| Updated: May 15, 2024Thailand has been witnessing steady economic growth in recent years, largely driven by the robust monetary policies of the local government. Thai residents now have access to a greater range of investment products, including forex derivatives like contracts for difference, futures, and options. Forex trading enjoys a legal status in Thailand, although certain restrictions are in place for transactions involving the local currency, the Thai baht.
Thai retail traders mostly transact with international brokers regulated outside the country as the presence of domestic brokers remains limited in the local market for the time being. The country has lately become somewhat of a hotspot for foreign brokers, making it increasingly difficult for locals to sift out reliable from unethical companies.
Hopefully, our list of trusted forex brokers operating in Thailand will help nudge you in the right direction. We relied on independent research and first-hand experience via live trading accounts to compile our final ranking. Our research team collected data across numerous parameters, including overall trust score, pricing, financing costs, trading software, and range of tradable forex pairs.
Fusion Markets74-89% of retail CFD accounts lose money
AvaTrade76% of retail investor accounts lose money
Global Prime74-89% of retail CFD accounts lose money
IG70% of retail client accounts lose money
Admirals73% of retail investor accounts lose money
FxPro74% of retail investor accounts lose money
Saxo Bank65% of retail investor accounts lose money
Vantage FX
XM Group72.82% of retail investor accounts lose money
Iron FX67.62% of retail investor accounts lose moneyThai Forex Brokers Ranked by Trustpilot Score
| Forex Broker | Trustpilot Reviews | |
|---|---|---|
| 1. Fusion Markets | 1409 | 4.8 ⭐ |
| 2. AvaTrade | 8469 | 4.5 ⭐ |
| 3. IG | 6723 | 4.1 ⭐ |
| 4. Admirals | 1706 | 4.1 ⭐ |
| 5. Global Prime | 100 | 4.1 ⭐ |
| 6. FxPro | 209 | 3.9 ⭐ |
| 7. Saxo Bank | 5596 | 3.7 ⭐ |
| 8. Vantage FX | 3033 | 3.4 ⭐ |
| 9. XM Group | 561 | 2.7 ⭐ |
| 10. Iron FX | 0 | N/A ⭐ |
Thai Forex Brokers Ranked by Spread Commission
| Forex Broker | EURUSD | USDJPY | EURGBP | GBPUSD |
|---|---|---|---|---|
| 1. Admirals | 0.1 | 10 | 0.7 | 0.5 |
| 2. Fusion Markets | 0.11 | 0.13 | 0.15 | 0.11 |
| 3. Global Prime | 0.13 | 0.28 | 0.28 | 0.22 |
| 4. FxPro | 0.25 | 0.38 | 0.67 | 0.37 |
| 5. IG | 0.6 | 0.9 | 0.9 | 0.9 |
| 6. Iron FX | 0.7 | 0.4 | 0.9 | 0.8 |
| 7. XM Group | 0.8 | 0.9 | 1.5 | 0.9 |
| 8. Saxo Bank | 0.9 | 1.2 | 0.8 | 1 |
| 9. AvaTrade | 0.9 | 1.3 | 1.2 | 1.3 |
| 10. Vantage FX | 1.0 | 1.0 | 1.2 | 1.0 |
Thai Forex Brokers Ranked by Commission per Lot
| Forex Broker | Commission per lot |
|---|---|
| 1. IG | $0 |
| 2. Iron FX | $0 |
| 3. Saxo Bank | $3 per lot |
| 4. AvaTrade | $0 |
| 5. Vantage FX | $3 per side on Raw; $1.50 per side on Pro |
| 6. Fusion Markets | $0 Classic Account, $4.50 round turn on Zero Account |
| 7. Admirals | $3 per lot |
| 8. Global Prime | $0 Standard Accounts; $7 round turn on Raw Accounts |
| 9. FxPro | $0 on Standard Account; $3.5 per side on Raw+ and Elite Accounts |
| 10. XM Group | $0 Ultra Low Micro and Ultra Low Standard Accounts; $3.50 per side XM Zero Account |
Important Note: Thailand’s Securities and Exchange Commission (SEC) oversees forex trading activities in the country. Thai traders commonly resort to using the services of foreign broking firms based in other jurisdictions due to the limited range of domestically authorized forex brokers. Residents of the country should always verify their brokers are adequately regulated by first-tier financial regulators to protect themselves from forex scams.
