The Best Forex Brokers in Thailand 2023
To be a profitable Thai forex trader, you’ll first need to locate the best forex brokers in Thailand. Unfortunately, this isn’t the easiest task. Whilst there are a number of quality forex brokers you can use, there also are plenty of untrustworthy sites around too.
Luckily for you, we’re here to help. Our experts have made it easy for you to trade safely by identifying licensed forex brokers who accept Thai traders.
These brokers are not only reputable, but they offer a range of features that appeal to Thai traders too. This includes offering Thai language customer support and platforms, localized payment methods, and Islamic accounts.
Below, you can view our complete list of the best forex brokers in Thailand. You can also read on to learn more about forex trading in Thailand, including:
- What you need to know about forex trading regulation in Thailand
- The benefits of offshore brokers
- How we selected the top forex brokers in Thailand
- What you will need to start trading forex in Thailand today
Our list of the best forex brokers in Thailand are:
- XM Group
Best and most trusted forex brokers in Thailand 2023
Is forex trading legal in Thailand?
You may be concerned about whether it is legal to trade on the foreign exchange market in Thailand at all. The good news is that forex trading in Thailand is entirely legal. And, so long as choosing a reputable broker, it is completely safe too.
How is forex trading regulated in Thailand?
In Thailand, the Securities and Exchange Commission (SEC) and the Bank of Thailand (BOT) regulate forex trading. As a Thai trader, you’re protected by both of these agencies. This means that when you register with one of our recommended Thailand forex brokers, these agencies are looking out for you.
We understand that before you go ahead and register with one of our best forex brokers in Thailand, you probably want to know a little more about these two agencies.
The Bank of Thailand (BOT is responsible for monitoring the movements of exchange rates and preventing excess volatility. The purpose of doing so is to reinforce economic stability in the country.
The Securities and Exchange Commission (SEC) sets the specific rules that govern forex trading sites that offer services to Thai customers. The Securities and Exchange Act, B.E. 2535 (1992) lists the provisions for both forex traders and brokers operating in the country. This act was amended in 2019 (Securities and Exchange Act, B.E. 2562). Key provisions of the act include
- All forex operators in the area must have the support of the BOT (via other reputable forex licenses)
- Thai traders can invest in securities abroad at an amount not exceeding $1 million per year
- All Thai forex brokers and traders located within Thailand are prohibited from using the Baht as a pair in their trading
- Thai forex brokers must be transparent and fair with the services they offer
The bottom line is that these rules keep you safe, as does choosez a broker that conforms to these regulations. All of our recommended best forex brokers in Thailand follow the SEC and BOT regulations. As such, you can rest assured your trades are always secure.
Trading with an offshore forex broker in Thailand
As a Thai investor, it is legal for you to trade with an offshore broker. An “offshore” forex broker is simply one which is located outside Thai borders.
Many of the best Thailand forex brokers are located overseas, so this is great news for you.
The key to choosing a safe offshore forex broker is to make sure that the company is licensed and regulated by a trusted government authority. Major forex authorities include:
- The Monetary Authority of Singapore (MAS)
- The Australian Securities and Investments Commission (ASIC)
- The Financial Conduct Authority (FCA) of the UK
- The Cyprus Securities and Exchange Commission (CySEC)
You should always check to make sure the broker has a good reputation and has been operating for a number of years. Luckily, our reviewing team have assessed this for you. All of our best offshore forex brokers in Thailand have passed our strict reviewing methodology, which takes reputation and regulation into consideration.
You may find that, even if a broker boasts licenses from the major authorities listed above, you are required to trade with the ‘global’ arm of the company. This is common and shouldn’t alarm you.
The ‘global’ arms of forex brokers usually fall under the regulatory oversight of smaller bodies such as the International Financial Services Commission (IFSC) in Belize or the St. Vincent & the Grenadines Financial Services Authority (SVGFSA). This is so that the broker can offer their services to traders in several countries at once.
Neither the IFSC nor the SVGFSA has the same level of respect as big bodies like the MAS, ASIC, FCA or CySEC. However, as all of our best forex brokers in Thailand also have at least one license from one of the major authorities, they are completely safe and have the support of the BOT.
The benefits of trading with an offshore broker in Thailand
Why conduct Thailand forex trading with an offshore broker? Here are a few reasons to consider:
- Many of the best brokers offering the most exciting features and the most reliable services are not based in Thailand.
- Offshore brokers tend to operate within regulatory frameworks which are robust, yet reliable. They’re not subject to constant updates so you can expect the conditions and laws to stay stable throughout your trading career.
- Offshore forex brokers tend to serve customers in many countries. If you travel or relocate, you can keep using the same forex broker.
To start enjoying these benefits, see our chart of the best forex brokers in Thailand.
Depositing with an offshore forex broker in Thailand
Making a deposit to trade with an offshore broker doesn’t have to be complicated. In fact, many international brokers offer Thai traders convenient depositing options.
In 2020, the BOT announced that cross-border QR payments are expanding. This gives you a fast and easy option, whether you bank with Bangkok Bank, Kasikorn Bank, SCB or Krung Thai.
