If you are thinking of buying bitcoin or any other cryptocurrency in Thailand, then your first thought might be that as a non-Thai this is impossible. However that is not the case. Joining a trusted cryptocurrency exchange platform will be your first step. Bitkub Exchange, which was legally registered in Thailand in 2018, is currently the country’s biggest and perhaps most trusted cryptocurrency exchange here. It allows users who are not particularly tech-savvy to easily buy, sell and invest in cryptocurrencies. It does a larger amount of volume at the moment than any of the other Thai cryptocurrency exchanges.
You can deposit your Thai Baht from your bank account into the exchange for free. The deposits are made almost instantly. You may also withdraw funds into your Thai bank account for a fee of 20 Thai Baht. Once you have a verified account you will be able to deposit and withdraw up to 2M Thai Baht per day
Bitkub Exchange allows you to make both MARKET and LIMIT orders. For those not familiar with these terms, basically a MARKET order essentially allows you to buy a cryptocurrency at the current market price and it will be completed immediately. On the other hand a LIMIT order is one where you bid at a price set by you.
You do not have to be a Thai citizen to join and you don’t even need to live in Thailand. It is still possible to register on the exchange. The only requirement is that you have to have a Thai bank account in order to register.
In order to set up a Bitkub account you will first need to head over to the official Bitkub web page www.bitkub.com and click on “OPEN ACCOUNT”. The website is in both Thai and English and is easy to navigate. After that it is a simple case of registering the email address you would like to use and creating a unique and strong password for your account. It will need to be at least 8 characters long. It may be best to have already thought of a password before starting the process. For security reasons, do not use any password that is already in use for another account. You will then need to confirm the email that will be automatically sent once you have completed this registration. Now you already have what is termed a Level 0 Bitkub account.
In order to trade, deposit funds and make withdrawals, as with all the Exchanges, you will have to have a verified account, and on Bitkub this is termed a Level 1 account. This is an account that allows for the deposit and withdrawal of up to 2 million Thai Baht per day.
Their website is in clear and easy-to-understand English with lots of information and an easy-to-follow step by step guide. There is also online support around the clock to help you at any time.
To verify your account you need to provide a current address and contact as well as identification documents. You will also need to verify your Thai bank account.
If you live in Thailand for the verification you should have to hand your passport, your work permit, or your yellow house registration book.
They currently have 3 groups of non-Thai users:
- Foreign nationals who live/and work in Thailand
- Foreign nationals who own a business in Thailand
- Foreign nationals who do not live or work in Thailand
Depending upon which group you fall under, Bitkub requires different documents. However all users are required to have a Thai bank account.
There is also what Bitkub Exchange terms a Financial Suitability Test that you will be required to fill in. After submitting all the required documents, you will need to wait for verification from Bitkub exchange. Bitkub advises that it can take anywhere from 1 to 15 days to actually verify your account. There is no way to shorten the waiting time.
Once your account has been verified you are set to go and can start buying your first cryptocurrency coins.
We hope this has given you an insight into the largest cryptocurrency in Thailand today.