Reviews

BX Thailand

BX Thailand review
Ease of Use
Reputation
Fees
Customer Support
Payment Methods
Pros
  • Low fees
  • Good trading tools
  • Impressive security
Cons
  • Poor FAQ and knowledge base
  • Layout could be improved
  • Lack of payment options

To kick off this BX Thailand review, I briefly want to discuss Thailand as a whole.

I don’t think it’s a massive generalization to say that when most people think of Thailand, they simply view it as a tourist destination. Tourism certainly is hugely important to the country, accounting for approximately 12% of the total GDP, but Thailand’s economy is growing for other reasons too.

Much of this has come from industry, but financial services and tech are also thriving. This is very much a commercially aware, modern country. It should come as no surprise, therefore, that cryptocurrencies are big business in Thailand, as they are in much of the world now.

One of the biggest examples of this is the development of BX Thailand. In this review, I’ll be looking at the BX Thailand exchange in great detail, including its fees, trading tools, available markets, and so on.

Let’s start.

BX Thailand Key Features

BX.in.th—the incredibly awkward but technically correct name for this website—is a cryptocurrency exchange specializing in Bitcoin.

It might seem a little unusual, at first, to consider an exchange based in Southeast Asia, since the vast majority of the more famous exchanges are based in Europe and North America. With BX Thailand, however, you’ll find many of the same features that you would with its western counterparts.

These are just a few to be aware of.

Security

Really, it doesn’t matter whereabouts a crypto exchange is based. Users will still have one overriding priority—that their money is kept safe.

BX Thailand puts a heavy emphasis on security. Two-factor authentication, strong encryption, offline cold storage of funds, and the separation of frontend and backend servers are just some of BX.in.th’s exhaustive security features.

Wallet

Every single user gets access to a BX Thailand wallet, free of charge. This is a safe, easily accessed place, where you can store cryptos bought directly from BX.in.th, or those purchased elsewhere. The wallet has been specifically designed with mobile users in mind, ensuring optimal ease of use for on-the-go traders.

Markets

Bitcoin is certainly the focus here, but—unlike popular competitor LocalBitcoins, for example—you’re not exclusively limited to that on BX.in.th. In fact, there’s an impressive range of altcoins on offer, including DASH, ETH, LTC, and XRP.

Trading Tools

BX Thailand has a surprisingly wide range of trading tools, comfortably trumping many of the better-known cryptocurrency exchanges out there in this respect.

There’s a considerable amount of information on offer here to guide your trades, with the price charts being particularly impressive.

API

This is one for the serious, tech-heavy traders out there. Assuming you’ve got the programming skills, the BX Thailand API allows you to use the exchange’s data for either public or private purposes. Accessing historical trade data and recent order books, and putting together order automation for your trades, are just some of this handy little tool’s potential.

Supported Currencies

While it’s undoubtedly marketed as a Bitcoin exchange, BX Thailand actually has an extremely competitive range of cryptocurrencies on offer.

Aside from Bitcoin, you can trade other heavy hitters like Ethereum, Dash, Ripple, and Bitcoin cash. Traders of less-heralded altcoins are also catered to here, with options like Augur and Hyperstake being amongst the 20+ total cryptocurrencies.

When it comes to fiats, unfortunately, it’s a whole different story. Literally, the only fiat represented here is Thai Baht (THB). Obviously, that’s not a massive surprise—this is a Thailand-based Bit coin exchange after all—but it does make things a little trickier for international users.

BX Thailand Signup and Login

On most cryptocurrency exchanges, the signup process is an absolute cinch. You pop in a couple of details—at most you might need to verify your email address—and you’re done. Unfortunately, this is not the case on BX Thailand.

Things get off to a normal enough start. You begin your registration by inputting four pieces of basic information. Once you’ve done that, just tick a reCAPTCHA box and click “Register.”

They’ll email you an automatically generated password to the address you gave them. Head back to the login screen. Pop in your username and the password they gave you. After that, the website will automatically ask you to create a new password for yourself.

This part of the signup process should be simple enough. The reality for this BX Thailand review, however, is it’s actually pretty annoying! They give you no guidelines whatsoever about creating a password. On my first attempt, I was told that a number was required. On my second attempt, I was simply informed that “Your password is a known weak password.”