Top 10 FX Brokers in Thailand
Fusion Markets Broker Details Regulators ASIC, FSA (Seychelles), VFSC (Vanuatu) Min Deposit $0 Trading Platforms MetaTrader4, MetaTrader5, cTrader, DupliTrade, Fusion+ Copy Trade Trustpilot Rating 4.8 out of 1409 reviews Number of Forex Pairs to Trade Over 200 Leverage Forex & Metals: 30:1
Index CFDs: 5:1
Cryptocurrencies: 2:1Spread EURUSD: 0.11
USDJPY: 0.13
EURGBP: 0.15
GBPUSD: 0.11Forex Commission per Lot per Trade $0 Classic Account, $4.50 round turn on Zero Account Deposit Methods Visa, Mastercard, PayPal, Skrill, Neteller, Fasapay, Jeton Wallet, Perfect Money, Online Naira, Doku, Bitcoin, Ethereum, Litecoin, USDT, Tether, Ripple, bank wire Withdrawal Methods Visa, Mastercard, Bank Wire, Skrill, Neteller,Bitcoin, Ethereum, Litecoin, Tether, Ripple Founded by Australian trading experts, Fusion Markets was launched in 2017 and is currently one of the top destinations for traders all over the globe. While it is common for brokers to advertise low spreads, Fusion Markets was actually recognized by Brookerchooser, receiving the award “Lowest Spread Forex Broker” four years in a row.
In addition to offering traders tight spreads, Fusion Markets is committed to offering the best value for your trading, charging a significantly low commission of only $2.25 per lot ($4.50 per side). As you can see, const-effectiveness is one of the main values of this top-shelf broker.
Safety is always a priority for Fusion Markets, with major regulatory bodies like the Australian Financial Services (license No.385620), the Financial Services Authority of Seychelles (license No.SD096), and authorities in Vanuatu regulating the services provided by the broker. Under ASIC’s (Australian Securities & Investments Commission) regulation, the broker also provides a negative balance protection to some of its clients.
With no minimum on deposits and a wide range of popular trading platforms like MetaTrader4, MetaTrader5, cTrader, and more, it is no surprise that Fusion Markets is one of the top choices of traders. With an average score of 4.6 out of 5 on Trustpilot, this broker has received an Excellent rating from more than 1,300 happy customers.
Key Pros
- Offers some of the lowest spreads
- ASIC clients enjoy a negative balance protection
- Supports popular trading platforms
- Offers two copy trading platforms
- Supports fiat and crypto payment solutions
Key Cons
- Does not offer investor protection
- Traders outside Australia have no negative balance protection
- Cannot set up an account in a minor currency
Global Prime Broker Details Regulators ASIC (No. 385620), VFSC (No. 40256) Min Deposit $0 Trading Platforms MT4 Desktop, MT4 Webtrader, MT4 Android Trustpilot Rating 4.1 out of 100 reviews Number of Forex Pairs to Trade 56 Leverage Forex & Metals: 500:1
Index CFDs: 100:1
Cryptocurrencies: 10:1Spread EURUSD: 0.13
USDJPY: 0.28
EURGBP: 0.28
GBPUSD: 0.22Forex Commission per Lot per Trade $0 Standard Accounts; $7 round turn on Raw Accounts Deposit Methods Visa, Mastercard, PayPal, Skrill, Neteller, Gate8, Dragonpay, Fasapay, VNPay, Pagsmile, BPay, POLi, AstroPay, Bank Transfer, Interac, Perfect Money, PayID, Jeton, MiFinity, XPay, Crypto Withdrawal Methods Mastercard, Visa, Local Bank Transfer, Bank Wire Transfer, Skrill, Neteller, AstroPay, PayPal, Dragonpay, Perfect Money, Jeton, Interac, Cryptocurrencies
Global Prime is a reliable brokerage that has been providing low-cost trading services since 2010. Regulated by the watchdogs of Vanuatu and Australia, the broker facilitates trading with over 150 financial instruments, including indices, bonds, commodities, cryptocurrencies, and more than 50 currency pairs. Major-pair spreads on raw accounts start at zero pips, with most orders being executed within 10 milliseconds on average. The broker works with MT4 only but plans to soon expand its range of supported platforms with cTrader, MT5, and TradingView.
These excellent trading conditions, coupled with a streamlined registration process, fee-free transactions to and from customer accounts, and round-the-clock support, have earned the broker a solid 4.1 score on Trustpilot. Still, there is scope for improvement as the company offers no cent and swap-free accounts for Islamic customers. The broker has no compensation scheme for client funds, either, which is yet another area Global Prime could improve in.
