrencies in Thailand.
This article will tell you how to buy Bitcoin in Thailand. We will also compare the popular Bitcoin exchanges in Thailand based on their fee structure, accepted payment methods, features, pros, and cons.
Ways To Buy Bitcoin In Thailand
There are several ways you can buy Bitcoin in Thailand. Most users prefer to buy Bitcoins directly from cryptocurrency exchanges. There are over 300 cryptocurrency exchanges worldwide, and almost all of them support Bitcoin as it is the most well-known cryptocurrency with the highest market dominance.
When choosing a cryptocurrency exchange, you will first need to check the supporting country list to ensure that Thailand is included in the list. You can make payments through TBH if it is a local or regional exchange. In addition, you may deposit funds using your credit card or international debit card.
There are certain advantages and disadvantages to each exchange. Later in this article, we will show you a comparison of the popular Bitcoin exchanges in Thailand to help you make the right choice.
In addition to exchanges, you may also opt to buy Bitcoin from a peer-to-peer or P2P marketplace. There are quite a few such marketplaces in Thailand, including LocalBitcoins and Paxful. These work differently from the exchanges, as you will buy Bitcoins directly from another person through an online auctioning system.
Although there are certain risks when buying Bitcoins from a P2P marketplace, you can mitigate that by purchasing from reputed users only and using escrow services.
Finally, you can also buy Bitcoins with cash from Bitcoin ATMs located in Thailand. The downside of this method is that you would usually need to provide a phone number, so the connection is not entirely private.
Why Buy Bitcoin In Thailand?
According to Fortune Business Insights, the growth of distributed ledger technology and the introduction of web 3.0 can significantly develop the cryptocurrency industry from 2022 to 2028. As Bitcoin has been leading the industry by a considerable margin, the growth is likely to be similar for this crypto coin.
Let’s take a closer look at some reasons why you should buy Bitcoin in Thailand.
1. Bitcoin is the industry pioneer
At the time of writing this article, BTC is valued at USD 28,907.95, whereas the total value of all stablecoins is USD 43.36 billion, according to CoinMarketCap. Despite the recent downward pricing trend, Bitcoin is significantly ahead of other cryptocurrencies in market dominance. Thus, if you are a new investor, Bitcoin is an excellent choice.
2. Good liquidity
Thousands of merchants globally now accept payments in Bitcoins. Although the Thailand SEC has banned Bitcoin as a payment medium, you can still use it as payment for services outside of Thailand to global merchants. Also, many exchanges will pay you annual interest for holding Bitcoins in your wallet. Moreover, you can convert it to cash or other cryptocurrencies at any time.
3. Excellent investment tool
WalletInvestor, an algorithm-based forecasting and technical analysis tool, has forecasted BTC price to reach USD 121,800 in January, which is in line with other popular cryptocurrencies and the overall market for digital assets and cryptocurrencies. Thus, if you want to hold Bitcoins for long-term investment, it might offer you great value.
Bitcoin transactions are highly confidential and secure at the same time. As the transactional records are maintained using blockchain technology, your identity remains protected. You can also use hardware-based wallets or cold storage to keep the data secure and protected from cybercrimes or accidental damages for an added layer of security. In addition, several cryptocurrency exchanges provide insurance for protecting your Bitcoin wallet.
5. Favorable economy of Thailand
Market data from Statista suggests that approximately 31% of the population of Thailand own some form of digital assets. The overall business condition is incredibly favorable for the growth of Bitcoin and other digital assets. Although there is a recent ban on using Bitcoins for payment, you can still trade them as you wish. There are also well-regulated crypto exchanges based in Thailand where you can deal with confidence.
The Thailand SEC also keeps an eye on cryptocurrency scams to make people aware. The authority regularly publishes a list of potential scam companies and bodies so that you can stay safe from them.
Payment Methods For Buying Bitcoin In Thailand
Several payment methods are available if you want to buy Bitcoin in Thailand. The availability of payment methods will depend on your medium of purchase. For instance, when you buy from cryptocurrency exchanges or Bitcoin exchanges, you may be able to pay through credit card, PayPal, supported debit cards, or wired transfers.
Take a closer look at the transaction charges when selecting your payment method. Exchanges usually have separate charges for each of the payment methods. You may also need to pay additional charges to the parties handling the payments, like banks or credit card issuers.
Once you decide to buy Bitcoin from a crypto exchange in Thailand, there are usually two options. You can go for a global exchange if you want to pay in USD through a credit card or international wire transfer or use other supported payment methods. Alternatively, you may also opt for a local or regional Bitcoin exchange in Thailand. You can transfer your payment in THB to the Thailand-based exchanges through a debit card or local wire transfer.
Typically, you won’t have to worry about your credit card information when making a payment because all of the reputed websites use multi-level data encryption, secure protocols, and authentications.
How To Buy Bitcoin In Thailand – Step By Step
Market dominance is a good indicator of strength for a cryptocurrency. According to Statista, Bitcoin’s market dominance as of May 2022 is 44%, making it the world’s most popular cryptocurrency, followed by Ethereum (ETH) at 19%. Due to this popularity, you can buy Bitcoin from almost any cryptocurrency exchange with USD. You can also pay in THB if you choose a crypto exchange based in Thailand or Southeast Asia.
For example, Zipmex, Bitkub, and Satang Pro are based in Thailand or Southeast Asia and, thus, accept payment directly from your Thai bank account or Thai debit cards. Moreover, these three exchanges have regulatory permission from the Thai SEC.
No matter which exchange you choose, the core process of buying Bitcoin in Thailand is similar. You may, however, see minor differences based on the marketplace or payment method you are using. Also, the identity verification process may vary.
We will now show you a step-by-step process of buying Bitcoin in Thailand using a cryptocurrency exchange.
- Choose Your Exchange. After you decide to invest in Bitcoin in Thailand, you need to pick the right exchange house. There are quite a few characteristics to look for when making a choice. For instance, the reputation and regulatory certifications of the exchange are crucial. Also, look for the number of currencies and countries supported.
Sometimes, an exchange may have strategic partnerships with Bitcoin wallets, digital assets or NFT marketplaces, and other exchanges abroad. These partnerships may prove beneficial in the long run, so pay close attention to these areas. Finally, take a look at their fee structure and consider if it is compatible with your preferences and trade profile.
- Open An Account. Before you go ahead with your first Bitcoin purchase in Thailand, you need to register and open an account with your chosen Bitcoin exchange. Usually, this is a straightforward and guided process. You may complete the account opening and registration process within as little as 10 minutes. However, depending on the regulatory requirements, this may take up to a few hours or even a day, if any manual review is required.
Some exchanges will ask you to provide basic information such as your name, email address, and phone number, while others will ask you to fill out detailed KYC forms.
- Transfer Money. Once you register with the exchange and open a trading profile, your next task is to transfer or deposit funds for your Bitcoin purchase in Thailand. You can use various modes of payment depending on the crypto exchange of your choice.
Carefully learn the speed and fees for the transaction before you proceed. Depending on the medium, transactions can happen instantly, but it can take up to two or three business days for others. Transaction charges also vary.
- Find and Click Bitcoin (BTC). Once you visit the website homepage or mobile app of popular exchanges, you will see Bitcoin (BTC) listed. You will also find a list of currency pairs they offer on some occasions. For the local exchanges based in Thailand, you will most likely find a THB/BTC pair so that you can easily make payment in THB to convert it into BTC. If you use an international exchange, you may go ahead with a USD/BTC pair for trading.
- Input the BTC Amount. Your next task is to input the BTC amount into the currency box. You will usually see the USD or THB you will spend to purchase that much Bitcoin. More advanced exchange houses will let you decide and configure the percentage of your portfolio that you want to invest in Bitcoin.
- Complete Transaction. After entering all the details, you can double-check to verify that everything is correct. Remember that there is no way you can reverse a Bitcoin transaction, so mistakes will be costly. After careful validation, click the submit button to complete the transaction.
Once you click submit, the exchange will use money from your wallet to purchase the desired amount of Bitcoin. You can then store the Bitcoin in your connected Bitcoin wallet. It is also a good idea to take a screenshot or print out the final transaction screen for future reference.
Where To Buy Bitcoin
Headquartered in Singapore, Zipmex is one of the fastest-growing Bitcoin exchanges in Southeast Asia. The exchange won a series B funding of USD 11 million through Crunchbase. Zipmex is an excellent choice to buy Bitcoin in Thailand, considering you can also make payments using THB.
In addition, Zipmex rewards users up to 6% p.a. for holding Bitcoin. Apart from Bitcoin, the exchange also supports over 70 different coins and several other fiat currencies.
- Low Fees: Zipmex charges only 0.2% per transaction, and it can go down to up to 0.1% per transaction for high-volume traders. The charge is one of the lowest in the market.
- Mobile Apps: Zipmex has mobile applications for both Android and iOS users with all features integrated within the apps. Thus, you can always trade Bitcoins on the go and stay tuned with the market.
- Collaboration with BitGo: Zipmex has a collaboration agreement with BitGo, a leading digital asset trust provider. The crypto exchange maintains insurance with BitGo, securing investors from accidents and thefts.
- Trading fee: Maker/Taker: 0.2%/0.2%
- Minimum Deposit: $5
- Withdrawal fee: 0.0002 BTC
Founded in 2018, Bitkub is one of the two local cryptocurrency exchanges currently operating in Thailand. Bitkub received its regulatory approval from Thailand’s regulatory bodies in January 2019. You can deposit to Biktub in THB when buying Bitcoin in Thailand.
Bitkub has a paid-up capital of THB 290 million (equivalent to USD 8.5 million). The platform offers fast and scalable API integration for professional traders and brokers.
- Referral Program: Bitkub’s referral program awards 80% commission to the referrer and 20% cashback to the referee.
- Multi-Device Support: The user interface is fully dynamic and adapts to your device, operating system, and screen size.
- 24/7 Support: Unlike several other local and regional exchanges, Bitkub’s customer support remains available 24/7.
- Trading fee: 0.25%
- Minimum deposit: Zero
- Withdrawal fee: 0.0002 BTC
3. Satang Pro
Satang Pro is a Thailand-based cryptocurrency exchange registered in Thailand under the Royal Act in Digital Support Business (2018). The platform does not restrict trading strategies, which is advantageous for experienced Bitcoin traders in Thailand.
Satang does not provide Bitcoin investment services, and it is more suitable for active traders than passive investors. The exchange supports over 30 popular cryptocurrencies, including Bitcoin.
- Security Certifications: Satang adheres to the ISO 27001 and ISO 27701 information security standards. It also complies with SEC Thailand.
- Binance Fee Waiver: If you deposit funds to Satang from Binance, you will get a complete waiver on the withdrawal fee. Also, transfer to and from Binance happens instantly.
- Trading Resources: Satang has a highly informative blog section that provides detailed guidance on trading strategies and how-to guides for the platform.
- Trading fee: 0.2%
- Minimum Deposit: $1
- Withdrawal fee: .0005 BTC
Introduced in 2013, Coinmama was one of the pioneers in the cryptocurrency industry. They are the first Bitcoin exchange for accepting payment through credit cards. As it is beginner-friendly, you can comfortably head to Coinmama to buy Bitcoin in Thailand.
Coinmama has different segments of users depending on verification levels and trading volume. Although it is available in over 180 countries globally, the number of supported coins is restricted to only ten, including BTC.
- Multiple Payment Methods: Coinmama supports almost every available global payment method, including credit cards, SEPA, SWIFT, Skrill, Apple Pay, and Google Pay.
- Easy Verification: The level 1 verification for Coinmama is a reasonably straightforward process, where you simply need a government-issued photo ID and a piece of paper. Verification usually takes between 15 minutes to an hour.
- Custom Spending Limit: The platform will increase your spending limit as you progress through each verification stage. Pro-users will get a fully customized spending limit to match their needs.
- Trading fee: Up to 3.9%
- Minimum Deposit: $50
- Withdrawal fee: Zero
Binance supports over 600 cryptocurrencies, including Bitcoin, and is currently one of the most popular exchanges globally. The platform has over 90 million registered users and boasts a USD 76 billion 24-hour trading volume.
Binance’s global availability and low transaction fee structure have contributed to its popularity among all cryptocurrency exchanges. Moreover, the platform also features its own NFT marketplace and cryptocurrency wallet, offering more liquidity to your Bitcoins.
- Complete Ecosystem: Binance offers you a complete ecosystem of cryptocurrencies. It has its exchange, marketplace, and payment gateway. Also, Binance is connected with several other exchanges in Thailand, including Satang Pro.
- BNB Coin: Binance has its native coin, BNB. You can buy Bitcoin in Thailand and convert it to BNB through Binance. In addition, you can get up to 25% discounts for making payments through BNB.
- Pro Version: Binance has two versions of its user interface – lite and pro, designed respectively for beginners and professional traders. So, you can opt for the most suitable one based on your trading habit.
- Trading fee: 0.1%
- Minimum Deposit: $10
- Withdrawal fee: 0.0002 BTC
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1. Is Bitcoin banned in Thailand?
In March 2022, Thailand SEC banned cryptocurrencies, including Bitcoin, as a payment medium. However, there is no restriction on trading cryptocurrencies like Bitcoin or Ethereum in Thailand. The SEC initiated the measure after discussing with the Bank of Thailand to curb money laundering and stabilize the country’s balance of payment.
2. What are the local Bitcoin exchanges in Thailand?
At present, there are two local Bitcoin exchanges in Thailand – Bitkub and Satanag Pro. Besides these, few other regional Bitcoin exchanges, such as the Singapore-based Zipmex, accept payment in THB. Additionally, many global cryptocurrency exchanges also support Bitcoin trading in Thailand.
3. Is it safe to buy Bitcoin in Thailand?
You need to carefully consider many aspects before buying Bitcoin or other cryptocurrencies. Unlike fiat money, Bitcoin is not backed by any physical asset. Thus, market perception and supply-demand dynamics determine its price without any centralized controlling body. Therefore, the market is volatile and may easily get affected by the news, rumors, and changes in perception. Although Thailand has a regulatory ban on using Bitcoin to purchase other goods, it does not include trading.
4. How can I store Bitcoin in Thailand?
Once you purchase Bitcoins, you will need to choose a Bitcoin wallet in Thailand to store it. As Bitcoin is banned as a payment medium in Thailand, the local crypto exchanges cannot provide payment functionality within their crypto wallet service. Beginners usually go for software-based wallets, whereas advanced users prefer hardware-based wallets for better security.
5. Is Binance legal in Thailand?
Despite facing some regulatory issues in a few other countries in the past, Binance is legal in Thailand and is considered a trusted Bitcoin exchange by the majority of the users. Moreover, Binance now supports THB in its fiat channel due to its partnership with Satang Pro. So, buyers from Thailand can deposit THB to their Binance account directly through banking channels.