It makes sense for Bitcoin and cryptocurrency to be used in the country of Thailand. This is one of the key travel destinations in southeast Asia, and frequent travelers have been known to be one of the key demographics that understand the value proposition of Bitcoin as soon as they hear about it for the first time.
That said, the government of Thailand has not always been accepting of this new technology that has the potential to disrupt the traditional financial system in the country. There have been calls for bans on Bitcoin and other cryptocurrencies in Thailand, but it is completely legal to use this financial technology in Thailand today.
Anyone who wants to purchase their first Bitcoin in Thailand will have a number of different options at their disposal, from Bitcoin ATMs in various cities around the country to global exchanges that allow users to trade a variety of different cryptocurrencies. Additionally, anyone who finds themselves in Bangkok will notice there are also a number of locations where you can actually spend your Bitcoin and use it as real money.
By: Kyle Torpey | Aug 29, 2020 | Modified Sep 2, 2020
The rules and regulations around Bitcoin in Thailand are a bit more strict than many other countries around the world, but users of the cryptocurrency don’t really need to worry about the specifics. As is the case pretty much everywhere else, users of cryptocurrency exchanges must provide these platforms with a large amount of personal data in order to trade cryptocurrencies. This information is collected from users on exchanges in order to prevent the use of cryptocurrencies in various forms of illicit financial activity such as money laundering.
The key difference with how exchanges are regulated in Thailand is that these companies are not allowed to use fiat currencies other than the Thai Baht. This is an attempt to protect Thailand’s own local currency against competition from the US dollar, the Euro, and the other major fiat currencies around the world. One side effect of this policy is that it has increased the liquidity of the THB/BTC trading pair. Most countries do not see much liquidity in trading pairs associated with their local currency, as the majority of the trading volume tends to be focused on large fiat currencies like the US dollar.
It should be noted that Bitcoin was illegal in Thailand at one point in time, but this decision was eventually reversed. Those who are using Bitcoin in this country should still keep an eye on the news related to how Bitcoin is regulated in Thailand, as it’s possible this decision could be reversed again in the future.
If you’re more worried about getting your hands on some Bitcoin as fast as possible rather than factors like privacy or cost, then a Bitcoin ATM or some form of P2P exchange is going to be your best option. These sorts of solutions can help you turn the cash in your wallet into Bitcoin or another cryptocurrency in a matter of minutes. Going through one of the large, global Bitcoin exchanges will not be the best option if you’re worried about speed due to the fact that you’ll need to go through additional layers of verification before you can make your first purchase.
Coins.so.th is a well-known Bitcoin and cryptocurrency exchange in Thailand, and this platform will allow you to gain access to the cryptocurrency market quickly via a number of different payment options. They are even integrated into many traditional bank ATMs, which will be your best bet if you’re starting with cash and want to convert those bank notes to Bitcoin as quickly as possible.
If you’re interested in making large buy orders on the cryptocurrency market, then you’ll want to look at the well-known, global exchanges that have high levels of liquidity. Kraken is an excellent option for anyone around the world who is interested in trading at a low cost, and they have a number of different interfaces for both beginners and veterans of the online trading world.
You also need to consider the cost of getting your funds onto one of these exchanges before you make your first deposit. The global exchanges don’t have trading pairs that involve the Thai baht, so you’ll need to convert your local currency into US dollars or euros before you can start trading. This transition from bahts to another fiat currency will also come with fees, and those fees will depend on how you’re making that conversion.
When you’re buying Bitcoin, Ethereum, or some other cryptocurrency in Thailand for the first time, your best option will likely be Coins.co.th. This platform is extremely easy for new traders to understand, and they have a customer support staff that can help you through your first few orders. In addition to Bitcoin, this platform also offers trading in a number of different altcoins. Additionally, Coins.co.th allows its users to use many of the commonly-used mobile payment options to get their Thai baht onto the exchange. It should be remembered that, since this exchange is based in Thailand, you will only be able to trade Thai baht in exchange for cryptocurrencies, but the good news is this allows you to avoid having to convert into another fiat currency before finally being able to trade cryptocurrencies on the platform.
As an added bonus, Coins.co.th also allows their users to use Bitcoin to purchase mobile airtime minutes.
Bitcoin.co.th is another Thailand-based option for purchasing Bitcoin; however, it should be noted that this exchange tends to have higher fees than Coins.co.th. Additionally, the amount of fees that are tied to a trade on Bitcoin.co.th isn’t entirely clear, as it’s hidden in the price that is displayed on the screen when making a trade.
If you can’t wait to make your first purchase, you can head to most ATMs to purchase Bitcoin via one of these two Thailand-based cryptocurrency exchanges.