How to choose the best forex broker in Thailand
Regulation is one of the most crucial factors to consider while selecting a forex broker. A regulated broker does not only ensure the protection of funds but remains sufficiently liquid all the time. On the other hand, investment with a non-regulated broker always remains at risk. The worst part is that you can’t even file a case against a non-regulated broker if your broker breaches the code of conduct. Therefore always check if your broker is regulated.
Examine the broker’s overall reputation
Checking the broker’s overall reputation is also essential before opening an account with it. You can read the reviews of existing customers on various websites and social platforms such as Investing.com, FXStreet, ForexPeaceArmy, Reddit, and Quora. You can also check the broker’s rating on third-party rating websites such as TrustPilot.
Examine deposit and withdrawal process
Most traders make passive income through forex. It is beneficial to have a second source of income in the form of forex trading. However, if your broker doesn’t release your funds on time, it can become a source of inconvenience. You can check the efficiency of your broker’s deposit and withdrawal process by depositing a fractional amount and then placing a withdrawal request. If your broker is professional, then there won’t be an issue with your deposits or withdrawal of funds.
Initiate an account with a broker that is in business for at least three years
Try to open an account with a well-established broker instead of a new broker. There are many reasons why a novice broker can be a risk to your investment. Most importantly, you don’t know if a broker is competent enough to carry on its operations for the foreseeable future. New brokers barely sustain market irregularities and legal compliance and end up shutting down their operations within a year or two. Therefore, you should prefer to go with a broker that has survived the market for three years or more.
Verify the international presence of your broker
A forex broker’s international presence is enough to offer reasonable assurance that a broker is competent and professional. A broker needs to pass through various security and regulatory checks before serving international clients. Therefore, check if your broker is already acknowledged internationally.
Contact the customer support
You must not forget to check the level of customer support services before signing up with any broker. A broker who is incapable of offering you satisfactory customer services is likely to ruin your overall trading experience. Therefore, try to avoid opening an account with a broker known for poor customer service.
Best Forex Brokers in Thailand
Listed below are some best forex brokers in Thailand
- Exness – Low spreads, Multiple regulations and well-established Broker
- FP Markets – It offers customer-friendly trading platforms
- IC Markets – It offers low spreads.
- Forex.com – It offers a range of currency pairs
- XM – It holds multiple regulations
Factors that we considered while selecting the best forex brokers in Thailand.
Given below are the factors that we considered while searching for the best forex brokers in Thailand.
Checked the reputation of brokers
We have checked and verified the reputation of each of the listed brokers. First of all, we checked the reliability score with third-party review websites, such as Trust Pilot. We then read reviews and feedback of customers on different social networking platforms, including Quora and Reddit. We also tried asking our peers to provide personal recommendations. Last but not least, we scrutinized all the information and selected the brokers with the highest dependability scores.
Checked brokers regulatory status
We have confirmed the regulatory status of each of the listed brokers. We searched the company’s registration number on brokers’ official pages and verified each broker’s authentication on the relevant regulatory authority’s website one by one. We found that all our listed brokers are completely authorized. The main regulatory bodies in Thailand include;
- The Central Bank of Thailand
- Securities Commission of Thailand
Tested deposits and withdrawals
We have also checked the deposit and withdrawal process with our listed brokers individually. We deposited small amounts and initiated withdrawal requests after a day or two. Honestly, all our brokers were quick to process deposits and fast to release funds.
Checked the availability of demo accounts
We have also confirmed that all the listed brokers offer demo accounts. You can use the virtually funded demo accounts to practice your trading skills as much as you can. Not to mention, our listed brokers offer demo accounts with unlimited virtual balance and expiry.
Checked different services and features
We have also checked different services and features with each of our listed brokers, such as trading cost, research and educational tools, and risk management tools. We have also confirmed that these brokers offer all the basic tools and enable you to carry out detailed fundamental and technical analysis.
Tested trading platforms
We also tested the practical useability of the trading platforms offered by our listed brokers. We tried placing several trades employing stop-loss features. We witnessed instant trade execution with no latency or slippage issues.
Mobile trading platforms
We have also tried using the mobile trading platforms of all our listed brokers. We wanted to confirm if the mobile trading platforms have the basic functions available. Mobile trading is an essential feature for a profitable trading experience. Honestly, except for the absence of a few features, we found the mobile trading platforms as competitive as desktop or web trading platforms. All our listed brokers offer mac and android supported mobile trading platforms available to download from the respective app store i-e Apple Store or Google Play Store.
Contacted customer support staff
Lastly, we reached customer support staff of our listed brokers and asked dozens of questions. We also registered several complaints with all of our brokers. Initially, we thought the brokers would become annoyed and might not reply to our queries. However, all of our brokers turned out quite professional. We received proper answers to all our queries and witnessed in-time resolution for our complaints.
Forex Brokers in Thailand– FAQs
Is forex trading legal in Thailand?
Yes, forex trading is legal in Thailand.
Do forex traders pay tax in Thailand?
Yes, forex earning is a taxable income in Thailand. Taxes on forex earnings in Thailand are applicable as per the following income slabs.
500,000 THB to 749,999 THB — 15% WHT
750,000 THB to 999,999 THB — 20% WHT
1,000,000 THB to 1,999,999 THB — 25% WHT
Who regulates forex trading in Thailand?
The Central Bank of Thailand and Securities Commission of Thailand regulates forex trading in Thailand.
How many forex traders are there in Thailand?
Different online resources provide different numbers concerning the forex traders in Thailand. However, the exact figures of forex traders in Thailand are unknown.
Can Thailand residents sign up with a forex broker from abroad?
Yes, they can. However, clients should prefer opening an account with regulated brokers only.
Finding the best forex brokers in Thailand can drive you nuts. However, things may become easier if you follow the guidelines mentioned above.