If you are a cryptocurrency trader who resides in Thailand, then you are most likely excited about the prospect of Binance opening up a crypto exchange in the Kingdom. There are lots of reasons why this will be a positive addition and why most crypto traders in Thailand will want to get a Binance Thailand account.
To begin with, Binance is the largest cryptocurrency exchange in the World. This means volume and lots of it. Volume is important for liquidity on a crypto exchange, and if you wish to buy or sell, you need someone there on the opposite side of the trade. This will enable a market to find a true price discovery where the market feels it should be.
Along with volume comes trust and Binance has earned its trust over the last 5 years. In 2019, Binance suffered a hack which resulted in the loss of more than 7,000 BTC which at the time was worth $40 million. A hack of this size would normally be the end of an exchange and anybody who had funds on there at time would most likely be the ones who suffer. This has happened with several notable hacks in the past including Mt. Gox, Cryptopia and Quadrica. However ChangPeng Zhao (CZ Binance) has essentially insured himself against such events. He puts away 10 percent of all trading fees into the “Secure Asset Fund for Users”. This has been shortened to SAFU and coined the term “Funds are SAFU”. Through this fund, CZ covered the entire hack and not a single user lost money. This type of gesture builds a lot of trust and faith in the community. The SAFU is currently holding more than $1 Billion of insurance in case of hacks.
Low trading fees and lots of choices also make binance a popular choice. It is still unclear what tokens and trading pairs will be offered on their Thai exchange, but you can be assured it will at least be as many as their current Thai competitors. Expect to be able to trade Bitcoin, a large selection of altcoins and most likely NFT (if allowed by law).
Trading fees are low on Binance and can also be reduced further by using the native BNB currency to pay them. The BNB token has also proven to be a decent buy for those who bought it early. Holding BNB also enables access to new token launches and other events within Binance.
Through a joint venture with Thai Gulf Energy, Binance seeks to open and operate a fully regulated and compliant cryptocurrency exchange within Thailand. The Thai SEC has very strict guidelines for those who wish to have a legal exchange in Thailand. However, these regulations ensure some level of safety for traders. What it also means is that cryptocurrency trading should be simple and fast. If it follows what the other exchanges offer, then you will be able to fund your account from a linked Thai bank account instantly, for free by simply scanning a QR Code. It also means that funds can be withdrawn in a similar manner. Withdrawals less than a certain amount (most likely 1M Baht) are processed almost instantly and cost less than one dollar.
Although Thailand already has several reputable exchanges such as Bitkub, SatangPro and Zipmex, it is highly likely that most cryptocurrency traders in Thailand will want to get themselves a Binance account too. The security, added choices and low fees will be desirable to most. On top of this, the ease of moving funds in and out of the system is particularly useful for many.
Its still not certain exactly when Binance Thailand will begin trading, but be sure that Compare Bitcoin Exchange will be the first to provide you with the details.