Thailand is an emerging hotspot for Forex trading, and most international brokers accept Thai resident traders, resulting in plenty of choice.
I have reviewed the best Forex brokers in Thailand, paying particular attention to those which really cater to the core needs of traders, and which offer the best trading apps in Thailand. Read on to view my shortlist and findings to find the best Forex broker for your needs, along with essential information about Forex trading in Thailand.
- FXTM, Best all-around broker with high floating leverage and fast execution.
- XM, Exception range of assets + negative balance protection.
- Pepperstone, Great ECN execution on MT4/5, cTader, TradingView and Pepperstone proprietary platform.
- Dukascopy, a Swiss Bank and a broker.
- FP Markets, ECN trading with leverage up to 1:500.
Best Thailand Brokers Comparison
| | | | ||
Regulators | CMA, FCA, FSC Mauritius, FSCA | ASIC, CySEC, DFSA, FSC Belize | ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB | FINMA, JFSA | ASIC, CMA, CySEC, FSCA |
Year Established | 2011 | 2009 | 2010 | 2004 | 2005 |
Execution Type(s) | ECN/STP, Market Maker | Market Maker | No Dealing Desk, NDD | ECN/STP | ECN/STP |
Minimum Deposit | |||||
Average Trading Cost EUR/USD | 0.1 pips | 0.1 pips | 1.1 pips | 0.3 pips ($3.00) | 1.2 pips |
Average Trading Cost GBP/USD | 0.2 pips | 0.2 pips | 1.4 pips | 0.8 pips ($8.00) | 1.4 pips |
Average Trading Cost Gold | $0.18 | $0.19 | $0.15 | $0.32 | $0.16 |
Trading Platform(s) | MetaTrader 4, MetaTrader 5, Proprietary platform | MetaTrader 4, MetaTrader 5, Proprietary platform | Other, MetaTrader 4, MetaTrader 5, cTrader, Proprietary platform, Trading View+ | MetaTrader 4, MetaTrader 5, Proprietary platform, Web-based | MetaTrader 4, MetaTrader 5, cTrader, Proprietary platform, Web-based |
Islamic Account | |||||
Negative Balance Protection | N/A | N/A | N/A | ||
| Visit Website | Visit Website | Get Started Visit Website75-95% of traders on margin lose | Visit Website | Visit Website |
FXTM
In Summary Best all-around broker with high floating leverage and fast executionFXTM offers deposits and withdrawals in the Thai Baht via online banking, commission-free for deposits. It ranks among the best Forex brokers in Thailand, especially for scalpers and high-frequency traders, with $500+ portfolios, due to its average execution speed of 0.072 seconds, average price improvement of 0.29 pips, or $2.90 per lot, deep liquidity, and low trading costs.
Traders get the core MT4/MT5 trading platforms, with full support for algorithmic and copy trading, while FXTM also features its proprietary FXTM Invest service, a quality copy trading alternative. With 1,000+ assets, direct share investments, and in-house constructed thematic stock baskets, FXTM maintains a balanced asset selection, supplemented by quality education, research, and trading signals.
Pros & Cons
- Excellent commission-based Forex pricing environment and transparency
- Upgraded MT4/MT5 trading platforms plus proprietary mobile trading app
- Quality market research and educational content for beginner traders
- A highly regulated broker with a tier-1 license
- Limited choice of commodities
XM
In Summary Exception range of assets + negative balance protectionXM has a low minimum deposit requirement of $5, making its trading environment accessible to all Thai-resident Forex traders. Two deposit bonuses and the four-tier loyalty program assist smaller depositors, aiding a competitive long-term trading plan. The Ultra Low Standard Account features low Forex trading fees with spreads from 0.6 pips or $6.00 per 1.0 standard round lot.
Traders get MT4/MT5, which XM upgrades via six exclusive technical indicators. The live education room, free for XM traders, available Monday through Friday between 06:00 and 15:00 GMT makes XM one of the best Forex brokers in Thailand on my listing.
Pros & Cons
- Outstanding trading tools and loyalty program
- Low minimum deposit, high leverage*, and competitive trading cost
- Excellent research and education
- Trustworthy and transparent with generous bonuses and incentives
- Inactivity fee
Pepperstone
In Summary Great ECN execution on MT4/5, cTader, TradingView and Pepperstone proprietary platformI rank Pepperstone among the best Forex brokers in Thailand. It lowers the bar for algorithmic trading, making it accessible to everyone. Beginners receive quality education and webinars, and Pepperstone offers 24/5 + 18/2 customer support. The 28-plugin Smart Trader Tools package and Autochartist upgrade MT4/MT5.
