Whether you’re interested in them or not, you must’ve heard of cryptocurrencies. After all, they have been the subject of fierce debates across the world for the past few years. From outright banning them to making them legal tender, countries around the globe have often taken polar opposite stances on cryptocurrencies.
The Southeast Asian nation of Thailand is somewhere in the middle. Thailand was one of the first countries to start regulating cryptocurrency. The cryptocurrency industry started expanding as many duly licensed exchanges started operating in the country.
This is substantiated by the fact that the combined trading volume on Thai exchanges increased by almost 600 per cent in 2021. 2022, however, saw a prolonged slowdown in the crypto industry across the world.
Nevertheless, the fact is that cryptocurrency exchanges have flourished in Thailand. Now, the ultimate question that you may ask- which is the best cryptocurrency exchange in Thailand?
Well, “best” depends on exactly what you are looking for in a cryptocurrency exchange. To help you, we have compiled a list of the top exchanges in Thailand along with details about their different aspects so that you can make an informed decision.
Top 9 Cryptocurrency Exchanges Operating in Thailand
In Thailand, it is the home-grown exchanges that dominate the cryptocurrency market. Still, there are many international exchanges that also operate in the country. Let’s have a look at some of the exchanges operating in Thailand:
Bitkub
Bitkub is a Bangkok-based cryptocurrency exchange founded in 2018. It is one of the largest exchanges in the country accounting for a lion’s share of cryptocurrency transactions in Thailand.
Its strength lies in the fact that it can be easily used on multiple devices. Bitkub’s interface is designed to be compatible with several devices and operating systems. In addition, it also has a lucrative referral program where you can get as much as 80% commission for referring a friend to Bitkub.
On the security front, Bitkub follows the industry standard of keeping most of the funds in cold wallets. It is a KYC-compliant exchange, keeps all the data encrypted(AES-256) and encourages the use of 2-factor authentication(2FA) for additional security.
Features
✔️70+ cryptocurrencies available
✔️Native token is called Bitkub Coin(KUB)
✔️Cold storage, 2FA and encryption for security
✔️Rewards and commissions on the referral program
Pros and Cons
✅Registered and licensed exchange ❌Limited cryptocurrencies
✅Impressive web interface ❌Thai Baht is the only fiat
✅Mobile app for both iOS and ❌No demo trading possible
Android
✅Responsive customer support
Trading Fees
Bitkub offers over 70 cryptocurrencies for buying, selling and trading at a fee of 0.25% per trade.
Bitkub fees explained
Customer Reviews
The Bitkub app is good to use
KYC verification on Bitkub can be tedious
Why We Picked It
Bitkub is a popular exchange that has been approved by the Thai SEC for business. It is KYC-compliant, is available on both desktop and mobile devices and enables crypto trading at a reasonable fee.
Satang Pro
Satang Pro is a native Thai cryptocurrency exchange founded in 2017. It was one of the first exchanges to be licensed for operations by the Thai SEC. Therefore, it is obliged to comply with the KYC and anti-money laundering(AML) policies set by the Thai SEC.
The exchange is available in both English and Thai and can be accessed on Android as well as iOS devices.
On the security front, along with being approved by the Thai SEC, Satang Pro is also ISO 27001 and 27701 certified. The platform is also insured for the protection of users’ funds and assets.
Features
✔️Bilingual exchange
✔️Licensed by the Thai SEC
✔️Insurance for user assets
Pros and Cons
✅Satisfactory selection of coins ❌Nothing much for beginners
✅Lucrative commission for referral ❌No investment options
program
✅Easy to use platform
✅Low trading commission
Trading Fees
Satang Pro does not have separate fees for makers and takers. Instead, it charges a flat 0.20% fee for transactions. The trading fee though usually goes down with higher 30-day trading volume.
Customer Reviews
Satang Pro has a useful interface
Satang Pro customer support may not be the best
Why We Picked It
Satang Pro is easy to use, has a simple fee structure and is available in both English and Thai. It is a duly certified and insured platform with a good collection of coins for trading.
Bitazza
Bitazza is not exactly a cryptocurrency exchange but a digital asset broker as per Thai regulations. It began operations in late 2019 carrying out its customers’ orders and broadcasting them to various exchanges for larger liquidity and safer transactions.
It features 80+ cryptocurrencies for trading on a secure platform. Along with that, Bitazza has strict KYC norms and you are required to upload your ID information and even go through a knowledge test before you start trading on it.