Key Pros
- Overseen by a top-tier financial regulator (ASIC)
- No fees on deposits and withdrawals
- Low fees for FX trading
- Streamlined sign-up process
- A broad range of currency pairs
Key Cons
- Could use more trading platforms
- A limited range of educational resources
- Does not offer Islamic or cent accounts
AvaTrade Broker Details Regulators FFAJ (License No.1574),CySEC (No. 347/17) ISA (No. 514666577), IIROC, ADGM / FSRA (No.190018), CBI (No.C53877), BVIFSC (No. SIBA/L/13/1049), FSCA(No.45984), ASIC(No.406684) Min Deposit $100 Trading Platforms MetaTrader4, MetaTrader5, WebTrader, AvaTadeGO, AvaSocial Trustpilot Rating 4.5 out of 8469 reviews Number of Forex Pairs to Trade 250+ Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 0.9
USDJPY: 1.3
EURGBP: 1.2
GBPUSD: 1.3Forex Commission per Lot per Trade $0 Deposit Methods Visa, Mastercard, Skrill, WebMoney, Neteller, bank wire Withdrawal Methods Visa, Mastercard, Skrill, WebMoney, Neteller, bank wire AvaTrade is one of the most well-experienced brokers offering online trading since 2006. Licensed and regulated to operate across six continents, this brand focuses on offering CFD and Forex trading, with popular platforms like MetaTrader 4 and 5 available to members of the broker. Alongside the MetaTrader platform, AvaTrade also offers its AvaTrade WebTrader and AvaTradeGO platforms, which introduce several innovative features such as AvaProtect.
Those inexperienced in trading can also try copy trading with AvaTrade’s AvaSocial platform. Trading on the go is also a seamless process, with AvaTrade’s mobile platforms, all available on the AvaTrade mobile app, available both to Android and iOS users.
It is no wonder that so many traders have chosen to trust AvaTrade, with the brand offering some of the greatest trading conditions online. Hedging on short selling and scalping is allowed, with traders having no restrictions to worry about. Fast order executions as well as competitively low spreads are also some of the reasons that have earned the broker a score of 4.6 out of 5 on Trustpilot. A total of 9 jurisdictions regulate the services offered by Ava Trade, with the Financial Futures Association of Japan, the Cyprus Securities and Exchange Commission, and the Australian Securities and Investments Commission being some of them.
Key Pros
- Regulated by 9 jurisdictions in 6 continents
- Offers various trading platforms suitable for beginners and expert traders
- Enables smooth mobile forex trading via dedicated app
- Offers 55 forex options and numerous CFDs
- Easy copy trading via the AvaSocial platform
Key Cons
- Retail account pricing trails behind top brokers’ offerings
- Desktop platform may seem a tad outdated
- Many payment solutions are country-specific
XM Group Broker Details Regulators FCA (ref. no. 705428), (ASIC) (ref. No. 443670), FSC (license no. 000261/397), DFSA (ref. no. F003484), CySEC (license no. 120/10), MiFID, CFTC Min Deposit $5 Trading Platforms MetaTrader 4 and 5, MetaTrader 4 and 5 on mobile, MT4 WebTrader, MT5 WebTrader, MT$ Multiterminal Trustpilot Rating 2.7 out of 561 reviews Number of Forex Pairs to Trade 50+ Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 0.8
USDJPY: 0.9
EURGBP: 1.5
GBPUSD: 0.9Forex Commission per Lot per Trade $0 Ultra Low Micro and Ultra Low Standard Accounts; $3.50 per side XM Zero Account Deposit Methods Visa, Mastercard. Skrill, Bank Transfer, Neteller, Apple Pay, Google Pay, UnionPay, Maestro Withdrawal Methods Visa, Mastercard, China Union Pay, Skrill, Neteller, Bank Transfer Since its inception in 2009, XM managed to attract over 10,000,000 customers, providing the best trading experience for traders online. There are quite a few reasons for so many people trusting XM, with tight spreads and cost-effective pricing being just a few of them. Operated by Trading Point of Financial Instruments Ltd, the broker is regulated by major authorities like the FCA, CySEC, IFSC, ASIC, and many more reputable regulators.
The brand offers more than 10 full-feature trading platforms that include the MetaTrader 4 and MetaTrader 5 platforms adapted for mobile trading on Android and iOS devices. Mt4 WebTrader, M5 WebTrader, and MT4 Multiterminal are also among the platforms available to XM traders, making trading equally easy and intuitive for any type of trader.
