Best Crypto Exchanges in Thailand

Thai Crypto Exchange: Key Essentials

There are plenty of things you can do with crypto. You can use them for easy worldwide transactions or play on the difference in the price of a currency by selling your assets at a favorable value. A crypto exchange is the place where you can do it in the most convenient way. 

A crypto trading platform is a digital environment for crypto sellers and buyers. If you need to swap Baht for any crypto coin or trade one cryptocurrency for another, such a platform will provide you with the most beneficial conditions to do so. 

The best crypto exchange in Thailand will feature such benefits as:

1. Minimum risks. If you trade outside of a crypto exchange, you may send money and never get crypto in return. On the other hand, reputable exchanges verify their clients and ensure the honest execution of agreements.
2. Maximum convenience. In frames of peer-to-peer trade, you’ll have to first find a person to trade with, agree on prices, and complete the transaction manually. It all takes time and effort. Crypto trading platforms automate this process, making it almost instant.
3. Lucrative deals. Trading with a person directly, you might not be aware of the real value at the time of the trade, which results in overpayment. A crypto exchange shows you real-time prices to make more informed decisions.

Overall, a crypto exchange is a one-stop shop for crypto sellers and buyers. Using changes, you can trade safely and easily, invest in digital funds from anywhere in the world, or send money from one country to another at smaller fees. 

Thailand Crypto Exchange Regulations

Crypto trading is a legal activity in Thailand, but it should adhere to clear regulations. The body responsible for crypto regulations is the Securities and Exchange Commission of Thailand. To operate in the country, a crypto exchange must receive a license from this commission.

Licensed exchanges have to follow some rules, which include:

• Identity verification. When you register for an exchange, you’ll have to prove your identity is in compliance with the KYC standard. 
• Upholding high levels of safety. For users, it means incorporating strict security measures and keeping customer funds separate from the exchange’s own funds.
• Transparency requirement. The exchange should be open to disclosing its fee structures and outright stating the risks of trading crypto.
• Preserving the best interests of the clients. If the crypto exchange breaks the rules, the SEC can intervene and protect crypto users.

All in all, the Securities and Exchange Commission of Thailand makes sure crypto investors and traders don’t use crypto platforms for illegal activities while simultaneously protecting honest crypto players from unjustified losses, scams, and theft. 

Taxable Crypto Revenues in Thailand

If you earn on cryptocurrencies in Thailand, you should know that your income may be taxable. First of all, Thais need to pay capital gains tax in case they make any profit from the crypto trade. For instance, if you bought crypto at one price and then sold it for a higher price, the amount you made is subject to this tax, which is 15% of the earned sum. 

Secondly, if crypto is a regular income, you have to report this on your annual tax return. This means if you’re a seller of goods or services and accept crypto payments for them, this money counts as usual income. 

Lastly, for investors who make profits from crypto holdings, it might be necessary to pay a withholding tax equal to 15% of the generated revenue.

Also, in Thailand, if you lose money on crypto, you can't use those losses to lower your future tax bill. 

Remember that you have to sort out your crypto taxes by the end of March of the previous year to follow Thailand's tax rules.

Ranking Crypto Exchanges: Assessment

Whereas there are plenty of crypto exchange options, you have probably heard about platforms that manipulated prices, executed illegal trades, or did something else that caused financial losses for honest users. To avoid such repercussions, it’s vital to carefully estimate the platform before you jump on the trading.

Below, you can find our top trustworthy exchanges in Thailand, as well as the exact factors to keep an eye on when picking a crypto exchange that fits your needs.

Asset Protection

A secure exchange will have more advanced protections. They may encompass more than only multi-factor identification, verification of your ID, SMS or mail alerts for suspicious activities, and storing funds in wallets disconnected from the Internet. They can involve multi-party permits for the withdrawal of large amounts, insurance coverages, SSL and end-to-end encryption, anti-phishing means, regular audits for security failures, etc.

Number of Tradable Tokens

It’s like in a shopping mall: the more choices, the better. If there are only a few tokens on the exchange, it poses limits to what you can buy or exchange. Although not everyone cares for coin diversity, for some people who are looking for promising new cryptocurrencies or niche coins, a wider selection is not a whim but a necessity.

Market Turnover

High trading volumes mean that you can easily find other buyers and sellers and trade your crypto at a fair price. Let’s say you want to sell coins whose price is dropping fast. On an exchange with low turnover, you will not likely find someone who is ready to buy it immediately. In this case, you’ll lose money, having to sell at a worse price. In the opposite case, high turnover means that there is always someone ready to trade.

Expenses

Everyone who trades on exchanges has to pay fees. These fees may be different: some offer flat fees, while others opt to make their fees dependent on certain currencies or your personal trading volume. In any case, some of them can be pretty steep. Thus, a good exchange offers reasonable fees so that more money stays in your pocket in the end.

Payment Options

In some cases, if you don’t have a swift option at hand, you may miss out on an opportunity, waiting for your funds to clear. But it makes life much easier when you can top up your account with Thai Baht through plenty of convenient payment methods like instant bank transfers, cards, or electronic wallets such as PromptPay.

Exchange Credibility

You're going to entrust a platform with your money, so it's essential to pick a reliable one. Check the platform background and leave immediately if the platform has a history of freezing people’s accounts without explanation or anything of the kind. 

Thailand Crypto Exchange Platforms: Conclusion

For crypto users in Thailand, crypto opens the door to a global financial market where you can conclude instant deals without restrictions based on where you live. It makes international payments easier and faster and presents a potential for high returns. But to do all of these, you’ll need to select a trustworthy platform.

With a crypto trading platform that is local-friendly, has convenient deposits and withdrawals, offers competitive fees, strong security measures, and extensive selections of cryptocurrencies, you’ll be able to improve your experience and safeguard your investments in the crypto market.