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 very convenient deposit payment options.
Bitkub is one of Thailand's leading cryptocurrency exchange. It was established in February 2018 and has a paid up capital of 50 million Thai Baht (~ USD1.5 million). It is operated by the Bitkub Capital Group Holdings out of Bangkok.
Bitkub trades 10 coins with Thai Baht (THB) pairings and is rapidly adding more. It charges 0.25% fees on all trades. It has a 20 THB withdrawal fee for K-Bank and 20-200 THB withdrawal fee for other banks. Bitkub provides 24/7 customer support and allows THB deposit and cash out through bank transfer at Kasikorn bank (KBANK), Siam Commercial Bank (SCB), Bangkok Bank (BBL), and Krungsri Bank (BAY).
Bitkub Capital Group Holdings has 4 distinct branches - Bitkub exchange, Bitkub Blockchain and ICO consulting, Bitkub Academy, and Bitkub Capital.
Bitkub envisions a world where everything that can be digitized, will be digitized. Their goal is to only to bank the unbanked but also to unbank the banked by digitizing and creating better transaction networks for the world.
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.
Tam Xueh Wei
Xueh Wei is a freelance writer that’s enthusiastic for adventures and the space beyond comfort zones. She's always on the look out for the next thing to eat, do, and love. Follow the author on Twitter @punkbelina