Wondering how to buy Bitcoin in Thailand? You are in the right place!
Buying Bitcoin in Thailand the comprehensive step by step guide:
By now you have probably heard a few stories of people making millions with their Bitcoin investments.
Cryptocurrencies and the blockchain (the revolutionary technology behind Bitcoin) are definitely the hot topics right now, and they should be!
The blockchain just happens to be one of the most disruptive technologies we’ve ever come across as a species. It will surely change the way human society shares information, trust and value.
Much like the internet, this new technology will eventually affect every aspect of our daily life and society as a whole.
I have developed quite the interest in Bitcoin, cryptocurrencies and the blockchain. To me, they are a fascinating expression of human innovation and technological advancement.
Given you are now reading this, you probably want to get involved as well. I will help you do this in the easiest way possible.
I have spent hundreds of hours learning about buying and trading Bitcoins in Thailand, I wanted to take this opportunity to share some tricks I’ve picked up so you can stop wasting your time and buy your first Bitcoin in Thailand quickly and without any (too much) hassle.
In case you just want to find an exchange to buy Bitcoins, just head to https://bx.in.th It’s the best local exchange and you’ll be able to send funds from your Thai bank account to buy Bitcoins.
If you need a bit more information about how to get Bitcoin in Thailand, please continue reading. I’ll make it as easy as I can for you
Is Bitcoin Legal in Thailand?
I get a lot of questions about this, and let me assure you, Bitcoin is legal in Thailand. Back in 2013 it was made illegal for a while but that was taken back (you know how we are here, just a ‘change of heart’)
And don’t take my word for it either!
“The central bank will not regulate bitcoin operations at the moment and users should aware of the risks associated with bitcoin usage. … Bank of Thailand suggested that bitcoin is not illegal but warned against its use in 2016.”
Source if the statement above.
Now, let’s get back to what really matters, Bitcoins yo!
There are 3 basic steps to buying your first Bitcoin:
- Getting a wallet to store your Bitcoin
- Signing up to an exchange so we can send money and buy Bitcoin
- Sending the Bitcoin back to your wallet for safe storage
Quite straight forward right? Let’s get started!
Skip to the actual list of how to buy Bitcoin in Thailand if you are comfortable with the basics.
If this is your first time adventuring into the world of Bitcoin, please take the time to read the following words of advice and information:
What is Bitcoin
The basics for a new user
As a new user, you can get started with Bitcoin without understanding the technical details. Once you have installed a Bitcoin wallet on your computer or mobile phone, it will generate your first Bitcoin address and you can create more whenever you need one. You can disclose your addresses to your friends so that they can pay you or vice versa. In fact, this is pretty similar to how email works, except that Bitcoin addresses should only be used once.
Balances – block chain
The block chain is a shared public ledger on which the entire Bitcoin network relies. All confirmed transactions are included in the block chain. This way, Bitcoin wallets can calculate their spendable balance and new transactions can be verified to be spending bitcoins that are actually owned by the spender. The integrity and the chronological order of the block chain are enforced with cryptography.
Transactions – private keys
A transaction is a transfer of value between Bitcoin wallets that gets included in the block chain. Bitcoin wallets keep a secret piece of data called a private key or seed, which is used to sign transactions, providing a mathematical proof that they have come from the owner of the wallet. The signature also prevents the transaction from being altered by anybody once it has been issued. All transactions are broadcast between users and usually begin to be confirmed by the network in the following 10 minutes, through a process called mining.
Processing – mining
Mining is a distributed consensus system that is used to confirm waiting transactions by including them in the block chain. It enforces a chronological order in the block chain, protects the neutrality of the network, and allows different computers to agree on the state of the system. To be confirmed, transactions must be packed in a block that fits very strict cryptographic rules that will be verified by the network. These rules prevent previous blocks from being modified because doing so would invalidate all following blocks. Mining also creates the equivalent of a competitive lottery that prevents any individual from easily adding new blocks consecutively in the block chain. This way, no individuals can control what is included in the block chain or replace parts of the block chain to roll back their own spends.
Going down the rabbit hole
This is only a very short and concise summary of the system. If you want to get into the details, you can read the original paper that describes the system’s design, read the developer documentation, and explore the Bitcoin wiki.
Ok, now that we are through with these basics, let’s do what we came here to do. Here is how you can buy your first Bitcoin if you live in Thailand
The detailed guide to buying Bitcoin in Thailand 2017
This is great, you have been listening to the hype, you are truly exited about the possibilities and
opportunities this new technology is bringing to the masses. You are now ready to invest into Bitcoin for the first time…
Before anything, you need a safe place to keep your Bitcoin, just like money, you are going to need a wallet to store this valuable asset.