No matter the account type you opt for, the least amount you are required to deposit to your XM account is $5, with the same limit also imposed on your withdrawals from XM. Conveniently enough, the brand supports a variety of banking methods, with bank cards, e-wallets, and bank transfers being among the solutions one can use to handle their XM balance.
Key Pros
- Traders can choose from over 10 platforms
- Covers a great number of currency pairs
- Regulated by major authorities
- Offers smooth trading on the go
- Supports different account types with tight spreads and low fees
Key Cons
- Trading platform’s design seems outdated
- Not listed on stock exchange
- Charges an inactivity fee
Saxo Bank Broker Details Regulators FCA (No. 551422), FSA Denmark (No. 1149), MAS (No. 200601141M), ASIC (No. 32110128286), SFC Hong Kong (No. 1395901), FSA Japan (No. 0104-01-082810) Min Deposit $0 Classic$200,000 + Platinum $1,000,000 + VIP Trading Platforms SaxoTraderGO, SaxoTraderPRO, TradingView Trustpilot Rating 3.7 out of 5596 reviews Number of Forex Pairs to Trade 185+ Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 0.9
USDJPY: 1.2
EURGBP: 0.8
GBPUSD: 1Forex Commission per Lot per Trade $3 per lot Deposit Methods Visa, Visa Electron, Mastercard, Maestro, Bank Transfer, Quick Payment Withdrawal Methods Bank Transfer Established in 1992, Saxo Bank provides a superior trading experience across multiple asset classes and more than 71,000 financial instruments. The brokerage is operated by one of Denmark’s largest investment banks and carries licenses from several first-tier financial regulators, including the British FCA, Australia’s ASIC, and Singapore’s MAS. Saxo Bank provides a solid choice from over 185 major, minor, and exotic currency pairs available for commission-free trading at highly competitive spreads.
Apart from trading on the spot markets, Saxo Bank clients can dabble in Forex forwards, vanilla options, contracts for difference, and futures. All costs are built into the spreads as the brokerage charges no additional commissions on foreign exchange trades. Customers looking to diversify their portfolios can trade in various hard and soft commodities, equity indices, mutual funds, bonds, and ETFs. Its somewhat limited range of deposit and withdrawal methods is one of the very few shortcomings of Saxo Bank, whose overall score on Trustpilot averages 4.2 out of 5 stars.
Key Pros
- Offers a varied range of major, minor, and exotic FX pairs
- Provides tier-1 liquidity for high order fill rates
- Boasts over 30 years of experience in the financial industry
- Offers more than 140 FX forward contracts
- Excellent fill rates for FX majors like EUR/USD
Key Cons
- Steep minimum deposits for VIP and Platinum accounts
- Overcrowded and hard-to-navigate website
- Customizing SaxoTraderPRO for desktop takes some time
IG Broker Details Regulators ASIC (No. 515106), FCA (No. 114059), CFTC, DFSA (No. F001780), MAS, BMA Min Deposit $50 Trading Platforms MT4, L2 Dealer, ProRealTime, IG proprietary software Trustpilot Rating 4.1 out of 6723 reviews Number of Forex Pairs to Trade 80+ Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 0.6
USDJPY: 0.9
EURGBP: 0.9
GBPUSD: 0.9Forex Commission per Lot per Trade $0 Deposit Methods Visa, Mastercard, Bank Transfer, Wire Transfer, Visa Electron, Discover, PayPal Withdrawal Methods Visa, Visa Electron, Mastercard, Discover, Bank Transfer IG is a trusted online broker regulated in multiple jurisdictions, including Australia, Singapore, Dubai, the UK, and the US. It provides low-cost trading in thousands of financial markets, ranging from forex and commodities to cryptocurrencies, shares, bonds, and indices. Seasoned traders can dabble in options contracts, bonds, and spread betting. Interest rate trading is also available to IG customers.
The brokerage charges no commissions on forex trades, deriving its profits mostly from spreads. IG predominantly caters to customers looking to capitalize on price movements without purchasing underlying assets by offering them a broad range of CFDs. Forex traders have access to complex speculative instruments like turbo warrants, vanilla options, contracts for difference, and barrier options.
IG’s proprietary software does an excellent job at delivering seamless trading sessions, although clients can also connect third-party platforms like MT4 and ProRealTime to their IG accounts. Both platforms are suitable for algorithmic trading. Moving funds to and from your live account is entirely free, although the broker could expand its range of accepted payment methods. Cards, bank transfers, and PayPal are the only banking options IG works with at the moment. Bank transfers have no minimum threshold on deposits.
Key Pros
- Towering selection of over 17,000 tradable markets
- Listed on the FTSE 250 index
- Competitive pricing and low forex spreads
- No fees on deposits or withdrawals
- Demo accounts for risk-free forex trading practice
Key Cons
- Payment options are a bit limited
- Customer support is slow to respond during busy hours
FxPro Broker Details Regulators FCA (No. 45052), CySEC (No. 078/07), SCB (No. SIA-F184), FSCA (No.45052) Min Deposit $100 Trading Platforms MT4, MT5, cTrader, FxPro Edge (proprietary) Trustpilot Rating 3.9 out of 209 reviews Number of Forex Pairs to Trade 70+ Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 0.25
USDJPY: 0.38
EURGBP: 0.67
GBPUSD: 0.37Forex Commission per Lot per Trade $0 on Standard Account; $3.5 per side on Raw+ and Elite Accounts Deposit Methods Visa, Mastercard, Maestro, Bank Transfer, Neteller, PayPal, Skrill, Union Pay Withdrawal Methods Bank Transfer, Mastercard, Visa, Union Pay, Maestro, PayPal, Skrill, Neteller Founded in 2006, FxPro is a multi-award-winning broker that provides online trading services with licenses granted by the financial regulators of the UK, Cyprus, and the Bahamas. Over 2,100 instruments are tradable at FxPro via a variety of platforms, including MT5, MT4, cTrader, and proprietary software. Customers can dip their toes into forex, commodity, index, stock, and cryptocurrency trading at FxPro.
Forex traders, in particular, will benefit from over 70 major, minor, and exotic currency pairs tradable with fixed or marked-up floating spreads, depending on the platform and account type. Orders are filled at ultra-low latency, ensuring lightning-fast execution of under 13 milliseconds. FxPro stores the money of its clients in segregated accounts at major international banks and offers negative balance protection to all retail customers, regardless of their trading volume and country.
Minimum deposits at FxPro align with industry standards at $100, although new customers are generally recommended to start with at least $1,000 in their live accounts. Deposits and withdrawals incur no additional transaction fees at FxPro. Cards, bank transfers, and e-wallets are all viable funding options for clients with live accounts.
Key Pros
- Over 2,100 CFDs across six asset classes
- Zero fees on deposits and withdrawals
- Floating spreads with no commissions on MT4 FX trades
- Winner of over 100 industry awards
- Fills orders within less than 13 milliseconds
Key Cons
- FX spreads are slightly higher than industry averages
- Charges maintenance fees after six months of inactivity
Iron FX Broker Details Regulators FCA (licensing no. 585561), FSCA (licensing no. 45276) Min Deposit $100 Trading Platforms MetaTrader 4, WebTrader, VPS, PMAM, TradeCopier, Mobile App Trustpilot Rating N/A out of N/A reviews Number of Forex Pairs to Trade 80+ Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 0.7
USDJPY: 0.4
EURGBP: 0.9
GBPUSD: 0.8Forex Commission per Lot per Trade $0 Deposit Methods Visa, MAstercard, Bank Wire, Skrill, Neteller, China Union Pay, Fasapay, Perfect Money, Bitwallet, Paysafecard Withdrawal Methods Bank Wire Founded in 2010, Iron FX is a broker with extensive experience in the trading field, offering traders a vast selection of products. Providing CFDs on forex pairs, commodities, indices, shares, and futures, this online brokerage is a great place for a vast variety of traders. With seven different types of accounts, members of Iron FX can pick the option that suits their preferences the best, with each of the account types offering either low or low fees that offer the best value for your trading.
Unfortunately, while Iron FX was regulated by the Cyprus Securities and Exchange Commission (CySEC), its Bermuda entity currently holds no license authorizing its operations. Meanwhile, its UK and South African entities are regulated by the Financial Conduct Authority (FCA) and the Financial Sector Conduct Authority (FSCA), respectively. We would also like to highlight the company’s dedication to traders’ safety, with Iron FX utilizing enterprise-class security tools to keep you and your money safe.
Members of the broker will have access to trading platforms like MetaTrader 4, WebTrader, VPS, PMAM, and TradeCopier as well as the mobile app of Iron FX that enables seamless trading on the go. To fund your account, you are required to deposit $100, which is the minimum required for the standard account type.
