When it comes to trading forex in Thailand, there are many brokers to choose from. The broker you sign up with determines your entire forex trading experience, from the currency pairs you can trade to the fees you pay and the tools you can use. So, how do you know which Thailand forex brokers are best for you?
In this article, we explore the five best Thailand forex brokers of 2020. We also outline the many factors that you need to look out for prior to choosing a broker and provide a step-by-step guide on how you can begin trading today.
Our Top-Rated Thailand Forex Broker
If you don’t have time to read our guide all the way through, below you will find our top-rated Thailand forex broker of 2020. The overseas platform is regulated by the FCA, CySEC, and ASIC and it takes just minutes to get started. Once your account is funded, you can buy and sell dozens of currency pairs at the click of a button.
eToro: Best Thailand Forex Broker 2020
- 0% commission and tight spreads
- Good range of currency pairs
- Social and copy trading
- Strictly regulated
What is a Forex Broker?
Put simply, a forex broker is a firm or company that provides a platform through which traders can access the international forex exchange markets and trade a range of currencies. Most forex brokers are online-based and integrate a range of resources and tools onto their trading platform. This commonly includes technical indicators, charting tools, risk management tools, financial news and insights, leverage and up-to-date market data.
A forex broker earns money through the fees they charge. The most common is the bid-ask spread of every currency pair traded on their platform. There is no standard spread for Thailand forex brokers, and it varies from one broker to another. Secondly, forex brokers may impose a fixed or variable commission (fee) for every trade executed on their platform, as well as other fees like withdrawal fees.
What Makes a Good Forex Broker?
When comparing different forex brokers, you have to take into account a range of different factors. These include:
- Regulation: We advise only ever going with brokers that are licensed by leading regulatory authorities like the UK’s FCA or Australia’s ASIC. This ensures that your account is protected by encryption technology and that your funds are kept secure in segregated bank accounts.
- Advanced trading platform: The best Thailand forex brokers offer high-quality trading platforms with a range of advanced trading and research tools. A platform should also provide fast order execution speeds and a reasonable number of currency pairs to trade.
- Fair pricing: A good forex broker must also be fair when it comes to fees. You should look out for 0% commission, tight spreads and low deposit and withdrawal fees, or ideally none at all.
- Accessible: Registering an account with a forex broker should also be quick and easy. The top forex brokers in Thailand also make it possible to access the account on multiple devices like web trader, desktop and mobile apps, on both proprietary and conventional trading platforms like MetaTrader 4 and 5.
Best Thailand Forex Brokers of 2020
Below we have listed our top five rated Thailand forex brokers. All of the trading platforms are located overseas, and they all hold at least one regulatory license. Most importantly, our top picks offer low fees and commissions and allow you to deposit funds with a range of payment methods. This includes debit/credit cards issued in Thailand (Visa and MasterCard only), e-wallets, or international bank wire.
1. eToro - Best All-Round Forex Broker
eToro, our top-rated forex broker is ideal if you're just starting out in the world of online trading. Firstly, it takes just minutes to open an account, and you can quickly verify your identity by uploading a copy of your Thai passport or driver's license. Next, you can instantly deposit funds with a debit/credit card or e-wallet without being charged.
Minimum deposits start at $200 which amounts to around 6,500 Thai baht. Once you're all set up, eToro lists dozens of currency pairs. This includes all major and minor pairs, as well as a number of emerging currencies. The broker does not charge any commissions when you trade forex, so it's only the spread that you need to cover, and eToro's spreads are some of the tigtest around.
If you don't have any experience of trading forex, it might be worth using the eToro Copy Trading Feature. This is where you can copy trades like-for-like from other eToro users. You get to choose who you copy based on their historical trading results, which is 100% transparent. eToro is also a social trading platform that allows you to interact with other users.
When it comes to safety, eToro holds multiple licenses. This includes the FCA, ASIC, and CySEC. This ensures that your funds are held in segregated bank accounts, and that all other users at the site have their identity verified. You can fund your account with a variety of payment methods, including PayPal, and there's also the eToro app for forex trading on the go.