Among its major offerings, Bitazza has a Freedom Card powered by Visa. The card can be used for quick conversion of crypto to fiat top-up. It also has attractive rewards and privileges including up to 9% cashback.
Features
✔️Digital asset broker platform
✔️Mandatory KYC verification
✔️80+ cryptocurrencies available
✔️Native token is called BTZ
Pros and Cons
✅Intuitive user interface ❌Thai Baht is the only fiat currency
✅Demo trading available supported
✅Discount on fees with BTZ ❌Minimum 20 Baht withdrawal fee
Trading Fees
Bitazza charges a 0.15% maker fee and a 0.25% taker fee for trading. However, you can get some good discounts by using its native BTZ token for payments.
Bitazza fees explained
Why We Picked It
Bitazza is an excellent platform with a good and navigable UI and strict KYC norms. It offers up to 70% discounts on trading fees with its proprietary BTZ token. Its Freedom Card also has some attractive rewards and privileges.
Kraken
One of the oldest cryptocurrency exchanges, Kraken offers its full services in Thailand. Beginning with just Bitcoin, Litecoin, and Euro trades, this exchange now offers over 185 cryptocurrencies for trading.
Kraken has two versions- Basic and Pro. The basic version is better for beginners who don’t want to do anything complicated. Kraken Pro has advanced trading features such as stop orders and crypto short sales. It also offers up to five times leverage on margin trading.
As for security, Kraken is ISO 27001 and enforces 2FA for account security. Encrypted emails are used for communication and account recovery via phone or SMS is prohibited. Most of the crypto assets are kept in cold storage with 24/7 surveillance.
Features
✔️185+ cryptocurrencies available
✔️Supports many fiat currencies
✔️Spot trading, pegged tokens, futures trading and FX pairs available
✔️2FA, cold wallets and encrypted communication for security
Pros and Cons
✅Sufficient number of coins ❌Not the best option for beginners
✅Has high liquidity ❌High fees on the basic version
✅High rewards on staking ❌History of cyber attacks
✅Extensive learning material
Trading Fees
There is no fixed fee for Kraken Instant Buy as the same depends on factors like market conditions, payment method, order size etc. Kraken Pro follows the maker-taker model for charging fees.
Kraken Instant Buy fees explained
Kraken Pro fees explained
Customer Reviews
Kraken has a smooth and fast withdrawal process
Accounts may be closed on Kraken without prior notice
Why We Picked It
Kraken is an established exchange with years of experience in facilitating crypto trading. It supports a good number of cryptocurrencies and fiat currencies, has high staking rewards and has several advanced features.
KuCoin
This Seychelles-based crypto exchange’s biggest strength is the variety of coins available for trading. It has a massive collection of 700+ coins for users to buy, sell and trade. KuCoin also allows a limited level of trading without KYC verification.
KuCoin enables crypto-lending where users can lend their cryptocurrency and earn some interest on that. Staking cryptoassets for earning passive income is also an option.
For platform security, KuCoin uses application firewalls and server threat detection technologies. For account security, it has adopted multi-factor authentication. Data is encrypted both in storage and transit and 24/7 address monitoring is done to secure the assets.
Features
✔️More than 700 cryptocurrencies available
✔️Has native token called KCS
✔️Margin and leverage trading supported
Pros and Cons
✅Massive variety of coins ❌Complicated fee structure
✅Trading fees are low ❌Listing of low quality coins
✅Available in multiple languages
Trading Fees
On the fee front, while KuCoin has a rather low fee at 0.1% maker-taker fee, its fee structure is also quite complex with multiple classes and levels.
KuCoin fees explained
Customer Reviews
KuCoin is a good exchange with low fees
Account may be closed on KuCoin without prior information
Why We Picked It
You can get a variety of coins on KuCoin with low trading fees. It is good for people who want advanced trading features and are comfortable with a largely self-service platform.
eToro
eToro is a social trading and investment company and not completely a cryptocurrency exchange. It has 3,000+ assets for trading and investment which also includes a limited number of cryptocurrencies.
eToro which was founded in 2007 is an established brokerage and one of the first platforms to offer copy trading. It is heavily regulated by authorities in Australia, the UK, and Cyprus etc. which lends it an air of reliability and credibility.
On eToro, funds are kept in both hot(online) and cold(offline) wallets. The industry standard practice of employing 2FA is also done. eToro does not elaborate much on its security measures though it does say that none of its employees are authorized to transfer cryptocurrency out of the cold storage.