Pepperstone features a well-balanced asset selection, including CFDs on Forex indices, cryptocurrencies, and ETFs. VPS hosting enables 24/5 low-latency Forex trading. Besides embedded MT4/MT5/cTrader copy trading services, Pepperstone offers Signal Start, Copy Trading by Pepperstone and DupliTrade. It also connects social traders with 50M+ peers at TradingView.
Pros & Cons
- Excellent choice of trading platforms consisting of MT4/MT5, cTrader, TreadingView and Pepperstone Platform
- Market-leading MT4/MT5 upgrade package, Autochartist, and API trading
- Social trading support via Signal Start, MetaTrader Signals, Copy Trading by Pepperstone, DupliTrade
- Leverage of up to 1:400 depends on jurisdiction and superb trade execution
- Demo accounts have 60-day time limits
Dukascopy
In Summary a Swiss Bank and a brokerThe Dukascopy Experience Sharing referral bonus pays the referrer 50% of the referee commissions, and the referee receives a 10% cashback. An income-generating program for its in-house cryptocurrency coin, Dukascoin, is also available. For a $1,000 minimum deposit, traders can register for the Dukascopy account management service. The STP/NDD/ECN environment is ideal for high-volume/high-frequency and algorithmic traders.
Dukascopy offers MT4/MT5, and its proprietary JForex alternative. Traders benefit from a well-balanced asset selection and maximum Forex leverage of 1:200 with negative balance protection. Therefore, I rank Dukascopy among the best Forex brokers in Thailand.
Pros & Cons
- Quality trading tools and in-house research
- Banking services and trading as a bundled service
- Competitive trading fees with volume-based discounts
- Excellent STP/NDD/ECN trading infrastructure
- Account verification requires a video call
FP Markets
In Summary ECN trading with leverage up to 1:500A twelve-plugin upgrade and Autochartist create a competitive MT4/MT5 environment at FP Markets, making it one of the best Forex brokers in Thailand. Social traders can use Myfxbook Autotrade or the in-house FP Markets Copy Trading. Thai traders can deposit commission-free in the Thai Baht or opt for several cryptocurrency methods, with withdrawals facing a 1.5% fee.
Asset managers get the MAM/PAMM modules. MT5 users have 1,000+ assets, with 60+ currency pairs for Forex traders, while the commission-based account offers competitive trading costs. Forex scalpers benefit from deep liquidity, high leverage, and fast order execution in an NDD order environment free of requotes or price manipulation. Beginners get quality education and research, including a detailed, weekly technical analysis.
Pros & Cons
- Choice of trading platforms and auxiliary trading tools
- Very competitive cost structure and excellent asset selection
- Low minimum deposit requirement and leverage of up to 1:500
- Well-regulated and trustworthy
- Availability of Iress geographically restricted
Is Forex Trading Legal in Thailand?
Forex trading in Thailand became 100% legal in 2017, falling under the regulatory environment of the Bank of Thailand (the central bank of Thailand) and the Thailand Securities and Exchange Commission. While domestic Forex brokers in Thailand or international brokers with a local presence are essentially non-existent, almost every offshore broker accepts Forex traders from Thailand.
Forex trading in the Thai Baht is not widely available, but a few Forex brokers offer Baht crosses, where spreads remain wide given the lack of liquidity. No international Forex broker provides the Thai Baht as an account base currency, which would make little sense due to currency conversion fees on each transaction. Some Forex brokers allow deposits and withdrawals in the Thai Baht via online payment processors.
Forex traders must check the local tax laws, rules, and requirements to remain compliant and keep Forex trading legal. It is best to consult a licensed professional for advice.
Forex Trading Regulations in Thailand
Forex trading was illegal for retail traders until 2017, when the Thai government legalized it, as summarized in the Securities and Exchange Act BE 2535 amendment. The Thai financial system has improved strongly over the past three decades, sparked by the Asian Financial Crisis of 1997 and the Global Financial Crisis of 2007. Since 2017, Thai Forex traders can legally trade, and the Bank of Thailand and the Securities and Exchange Commission regulate the sector.
In 2019, the Thai government relaxed Forex regulations further, allowing Thai residents to send money directly offshore to invest in or trade Forex or derivatives. The aim was to encourage capital outflows amid a surging Thai Baht. Before the change, Thai Forex traders had to use a domestic intermediary. Now, they can invest directly up to $200,000 annually following a one-time registration with the Bank of Thailand.
Speculation using the Thai Baht remains prohibited, and non-residents face restrictions when dealing with the Thai Baht enforced by the Bank of Thailand.
