Next in our series of how to buy bitcoin in Asia, we will now look at the ecosystem in Thailand. The Bitcoin ecosystem is very vibrant with two major exchanges doing the bulk of bitcoin buying and selling with very convenient deposit payment options.
Bx.in.th is operated by Bitcoin Co. Ltd., a Thai registered company since 2013. The company charges a fee of 0.25% per trade. Besides Bitcoin-Thai Baht exchanges, Bx.in.th also trades various altcoins such as Litecoin, Dogecoin, Stellar and so on. At one point, bx.in.th held a high trading volume for Stellar after Justcoin announced their shutdown.
Bx.in.th provides proof of funds held by the exchange by listing all the addresses that have unspent inputs. Users may request the exchange operator to sign a message for each address to proof that the addresses are indeed within the exchange's control.
Bx.in.th allows deposits from several Thai banks such as Bangkok Bank, The Siam Commercial Bank, TMB Bank, Krungthai Bank, Kasikornbank and Krungsi Bank.
Coins.co.th is a branch of Philippines Bitcoin company Coins.ph. The Bitcoin exchange allows people to buy, sell and accept bitcoin, including those who don’t own credit cards or bank accounts. Founded in 2014, the team behind this company consists of Ron Hose, Runar Petursson and Topp Srupsrisopa.
Coins.co.th stands out as they have a convenient Bitcoin-to-fiat-currency option. This can be done with the help of Krungthai Bank’s ATMs that have a feature of withdrawing funds without owning a bank card. All one needs is a Thai mobile phone number to receive references for the authentication procedure.
CEO, Ron Hose explained that they recognise the lack of functional services in developing countries, thus there is a demand for Bitcoin, which is a lower barrier alternative to traditional banking. Coins.co.th aims to be the main platform for markets with low bank penetration.