Features
✔️Facilitates social trading
✔️75+ cryptocurrencies available
✔️One of the earliest to offer copy trading
Pros and Cons
✅Established and regulated platform ❌Transaction fee may be on the
✅Debit card deposits are free higher end
✅Demo trading is possible ❌Lesser number of coins available
Trading Fees
The platform charges a flat 1% fee for the sale and purchase of cryptocurrencies. There are no fees for sending or receiving cryptocurrencies but crypto-to-crypto conversions have a 0.1% fee.
eToro fees explained
eToro wallet fees explained
Customer Reviews
eToro adds a personal touch with dedicated account managers
eToro may be hard to navigate for some users
Why We Picked It
eToro is for you if you want to invest in stocks, crypto, and ETFs in one place. It has an enormous number of assets and with its robust community, delivers a unique social trading experience.
OKX
Formerly known as OKEx, OKX is a cryptocurrency exchange registered in Seychelles. Along with a decent selection of cryptocurrencies, OKX also has its own blockchain OKX Chain and a native token OKB.
There is also an OKX Wallet that supports over 40 networks including Ethereum, Avalanche, and Solana. OKX not only facilitates cryptocurrency buying and selling but also spot and margin trading and derivatives markets.
OKX keeps 95% of the assets in cold storage. To reduce the chances of unauthorized wallet access, it allows only one withdrawal per cold wallet address. It also has an asset risk reserve fund worth nearly $700 million for the safety of user assets. Users are encouraged to enable 2FA, anti-phishing code and mobile verification for extra account security.
Features
✔️350+ cryptocurrencies available
✔️Has native token OKB and blockchain OKX Chain
✔️Cold storage and a reserve fund for asset security
Pros and Cons
✅Satisfactory number of coins ❌Numerous controversies and legal
available troubles
✅Low trading fees ❌Customer support is poor
✅Numerous staking opportunities ❌Fee structure is complicated
✅Supports demo trading
Trading Fees
OKX has a somewhat complex fee structure with users divided into Regular and VIP tiers with the fees for regular users being determined by their OKB holdings and by 30-day trading volumes for VIP users.
OKX fees explained
Customer Reviews
OKX is an exchange with low fees and a simple interface
Problem of spam on OKX
Why We Picked It
OKX is a platform with an easy-to-use interface and a decent selection of cryptocurrencies. You can also do demo trading on it to get a hang of things before putting in real money.
Bybit
Founded in 2018, Bybit has quickly grown to be one of the top 10 cryptocurrency exchanges. Among its many features, Bybit enables spot trading for over 280 pairs with zero maker and taker fees. Beyond that, there is also the option of getting perpetual contracts with USDT as collateral.
Following the industry standard, Bybit keeps the majority of the crypto assets in cold wallets unconnected to the internet. Threshold Signature Schemes(TSS), Advanced Multi-Signature and Trusted Execution Environment(TEE) are used for account security.
Features
✔️World’s largest USDC Options market
✔️Over 280 spot trading pairs
✔️NFT Marketplace with zero commission fees
Pros and Cons
✅Low transaction fees ❌Unverified trade volume stats
✅Derivatives trading is possible
✅Insurance fund for traders
Trading Fees
Similar to OKEx, traders on Bybit are divided into VIP and non-VIP categories for determining trading fees though the taker-maker model is used for both categories.
Bybit fees schedule
Customer Reviews
Bybit enables fast transactions
Bybit has been accused of price manipulation
Why We Picked It
Bybit is an exchange with a slick website and mobile app. It processes transactions really fast, provides opportunities for growing your crypto assets and access to some good educational material. Its testnet site is great if you want to test out your strategies.
CEX.IO
This London-based exchange is a very simple platform suitable for people new to cryptocurrency trading. It is an exchange committed to facilitating convenient and seamless trading.
CEX.IO divides users into three categories- Everyone, Traders and Businesses. ‘Everyone’ can use the Instant Buy option, ‘Traders’ can go for spot and margin trading while ‘Businesses’ get to access institution-grade services.
A duly licensed and regulated exchange, CEX.IO takes all adequate measures to protect its systems from DDoS attacks. It keeps the funds in cold storage and encrypts the data for security.
Features
✔️Regulated by the adequate authorities
✔️Customers are divided into three categories
✔️Opportunities to earn passive income on CEX.IO
Pros and Cons
✅Good range of cryptocurrencies ❌Low liquidity
✅Mobile app to trade from anywhere ❌Lengthy verification process
✅Spot trading fees are on the lower side
Trading Fees
The fees on CEX.IO is charged as per the maker-taker model and are fairly standard for the industry.