- Currency Pairs: 47
- Demo Account: Yes
- Trade Commissions: No
- Research Tools: Social trading, Copy Trading, Basic Charts
- Minimum Deposit: $200 (6222 Baht)
- Perfect for newbie traders
- No commissions
- Dozens of currency pairs
- Only 1:30 leverage
2. Plus500 - Commission-Free Regulated Forex Broker
Plus500 is a UK-based forex broker that accepts traders from Thailand. Much like eToro, it takes just minutes to open an account, and you can deposit funds with a debit/credit card, Paypal, or bank account. Minimum deposits are lower at $100, or 3,250 Thai baht.
With 70 currency pairs, there's no shortage of trading options on Plus500. Other than the spread, there are no trading commissions to pay at this broker, and the spreads here are some of the most competitive on the market. You'll also get to deposit and withdraw funds without being charged.
What we also like about Plus500 is that it offers a proprietary mobile trading app on both iOS and Android devices. This allows you to keep tabs on your forex trades while you are on the move. It also allows you to exit a trade at the click of a button if market conditions go against you.
Plus500 is regulated in multiple jurisdictions, and its parent company is listed on the London Stock Exchange, so it's a very trustworthy broker. Outside of the forex arena, Plus500 offers CFDs in the form of stocks, indices, ETFs, interest rates, and cryptocurrencies.
- Currency Pairs: 70
- Demo Account: Yes
- Trade Commissions: No
- Research Tools: Basic charts
- Minimum Deposit: £100 (3934 Baht)
- Minimum deposit of $100
- Over 2,000 trading instruments
- Mobile app available
- No educational material
3. FXCM – Choice of Forex Trading Platforms
FXCM, short for Forex Capital Market, was established back in 1999 and is one of the leading providers of forex CFD trading. This broker is regulated in a number of jurisdictions and holds licenses from the FCA in the UK, ASIC in Australia, America's CFTC, and CySEC in Cyprus.
This broker is known for its competitive, fast order execution, and useful trading tools. There are 39 forex pairs to trade, which isn't the largest selection, but should be more than enough for beginner traders. FXCM does not charge trade commissions or deposit or withdrawal processing fees.
Trading on FXCM is accessible via three of the most impressive trading platforms: TradeStation, FXCM's own proprietary trading platform, NinjaTrader, and the all popular MT4. These feature a wide range of advanced trading and market analysis tools, provide access to the latest forex market data, and critical market news.
- Currency Pairs: 39
- Demo Account: Yes
- Trade Commissions: No
- Research Tools: MetaTrader 4, Trading Station, NinjaTrader
- Minimum Deposit: $50 (1555 Baht)
- Platforms: Choose from MT4, Trading Station and NinjaTrader
- Trusted: ASIC, FCA, CySEC regulated
- Low minimum deposit
- Lower range of pairs: 39 available
4. FBS – Up to 1:3000 Leverage
If you're looking for high leverage, be sure to check out FBS. With leverage set at 1:3000, this broker offers one of the highest rates in the industry. This broker also offers just under 30 forex pairs, which you can trade commission-free and tight spreads from just 0.5 pips.
FBS supports both MT4 and MT5 and offers a collection of trading tools in addition to some highly effective automated trading systems. It also offers access to news and market analysis, in addition to educational resources such as webinars and video lessons.
This broker also has a long list of trading account types, and each is specially designed to suit a particular class of traders. The most popular account type is the micro-lot trading (CENT) account for beginners, and the high-volume (ECN) account for scalpers. There's also Islam-friendly account options that comply with Sharia law, and a very low minimum deposit of just $1 (31 Baht).
- Currency Pairs: 28
- Demo Account: Yes
- Trade Commissions: No
- Research Tools: MetaTrader 4, MetaTrader 5
- Minimum Deposit: $1 (31 Baht)
- Hosts Sharia law compliant accounts
- Low minimum deposit
- Supports MT4 and MT5
- Less than 30 forex pairs
- Some accounts don't have a stop-loss feature
5. AvaTrade - Spreads Starting at 0.9 Pips
If your main priority is keeping your forex trading fees to a minimum, you'll need to choose a broker that offers super-tight spreads, and AvaTrade is a great choice. This global broker, which accepts traders from Thailand, allows you to trade major currency pairs like EUR/USD at just 0.9 pips.