Get a Bitcoin Wallet To Store Your Bitcoins
Download Electron Bitcoin wallet or Exodus Bitcoin wallet. You will be putting your digital assets here. You have to be very careful about this! Save your passwords and recovery key safely onto a piece of paper and keep it secret.
Be very very careful of leaving digital copies of this information around (especially online i.e Google docs)
You certainly don’t want end up losing your digital money because you got hacked.
Once you download the wallet to your desktop you are ready to store your Bitcoins safely.
Electron is an older and slightly less intuitive wallet, is the one I have.
Exodus, on the other hand, is the new player in the game, I haven’t tested it myself, but eventually, I will. It looks much more intuitive and allows you to hold other cryptocurrencies, not just Bitcoin, which is definitely an advantage.
Let me remind you again: Make sure you save your private key written on a piece of paper, do not lose this paper! You’ll need it if you ever need to recover your wallet i.e if your laptop gets stolen and you need to access your wallet from another device.
NOTE: You should always try to keep your Bitcoins away from Exchange wallets. Keeping your Bitcoins (and other cryptos) in your exchange’s wallet can be dangerous as these platforms are not immune to hackers.
Here’s an example of people loosing their Bitcoin assets because of failing to keep their BTC in private wallets.
Now that you have a place to store your Bitcoin long-term, we need to sign up for an exchange where we can trade our Thai Baht for Bitcoin. The other option to get Bitcoin would be to mine them, but we are not going to discuss this on this article as it’s more advanced.
Before signing up to these exchanges, you need to get your paperwork ready:
Documents you need to register in Bitcoin/cryptocurrency exchanges
- Passport/ID Picture
- Residency Certificate (you can get this one at immigration for around 200 THB) If you are Thai you’ll need a picture of a service bill to verify your address.
- Picture holding the ID as way of verification
NOTE: Some exchanges (like the local Thai exchanges ) will require you to submit a picture of you holding a paper with the date you are applying, so make sure you read the verification instructions correctly or you will be rejected.
It can take anywhere from 24 hours to weeks before your account is approved so get it done ASAP.
Ok, now that we got the paper work out of the way, let’s dive into the real reason you are here…
Fastest easiest way to buy Bitcoin if you live in Thailand
Since you are not going to be mining Bitcoins, you need to purchase your Bitcoins from
online cryptocurrency exchanges.
We will go through some of the Thai Bitcoin Exchanges and then explore some of the other popular cryptocurrency exchanges you can use to buy and trade cryptos including the famous Bitcoin.
Before doing that, I just want to quickly show you my own personal method of buying my Bitcoins online.
Buy Bitcoins at ePayments platform
I have been using this platform for a while now. You can receive money payments as if you have a bank account with them.
You can even request a Visa debit card for said account and spend the money freely. You can sign up for free here
Send money to your ePayments account first by Bank transfer
Note: You might want to skip to local Thai Exchanges, if you read the comment senction at the end of this article, you will see one of the visitors that tried ePayments actually had a bad experience with them. I haven’t had any issues and I am still satisfied with the service they provide. You should take both experiences into account before choosing your platform
Once your account has been approved, we need to put funds in it before exchanging that into Bitcoin.
Making the transfer from a Thai bank account is extremely easy, just like an international money transfer. You can actually just transfer the money without opening an account (cash transfer)
Head to ‘add funds’ on the left side menu and choose bank transfer as your method. You will be provided with the bank details you need to send the money to. Read the instructions closely, you need to add your ePayments account number in the payment details of the form you get at the bank, so the money arrives as fast as possible, without issues:
“Please ensure to use correct bank account details as well as e-Wallet number in the payment reference field. This will guarantee that the payment will be processed in a timely manner.”
Keep in mind you will pay 300 THB for the bank’s handling fees and around another 30 USD in external fees (the fees other banks take as your money makes its way to the ePayments account)
‘Buy’ Bitcoin on ePayments by sending funds to your Bitcoin wallet
Once your money arrives at your ePayments account (takes a couple business day generally), you will be allowed to transfer these funds out of the account in cryptocurrency (the platform supports Bitcoin, Litecoin and Ethereum).
Though the rate you get tends to be about 100 USD more than exchange rates, ePayments make it so easy to purchase Bitcoin is my platform of choice.
To ‘buy’ Bitcoins I simply transfer an X amount of dollars from my ePayments account to my Bitcoin wallet address. To do this, simply head to ‘Payments and transfers’ on the left menu and choose ‘To Cryptocurrency’.
Lastly, fill the information required (make sure you input the right receiving wallet code) and that you are sending Bitcoin out (BTC):
The whole process takes less than 10 minutes to confirm and up to an hour for the Bitcoins to arrive safely in your private wallet.