Key Pros
- Offers a wide selection of trading instruments
- Supports several popular trading platforms
- Enables easy trading on the go via dedicated app
- Supports various deposit methods
- Traders can choose from 7 different account types
Key Cons
- Bahamas entity operates with no license
- Trustpilot score not available due to many fake review detected
- Withdrawals are possible only via bank wire
Vantage FX Broker Details Regulators FCA (license no. FRN: 590299), VFSC (reg. No. 700271), ASIC (license no. no. 428901), FSCA (license no. 51268), CIMA (no. 1383491) Min Deposit $50 Trading Platforms MetaTrader 4, MetaTrader 5, ProTrader, TradingView, Copy Trading Trustpilot Rating 3.4 out of 3033 reviews Number of Forex Pairs to Trade 40+ Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 1.0
USDJPY: 1.0
EURGBP: 1.2
GBPUSD: 1.0Forex Commission per Lot per Trade $3 per side on Raw; $1.50 per side on Pro Deposit Methods Visa, Mastercard, Union Pay, Boleto, Bank Wire, Skrill, Neteller, Crypto Withdrawal Methods Visa, Mastercard, Union Pay, Bank Wire, Skrill, Neteller, Crypto Vantage is an online broker offering traders over 1,000 CFD products, with competitive pricing offering members of the company to enjoy the best value for their investments and sales. Founded in 2009, the broker has proven to be one of the most trustworthy names in this industry, with authorities like ASIC, FCA, FSCA, CIMA, and VFSC regulating the services provided by Vantage.
Trading at Vantage FX is possible through several platforms, including MetaTrader 4 and 5, TradingView, and ProTrader. Copy Trading is also available to Vantage FX clients, with the broker receiving the ForexBrokers’ recognition for the Best in Class for Copy Trading in 2024. Copy Trading is available on the Vantage FX app, offering smooth trading on the go for both Android and iOS users.
Once they decide to top up their Vantage FX account, traders will be able to choose from methods like credit and debit cards, bank transfers, e-wallets like Neteller and Skrill, crypto wallets, and the instant banking service of Boleto. Keep in mind that some methods are country-specific and may not be available to all traders using the services of Vantage FX. You can fund your account with as little as $50 or the equivalent in another currency.
Key Pros
- Regulated by reputable authorities
- Offers over 1,000 CFD products
- Supports various popular platforms
- Enables easy copy trading on mobile app
- Tight spreads and low commission for forex traders
Key Cons
- Some banking methods are exclusive to certain markets
- Could add more currency pairs to its products
- Limited educational materials
Admirals Broker Details Regulators CySEC (No. 201/13), ASIC (No. 410681), FCA (No. 595450), JSC (No. 57026), FSCA (No. FSP51311) Min Deposit $100 ($1 for Invest MT5 Account) Trading Platforms MT4, MT5, WebTrader, MT Supreme Edition, StereoTrader Trustpilot Rating 4.1 out of 1706 reviews Number of Forex Pairs to Trade 82 Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 0.1
USDJPY: 10
EURGBP: 0.7
GBPUSD: 0.5Forex Commission per Lot per Trade $3 per lot Deposit Methods Visa, Mastercard, Skrill, Klarna, Bank Transfer, PayPal, Neteller, iDeal, POLi, Perfect Money, Cryptocurrencies Withdrawal Methods Bank transfer, Visa, Mastercard, PayPal, Neteller, Skrill, Perfect Money Formerly Admiral Markets, Admirals is a multi-asset online broker that commenced operations in 2001. The company’s commitment to excellence, innovation, and low-cost trading has earned it the reputation of one of the world’s leading and most reliable brokers. Licensed by ASIC and FCA, among others, Admirals gives its clients access to a broad range of financial instruments, including 82 forex pairs, hard and soft commodities, over 4,500 stocks, cryptocurrencies, bonds, and indices.
Admirals mainly specializes in CFD trading, offering leverage of up to 500:1 to professional forex traders. Fees on forex trades are largely built in the spreads, although clients with Zero/ECN accounts pay a $6 round-turn commission per lot. Those new to the financial markets can trade in micro lots or with fractional shares. Trading at Admirals is possible via familiar platforms like MT4, MT5, and MT WebTrader.
The broker offers negative balance protection to retail clients and fills 90% of all orders within 150 milliseconds. Customers can fund their live accounts for free via bank transfers, cards, digital wallets, and online banking. There is room for enhancement where withdrawals are concerned, though. Admirals customers can request no more than one free withdrawal per month.
