UPDATE 30 September 2019: As of today, BX Thailand stopped all their trading services. It is thus no longer possible to open an account with BX Thailand.
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BX Thailand Review
A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there. This is to enable you , so that you can find the best cryptocurrency exchange site for you. This review of BX Thailand consists of four parts: general information, fees, deposit methods and security.
BX Thailand is a Thai (no surprises there) cryptocurrency exchange. In our cryptocurrency exchange list (being the most comprehensive such list in the world), we only list three cryptocurrency exchanges from Thailand: this one, Bitkub and Satang Pro.
The trading platform is operated by the Thai company Bitcoin Co. Ltd and you can easily find contact details to the exchange and the company on the exchange’s website.
Something we found interesting and comforting with this exchange is that they have a “Proof of Funds Summary” on its website. Under this section, BX Thailand lists all of the different cryptocurrencies you can trade at the exchange. Under each cryptocurrency, there is information on total balance of users, and the total assets held by the exchange to cover those balances.
The exchange does not forbid US-investors from trading on its exchange, but US-investors should do their own independent assessment of any problems arising from their residency or citizenship.
BX Thailand Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. The below is a picture of the trading view at BX Thailand:
BX Thailand Fees
BX Thailand Trading fees
The one thing we can’t stress enough is that you must always ascertain the trading fees at any exchange you are interested in. BX Thailand is one of the many top crypto exchanges who don’t charge different fees between takers and makers. This is commonly referred to as “flat trading fees”. For investors who prefer to pick-up existing orders from the order book, this might be an attractive trading fee model.
This Thai exchange offers a flat trading fee of 0.25%, which is perfectly in line with industry average. The industry average is arguably around 0.25%.
BX Thailand Withdrawal fees
Many exchanges have competitive trading fees but then hit you on the way out with their withdrawal fees. Let’s say you have reached your investment goals and you are looking to buy house with bitcoin. But, in order to buy that house, you need to withdraw the funds. When doing so, the exchange can recoup its low trading fees by charging you high withdrawal fees.
However, this exchange charges a withdrawal fee amounting to only 0.0005 BTC when you withdraw BTC. This fee is below the industry average and thus constitutes a strong competitive advantage against the majority of other top crypto exchanges in the market.
BX Thailand offers wire transfer as a deposit method. However, you are not permitted to deposit via credit card. But, as BX Thailand accepts deposit of fiat currencies at all, it distinguishes itself from many exchanges that only allows deposits in cryptocurrencies.
BX Thailand Security
When choosing between exchanges, security is also a very important feature to consider. BX Thailand claims to take security very seriously and backs this up with the following statements:
- The company owners are the only people with physical access to the wallet servers;
- The wallets servers utilize full disk encryption and allow no incoming outside connections;
- The website’s frontend does not run on the same servers as the wallet servers;
- The website’s frontend never has direct access to the wallet servers;
- 80-90% of the funds are in offline cold storage;
- All large withdraws are manually processed and checked by humans; and
- Their own staff wrote all of the code; and they did not use any other existing exchange software. As such they claim to know their code inside and out; line by line.
Furthermore, BX Thailand claims to operate as a full reserve, and will always keep 100% of deposited funds. We will never use these funds to any other purposes.
Additionally, the exchange states that Bitcoin Co. Ltd. completely stand behind the exchange. The relevance of this is apparently that if funds were stolen from BX Thailand, Bitcoin Co. Ltd. would utilize its own assets to cover the losses.
Finally, we should note that BX Thailand’s security score is B, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is far above average when it comes to top crypto exchanges and could also be a factor making you conclude that BX Thailand is the best cryptocurrency exchange site for you.
There are only a few exchanges that – like the above exchange – receive Mozilla Observatory-scores of B or higher. The following list includes a few such exchanges with very impressive security scores: