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The Kingdom of Thailand is a country located in Southeastern Asia. The country is home to over 71 million people and is best known for its history, ancient ruins, and many other things. The country is among the biggest economies in the region.
Thailand has a growing economy and is working very hard to become one of the prominent economies around the world. Over the years, it has become a very attractive destination for Forex brokers. However, there are some challenges that Forex traders in Thailand might come across while trading Forex.
The best Forex brokers in Thailand
Finding the best Forex broker is not an easy thing. It gets especially hard when you are a beginner. While looking for the best Forex broker, there are many things that you need to consider, such as: trading fees, regulations, trading platforms, customer support, and account types. To make your job easier, we have decided to do the hard job for you. We’ve reviewed lots of Forex and CFD (Contract for Difference) brokers and came up with a top brokers list that serve traders from Thailand. You can click on the logo of each broker below to read a detailed review.
Forex trading regulations in Thailand
Forex trading has not always been legal in Thailand. In fact, it was legalized only in 2017. In 2017, authorities in the country decided to adopt lighter regulations in the country, that would allow traders to invest in financial instruments such as securities and derivatives.
The new regulations adopted in the country were mainly done to increase the flow of capital in and out of the country. The steps also aimed at dealing with strengthening the local currency of the country, the Thai baht (THB).
These new laws were introduced by the central financial institution of the country, Bank of Thailand (BOT), which is the central bank of the country. As of today, local retail traders in the country are able to start trading Forex and can transfer money offshore to trade different types of financial instruments.
The changes in the regulatory framework affected the retail traders the most. Previously, the only way these people were able to trade Forex was through Thailand intermediaries, however, that has changed a lot. Today, retail Forex traders in Thailand have the ability to trade different types of trading instruments directly with international brokers.
The Forex trading market in the country is overseen by two main regulators. We have already talked about the Bank of Thailand, which strictly controls the financial market of the country. The second regulatory body of Thailand is the Securities and Exchange Commission, SEC.
The main job of the central bank of the country is to centralize the foreign exchange sector of the country, while also monitoring the capital flow in and out of Thailand. The Thailand Securities and Exchange Commission regulates capital and securities trading in the country.
The most popular Forex trading platforms in Thailand
There are many Forex trading platforms available in the market, and not many beginners understand the importance of them. Trading platforms are utilized in technical analysis, they help automate trading using algorithms, support social and copy trading, and offer various order execution types. For successful trading, it is essential to find a suitable trading software.
The most popular Forex and CFD (Contracts for Difference) platforms in Thailand are MetaTrader 4 (MT4), MetaTrader 5 (MT5), and cTrader. MetaTrader platforms are highly reliable and support algorithmic trading using Expert Advisors (EAs). MT4 is widely used for trading currencies, while MT5 is known as a multi-asset trading platform. cTrader is a popular choice for traders that prefer raw spreads and ECN (Electronic Communications Network) trading.
Popular payment methods in Thailand
Once you have found the Forex broker in Thailand that best suits your needs, and you have created a live trading account, now it is time for you to make your first payments. You can use many payment methods in the country, and the one that will be available for you largely depends on the Forex broker that you are using.
Some of the most popular payment methods in the country are wire transfers and credit/debit card payments. You can use a number of different cards in the country, such as Visa, Mastercard, UnionPay, and many more. Also, many Forex brokers offer traders the ability to make payments with online solutions. It should be mentioned that bank transfers may take up to several working days, and online payments are typically instant.
Summary
Forex and CFD trading is regulated by the central bank of the country. However, it should be noted that the regulator is not highly experienced and there is a limited number of local brokers. For this reason, we have included top brokers in our recommended list that accept traders from Thailand. These brokers offer low trading fees, are globally regulated and have great trading conditions. Brokers such as XM, Plus500, AvaTrade, and others in the list have great reputation among professional traders. It’s best to read the detailed reviews by clicking on their logos to find the one that best suits your trading style.
FAQs on the best Forex brokers in Thailand
Is Forex trading legal in Thailand?
Can I trade Thai baht is Forex?