How to Choose a Forex Broker in Thailand
Trading with one of the best Forex brokers in Thailand will increase profitability and ensure Thai Forex traders deal with a trustworthy and secure broker.
Thai Forex traders should consider the following in making a choice:
1. Regulation and Security - The most competitive option is an offshore regulated broker with more than ten years of experience.
2. Trading Costs - A commission-based pricing environment with volume-based rebates remains ideal, but trading costs for major currency pairs should not exceed $7 per standard lot.
3. Asset Selection - Competitive Forex brokers should offer 60+ currency pairs, while multi-asset brokers typically provide traders with 2,000+ trading instruments.
4. Account Types - Thai resident Forex traders should look for equal treatment, with improvements to secondary benefits as account balances expand, and avoid multi-tier account structures.
5. Trading Platforms - Support for algorithmic and copy trading must exist, and MT4/MT5 upgrades remain preferred.
6. Deposits & Withdrawals - While deposits and withdrawals in the Thai Baht can offer a bonus, only a few Forex brokers support them.
How to Open a Forex Account in Thailand
Opening a Forex account remains a straightforward online process, which should consist of minimal data collection. Most international Forex brokers follow hassle-free approaches, where the initial registration process can take as little as 20 seconds and account verification can be completed within 24 hours.
Here are the steps to open a Forex Account in Thailand:
1. Research Forex brokers and pick one of the best Forex brokers in Thailand.
2. Fill out the online registration form, which should only ask for your name, country of residence, e-mail, desired password, and a valid mobile phone number.
3. Account verification is mandatory, and it is probably wise to avoid any broker skipping this step as it is likely a scam broker. Most traders will satisfy AML/KYC stipulations by sending a copy of their ID and one proof of residency document.
4. Funding your account will complete the account opening process. Minimum deposits depend on Forex brokers and payment processors. While some brokers offer Forex accounts from as little as a $5 minimum deposit, $100 is the industry average, but Thai-resident Forex traders should ideally aim for $500+ as their initial deposit, with monthly follow-on deposits if possible.
Best Time to Trade Forex in Thailand
While the Forex market operates 24/5, some periods offer above-average liquidity, which usually results in tighter spreads, and, therefore, lower trading costs.
The best times to trade Forex in Thailand are, in local times:
- 2 a.m. - 5 a.m. (Last two hours of the New York trading sessions and first hour of the Sydney trading session)
- 7 a.m. - 8 a.m. (First hour of the Tokyo trading session)
- Noon to 1 p.m. (Last hour of the Sydney trading session)
- 2 p.m. - 4 p.m. (The first two hours of the London trading session and the last hour of the Tokyo trading session)
- 7 p.m. - 11 p.m. (First two hours of the New York trading session and the last two hours of the London trading session)
Most retail traders in Thailand will miss the first period, while the second and third have less significance than the fourth and fifth, which are prime Forex trading periods.
Advantages and Disadvantages of Forex Trading in Thailand
Considering the advantages and disadvantages of Forex trading in Thailand remains a necessary final step before opening an account with one of the best online brokers in Thailand. Many advantages and benefits exist to Forex trading, but beginners should not underestimate the disadvantages and understand what they are to avoid them.
The advantage of Forex trading in Thailand are:
- Lower capital requirements for margin than other asset classes
- 24/5 availability allowing retail traders to structure trading around their day-to-day activities
- Algorithmic trading usually available to manage portfolios autonomously
- Copy trading brokers and MAM brokers offer semi-managed and managed trading alternatives
- Social trading adds another potential trading approach
- Passive income opportunities via affiliate programs
The disadvantage of Forex trading in Thailand are:
- Many beginner traders rush into Forex trading without spending time on education
- Underfunded trading accounts
- Overoptimistic and unrealistic profit expectations
- Widespread scams and fraud by paid-for service providers
Final Thoughts
Trading with the best online brokers in Thailand can offer many advantages, unlock revenue streams, and boost income generation. Beginner traders should begin their journey by learning about Forex trading, including trading psychology, which can make or break portfolios. Trading costs rank among the most defining parameters, as they directly impact profitability and dictate which trading strategies a Forex trader can use.
Forex traders in Thailand should trade with brokers offering deep liquidity, which lowers trading costs, and ensures their orders typically receive the price they enter in their order ticket. Fast order execution remains equally important next to negative balance protection for competitive trading conditions. Proper risk management ranks as the single most ignored aspect of Forex trading. Its absence results in massive trading losses, not the use of leverage, as many market participants, including regulators, claim.
Start with education, take your time to understand the basics, then proceed with one of the best Forex brokers and join the most liquid financial market globally.
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