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 how to buy Bitcoin with a credit card and other payment options. This includes the best online cryptocurrency platforms and a step-by-step guide showing you how to buy Bitcoin in Thailand.
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Our Recommended Thai Bitcoin Platform
Don’t have time to read through our guide and simply want to buy Bitcoin with PayPal 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. 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
- Paypal accepted
- CySEC, FCA and ASIC Regulated
- Buy 15+ Cryptos or trade as CFDs
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 Bitcoin 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 a Bitcoin 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, 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.
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, local bank transfer, e-wallets like PayPal, Neteller and Skrill. Or if non of those options are for you, you could always buy Bitcoin with a debit card.
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
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.
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.
eToro : Best Bitcoin Broker for 2020
- CySEC, FCA and ASIC regulated
- Paypal accepted
- Buy 15+ coins outright or trade crypto CFDs
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.