Key Pros
- Over 8,000 markets available
- 80 forex pairs tradable through CFDs
- Swap-free forex accounts for Islamic customers
- Offers forex trading in micro lots
- No fees on deposits
Key Cons
- Only one free withdrawal per calendar month
- Does not trade publicly on a stock exchange
Is Forex Trading Legal in Thailand
Forex exchange trading is a legal pursuit for Thai residents as long as they engage in such activities with authorized local or international brokers. The Securities and Exchange Act B.E. 2535 provides the regulatory framework for the legal provision of securities trading in Thailand. Only companies with no previous history of bankruptcies can acquire brokerage licenses in the country.
Approved broking firms must regularly submit financial reports to Thai regulators and keep detailed records of all foreign exchange transactions conducted over the last five years. From what we gather, domestic forex broking licenses require renewal every twelve months. Licensees must exercise due diligence to prevent money laundering and other forms of fraud.
Certain restrictions apply to offshore investments and currency transactions to maintain economic stability. Thai residents and domestic companies can invest up to $10 million in foreign securities per year. This threshold previously stood at $5 million but the Bank of Thailand raised it two-fold to enable individuals and local companies to better manage their risk. Respectively, the limit on free capital outflow jumped from $50,000 to $200,000.
Locals can freely trade with most currencies and forex pairs, but there are restrictions on transactions involving the Thai baht (THB). The Bank of Thailand prohibits the direct speculation with the baht to curb volatility and promote economic stability. Foreign residents cannot open accounts with the baht as the base currency. Locals professing Islam can set up Islamic accounts to trade swap-free.
Forex Trading Regulators in Thailand
Two main regulators oversee foreign exchange transactions in the Southeast Asian country, starting with the Bank of Thailand. BOT commenced operations in 1942 and supervises domestic financial institutions on a macro level. Some entities under its supervision include commercial banks, mutual funds, credit companies, asset managers, and providers of electronic payment services.
Companies that provide foreign exchange services are also within the regulatory scope of BOT. The central bank is responsible for developing new monetary policies and setting the rules that govern investing outside the country. The bank prohibits the direct speculation with the local currency, the Thai baht, and closely monitors foreign exchange activities to ensure the stable operations of the local financial market.
The Securities and Exchange Commission of Thailand (SEC) was created in 1992 to oversee stock exchanges, derivatives, securities, and digital assets. Margin trading also falls under its regulatory scope. SEC grants authorization to derivative brokers and actively works toward improving consumer protections in the country. The capital markets regulator frequently publishes warnings on its website to alert residents about unauthorized firms and scams. The watchdog provides guidelines for all financial participants in the local market to follow.
How to Identify Forex Brokers Authorized in Thailand
Thai forex traders face a limited choice of domestically registered and regulated brokers at the time of publication. The local capital markets regulator SEC runs a register, allowing traders to conveniently browse all broking firms authorized in Thailand. Keep in mind that many international companies accept traders from Thailand with licenses granted by offshore regulators.
Thai residents should ensure their chosen offshore broker is overseen by top-tier watchdogs to minimize the risk of getting swindled out of their money. Unregulated broking firms sometimes engage in unethical practices and offer little to no investor protection. We recommend you avoid doing business with such questionable companies as you will have no legal recourse for recovering your money if something goes wrong.
Security at Thai Forex Brokers
When trading with regulated forex brokers, Thai residents will benefit from robust security, price transparency, and higher levels of consumer protection. Such companies commonly offer real-time risk management tools enabling customers to control their volatility. They are committed to providing excellent trading conditions and access to accurate bid-ask forex spreads to ensure the best possible outcomes for their traders.
The best brokers in the country offer deep liquidity and lightning-fast order execution to guarantee Thai clients have their forex orders filled at the prices specified on their order tickets. Brokers subject to proper regulation refrain from offering unreasonably high leverage rates to inexperienced retail traders and always caution them against investing capital they cannot afford to lose.
Regulated brokers catering to customers from Thailand are sufficiently capitalized and would never mishandle client funds. They segregate customers’ money from their operating capital, storing it in segregated accounts at accredited banks. A common practice among law-abiding companies, this ensures traders can get their money back if their broker suffers a financial collapse.
Negative Balance Protection at Thai Forex Brokers
Thai traders who intend to use leverage should always opt for brokers that offer negative balance protection. This risk management tool is available at many reputable offshore brokers and prevents your balance from dropping below zero when you trade leveraged derivatives like contracts for difference. The feature is incredibly useful during rapid and unexpected market fluctuations that could lead to mounting losses in margin accounts.