You will, however, need to be trading during standard market hours to get this spread. AvaTrade offers full support for both MT4 and MT5 and you can trade via the platform's desktop site or mobile app. You'll need to deposit at least $100 (about 3,250 Thai baht) to get started and supported deposit and withdrawal methods include a debit/credit card or bank transfer.
One thing that makes AvaTrade unique is that it offers both CFDs and options trading for forex. The only slight negative that we have with AvaTrade is that it does not offer much in the form of education. If you're a newbie trader, this means that you'll need to get your educational resources from an external site. Finally, AvaTrade is regulated in several countries including Canada, Japan, South Africa, and Ireland.
- Currency Pairs: 55 (42 for options trading)
- Demo Account: Yes
- Trade Commissions: No
- Research Tools: Advanced charts, MetaTrader 4
- Minimum Deposit: $100 (3111 Baht)
- Spreads from just 0.9 pips
- Options and CFD trading
- Both MT4 and MT5 supported
- No fundamental research features
- Its educational resources are sparse
How to Choose a Thailand Forex Broker
If you’re looking to perform some research of your own before joining a new broker, this is always a good idea. In doing so, you’ll be able to ensure that the broker meets your long-term forex trading goals. With that in mind, we would suggest making the following considerations when researching a Thailand forex broker.
- Licensing
Firstly, you’ll need to ensure that the broker is regulated. If like most forex traders in Thailand you opt for an overseas platform, this should be with a tier-one licensing body. Think along the lines of the FCA (UK), ASIC (Australia), MAS (Singapore), or CySEC (Cyprus). If your chosen broker does not hold a license, your funds are at risk.
- Eligibility for Thai Traders
You will, of course, need to ensure that the broker accepts account applications from Thailand. As we briefly noted earlier, although the broker might offer support for Thai residents, you might find that the platform’s domain is blocked. If this is the case, you’ll need to use a VPN.
- Forex Pairs
You should check to see what forex pairs the broker supports before signing up. You’ll likely find that most major and minor pairs are supported, so pay particular attention to the platform’s exotic pairs. After all, this is where you will find support for a trading pair that contains the Thai baht.
- Payment Methods
You’ll be trading currencies with real-world money, so you need to see if your preferred payment method is supported. If you’re based in Thailand, you should be fine using a domestically-issued Visa or MasterCard, as well as an e-wallet like Paypal or Skrill. If you want to transfer funds from your Thai bank account, it can take a few days before the broker receives it.
- Spreads
The spread, which is the difference between the buy and sell price of a forex pair, dictates how much you are indirectly paying in trading fees. As such, spend some time assessing the average spreads that the broker charges on your preferred currencies. Take note, the spread can change depending on the time of the day.
- Commission
Some, but not all, Thailand forex brokers charge a trading commission. This is a fee that is based on the size of your trade. For example, if you buy 10,000 baht worth of EUR/USD, and the broker charges a fee of 1%, you’d be charged 100 baht in commission. You’d then need to pay the same commission rate when you exit your forex trade.
- Trading Tools and Research
Seasoned traders will utilize a range of research tools when attempting to assess which way the markets will go. In the technical department, this will include chart reading tools like Bollinger Bands and the Fibonacci Retracement. When it comes to the fundamentals, it’s best to use a broker that gives you access to key news events in real-time. You may also want to consider whether you’re chosen trading platform provides access to forex robots and trading robots.
- Customer Support
Finally, check to see what customer support options the broker offers – such as live chat or email. If you’re using a broker based overseas, see what times the customer service team operates.
How to Join a Thailand Forex Broker
If you’ve found a broker that you like the look of, and you’re ready to start trading right now. Below you will find a handy step-by-step guide. We’ve decided to show you the steps with eToro; although the process remains much the same irrespective of which trading site you opt for.
Step 1: Open an Account
To get the ball rolling you will need to open an account with your chosen Thailand forex broker.