CEX.IO fees explained
Customer Reviews
CEX.IO gives a seamless trading experience
Some customers have had trouble with withdrawals
Why We Picked It
CEX.IO is fine if you do a lot of high-volume trades. It supports multiple payment methods and CEX.IO Earn has some lucrative returns on staking. You may want to check it out if you don’t require much assistance to navigate the platform.
Top 5 Decentralized Exchanges in Thailand
Decentralized exchanges(DEXs) are platforms where cryptocurrency buyers and sellers interact with each other directly without intermediaries. There are no central servers or central order books that match buyers and sellers.
UniSwap
UniSwap is the largest decentralized exchange as per CoinMarketCap statistics. It was developed on Ethereum with the help of the Ethereum Foundation and was launched in 2018. In just a few years, UniSwap has risen the ranks to become the most popular DEX.
UniSwap is an open-source project based on Automated Market Maker(AMM). It has smart contracts that specify about liquidity pools and how liquidity is to be created on the platform.
Since UniSwap is a non-custodial platform, you retain control of your funds and private keys. In this way, your funds remain safe even if the exchange is hacked. In addition, it also runs a Bug Bounty program to find and resolve vulnerabilities in the smart contracts before they become a problem.
Features
✔️AMM-based exchange utilizing smart contracts
✔️No sign-up or KYC is needed
✔️Has a native token called UNI
✔️Works with most major crypto wallets
Pros and Cons
✅Anonymous trading ❌Expensive Ethereum gas fee
✅User control over funds ❌Fiat currency cannot be used
✅Access to all ERC-20 tokens
✅Culture of community governance
Trading Fees
The exchange has from time to time upgraded its operating version. UniSwap V3 introduced multiple fee tiers for liquidity pools.
UniSwap fees explained
Customer Reviews
Customers find UniSwap to be a simple DEX
Gas fees on UniSwap can be prohibitively high
Why We Picked It
Considering Ethereum’s popularity, trading on UniSwap can get you access to most major tokens. Its code is open source which adds a layer of transparency to its functioning. It is compatible with most major crypto wallets giving you a wide choice to use the wallet of your choice.
PancakeSwap
PancakeSwap is another popular DEX. However, this one operates on the BNB Chain and not Ethereum even though it uses the AMM protocol. Therefore, it is pretty much free from the issues of high gas fees and slow transaction speed often faced by Ethereum-based DApps.
Besides token swaps, you can also do perpetual trading or get into limit orders on PancakeSwap. It also has a syrup pool where you can stake its native CAKE token to get more CAKE. Its StableSwap feature enables stable pair trades with more efficiency and lower slippage.
All the PancakeSwap contracts are multisig and time-locked for security. It has earned positive ratings in security audits conducted by firms such as Peckshield and Certik.
Features
✔️Operates on the BNB Chain
✔️Native token is called CAKE
✔️Dedicated syrup pool for CAKE staking
✔️Non-custodial exchange
Pros and Cons
✅Simple fee structure ❌Bitcoin trading not possible
✅Access to BEP-20 tokens for swapping ❌Problem of phishing attacks
✅Innovative product suite
✅Attractive returns on staking
Trading Fees
PancakeSwap does not have a complicated fee structure. It simply charges a 0.25% fee per trade.
PancakeSwap fees explained
Customer Reviews
PancakeSwap enables token swaps without KYC
PancakeSwap has no active customer support
Why We Picked It
PancakeSwap has interesting products with lucrative returns. Here, you keep control over your funds and assets. You also get to have a voice in the development of the platform if you hold CAKE tokens.
Changelly
Changelly is a non-custodial platform that prioritizes privacy and anonymity. Instant trading without KYC confirmation is hence, possible on Changelly. It has 200+ cryptocurrencies and a few fiat currencies in its kitty available for trading.
However, you are responsible for your own safety on Changelly. It does not hold funds on your behalf and hence, you have the responsibility of securing your crypto assets and doing checks before agreeing to trades.
Features
✔️Does not require custody of user funds
✔️Fiat-to-crypto and crypto-to-crypto trades possible
✔️Largely self-service platform
Pros and Cons
✅Simple to use ❌Floating rate can make fee calculation
✅Decent collection of coins difficult
✅Instant trading possible ❌The minimum trade amount required is high
Trading Fees
Changelly is a little different from other exchanges in that it has two rates- fixed and floating for determining trading fees. The fixed rate is unchanging while the floating rate can change even while the transaction is being processed.