When negative balance protection is in place, brokers offering the feature will automatically close all losing positions in your margin account before your balance slips into the red zone. They reset the account’s balance to zero, sparing you from owning more than the amount you have deposited in the account.
Negative balance protection enables Thai clients to trade more confidently and ensures they can never incur financial obligations exceeding their initial investments in the event of highly volatile market conditions. Be careful where you register, though, because not all international brokers operating in Thailand offer negative balance protection to Thai traders.
Taxes on Forex Trading Profits in Thailand
Thai residents venturing into forex trading should pay attention to the fact profits derived from such activities are taxable in the country. Traders must report their forex trading income to the local tax authorities. Earnings from successful forex trades are liable for a 15% capital gains tax. Personal income taxes are also due but the rates are progressive and range from 5% to 35%, depending on taxable income size.
Income exceeding the ฿5 billion threshold is subject to the highest tax rate of 35%. Residents can also deduct their trading losses. All Thai residents must report their personal income taxes no later than the end of March of the following year. Thais filing their tax reports online have until April 8th to do so. Make sure you contact an experienced tax advisor to assist you if you are unsure how to report your trading-related profits.
Leverage Caps at Thai and Offshore Brokers
From what we gather, financial regulators in Thailand do not enforce specific restrictions on the maximum leverage domestic brokers can offer to retail clients. International brokers accepting retail customers from the country commonly offer variable leverage rates ranging from 1:1 to 1000:1 or even 2000:1 in some cases. As the name indicates, variable leverage changes based on current market conditions and one’s position size. Broking firms offering this type of leverage adjust the rates, depending on the equity in one’s trading account.
Traders who open smaller positions may thus gain access to higher leverage rates, while larger positions are eligible for lower leverage ratios. This type of leverage could prove useful for customers looking for greater flexibility and control over their market exposure. With this in mind, Thai traders should use leverage responsibly and with due caution.
Leverage can be a great tool for capitalizing on favorable trading opportunities as it enables you to open larger positions when you have limited capital at your disposal. However, inexperienced traders who manage their risk poorly can sustain huge financial losses when using excessive leverage. Thai traders engaging in margin trading with leverage should always register with adequately regulated brokers that provide negative balance protection.
Islamic and Professional Trading Accounts at Thailand Brokers
While Buddhism is the predominant religion in Thailand, Islam ranks second as approximately 5.4% of the population is Muslim. Local traders of the Muslim faith should open Islamic trading accounts compliant with the Sharia law, which prohibits paying and collecting interest. There are no swap or rollover fees on Islamic accounts, rendering them ideal for Muslim traders from Thailand. Many brokers accepting customers from the country offer swap-free accounts where overnight positions typically incur flat holding fees, instead.
Upgrading from a retail to a professional account is also an option at forex brokers serving traders from the country. Keep in mind that professional trading accounts are usually ineligible for negative balance protection. Also, you should meet certain requirements for trade volume, investment portfolio size, and experience in derivative trading to become eligible for a professional forex trading account.
Forex Trading Platforms in Thailand
The best brokers serving forex traders from Thailand use cross-compatible software, allowing users to stay abreast of the financial markets on all devices, desktop or mobile. Some forex trading providers prefer to use proprietary software and develop web-based platforms in-house. While there are numerous merits to choosing a broker with proprietary software, it may be challenging for first-timers to find their way around, at least in the beginning.
The best course of action is to set up a free demo account and test your broker’s proprietary platform first-hand before you start investing real capital. Another option is to go for a broker running on third-party software you are familiar with. Thai-friendly forex brokers commonly implement the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms developed by the award-winning company MetaQuotes. Thai traders may also come across third-party platforms like cTrader and TradingView, although the support for them is not as broad.
Each of these platforms has distinct advantages and downsides. MetaTrader 5, for example, delivers better order execution and offers more timeframes and tools for charting and technical analysis but this comes at the expense of a clunkier and less intuitive interface that may put off unversed forex traders. MetaTrader 4 is more user-friendly and was built specifically with the needs of forex traders in mind.
However, MT4 offers fewer technical indicators and is less versatile in terms of financial instruments, which makes it less suitable for traders looking for portfolio diversification. On a final note, rookie Thai traders should test the waters via the free demo versions of these platforms to determine which software works best for their trading style, experience level, and investment goals.
Below you can find some useful references with links to organisations that monitor the forex market in Thailand.
- Thailand’s Securities and Exchange Commission (SEC)
- Warning list about unauthorized firms and scams