If I wanted to trade these Bitcoins I would just transfer an X amount of money in Bitcoins to my exchange’s wallet instead.
I like using Bittrex as my exchange because they have a huge selection of listed cryptos and the user interface is simple (simpler than others)
You can also choose a local exchange to buy your Bitcoins at. Let’s explore this option…
Local Thai Bitcoin Exchange
https://bx.in.th This is the only one I’ve signed up to as it was recommended by a good friend of mine.
Sadly I do not have the hands on experience to assure you of the quality of it, but people have been using it successfully.
If you are an American passport holder, I’m sorry to tell you, you won’t be allowed to sign up on this exchange. US nationals face more restrictions due to the US government’s regulation on crypto currency trading.
Since this is a local exchange, you’ll be able to connect your Thai Bank account to it. This will allow you to send money to the exchange to buy Bitcoin or sell your Bitcoin and transfer the Thai Baht back to your Bank account.
The Bitcoin rates you get here are a bit more expensive than rates you’ll get on other exchanges, but since you’ll be able to sell your Bitcoins and transfer the money to a bank account you own, this is likely your best option.
Make sure your talk to the bank and find out how much money you are able to transfer in and out without raising any flags.
Given people have different Visas and work permits, the liberty which they can send money in and out will differ a lot.
localbitcoins.com is slightly different than most exchanges, it’s a platform that allows you to do peer to peer transactions with other users. Bank transfer is the way to purchase the Bitcoin on the platform.
A really cool thing about localbiitcoins is that you could meet the person you want to trade with face to face (given you live in the same city of course).
You have to be aware scammers are present on the platform, so research the users posting the trades first and read through other people’s comments before deciding on any large purchase.
International Cryptocurrency Exchanges
If you are an expat living in Thailand this is probably your best option since you’ll be using the bank account you have back home.
The one I have the most experience with. You can’t deposit funds by bank transfer/ fiat currency, you have to deposit cryptocurrencies only.
They have a lot of new trading pairs and alt coins, good user experience and good graphs too.
They don’t really offer any advantage to people trying to get Bitcoin from Thailand though. Still, this is a very good option if you want to start trading cryptos in a good platform.
Polo (as it’s commonly referred to) is one of the largest exchanges by volume. I love their interface but they don’t list as many crypto currencies as Bittrex. I used to use this one before changing over.
You can’t send bank transfers from Thailand however, so most likely not an exchange for you. They do accept US citizens.
CEX.io is an exchange and it also allows you to buy Bitcoins via credit card.
Customers can also purchase for free with bank transfers including Thai banks (do check with them first as these rules change often due to money laundering protection laws). The last time I used them Thai bank transfers were stopped.
CEX.io is available for use in most countries including Thailand. Good option for those without US/European bank account that do not want to use the Thai exchanges.
I would not use this type of services unless you really need them. Those rates are just painful!
Buying Bitcoin with credit card in Thailand
Sometimes you just don’t have an option, you need those Bitcoins quickly.
Credit card purchases of cryptocurrencies are the fastest way to obtain the digital coins, and as you can probably guess already, it is also the most expensive one.
Most popular platforms to buy Bitcoin with a credit card:
I have used Coinmama before as I needed to buy some Ethereum before (another extremely popular blockchain innovation you should know about).
The process is extremely easy, sign up (takes a few hours to get verified) choose how many coins you want, enter your credit card details and the receiving wallet address. That’s it!
They also don’t require verification for purchases under 150USD so it’s one of the most convenient platforms to make small, instant purchases.
I would hope you are now the proud owner of some Bitcoins!
Congratulations for jumping into the most revolutionary technological revolution of our time! You can, at least, say you gave it a shot instead of watching all the action from the sidelines.
Making your first Bitcoin purchase is the beginning of a long path into the blockchain and it’s wonderfully dynamic world.
Things do indeed happen quickly here, you have to keep up to date with the latest developments and news.
I suggest you start following these subreddits, they are the most active Bitcoin community online so you are sure to get early exposure to news.
Since educating yourself is the best way to ensure a successful career in the world of cryptocurrencies, here are some other resources you should be checking out:
For those that are not very comfortable with Reddit, these forums and communities should be a good resource:
I think we have covered most of the knowledge you need to buy bitcoins in Thailand…Welcome to the blockchain!
Did I miss anything? Is there some other resource or tool I should include here? Do you have any doubts or questions about buying Bitcoin in Thailand?
Drop me a message on the comment section below and I’ll get back to you ASAP! Good luck and welcome to the world of cryptocurrencies and the blockchain!