This will require some personal information, such as your:
- First and Last Name
- Nationality
- Date of Birth
- Home Address
- National Tax Number
- Contact Details
eToro and all other regulated forex brokers for that matter will ask you to verify your identity. This is to ensure brokers remain compliant with their license issuers. All you need to do is upload a copy of your Thai passport or driver’s license, and the broker should be able to validate it instantly.
Step 2: Deposit Funds
You will now need to add some funds to your broker account.
The payment options offered by brokers will vary, although this often includes:
- Debit Cards
- Credit Cards
- Paypal
- Skrill
- Neteller
- International Bank Transfer
Be sure to meet the broker’s minimum deposit amount, too. Once the deposit has been processed, it will be converted to USD.
Step 3: Choose Forex Pair
Now that you have added funds to your account, you will need to search for the forex pair that you wish to trade. In our example, we have entered ‘GBP/USD’ into the search box.
If you’re not sure which forex pair you wish to trade, you can browse through eToro’s currency section.
Step 4: Place Order
You will now need to place an order on your chosen forex pair. This tells the broker the specifics surrounding your trade.
Be sure to enter the following:
- Buy/Sell: If you think the exchange rate of the currency will increase, opt for a ‘buy order’. If you think the opposite, place a ‘sell order’.
- Amount: Enter the amount that you wish to trade. In the case of eToro, everything is denominated in USD.
- Leverage: If you plan to trade on leverage, select your preferred multiple (2x, 3x, etc.).
- Stop-Loss: Enter the price that you wish your trade to be closed at if the markets go against you
- Take-Profit: Enter the price that you want your trade closed at when you hit a profit target
Finally, click on either ‘buy’ or ‘sell’ to complete your trade depending on which way you think the markets will go!
Leverage at Thailand Forex Brokers
Unlike traders based in Europe, Thai residents are not restricted in the amount of leverage they can apply when trading forex.
As such, this will be determined by your chosen broker. In most cases, forex brokers will offer you leverage of no more than 30:1 if you are just starting out.
This means that a 10,000 baht account balance would permit a trade size of up to 300,000 baht. Once you demonstrate that you have the capacity to trade leverage in a risk-averse manner, you might be offered higher limits.
Some high leverage brokers offer significantly higher limits. We always recommend treading carefully with leverage, as there’s the risk you could incur large losses. Also make sure you do your research and don’t risk more than you can afford to lose.
Conclusion
There are dozens of well-known online forex brokers that accept Thai traders. Most of these brokers are heavily regulated, meaning that your money is safe at all times. This typically includes at least one tier-one body such as the FCA, CySEC, MAS, or ASIC. With that said, knowing which broker to sign up with can be challenging, especially if you’ve got specific needs and requirements.
This is why we have outlined some of the factors that you need to assess before joining a new platform. Whether it’s regulation, fees, commissions, tradable pairs, or spreads, be sure to do your homework.
If you’re looking for the best forex broker in Thailand, we recommend eToro. With no commission, a wide range of currency pairs and innovative copy trading tools, this broker is an excellent choice. Simply click the link below to get started on eToro today.
eToro: Best Thailand Forex Broker 2020
- 0% commission and tight spreads
- Good range of currency pairs
- Social and copy trading
- Strictly regulated
FAQs
Most, but not all, brokers operating in the online space are regulated. We prefer overseas tier-one licensing bodies like the FCA, CySEC, and ASIC, which is why so many Thai traders opt for a platform located abroad.
Yes, there are no leverage limits for Thai traders, so you can apply as much as the broker is willing to give you.
Yes, all regulated forex brokers will ask to see a copy of your passport or driver's license. This is to counter the threats of money laundering.
Most brokers require you to deposit at least $100, which amounts to around 3,250 Thai baht.
You can normally use a Thailand-issued Visa or MasterCard, bank account, or e-wallet. Are Thailand forex brokers regulated?
Can Thai residents trade forex on leverage?
Will I need to provide ID at a Thailand broker?
What is the minimum deposit amount at Thailand forex brokers?
What payment options do Thai forex traders have to choose from?