People are still debating whether Thailand has the best forex brokers and if so, which characteristics to assess them. However, people agreed that there is no such thing as the absolute best broker in Thailand because each broker has their own strengths and weaknesses to Thai market.
UK and US brokers are more reliable than the rest while Cyprus-based brokers provide better trading conditions such as lower margin, lower spread and also good trading platforms and also Thai payment systems. The standards for a broker to be the best should be trading cost, trading conditions, local support, and reliability also. Below are some brokers that I think fit the descriptions of being the top best forex brokers in Thailand:
- Exness.com – 8/10
- XM.com – 7.5/10
- FxPro.com – 7.5/10
- FXTM – 6.5/10
I will also explain in this article how can those brokers qualify to the best brokers in Thailand based on the standards I mentioned above.
>> Read more: Overview about forex brokers
THE FIRST THING THE BEST BROKERS IN THAILAND NEED IS RELIABILITY
Asian traders, Thai traders included, have to face many problems when working as forex traders worldwide. Even though 30% of global forex trading figure is contributed by Asian traders, forex trading is not allowed in the majority of Asian countries, including Thailand. That is the reason why most traders in Thailand will not be protected by the law if something goes wrong. Hence, the reliability should be on the top of the list when you look for the best broker in Thailand. But how to choose reliable brokers? You should see if the broker you are checking have their licenses or regulations as they are usually hard to acquire. Even though there are many regulations provided by different organizations but they all set rules to keep a fair trade world and protect their traders. CySEC and FCA licenses are two most reliable licenses and they are often acquired by top brokers. For example, Exness is the biggest retail forex brokers with a monthly trading volume of $400 billion while it is $300 billion for XM and $100 billion for FxPro.
Regulations and trading volumes of listed best brokers in Thailand:
- Exness with CySEC, FCA and $400 billion monthly
- XM – CySEC, FCA, ASIC and $300 billion monthly
- FxPro – CySEC, FCA, DFSA, FSB and $100 billion monthly
- FXTM – IFSC
>> Read more: Best ECN forex brokers
LOWEST TRADING COST IS ALSO NECESSARY FOR THE BEST BROKERS IN THAILAND
US-based forex brokers often charge their trader the highest commision and spread also. For example, FXCM and Forex.com charge their traders from 1.7 to 2 pips for EUR/USD type of trading, while the best brokers in Thailand I mentioned charge much lower spreads compared to the US ones, which is approximately 50% lower.
However, it is more important for the best brokers in Thailand to offer good payment systems or methods for traders operating in Thailand.
I know that some US and UK-based brokers often offer good services in their countries, but it is a different story overseas. To illustrate, if traders deposit using credit cards into brokers in the US and UK, the banks will charge them 1.7 to 4% of the total funds. It is hard to get a month profit rate of 5% and they are charging traders 4% to deposit into them only? I do not think that is a good idea. Therefore, I would highly recommend traders in Thailand choosing brokers that have good local payment systems.
The majority of brokers I have mentioned are offering very good payment systems through Thai banks. There are many banks such as Siam Commercial Bank, Bangkok Bank, Krung Thai Bank, Kasikorn Bank and Bank of Ayudhya cooperate with many Internet payment systems like WebMoney, Neteller, Cashu, Skrill and Perfect Money.
I have personally traded with many forex brokers and me along with traders I know all agree that payment system of Exness is the best among all. It provides more than 30 different payment methods. In Thailand, they are also providing a lot of local payment systems that are free of charge.
Payment systems of Exness are very fast as the majority of their transactions are processed within seconds. It only takes you less than a second to either deposit or withdraw or even transfer your money while it may take a lot more than that in the case of other brokers.
>> Read more: LOWEST SPREAD BROKERS IN THE MARKET
THE BEST BROKERS IN THAILAND SHOULD ALSO PROVIDE GOOD PLATFORMS FOR TRADING
Two most well-known platforms for trading are MT4 and MT5, But I personally think that they are not perfect platforms. Those two platforms are not compatible with operating systems like Windows XP and Vista and some smartphones as well. That is why some brokers considered to create their own platforms. XM and FxPro are the two brokers that are currently the leaders in developing and improving trading platforms.
>> Read more: Best trading platforms’ forex brokers
GOOD LOCAL SUPPORTS ARE REQUIRED FOR THE BEST FOREX BROKERS IN THAILAND
In the forex trading world, it is essential for brokers to support their traders since forex trading is a complex matter. Just like other traders in the world, traders in Thailand also need a lot of support from brokers. It is necessary for brokers to open local offices so traders can have face-to-face supports. Below are brokers that offer local offices for traders in Thailand:
In addition, there are support in Thai so all Thai traders can use the support services without any barrier as not all traders can speak English. Exness and XM services are slightly better as they offer 24/7 support.
Synthesized by top4forexbrokers.net