Buy Crypto & Bitcoin in Thailand

Bitcoin & Cryptocurrency Trading in Thailand

Thailand is best known as one of the top holiday destinations globally, though at the same time, it is one of the leaders in cryptocurrency adoption as well. The likes of Singapore, Japan, and Hong Kong are some of the popular blockchain hubs in Asia, but Thailand is looking to catch up fast.

However, Thailand was not always a haven for cryptocurrencies such as Bitcoin. The country had originally banned cryptocurrencies in 2016 before changing its stance in 2019.

In July 2021, The Bank of Thailand (BoT) stated "that it would coordinate with Thailand's Securities and Exchange Commission to mitigate associated risks to the country's financial system should crypto payments become widespread."

Still, purchasing Bitcoin is not illegal in Thailand. One of the easiest ways to buy Bitcoin in Thailand is through cryptocurrency exchanges. There are quite a few of these exchanges in the country where you can sign-up and buy Bitcoin, though choosing one will depend on various factors such as transaction fees, payment modes, verification requirements, reputation, and withdrawal limits, among others. Use the guide provided above to determine the exchange that is right for you.

However, potential buyers should ideally get a wallet first to store the Bitcoin, as some exchanges might require them to do so. Additionally, having a separate wallet is advisable for security reasons.

On the other hand, Bangkok residents can go to a Bitcoin ATM and purchase the cryptocurrency using cash. There are two Bitcoin ATMs in Bangkok and one in Chiang Mai. The advantage of buying Bitcoin through ATMs is that the purchase is instant and most of them usually don't require ID below a certain dollar amount. They will however require a phone number that you can access so they aren't perfectly private by any means. You can use our Bitcoin ATM finder tool to find one near you.

However, be prepared to pay higher transaction fees in the range of 5%-10% if you're buying Bitcoin through the ATM in exchange for the privileges.

Another important thing to note is that there are quite a few places in Bangkok where you can spend your Bitcoin. From nightclubs and bars to accommodation and marijuana, Bitcoin is gradually turning into an alternative means of payment for many businesses in this tourist hotspot.

As such, Bitcoin seems to have a great future in Thailand thanks to the government's positive approach toward cryptocurrencies, the acceptability of the currency, and its status as a famous holiday destination that could do with a variety of alternative payment options.

Best Bitcoin Wallets for Thailand

There are three main types of Bitcoin wallet and all of them are supported in Thailand:

• Software (desktop or mobile - iOS and Android wallets)
• Hardware wallet
• Cold-storage (paper or steel wallets, the latter of which are used to backup your main wallet)

Best for Security

Ledger Nano X

Secure storage for any cryptocurrency

More About Ledger Nano X

The Ledger Nano X is the newest crypto hardware wallet, and is very easy to use. It connects to iOS, Android & desktop computers.

Best for Desktop

Electrum

Simple yet powerful desktop wallet

More About Electrum

Electrum is a Bitcoin-only wallet that has been around since 2011. It's easy to use, but has advanced features.

Exchange Hacks and Crypto Scams in Thailand

Thai SEC Warnings

In 2018, the Thai SEC issued warnings regarding 14 cryptocurrency exchange websites operating without licenses in Thailand.

Complaintants in Thailand had reported these sites after they had been solicited over social media to buy and sell cryptocurrencies via the social media platforms.

The listed sites to avoid:

• payniex.com
• misterchanger.com
• thaiexchanger.com
• egtexchange.com
• digicardshop.com
• superrichexchanger.com
• emoneythai.com
• i-exch.com
• exchangercoin.com
• gamershoppings.com
• ecurrencyplus.com
• ecurrencythailand.com
• lnwexchanger.com
• R Exchange's Facebook page

If anyone from these sites or others offers you crypto buying and selling opportunities on twitter, facebook, or any other social media site, beware.

FX Trading Corporation Scam

In August of 2019, the Thai Securities and Exchange Commision issued warning to the public regarding cryptocurrency exchange FX Trading Corporation as well as other similar "exchanges" operating in a similar scammy fashion.

According to the Bangkok Post:

Most claim to be foreign companies operating outside Thailand offering services via their online portals. It is not known how much they have ripped off from an unsuspecting public.

King-oua Laohong - Bangkok Post

In one review of the company, it is said they have promised 2.5% ROI per day, which is an impossible ROI to guarantee without running a ponzi scheme.

Cryptocurrency Wizard Fraud

In September of 2019, Mana Jumuang (known as the 'Cryptocurrency Wizard') was arrested in Bangkok.

Mr Mana is accused of being part of a Thai-Vietnamese gang that conned thousands of people in at least 10 Asian nations, including South Korea and Vietnam. The gang comprised three Thais and four Vietnamese....Their victims reported losses totalling about 500 million baht (or $16,008,195).

Wassayos Ngamkham - Bangkok Post

Thai and Vietnamese investors gave Mr. Jumuang money to invest in cryptocurrencies, thinking he was an expert, but in reality, he was merely embezzling his customers' money.

Jumuang was eventually arrested, as seen in the picture below.