What are top concerns for traders when choosing the best forex brokers in Thailand to work with? To prove you with precious recommendations on best brokers in the forex trading, I will list out standards to evaluate brokers. Basing on these standards, my recommendations are:
- FBS reviews
- Exness.com – 8/10
- XM.com – 7.5/10
- FxPro.com – 7.5/10
- FXTM – 6.5/10
The forex market is still new in Thailand and has no approval from the government yet. As a result, the factors to evaluate brokers are customer service, payment method, regulations, and trading platforms or trading cost. I will give detail descriptions of each concern as the following.
- CONVENIENT AND APPROACHABLE CUSTOMER SERVICES
US or UK is the birthplace of the forex trading, so it is easy for traders to choose the good one in their country. However, Thai traders face more difficulties because this field is still illegal in their region.
The first criterion in my list is convenient and approachable services for Thai people. It means that the best forex brokers BRKV in Thailand have to pay attention to Thai traders’ requirements. They should set up 24/7 online center and websites in Thai language. Not all Thai people are good at English, so local language is the best service. Both online center and website are important to serve plenty of different groups of customers. For example, persons who are not getting used to the computer, they can call to get direct instructions or people who are busy to call can leave messages on the website to wait for quick feedback from brokers. Even better, you can ask them to call you back.
For approaching customers better, one of the best ways is locating offices in Thailand. Face-to-face conversations are better millions of indirect talks. In case talks on phone or chat on the website can lead to confusion or misunderstanding, direct communication always makes everything clear. It is the priority of FBS, Exness, XM, ExPro, and FXTM. You can sign up and try services of FBS which is considered as the best one in the forex trading.
The key feature to attract customers is customer service, not only in the forex trading but also in all other industries. Of course, nobody wants to have to wait or receive a bad treatment for things they have to pay. Traders are from all classes, so some of them are familiar with neither phone nor computer; the face-to-face meeting is the most suitable choice for them.
- EASY AND FAST PAYMENT SYSTEM
Thai brokers have one advantage that they can approach traders in their own region, unlike US and UK brokers. Therefore, their payment method is easier and more convenient.
They can get links to local banks like Bangkok Bank, Thai Bank, Bank of Ayudhya, Siam Commercial Bank, and Kasikorn Bank. Every transaction just takes Thai traders a half or hour, even seconds via local banks while US and UK brokers’ payment systems will waste you hours or days. Payment on the Internet (website: Perfect Money, Neteller, Skrill, WebMoney, or Cashu) is available if you trade with Thai brokers in my review list.
In this article, I need to give high appreciate for FBS. It has not only a quick payment system but also the website in languages of countries both Europe and Asia. You just need to access their website and choose your country, you can transact in your language. It is so convenient.
- CREDITABLE REGULATIONS
The next point I have to mention is the regulations or licenses of brokers, especially in the forex market. Therefore, traders will not be protected by Thai government in case of cheat or loss. Only authorized organizations (government or non-government) who have a big voice can be under your consideration. Because this links to your guarantee in case of troubles, traders should choose forex broker, who can protect them from problems.
Brokers have trusted regulations are the best choice such as FBS, Exness, XM, ExPro, and FXTM. The number of licenses cannot say anything; it does not ensure brokers’ credibility. Even worse, some brokers will charge traders more with this standard. Two reliable regulations like CySEC and FCA are enough.
- Exness reviews – CySEC, FCA ( total monthly trading volume: 400$)
- FxPro reviews- CySEC, FCA, DFSA, FSB (total monthly trading volume: 300$)
- XM reviews – CySEC, FCA, ASIC (total monthly trading volume: 100$)
Traders should base on regulations to evaluate forex brokers because brokers are controlled by regulations. To get the above licenses, brokers must meet certain standards from the highest leverage, brokers’ minimum operation fun to bonuses or separated accounts, etc.
- LOW TRADING COST AND SMART TRADING PLATFORM
Traders are asked to cover the trading cost or transaction cost, therefore, they will prefer which brokers charge lower cost. For Thai traders, US and UK brokers are not the smart choices because they have to pay from 1.7 to 4% for each transaction. About 5% is the average of interest traders get for each lot traded. I don’t think you will choose to pay 4% only for the trading cost to get 5% of the interest. The solution here is to choose forex brokers, who have links to local banks in order to minimize trading cost.
About trading platform, MT4 and MT5 are popular with Thai traders, but as my experience, FBS, FxPro and XM are better because MT4 and MT5 are not compatible with some operation desktop like Windows XP.
From all my above explanation, I hope it will give you a brief understanding of how the forex market is going on in Thailand, and what are the top concerns to evaluate a forex broker. Choosing the best broker is not a simple job for beginners, so you should consider and learn more about brokers I recommended: FBS, Exness, XM, ExPro and FXTM.