Best Forex brokers in Thailand – Here’s our complete list

The Kingdom of Thailand is a country located in Southeastern Asia. It is a hope to more almost 70 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, and ranks at the second number, after Indonesia.

The country 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.

So, if you are someone who wants to start trading in the country and you are having a hard time deciding where to start, and how to start, follow our detailed guide as we discover everything that there is to know about Forex trading in Thailand.

What are 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 in this market. While looking for the best Forex broker, there are many things that you have to keep in mind and consider. To make your job a lot easier, we have decided to do the hard job for you.

We did very intensive and hard research and were finally able to find some of the best Forex brokers that offer services for Forex traders in Thailand. While working on the list shown below, we focused on many different aspects, including trading assets, available payment methods, and most importantly, the safety and security of traders. So, take a look at our list below and start trading today!

XM Group

XM Group Forex Review

Minimum deposit

5 USD

Licences

CySEC, IFSC, ASIC

Maximum leverage

1:30*

US Clients

No

Exness

An in-depth review of Exness Forex broker

Minimum deposit

1 USD

Licences

CySEC, FCA, FSA

Maximum leverage

1:Unlimited

US Clients

No

IQ Option

IQ Option Review – can the broker be trusted?

Minimum deposit

10 USD

Licences

CySEC

Maximum leverage

1:1000

US Clients

No

EagleFX

EagleFX Review – Is it worth your time and money?

Minimum deposit

10 USD

Licences

N/A

Maximum leverage

1:500

US Clients

No

RoboForex

RoboForex Broker

Minimum deposit

0 USD

Licences

CySEC, IFSC

Maximum leverage

1:2000

US Clients

No

Forex trading in Thailand – Regulations

Forex trading has not always been legal in Thailand. In fact, it was legalized only in 2017, about 3 years ago. 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 was 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, with THB. The laws that were adopted in 2017 officially went into power last year, November 2019.

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.

Before a new regulatory framework was introduced in the country, only a few types of traders were able to invest in this market. For example, those at a high net-wort end of the scale were able to invest in this market. These were individuals whit an investment of more than 50 million Thai baht. Thankfully, after the regulations that were put in power in 2019, the list of people who can trade in this market has become much larger. Also, access to the trading instruments grew as well.

New laws in Thailand

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.

However, there still are some restrictions: for retail traders to be able to trade on the international market, they will have to have a yearly cap of as much as $200,000. When it comes to instruments, they are very much the same as for others in the market. However, keep in mind that as a retail Forex trader in the country you will need to fill out a registration form at the official website of the central bank of the country.

Also, in addition to foreign currencies, traders from the country are now also able to trade precious metals as well. However, this can only be done with brokers that have been regulated and approved by the Bank of Thailand. Before these regulations, traders in the country were able to trade precious metals, however, they were only able to do so only in the local currency, the Thai baht. Now, it can be done in any foreign currency.

Forex traders in the country should keep in mind that according to the local regulatory framework, speculation with the Thai baht is very much prohibited in the country. There have been several steps taken by the central bank to fight against speculative activities with the local currency of the country.

Although the regulatory framework in the country is no longer as strict as it used to be, the central bank of the country has many times said that stricter oversight is needed to prevent speculation with the local currency for short-term gains. Because of this, there might be some new regulatory frameworks coming into the country in the near future.

Forex regulatory bodies in Thailand

The Forex trading market in the country is overseen by two main regulatory agencies. 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 the country. Also, the Bank of Thailand is responsible for the stability of the national currency of the country, the Thai baht.

To make sure to successfully do its job, as we have already noted, the central bank is very active and it has a strict regulatory framework. On the other hand, the Thailand Securities and Exchange Commission works to regulate capital and securities trading in the country. However, it is the central bank that issues licenses for companies who want to offer services to local traders. SEC is an independent regulator, which was created in 1992.

However, because of the nature of the market in the country and its history, it should not come as a surprise that there are not so many Forex brokers in the country. However, there are many international Forex brokers in Thailand that you can use for trading right now.

However, make sure to always use the services of Forex brokers that are regulated by international regulatory agencies, such as CySEC of Cyprus, FCA of the UK, ASIC of Australia, and many others.

Forex trading platforms in Thailand

There are many Forex trading platforms available in the market, and not many people understand the importance of them. They are something that will give you access to the trading market, and you will be dealing with trading platforms for most of the trading.

So, make sure that you use the one that works best for you. There actually are many available for Forex trading in Thailand. However, much like anywhere else around the world, the most popular one stands to be MetaTrader 4. MT4 was created by a Russian company called MetaQuotes in 2005, and since then, it has been used by hundreds of different Forex brokers.

It offers access to a huge trading market, which makes it one of the best trading platforms online. There also is a newer version of it available in the market, called MetaTrader 5, however, it is not that frequently used by Forex traders.

Mobile trading Thailand

Recently, Forex trading with smartphones has become very popular. One of the major reasons for it is that today, many of those who are trading Forex is not at all professionals. Because of this, they do not have time to sit in front of their computer the whole day and trade.

With the development of smartphones, Forex trading has become more accessible for everyone around the world. Now, most of the best Forex brokers in Thailand will offer you special applications created for both iOS and Android users. So, no matter where you go, you will be able to always keep in touch with the Forex trading market via your mobile phone.

How to start Forex trading in Thailand?

Once you have found the best Forex broker in Thailand 2020 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.

However, 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 others. Also, many Forex brokers offer traders the ability to make payments with online solutions.

These payment methods are known to be much faster and cheaper, especially compared to bank transfers. However, keep in mind that in most cases, if you want to make big deposits at a time, bank transfers are the best way to do so.

Final thoughts on Forex trading in Thailand

Forex trading has a very interesting history in Thailand. It has not always been legal here, in fact, just 3 years ago, you would have a very hard time finding ways to trade Forex in Thailand. Recently, thanks to the new laws adopted by the main regulatory agency of the country, the situation has changed a lot.

As of now, you can start Forex trading as a citizen of Thailand. However, there still might be some challenges along the way. One of the major ones is the fact that there are not so many Forex brokers in the country, which means that you will have to trade with offshore companies.

However, don’t worry! There are some of the best offshore Forex brokers in Thailand that you can use right now. But, always make sure that you are trading with a regulated Forex broker for maximum safety.