Thailand Forex Market is not the most popular among traders. When it comes to Forex Trading you think of London or NYC. The Thai currency isn’t too popular either. Even though they have these types of issues, Thailand still has a very well developed Forex Market, everything that is connected to trading is regulated and overseen by the Bank of Thailand(BOT). Therefore when you look for a reliable Thai Forex Broker always make sure that they are recognized by the BOT. Also keep in mind that, The Securities and Exchange Commission of Thailand (SEC) is the one mandated with the role of regulating the capital and securities trading. When you get a first look at the sheer number of brokers you might get overwhelmed, but don’t worry most of them are not regulated by SEC or BOT and it doesn’t really take much research to find out.
Even though the Thai Baht is nowhere near the level of Major Currencies, it is quite close to the economic powerhouse – Australia. The AUD is considered as one of the top Major Currencies to trade with, therefore brokers have a really easy time to monitor its prices. Please consider the fact that if you are a speculator, you won’t have a good time in Thailand unless you use a VPN. because speculating with the Baht is illegal.
We’re completely sure that you’re already aware of the fact that nearly every broker worldwide offers their service all day every work-day, you may not get that with some of the brokers, those are the brokers you need to be careful about and do lots of testing and research before you commit.
Even though it took a lot of searching and figuring out, our team managed to make a small list of Forex Brokers in Thailand that you can trust. There are the Brokers that will keep your best interest in mind and take great care of you. Don’t get frightened by the small number, because only the best of the best will be featured here
FCA, ASIC, DFSA
CySEC, FCA, ASIC
MT4, MT5, WebTrader
ASIC, BaFin, FMA, CNMV, FSC, CIMA, RAK
FCA, SV, FSCA, DFSA, FSA
cTrader, MT4, MT5
100 GBP/EUR,150 USD
MT4, MT5, WebTrader
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
We encourage you to do your own research as well, please make sure that you visit each of the broker’s websites, look at all the information is given to you. However, if you don’t really have time to be surfing around the internet all day you can see a small text on the right side of the small previews that says “review”, those are the reviews that our teams have made about those specific brokers. If you want fast and most important information about those brokers than you are free to give a look and make a decision.
You need to be aware of how different people think in Thailand. Thailand is a very different and culture-rich country that is a very popular tourist destination. Please keep this in mind when you start trading Forex. Scams when it comes to tourism are hard as they come but they manage to make those so much. When it comes to Forex those who want to scam you will definitely succeed if you let them. Therefore it is our sincere suggestion that you pay attention to who you trust and who you don’t. Therefore the road should be clear for you to start checking all the reviews and preparing your critical mind to find the smallest of details before you start trading in Thailand.
One of the first times that scams were found out about was in July 2016, when about 30 people filed reports about how they got scammed and lost all their money, furthermore police investigation found out that nearly 1,000 people had been swindled and lost a combined sum of $2.8million. Most of the times people who get scammed easily are the most unprepared for the brokers they work with. This broker offered them 60% returns which is a huge amount of returns for Forex, generally, this is the main theme of Thai Forex broker scams when brokers offer you huge amounts of returns they can’t possibly deliver. Thailand is still a young economy trying its best to diversify and it’s doing a great job, when you do the research you find out how many opportunities you have. I don’t think we need to be telling you this but before you invest anything anywhere, you need to research and you need to read reviews. Please also be aware of the fact that there are some Thai cryptocurrency scams that have come up lately in the country. This is important to note especially because many Forex traders are also trying to get acquainted with the crypto market.
The same thing happened in October 2017, when nearly 3,000 people were scammed. About 570million Baht which is equivalent to $18million was stolen. The perpetrators were a group of 10, so don’t always be swayed when you think the broker is too big to be a scammer. The scammers offered users 365% yield a year on their investment. Sometimes the numbers just get to people and they can’t think straight. Don’t get overwhelmed if you are given a ridiculous number when talking about profits, just ask how and when.
Still, don’t believe us? Just 1 month ago, basically the same thing happened as in 2016. A Russian man created a website of binary options with which he was able to swindle more than 1.4 million people. Think about that 1.4 million people got swindled. That’s how important it is to make sure you read reviews and expert critics before you commit to somebody. over $22million was scammed away never to be seen again. We aren’t trying to shy you away from this or make you scared. The Thai Forex market can be a place of wonder for you, we just suggest you be attentive and careful.
In order for you to be on top of the game when it comes to the Thai Forex market, you need to be aware of how the BOT & SEC operate. In this section, we are going to do that exact thing.
The National Banking Bureau was established in June 1940. In 1942 after it had operated for two years the decision was made to rename it to “Bank of Thailand”. The responsibilities of this bank were pretty much the same as any other national bank, however, they were more closely tied to the currency and economy regulation than most other banks. We were able to list the roles that it had to perform;
BOT was basically formed to gain more control over the economy, the Thai economy was a bit jumpy in the older days so it desperately needed the attention it got, but the question remains if it still needs that rigorous attention. This question, however, is asked mostly by foreigners, not locals, therefore all the top-notch Thai Forex brokers follow the rules, even the rule of Baht speculation being illegal. However, trading in Thailand can be as easy and stress-free as anywhere else when you’ve found yourself a credible broker.
1992 is the year that the Securities Exchange Commission (SEC) was established under the Securities and Exchange Act. It is an independent public agency whose duty is to ensure the supervision of Thai capital and the creation of its efficiency and transparency. While SEC supervises duty performance of SET – Securities Exchange of Thailand, Forex trading is under the direct supervision of BOT. Forex trading activities in the country are also under control of SET with SEC regulations.
As we’ve already mentioned before, Forex trading in Thailand is completely legal. However, you need to make sure to check out the largest Forex traders in Thailand to help you trade safely and efficiently. You may be more accustomed to trading on the platform of more booming economies such as Australia, U.K., USA and etc. which offer way more freedom and less restriction when it comes to trading. In Thailand however, there have been several restrictions introduced to the Thai Forex market by the BOT. The reason still stands to be the age of the economy.
According to the Exchange Control Act of Thailand, The Minister of finance has the power to issue ministerial regulations controlling, restricting or prohibiting of all exchange or operation of Forex. Currently, all Thailand Forex brokers and traders located within Thailand are not supposed to use Baht as a pair in their trading. The reason this was done, was so that the BOT would be able to take full charge of the currency. Foreign Exchange Regulations were updated in 2017 when the BOT made some changes. It is stated in the update that a Thai person can invest in securities abroad at an amount not exceeding $1 million per year.
Licensed under CySEC and FAC this is the sentence that you need to be seeking because this means that they have the support of the BOT. It is, therefore, it is very important to make sure that the broker of your choice is not only very reputable in Thailand but in the rest of the world as well.
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