Another option is to use a major e-wallet such as Skrill which operates internationally. You also can try a more localized option such as Perfect Money, which also offers its own cryptocurrency. Some international brokers also accept bitcoin and altcoins too.
How we find the best forex brokers for Thai traders
Trying to find the best Thailand forex brokers on your own can feel daunting and complicated. Fear not, however, as our experts have done the hard work for you. To make finding the perfect Thai forex broker as easy possible, we use a rigorous reviewing methodology to vet forex Thailand brokers.
We examine 200 criteria points in 10 different areas, including licenses and regulation, reputation, fees, trading platforms, product portfolio, mobile features, security, deposits and withdrawals, education, and customer support.
In addition to our methodology criteria, we also look for specific features that we expect from the best forex brokers in Thailand. These include:
- Regulation – We make sure that a trusted regulator like CySEC or the FCA regulates each Thai forex broker we recommend. We also make sure that the broker abides by the BOT and SEC regulations for forex in Thailand.
- Localized payment methods – All of the offshore brokers we recommend accept Thai QR payments, transfers from local banks, and other convenient payment methods for Thai traders. This ensures you can deposit and withdraw funds quickly and easily.
- Islamic accounts – If you’re a Muslim Thai trader, you’ll need a swap-free Islamic account to ensure all your trading activities are halal. All of our best forex brokers in Thailand offer these with competitive spreads.
- THB based accounts – We recommend brokers that allow you to choose the Thai Baht as your account currency.
- Leverage – As leverage isn’t restricted in Thailand, we search to bring you forex trading sites that offer you leverage limits designed for all types of trader.
- Bonuses – One of the biggest benefits of trading with the best forex brokers in Thailand is that you’ll be rewarded for choosing them over another site. Our top rated sites offer you valuable bonuses and promotions.
- Narrow spreads on relevant pairs: – As Thai traders are not permitted to speculate on the value of the Baht, we look for sites which offer competitive spreads on other familiar pairs, such as the USD-based majors.
- Thai language – The sites we recommend offer Thai versions of their pages and offer excellent customer service in Thai.
Check out our list of the best forex brokers in Thailand now to find a site that offers these special features for Thai traders.
What you will need to trade forex in Thailand
Getting started trading FX in Thailand is easy. When you register an account with a Thai forex broker, you need to provide your name, physical address, email address, and phone number. You will need to pick a password for your account as well.
You’ll also need to provide your country of citizenship, your date of birth and your ID or passport number. Once you’ve submitted your personal details, you may also be asked about trading aims, experience and objectives.
Make sure you provide the Thai forex broker with current and accurate information during this initial step. You will need to provide proof of your identity and residency to validate your account.
Islamic accounts for Thai forex traders.
Although Islam is a minority region in Thailand, we always ensure that our top-rated forex brokers cater to everyone. If you’re a Muslim trader, you’ll need an account which doesn’t not earn riba.
The best forex brokers in Thailand offer a range of Islamic trading accounts, which do not pay or earn interest on overnight positions or charge you for holding overnight positions.
It’s important to watch out for brokers who fold swap fees into other fees. This practice is not compliant with Sharia law and is haram. The forex brokers we recommend do not engage in this deceptive practice. We have checked over every detail of their Islamic accounts to ensure that they are 100% Sharia-compliant.
To open an Islamic trading account with our best Thai forex brokers, you’ll usually need to open a regular account first. Then, when you are ready to trade, you should contact customer service. You may need to provide proof of your religion.
The best forex trading platforms in Thailand
Along with registering with a forex broker who accepts Thai traders, you also will need to choose a trading platform.
Many of the best forex brokers in Thailand offer solid platforms of their own, although traders may choose to use a separate trading platform in order to enjoy more flexibility and features.
MetaTrader 4 (MT4) is the most popular trading platform among Thai traders. Ever since launching in 2005, MT4 has been the global standard for trading FX and CFDs. If you also want to trade futures, options, stocks, and commodities, consider choosing MetaTrader 5 (MT5) as your trading platform.
Both the MT4 trading platform and the MT5 trading platform support multiple types of pending orders, a variety of time frames, and a wide array of indicators. You can load custom indicators into the software too.
Benefit from forex bonuses in Thailand
One of the special appeals of trading forex in Thailand is that there is no ceiling on bonus offers. As a result, Thai traders can qualify for huge promotions and rewards.
Here are some of the types of bonuses that the best forex brokers in Thailand offer:
- Deposit bonuses – When you make your initial deposit, the broker gives you a match on that deposit. Some forex brokers may also offer deposit bonuses to returning customers.
- No-deposit bonuses – Sometimes a Thai forex broker may give you a bonus without you even making a deposit. No deposit bonuses are the perfect opportunity to see whether your chosen broker meets your needs.
- Referral bonuses – This is a bonus that a Thai forex broker awards you for referring a friend to the website.
- Forex trading contests – Compete with other traders to win prize money for your account.
- Demo contests – This type of contest works like a regular one, except that you participate with your demo account rather than risking real money.