4 BEST FOREX BROKERS IN THAILAND FOR THAI TRADERS
Nowadays, there are so many brokers from all over the world that it is not easy to find out which are the best forex brokers, especially the best forex brokers in Thailand. It is started to have some qualities or standards to define how good a broker is and then, it could apply to many brokers. In fact, there are not “the best forex brokers” as every broker has its own advantages or disadvantages that make them suitable for a certain kind of traders. However, there are common standards applied to decide whether a broker is good or not: credibility, trading fees, trading conditions, and customer xsupport. Below is a list of the best forex brokers in Thailand for your consideration:
- Exness.com – 9/10
- XM.com – 8.5/10
- FxPro.com – 8/10
- HotForex – 7/10
The following parts of this article will be explaining more about each standard, which can help traders, especially Thai traders, decide which brokers to choose.
As it may be seen, Asia contributes as much as one third of all forex trading volume from all over the world, which is a dramatic number of trading volume that a continent can achieve. However, Asian forex traders, including Thailand, do not get the best conditions or even are not allowed to trade by the government. Traders in Asia, therefore, need a safe and convenient environment to work, which could be given by brokers. The brokers with trusted forex regulations will be able to protect their customers from risks and trouble if there are any bad things happening. The regulations could be from any financial organizations who have the responsibilities to regulate forex brokers in this market, but they all have the common rules like: quotes quality, maximum leverage, segregated accounts, minimum deposit, bonuses, and advertisement policies…
These brokers below obtain different regulations:
- Exness – CySEC & FCA
- FxPro – CySEC, FCA, DFSA, FSB
- XM – FCA, CySEC, ASIC
- HotForex – IFSC, CySEC
It could be said that brokers who have acquired licenses are the reliable brokers since it is very difficult to acquire a regulation. However, not all regulations are good and convenient for traders. For example, in the U.S and U.K, brokers are under the regulations which require higher spread, commissions and margins than those of other countries. Brokers in this area also support less deposit/withdrawal methods and trading platforms. Thus, to be more helpful for traders, it is necessary for brokers to have more than 1 regulation. Accordingly, FCA and CySEC are considered as the most credible, then brokers obtaining these regulations are also the biggest forex brokers:
- FX’s trading volume is $100 billion/ month
- XM’s trading volume is about $300 billion/ month
- Exness has the highest trading volume, which is $400 billion per month.
Different brokers have different cost. For US brokers, their spread and commission is the highest. Brokers like Forex.com or FXCM have spreads 1.7 – 2 pips to trade EURUSD, which is higher than any other brokers’ cost (50% higher).
However, payment systems and payment methods are considered more, especially in Thailand. Despite the fact that the US and UK brokers’ services are the best in their countries, they do not support well in Asia, especially in Thailand. For example, if Thai traders use credit cards to deposit, the banks here will charge 1.7 – 4% of the total amount transferred. This is not reasonable at all because it is hard to get some profit rate like 5% for a month, while traders must pay a fee of 4% of their total fund only for depositing. Thus, Thai traders should not to work with those U.S and U.K brokers. However, they could work with brokers having local payment methods.
Then, which has the best payment system among the brokers?
All those brokers mentioned above offer local payment systems by Thai banks. These banks are such as Krung Thai Bank, Siam Commercial Bank, Bangkok Bank, Bank of Ayudhya, and Kasikorn Bank, which all have many other online payment systems such as Perfect Money, WebMoney, Neteller, Skrill, and Cashu.
In person, Exness is believed to have the best payment system among the others. Many traders including experienced ones to long-term ones also agree that opinion. Exness, exceptionally, has more than 30 different deposit methods. It even offers many free local paying methods for traders, which is very comfortable.
Its payment system is fast, quick and instant, which allows you to execute a transaction within a second. While other payment systems often require up to days to complete a transaction, Exness’s payment service only takes you a second to finish depositing, withdrawing or transferring the money.
As you may know, MT4 as well as MT5 are known as the most famous trading platforms in the forex market. However, they are not as good as they are thought to be. Some of the operation systems are not compatible with 2 platforms like Window Vista and Window XP. Also, some phones cannot use these platforms, so traders cannot easily access and work through their phones. Therefore, the best forex brokers should design their unique trading platforms for their clients. The 2 most advanced forex platforms are currently FXPro and XM.
As it would be very difficult to understand and know more clearly about the forex systems without any help, traders really need those who can appear and support them immediately and timely. Thus, the best brokers in Thailand need to open local offices for their clients. The following brokers are those:
In this term, Exness, together with XM, is quite better as they support customers 24 hours per day and 7 days per week. Moreover, supporters in Thailand should speak Thai language since Thai traders are not good at English.