Binary Options Trading Thailand
If you're just beginning you online trading journey in binary options, Thailand is a great place to be and there are often many questions to be answered. This might be whether the practise of trading is legal and what rules and regulations exist to safeguard and protect the Thai investor's money or you may need advice when it comes to choosing the best broker to trade with.
Unlike Europe with its licensed, regulated and reputable brokers it is hard to know which local brokers are legitimate and which you should stay clear of. For this reason you won't find many local brokers, in fact most binary traders turn to foreign brokers to conduct their trading over local brokers because of the strength of their platform and service.
When it comes to helping you choose a broker we use our experience and knowledge to make sure that we only recommend those that are trusted, regulated and that offer you the best experience. We do the hard work so that you don't have to which means you can focus on making profitable trades and not worrying about being paid.
If you want to know how binary options work in Thailand then this guide will explain:
- How accessible binary options trading is if you live in Thailand
- If there are fees, taxes or any other rules you need to be aware of
- How to make sure you choose the best broker to trade with online
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Local Broker Benefits
Thailand is much like other Asian countries including Singapore and the Philippines. If you are looking for a broker that is local to Thailand then you will struggle, especially when it comes to finding a legitimate one. Binary options trading seems to be a grey area with no apparent rules or regulation and you will find lots of conflicting reports as to the legality due to Thailand's gambling laws.
If you do find a Thai broker then we would advise that you stay well clear. Do not invest your money with a broker unless they have approved licensing. Instead you are better off investing with a foreign broker that will accept Thai traders but what should you be looking for?
Licensing And Rules
As there are no regulated local brokers, you need to find a foreign broker that is licensed. Many of the best ones tend to be European which means they will have licensing from some of the best regulatory bodies which include CySEC, MiFID or the UK FCA.
Demo Account Features
A demo account is great for both new and experienced traders. Many brokers offer a reloadable demo account or you can open more than one demo account. They are perfect for practising trading and testing the platform before you commit your funds.
Trade Types And Assets
The number of trade types and the number of assets offered by brokers can vary quite extensively. Some brokers will offer a limited number of assets and a few option types whereas others will offer a choice of hundreds of assets and a wide range of trade types including the more complicated ones.
Welcome Bonuses And Deals
If you are looking for a broker that offers a no deposit bonus there are a few to choose from. A no deposit bonus allows new traders to practise trading without committing any funds. For those who have more experience there are many deposit bonuses available as well as added incentives like loyalty programmes and tournaments.
The top brokers offer their websites in multiple languages and accept many forms of currencies across the world. Why do they do this? Well everyone is competing to get into the emerging markets across the world, the more they have to offer the more likely that you will open an account with them. What that means is that you have a great deal of choice when it comes to choosing your broker and we are here to help you make that choice.
Legal And Regulation
As binary options appears to have no regulation or concise laws in Thailand then you can assume it is unregulated and that your only option if you want to trade is to choose a broker that is regulated. Now the reputable brokers that offer their services are very fastidious when it comes to operating under their licensing terms and won't solicit business from anywhere that might jeopardise their license.
As some of the best in the world offer their services in Thailand you can be assured that your money is safe. European brokers have some of the best licensing from around the world in the form of CySEC and other recognised entities. CySEC is always a good one to look out for when choosing your broker.
If you are trading in larger amounts you may want to check out your countries laws on off-shore trading and if there are any penalties attached or processes that you need to adhere to before you trade. Before you can withdraw funds from any binary options account you will have to prove your identity and go through a verification process to ensure that you are not committing any fraudulent activity. You may also be restricted with the payment methods you can use for international transactions.
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Paying Taxes And Fees
There is a tiered tax system for income tax in Thailand and binary options profits are classed as income. If this is your only income or indeed a second income you will be subject to the tax rules of Thailand. You will have your own system of declaring income and you will need to ensure that to do this you keep an accurate record of your trading. Your records need to include any losses as well as wins as this will be offset against your overall profit. You may want to check that you can see an accurate record of your transaction history on the site and how long the records go back.
In terms of other fees there are a few to consider. In addition to the commission fees for successful trades there are the following, smaller fees:
While these fees tend to be smaller, it is still important to ensure that you account for them. It is worth investigating how you can minimise these fees. Perhaps you can choose a method of funding your account that doesn't make the charges that others do. Making fewer withdrawals and deposits will reduce the fixed fee charges.
How we Recommend Brokers
Our job is to make your trading experience easier. This we do by providing you with reviews of the best Thailand binary options brokers available. We don't just look at whether they are regulated and which licensing they operate under. No, we really do our research to ensure that the information we provide to you is the best and most accurate that it can be. Our team will review a broker on several different aspects from how easy it is to open an account and start trading to the type of mobile offering they have.
If you are unsure as to how to choose the best broker for you then make a list of all of the things that are important to you. Do you want to be able to trade on the move? Are you looking for a broker that offers a demo accounts so that you can try it out with no risk? Perhaps you are looking for a broker that offers good bonuses.
Everyone has different criteria which is why we award a star rating for each of these aspects. This enables you to draw up a short list of those that meet your criteria before deciding on the one that you will eventually trade with. With a lack of brokers local to Thailand you will want to ensure that you are comfortable with your chosen broker and that your funds are going to be safe.
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Frequently Asked Questions
Is binary trading in Thailand legal and safe?
Thailand appears to have no apparent regulations or legislation and for that reason you will struggle to find a local Thai broker. Many of the top foreign brokers offer their services to thai traders though with translated websites and the option to trade in the relevant currency. The safety of your money will depend on you choosing a legitimate and licensed broker.
Do I need to pay taxes on my trading profits?
There are 3 tiers of income tax in Thailand and the tax that you pay will largely depend on whether this is your first or second income and the amount of profit you generate. It is your responsibility to make sure that you keep an accurate record of your trading history including any profits or losses. You then need to adhere to the tax laws of your country.
Can I test brokers before trading with real money?
By choosing a good broker you will have the opportunity to use their demo account. Now some brokers insist that you make a deposit as a form of commitment before you use their demo account whereas some will entice new traders with the chance to use their demo account without any need to deposit any funds. The chances are that if you like what you see and you enjoy your experience you will register with that broker anyway.
Is it easy to make deposits and withdrawals?
This very much depends on your payment method. Many of the large brokers accept several forms of payment like credit card, debit card, Paypal, Skrill and other forms of online payment. To make a withdrawal you will need to verify your identity and ensure that you are who you say you are to prevent any fraudulent activity. Withdrawals tend to take 3-5 business days to reach your account.
Can I trade using my mobile or tablet device?
Many of the best brokers now offer a good mobile solution to those who want to trade on the go. If you are looking for a good mobile offering then you need to choose a broker that has a website that is built for mobile and perhaps an app. Many brokers have apps for both iOS and Android and cater for both phones and tablets. Some of them even have apps designed for smart watches.