However, on my third attempt, I managed to create a password that passed BX Thailand’s invisible guidelines. Success!

Obviously, I assumed they’ll let me into my account then.

What a mistake! Before they allow you to even look around the website fully, you must still choose a “Power Animal” from a range of options. They give you a choice of eight cute little animals, with your choice serving as an additional login security measure from that point forward (so make sure you remember which one you picked).

After subsequently confirming your Power Animal on yet another page, you are finally allowed into your account.

To be frank, this registration process is a bit of a joke. I realize that none of the steps are exactly rocket science. Still, lots of people “sign up” for a Bitcoin exchange simply to have a look around the platform, explore the user area, and decide whether or not they like the interface. That’s why many exchanges allow users to register with the absolute minimal amount of information—sometimes just an email address and any old password—and only ask for more information when the user actually starts trading.

By having such a lengthy, finicky signup process (relatively speaking), I worry that BX Thailand will alienate plenty of potential users from the start.

On a happier note, the BX Thailand login system is much more straightforward. To get back into your account, you simply need to enter your username and password, your two-factor authentication information if you’ve enabled that feature, and tick a reCAPTCHA box.

Interface

Whether you’re running a cryptocurrency exchange or any other kind of website, you only get one chance at making a first impression.

Unfortunately, the first impression you get of bx.th.in is not impressive. This exchange’s appearance isn’t disastrous, by any means, but it looks neither welcoming nor especially professional.

There’s certainly no messing around on the home screen, with the first things you see being an order form and a BTC BX chart. Even if you scroll down a little, you’ll just find lists of other users’ orders. There’s no “Welcome to BX Thailand!”–style message, nor is there even the briefest of explanations about what the website actually does.

On top of that, while the homepage doesn’t look amateurish, it also doesn’t look entirely professional. The low-res top bar and weird little cartoon flame animations next to other users’ sell orders don’t exactly scream “Prestigious Cryptocurrency Exchange.”

The site navigation on the BX Thailand Bitcoin exchange could also be significantly improved.

The top bar is far from being intuitive. There are five options to the left—Trading, TradeView, My Funds, Security, and Info—with My Account and Logoff being on the right.

TradeView opens an entirely different, more feature-packed section of the website, from which it’s impossible to get back to the main site without just clicking the back button. It would be much easier if you could access his TradeView part from the Trading section too. Likewise, they could make Funds a part of My Account, and they should put the Security in Info.

My conclusion—for this part of my BX Thailand review, at least—is that there simply hasn’t been enough thought put into the layout. It’s not intuitive in the slightest for first-time users; you simply have to learn for yourself where everything is. That, coupled with an unimaginative and slightly unprofessional appearance, will certainly not create the greatest of first impressions.

That’s a shame, because when you actually delve into the individual sections, things do get better. The Trading area looks particularly nice; it just shouldn’t be on the homepage, where it currently is. Likewise, the My Account section lays out everything you might need access to in a clear and straightforward manner.

Overall, the interface on the BX Thailand trading platform is the absolute definition of a mixed bag.

Markets

BX.in.th certainly isn’t the Bitcoin-only exchange it first seems to be (the name of the parent company being Bitcoin Co. Ltd.—listed right at the top of the homepage—doesn’t help in this regard).

Instead, it actually offers a pleasingly substantial range of cryptocurrencies, which I outlined in the Supported Currencies section. The downside, however, is that there is literally just one fiat on offer, also mentioned in that section of my BX.in.th review. It’s Thai Baht or bust, I’m afraid.

The good news is that you can buy many of the cryptos on offer—including Ethereum, Litecoin, and Zcash—using Bitcoin. For the most flexibility, however, you will need to use THB.

There are 25 markets in all. You can check out all of them by heading here and clicking on the drop-down menu in the top left.

Trading Tools

One of my biggest frustrations with cryptocurrency exchanges in general is a lack of trading tools. It seems like these features can’t be too hard to implement, and yet many exchanges still fail to do so.

Therefore you can find some pretty impressive trading tools on BX Thailand. The standout feature is definitely the price charts. These come in both basic and detailed formats, with the latter being part of the TradeView area.