Changelly fees explained
Customer Reviews
Changelly is easy to use
Funds may get locked up on Changelly
Why We Picked It
Changelly is good if you want a simple platform where you retain custody of your assets. You can conveniently do cryptocurrency trading and even get some great deals on crypto-to-crypto trades.
DODO
DODO is an Ethereum-based DEX that uses the Proactive Market Maker(PMM) protocol. Unlike AMM, exchanges using PMM can ensure more liquidity and price stability on the platform.
However, like other DEXs, DODO has liquidity pools where liquidity providers deposit their tokens to provide liquidity. But there are no minimum deposit requirements for liquidity pools.
Features
✔️Operates with PMM model
✔️Has a native token called DODO Coin
✔️Cross-chain trading is supported
Pros and Cons
✅Freedom to create liquidity markets ❌No fiat currency is supported
✅Slippage is minimum ❌Not as popular as other
exchanges
✅Greater price stability
Trading Fees
On the fee front, DODO has a 0.3% fee per trade though it eventually comes around to 0.6% per trade.
DODO fees explained by co-founder Radar Bear
Why We Picked It
DODO has differentiated itself from other DEXs by eliminating the limitations of AMM. You would not have any difficulty using it if you have some experience with using DeFi platforms.
Curve Finance
Curve Finance mainly provides liquidity for stablecoins and wrapped versions of assets and hence, is a more stable platform. It can operate on most major chains such as Ethereum, Aribtrum, Avalanche and Polygon.
Curve Finance’s native token is known as CRV. The holders of this token can vote on proposals for the development of the platform. This has helped in nurturing a sense of community and a culture of democratic governance in Curve Finance.
Features
✔️Primarily for stablecoin swapping
✔️Can smoothly run on several chains
✔️Native token is known as CRV
Pros and Cons
✅High liquidity on the exchange ❌Not very beginner-friendly
✅Customizable liquidity pools ❌Only web version available
✅Governed by the community
Trading Fees
Since its pools are customizable, the fee on them can range from 0.04% to 0.4%.
Curve Finance fees explained
Why We Picked It
Curve Finance is mainly for people who believe that the true crypto trading experience is possible only on completely decentralized exchanges. It is a good option if you want to trade stablecoins at an efficient exchange with reasonable fees.
Is Cryptocurrency Legal in Thailand?
Cryptocurrencies are not illegal in Thailand but they are not considered legal tender either. As per the Royal Decree on Digital Asset Business(2018), cryptocurrencies are considered “digital assets.”
These assets are traded via operators licensed by the Thai Securities and Exchange Commission(SEC) and are known as “digital assets business operators.”
As per the SEC, Bitcoin(BTC), Ethereum(ETH), Ripple(XRP), and Stellar(XLM) are tradable cryptocurrencies. In April 2022, the SEC issued a directive explicitly stating that digital assets business operators were prohibited from allowing cryptocurrencies to be used as a means of payment.
In Thailand, the Revenue Code states that income derived from cryptocurrencies or digital tokens is taxable income. Therefore, any profits derived from the possession of digital tokens and realized capital gains from the transfer of cryptocurrencies are subjected to a 15% withholding tax.
Taxpayers are also required to disclose their income from cryptocurrency transactions in their income tax returns. The 15% withholding tax is creditable against the tax liability.
While Thailand has created an environment where cryptocurrency exchanges have thrived, the authorities are at the same time wary of the risks posed by cryptocurrencies on the country’s economic system and financial stability.
In 2022, the SEC started regulating advertisements for cryptocurrency businesses. As per the guidelines, cryptocurrency advertisements have to properly display information about the hazards of investing in cryptocurrency. The ads should give a balanced view of risks and rewards.
Additionally, digital asset business operators and digital token portal service providers are classified as “financial institutions” under the Royal Decree on Digital Asset Business.
As such, all anti-money laundering legislations applicable to financial institutions are also applicable to cryptocurrency exchanges.
The Bottom Line
The cryptocurrency industry in Thailand has been booming as many home-grown cryptocurrency exchanges have developed while global exchanges have also set up shop in the country.
Although the Thai authorities look ready to regulate it more vigorously, the cryptocurrency industry continues to thrive in the country.
As for the question of which is the best cryptocurrency exchange to put your money in, you have to take several factors such as transaction fees, security systems, reputation and regulatory standpoint into consideration.
The general rule of not putting funds you cannot afford to lose in crypto still applies though.