Are you currently based in Thailand and are looking to buy Bitcoin? If so, there are a number of options for you to choose from. This includes regulated online brokers, cryptocurrency exchanges, and even a couple of Bitcoin ATMs. In this article, we cover everything you need to know about buying Bitcoin. This includes the best online cryptocurrency platforms and a step-by-step guide showing you how to buy Bitcoin in Thailand. On this Page: Our Recommended Thai Bitcoin Platform Don’t have time to read through our guide and simply want to buy Bitcoin right now? If you’re looking for the most cost-effective, convenient, and secure way of investing in Bitcoin, we suggest using eToro. This online broker is highly regulated and offers users the chance to both buy Bitcoin and trade cryptocurrency CFDs without paying any fees or commissions. It’s also a social trading platform that offers innovative tools like the CopyTrader, which allows you to mimic the positions of top investors. eToro is licensed by CySEC, FCA and ASIC, You can also easily deposit buy Bitcoin with PayPal, a Thai debit or credit card, and by bank transfer. eToro: Best Crypto Platform for 2020 OUR RATING Paypal accepted CySEC, FCA and ASIC Regulated Buy 15+ Cryptos or trade as CFDs Visit eToro 75% of retail investors lose money when trading CFDs with this provider. Crypto assets are highly volatile unregulated investment products. No EU investor protection. Bitcoin in Thailand Much like the rest of South East Asia, cryptocurrencies and blockchain technology are slowly but surely growing in prominence in Thailand. At the forefront of this is an appetite for local residents to get their hands on Bitcoin. However, regulation is still in its infancy in the country. The good news for you is that in May 2019, the Thai Securities and Exchange Commission (SEC) announced that it had approved four cryptocurrencies – Bitcoin, Ethereum, Ripple, and Stellar. These coins, in particular, were approved by the SEC because of their decentralized infrastructures. This is hugely positive for the Thai crypto community, as not only does it validate the legal existence of the four aforementioned coins, but it paves the way for new investors to enter the scene. On the flip side, the SEC also noted that its approval does not mean that cryptocurrencies are legal tender. Thailand is home to four approved cryptocurrency exchanges. While these platforms allow you to buy Bitcoin with a bank account, the process can be incredibly slow, which is why many Thai Bitcoin investors choose to buy Bitcoins on regulated overseas platforms, such as eToro. What is the Best Way to Buy Bitcoin in Thailand? Wondering where to buy Bitcoin in Thailand? Well, there are several ways. Firstly, the country is home to two Bitcoin ATMs, located in Pattaya and Chang Mai. This obviously won’t be of any use if you do not leave within distance. Even if you are based in one of these two cities, it is worth noting that Bitcoin ATM fees cost well in excess of 10%. This means that a 1,000 Thai baht deposit would leave you with just 900 baht worth of Bitcoin. Then you have local cryptocurrency exchanges. At the forefront of this is Bikhub – which is one of four approved platforms. The exchange does not allow you to buy Bitcoin with a credit card or e-wallet, so you’ll need to opt for a bank transfer. The main problem with this is that it can take days for the funds to arrive. Moreover, the spreads charged at Thai exchanges are much wider than the industry standard. We suggest using our recommended online Bitcoin broker, eToro. Firstly, you will be able to open an account in minutes, and subsequently choose from a wide range of everyday payment methods. This typically includes Thai debit/credit cards, bank transfer and e-wallets like Paypal, so your deposit will be instant and low cost. eToro allows you to buy and sell Bitcoin without paying any fees or commissions, and it even offers a mobile cryptocurrency wallet which you can use to securely store your assets. Furthermore, eToro is a regulated platform licensed in the UK, Australia, and CySEC, so it’s a reliable and trustworthy platform on which to buy Bitcoin. Note: Whichever method you do opt for, just make sure that you have a firm understanding of the risks. Bitcoin is a highly speculative asset class and its price is notoriously volatile, so there is never any guarantee that you will make money. How to Buy Bitcoin in Thailand: Step-by-Step Tutorial If you’re ready to make your first Bitcoin purchase, but you don’t quite know what you need to do, below you will find a simple step-by-step guide. We navigate you through the process of opening an account, uploading ID, depositing funds, and, of course, buying Bitcoin in Thailand. Although the steps below relate to our top-rated online broker eToro, they remain largely the same regardless of which platform you go with. Step 1: Open an Account Head over to the eToro homepage and elect to open an account. You will need to provide some personal information, such as your name, address, date of birth and contact details. eToro will then ask you a few questions about your historical trading experience to ensure that you understand the risks of buying speculative assets like Bitcoin. Step 2: KYC & Verification eToro is regulated by three respected licensing bodies, so legally it is required to identify each and every trader that uses its site. With this in