Even in the basic trading section, you still get a lot of important information. This includes BX Thailand volume data and full order books for both buyers and sellers, in addition to the price action of course.

Dip into the TradeView section, and you’ll find an extremely detailed and professional-looking trading area.

The tickers for all the major crypto markets are present along the top. Tou can see recent trades down the left, and in the middle, the site gives you a lovely big chart. That chart is easy to manipulate, you can draw trendlines on it, and there are even a few basic indicators you can use, including simple and exponential moving averages.

On top of all that, there’s also the BX.in.th API. You can use them in two ways, as either a public or private API. The public API requires no authentication whatsoever but still allows you to access the full order books and historical trade data.

You’ll need to be a registered user to gain access to the private API. The good thing is – it still comes free of charge. With this you can look up a whole range of your in-depth personal data and set up custom orders.

The impressive trading tools on offer here certainly represent one of the high points of my BX Thailand review.

How to Make a Deposit

There is a very limited number of ways to make a deposit here. You can’t even use BX in TH for PayPal transactions, for example, and the same goes for most other commonplace payment methods.

Before you can even make a deposit to your BX.in.th account, you must verify your identity. This involves providing your address, ID number, and a photo of you next to your ID. Needless to say, anonymity is not a feature on this platform.

Once you’ve done that, you can make your deposit. Doing so is easy enough—you just head to the Deposit page and enter in how much money you want to put in. Then send the money, upload a copy of the payment receipt, and mark the payment as completed.

The only fiat currency you can deposit is Thai baht, and you must make these deposits via bank transfer. You can also pay with cryptocurrencies by simply sending them to your wallet, but even then you’ll need to go through the BX.in.th verification process.Deposits made in baht will usually process within a speedy 15 minutes, with 24 hours being the upper time limit. For cryptos, the processing time depends on which currency you use, and how many confirmations it requires. You can check out a full list of those here.

How to Make a Trade

Making a trade on BX Thailand is faultlessly easy, whether you’re using the simplified Trading section, or the more complex TradeView. Either way, here’s how to use BX in TH.

You begin by selecting the pair you want to trade, such as THB/BTC, BTC/ETH, or THB/XRP. BX.in.th will then automatically show you the price chart for that pair.

After that, simply fill in the forms on the small table that appears. Indicate the amount of your chosen payment currency (BTC or THB) that you want to spend, and the amount of crypto you can afford for that will be swiftly calculated, with the BX trading fee also being clearly displayed on the BX Thailand site. You can make trades via either market or limit orders. This again is an upgrade over many exchanges, which often only offer the former.

Once you’re happy with everything, simply complete the trade. Once you complete it successfully, they will automaticaly add newly purchased cryptos to your BX Thailand wallet.

If you’re looking to sell cryptocurrencies for BTC or THB—which you can also do on BX.in.th—the process is essentially identical. Just pick your trading pair, how much you’d like to sell, whether you want to make a limit or market order, and so on.

BX Thailand Fees

Welcome to everybody’s favorite section—the one about fees! There’s no need to worry, though, because the BX Thailand tax for usage is actually very reasonable.

There are hardly any fees at all for making deposits. In fact, literally the only one in place is on Zcash, wherein you must deposit at least 0.05 ZEC. Fail to meet that, and BX.in.th will take a 0.0005 ZEC fee.

As for withdrawals, there are fees in place for every method you might use. Again, though, these are extremely low.

Withdrawing BTC, for example, incurs a minimal charge of 0.0005 BTC ($3.22 at the time of writing). When taking baht out of your account, you pay a 20 THB fee. In addition, you pay 10 more for every 10,000 THB you withdraw thereafter. Given that 10 THB currently equates to $0.62, well, these charges are hardly going to break the bank.

Trading Fees

Just like the deposit and withdrawal fees, the BX Thailand fees for trading are both low and straightforward.

They charge a flat rate of 0.25% for all trades, from the primary currency in the pair. This fee is clearly calculated and displayed to you before you make a trade and represents an extremely reasonable rate compared to BX Thailand’s competitors.

Trading Limits

There don’t seem to be any trading limits whatsoever with BX Thailand. I scoured the website and still failed to find any mention of them, nor did I read about them in any other BX Thailand reviews.

In fact, the only limits I found at all related to withdrawals. BX.in.th has fixed a maximum number of these per day in place. They do it to prevent users overloading their networks by processing a ton of withdrawals. The max withdrawal count varies from currency to currency (you can see a full list here), but it’s 3 for THB (up to a maximum of 2,000,000 or 9,000,000, depending on your bank) and 10 for BTC.

Any BX Thailand withdrawal limit shouldn’t cause traders any problems.

Security

When you’re trading with a famous cryptocurrency exchange like Binance, you take it for granted that your funds will be protected well. When you’re looking at a relative unknown, however (no offence to BX Thailand!), you might want a little more reassurance.

The higher-ups at this exchange are clearly aware of this and—to their credit—have made a huge effort to emphasise the formidable strength of their security. There’s an impressive series of BX in TH security measures in place, including both physical and digital measures.

On the physical side, they keep between 80%–90% of users’ funds in cold storage. Only company owners can access the wallet servers. Employees manually check and process all large transactions.

For the digital security measures, these range from the commonplace—like two-factor authentication—to the genuinely impressive. Examples of the latter include separate servers for the frontend and users’ wallets (with no overlap whatsoever). In addition the site features some seriously heavy encryption. Trusted BX Thailand employees have written every single line of code, so there are no worries there.

All in all, I love the commitment to security that BX.in.th displays. If you were wondering, “Is BX.in.th safe?” the answer is a resounding yes. Even if it’s not the biggest exchange around, this should still give you some peace of mind that your money will be safe here.

Customer Service

This section can often be a bit of a trainwreck for the smaller exchanges. In this case, however, BX Thailand actually gives a surprisingly good account of itself.

You can see the phone number at the bottom of the screen. That’s a welcome change from most exchanges, which usually hide their contact details. Phone support is available from 8:00–22:00, which is a pleasingly long time. If your enquiry isn’t so urgent, you can simply use the ticketing system instead, or leave a comment on the BX Thailand Facebook page.

Unfortunately, BX Thailand’s FAQ section doesn’t maintain this high standard of customer service. It is extremely slim, with literally only 10 questions in place, several of those answers being insufficient (although some of the answers do link off to longer explanatory pages).

There’s also a knowledge base in place. Although, bizarrely, there’s no link to it on the homepage or in the FAQ. The only way I found to access it was to start opening a ticket, which redirects you to this area. The articles here are way better and longer than the FAQ. However, the search function doesn’t work, which is obviously a problem.

In general, I was pleasantly surprised by the customer support on BX Thailand. Their FAQ and knowledge base need a lot of work, however.

BX Thailand Reputation

The BX.in.th exchange is actually owned and operated by another company, Bitcoin Co. Ltd. They’re based in Bangkok and have been in business since 2013. As a regional crypto exchange, particularly one that’s not situated in Europe or North America, BX Thailand doesn’t have a significant reputation one way or the other online.

My guess is that’s why they make it such a priority of emphasizing their security credentials. They also clearly display how much money they’re holding at any one time—in a section titled “Transparency”—in a further effort to reassure visitors they’re legit.

BX.in.th’s online reputation is generally positive. There are occasional complaints over withdrawals failing to process. Users tend to praise their low fees, fast order processing, and customer support.

If they carry on the way that they’re going, I firmly believe in the potential for BX to go global, with a strong base outside Thailand.

Conclusion

If you want the peace of mind that comes with using a massive, well-known cryptocurrency exchange, then BX Thailand simply isn’t for you. However, if you don’t care about an exchange’s prestige, and are more interested in what they actually have to offer, it’s definitely worth a look.

I admittedly encountered some drawbacks on the platform, as you’ll have noticed in my BX Thailand review. The registration process is annoying. The layout certainly needs attention (although you learn how to use it after a few minutes). They should add some written help. Being limited to a single fiat, with that being the Thai baht, could also prove a problem.

If you can look past these shortcomings, though, there’s a lot to like. The range of cryptos you can trade is more than reasonable. The trading process is easy, and the trading tools surpass those of many larger platforms. The emphasis on security should also help to reassure you-you’re in safe hands.

If you don’t care about prestige and simply favour a technically accomplished platform—which executes the basics extremely well—then you should definitely give Bx.in.th a chance.

 

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