mind, you will be asked to quickly upload a copy of your passport or driver’s license. The platform should be able to validate the authenticity of the document instantly, meaning you can move straight on to the next step. Step 3: Deposit Funds You’ll need to deposit funds into your account before you buy Bitcoin. eToro requires a minimum deposit amount of $200, which amounts to about 4,500 Thai baht. Don’t worry, though, as the payment will still be taken in baht. eToro allows you to buy Bitcoin with a credit card, debit card local bank transfer, e-wallets like PayPal, Neteller and Skrill, and RapidPay. Step 4: Go to the Bitcoin Trading Page Once your payment has been processed, you can proceed to buy Bitcoin. To avoid the need to browse through thousands of different asses classes, simply enter ‘Bitcoin’ into the search box. Then, click on the ‘Trade’ button. Step 5: Buy Bitcoin The final stage of the process will require you to place an order. Make sure the box is select the ‘Buy’ option as this means you’re buying the underlying asset. You’ll then need to fill in the details of trade you wish to place. Stake: Enter the amount of Bitcoin that you wish to buy in US dollars. In our example, we are buying $310 worth of Bitcoin, which amounts to about 10,000 baht. Market/Limit Order: If you simply want to buy Bitcoin at the next available market price, leave this set as a ‘market order’. Alternatively, if you want to place your Bitcoin trade at a specific price, opt for a ‘limit order’. Leverage: If you have a higher appetite for risk, you might be considering leverage. If you are, this is capped at 2x at eToro to mirror the highly speculative nature of Bitcoin. Stop-Loss: If you want to sell your Bitcoin when the price goes down by a certain amount, set up a stop-loss order. This will mitigate your losses in the event the markets go against you. Take-Profit: If you have a profit target in mind, enter the price that you wish to close your trade. Finally, click on ‘Buy’ to complete your Bitcoin purchase. What to Look for in a Thai Bitcoin Broker Although we have explained how to buy Bitcoin in Thailand with our top-rated broker, you might decide that you want to perform some research of your own. As such, below you will find some handy tips on what you need to look out for when choosing a Bitcoin broker. Licensing The first thing you should do when considering signing up to a platform is ensure that your chosen Thai Bitcoin broker is licensed. If it isn’t, then your funds are at risk. Instead, stick with platforms that are regulated by trusted licensing bodies. At the forefront of this is the UK’s FCA, Australia’s ASIC, and Cyprus’s CySEC, all of which license eToro. This means that if your broker was to run into financial trouble, your money would be safe. This is because regulated brokers are required to keep client funds in a segregated bank account. Licenses also mean your account will be kept secure and protected from potential hackers. Supported Cryptocurrencies Right now you may just want to know how to buy Bitcoin in Thailand, but there might come a time where you decide to add other cryptocurrencies to your investment portfolio. As we previously noted earlier, the Thai SEC has approved four cryptocurrencies in particular for the purpose of trading. To clarify, this includes Ethereum, Ripple, Stellar, and bitcoin. This means that you won’t be able to buy other leading cryptocurrencies if you use a local exchange. On the contrary, regulated overseas brokers like eToro give you access to well over a dozen coins, including the likes of Bitcoin Cash, Dash, and Binance Coin Payment Methods Have you thought about the specific payment method that you plan to use to buy Bitcoin online? We would suggest using a Thai debit/credit card or an e-wallet if you can, as your payment will be processed instantly. Although you can also deposit funds with your local bank account, this might take a number of days. Make sure you check whether or not your preferred payment method is supported before opening an account. Fees and Trading Commissions You will always need to pay a fee to buy Bitcoin, as online brokers are in business to make a profit. With that said, there is a huge disparity in what online brokers charge. Let’s take Coinbase as a prime example, which is one of the largest and most popular cryptocurrency brokers in the online space. You will pay 3.99% just to deposit funds with a debit/credit card, and then a further 1.5% in trading commissions. This trading commission must be paid again when you sell your Bitcoin back to fiat currency! This is in stark contrast to platforms like eToro, which not only allow you to deposit funds for free, but doesn’t charge any trading commission. Leverage and Short-Selling Some Bitcoin investors ae more interested in buying and selling cryptocurrencies on a short-term basis. In fact, you might even be considering day trading. Either way, you’ll want to have access to sophisticated trading tools, such as leverage. This is where you borrow capital from your broker so that you can trade with more than you have in your account. For example, if you have 10,000 baht in your account, and you apply leverage of 2x, you can actually trade with 20,000 baht. An additional tool that you might want access to is short-selling. This is where you will be speculating on the value of Bitcoin going down. If it does, then you make a profit. eToro offers both of these tools, as well as its innovative CopyTrader feature, which allows you to follow and mimic the positions of high performing investors. Education and Research Bitcoin operates in a fast-changing industry, so it’s crucial that you have a firm grasp of key market developments. This is why we prefer Thai Bitcoin brokers that give you access to fundamental and technical analysis tools, such as technical indicators like relative strength index (RSI) and moving average convergence/divergence (MACD). Customer Support You should also take a look at what customer service channels the online broker offers. If you do decide to buy Bitcoin with a regulated broker based overseas, you’ll want to ensure the customer support team has opening times that suit you. Other Ways to Buy Bitcoin in Thailand To ensure you are able to make an informed decision on the best way to buy Bitcoin for you, below you will find a couple of alternative methods that you might want to consider. Bitcoin ATMs There are currently 2 Bitcoin ATMs located in Thailand, one located in Pattaya and the other in Chang Mai. These are physical ATM machines that allow you to insert Thai baht in, and receive Bitcoin out via a digital wallet. Here’s how it works: Start a new session at the Bitcoin ATM by entering your mobile phone number You will then be sent a unique PIN via SMS, which you will need to confirm on screen Next, enter the amount of Bitcoin that you wish to buy in Thai baht You will then be asked to enter the exact amount of baht into the machine To get your Bitcoin, you will need to have a bitcoin wallet. Simply scan the QR Code from your mobile wallet, and the ATM will transfer the coins If you don’t have a private wallet, the machine will print a voucher. You’ll find instructions on the back explaining how you can claim the Bitcoin. On the one hand, Bitcoin ATMs offer a very convenient way of buying cryptocurrencies. However, not only are Thais limited to just two machines, but transaction fees often exceed 10%. Peer-to-Peer Websites If you don’t live near one of the two Bitcoin ATMs in Pattaya and Chang Mai, then you might want to consider using a peer-to-peer website like LocalBitcoins. The process involves buying Bitcoin from a seller located in Thailand, via a Thai payment method. Here’s how it works: You will first need to create an account with LocalBitcoins Enter the amount of Bitcoin that you wish to buy in Thai baht, as well as your preferred payment method You will then see a list of Thai sellers that meet your requirements Assuming you opt for a local bank transfer, the seller will then give you their details, alongside a unique reference number Before transferring the funds, make sure the seller has deposited the coins into the LocalBitcoins escrow wallet Once they have, and you’ve subsequently made the payment, mark the order as complete The seller will then check the funds have arrived, before releasing the Bitcoin You will then need to withdraw the Bitcoin to a private wallet Peer-to-peer websites are often good for facilitating local Thai payment methods that regulated brokers likely won’t support. On the flip side, you do need to be extremely careful not to get scammed, as peer-to-peer platforms operate unregulated. Conclusion Although cryptocurrencies and blockchain technology are still in their infancy, the industry is getting more and more popular in Thailand. This became evident last year when the Thai SEC approved four cryptocurrencies for the purpose of trading. It is also promising that Thailand is home to Bitcoin ATMs, albeit, this currently stands at just two terminals. Nevertheless, you have a number of ways to buy Bitcoin in Thailand. As we have discussed throughout this article, the easiest, cheapest, and most convenient way of doing this is to use an online broker like eToro. Not only does the broker accept Thai residents, but you” be able to buy Bitcoin with a credit card or e-wallet commission-free Bitcoin. eToro : Best Bitcoin Broker for 2020 OUR RATING CySEC, FCA and ASIC regulated Paypal accepted Buy 15+ coins outright or trade crypto CFDs US-friendly Visit eToro 75% of retail investor accounts lose money when trading CFDs with this provider. Crypto assets are highly volatile unregulated investment products. No EU investor protection. FAQs Is Bitcoin legal in Thailand? Yes, alongside Ethereum, Ripple, and Stellar - Bitcoin was recently approved by the Thai SEC for the purpose of trading. However, Bitcoin is not recognized as legal tender, so it can't be used to pay for goods and services. What payment methods do Thai Bitcoin brokers support? If using a Thai cryptocurrency exchange, you'll need to a bank account - which can take days to settle. Alternatively, by using a regulated broker located overseas, you'll get to use a Thai debit/credit card or e-wallet. Can I buy Bitcoin anonymously in Thailand? The only way that you can do this is as of 2020 if to use a peer-to-peer website like LocalBitcoins, and then arrange to exchange the coins in-person for cash. However, this is risky, as you end up getting scammed. What is the minimum amount I have to invest to buy Bitcoin in Thailand? This varies from platform to platform. If using our tp-rated broker eToro, this stands at $200 (about 4,500 Thai baht). Can I buy Bitcoin with leverage in Thailand? Yes, there are no restrictions in place preventing Thai Bitcoin traders from applying leverage.