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Interviews with entrepreneurs and business leaders who’ve “made it” in Thailand. Real stories of ambition, setbacks, and strategic wins on the path to success. Built for founders and operators who want to win in Thailand.
Guests from the US, UK, Australia, and Thailand. Honest journeys and cross-cultural lessons. Inspiration for anyone building in the Thai market.
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Hosted by Scott Pressimone, a US expat based in Thailand for 13+ years and owner of Fractiond, a Thailand-based strategy consultancy.
#ThailandBusiness #ExpatSuccess #ThaiExpat
Are you a foreigner in Thailand trying
to figure out how to buy Bitcoin?
Maybe you've tried to buy from an exchange
that you were previously using in your
home country, but you got stuck because
they wouldn't accept Thai Baht deposits.
Or maybe you've never bought Bitcoin
before and you're just trying
to figure out where to start.
In this video, I'll show you the
complete process of how to buy
Bitcoin with Thai Baht in Thailand,
from account set up to withdrawing
your Bitcoin into your own wallet.
Alright, let's get started.
Before we begin, I need
to make something clear.
This video is for
educational purposes only.
I do not provide financial advice,
so please pause and read the full
disclaimer before continuing.
I'll be doing this tutorial using
the Thai exchange called Orbix.
This video is not sponsored by Orbix,
but after trying several Thai exchanges
over the years, Orbix is my preferred
option in Thailand, so it might
be a good option for you as well.
And if you use a different Thai exchange,
the process will likely be quite similar.
On Orbix you're just gonna click the
register button at the top of the page.
Now to register, you're just
gonna enter an email address and
password and confirm your password.
This is the easy part.
Now, once you have this done, you're gonna
be directed to completing a KYC process.
This is known as "Know your Customer".
So all Thailand crypto exchanges
require you to go through this
process in order to prevent fraud.
And as foreigners, you're gonna
need to provide a passport and
some other information to prove
your identity and location.
In my case, I eventually did have
to go into the Orbix office to
complete a short form in person.
It only took a few minutes, but it
is worth noting in case you have
to go through that same process.
Just remember that the KYC process
is the most difficult part, but
you only have to do it once.
Once your Orbix account is verified,
you will need to log in and then
you're gonna click on the wallet area
and into a section called deposits.
And this is where you're
gonna deposit your Thai Baht.
Now, I've always used the instant
payment method because my bank
account is connected to Orbix.
And remember to prevent any money
laundering, they're making sure
that the deposit account you
have linked to your account are
gonna match your name perfectly.
So it should match your
passport or your ID.
So in my case, I'm gonna
click the dropdown and click
on an instant fiat transfer.
In our case, we need to fund
our account with fiat currency,
which is going to be Thai Baht.
So I'm gonna go ahead and enter 10,000
Thai Baht here, and once I click submit,
I am gonna have this QR code and I can
scan it on my phone and deposit the
money from my bank account right away.
A lot of the mobile apps will allow
a very seamless money transfer.
So right now when I scanned it,
my bank mobile app stated that it,
it's requesting 10,000 Thai Baht,
which matches what I had entered in.
I'm gonna go ahead and accept and
confirm this transfer on my phone.
And within a few seconds.
There you go.
It was about one second.
The deposit has successfully gone through.
Next, we're gonna scroll up and click
on market at the top of the page, and
this will lead us to the different
cryptocurrencies and stable coins.
So I'm gonna go ahead and
click on Bitcoin here.
And this is the market for
buying and selling Bitcoin.
Now, this will seem confusing at
first, but don't let it overwhelm you.
The key to note here is that this is
all these orders of individuals that
are both buying and selling Bitcoin.
And what you'll see is the
price of Bitcoin in Thai Baht.
So at the time of this
recording, one Bitcoin is costing
around 3,180,000 Thai Baht.
But that's not one price because you
have a lot of different individuals
that are both buying and selling.
And so if I look here, what I can
see is the prices on this left side.
If I move upward, the price
gets higher, and if I move
downward, the price gets lower.
And these at the top are all
individuals who are selling.
And these individuals at the
bottom are people who are buying.
So obviously if you're buying, you
want the lower price, and if you're
selling, you want the higher price.
So right here, where they meet is where
an individual could submit an order
and expect that they could either get a
buyer or a seller at that exact price.
Now, in my case, what I'm gonna
do is I wanna get an order to go
through as quickly as possible.
And so my way to do this is going
to be to first pick the price.
So I'm hovering over this buy Bitcoin
area, and I'm gonna click on the
price and I'm going to click the best
price that I can get where there's
an order that's at least as large
as the order that I want to make.
There's an individual that's selling
more than I even want to buy.
So I'm gonna click on this
'cause I'm fine with that price.
And then what I'm gonna do is click on
how much I want to buy at that price.
And in my case, I have
10,000 bought in my wallet.
So I'm gonna click, I want
a hundred percent of that.
And now what we see is if I am able to buy
at that price and I am spending a hundred
percent of my 10,000 Thai Baht, then the
actual amount I'm gonna get is 9,981 Baht.
So it's not gonna be perfect because
there's sort of a rounding process here.
But in any case, let's see if this
order goes through if I click buy.
So let's go ahead and click this again.
Say that I want a hundred percent
of it and click buy Bitcoin.
And now I'm gonna have to enter my
password and we're gonna go through.
So let me go ahead and scroll down.
Now, as you can see in the open orders
right here, there are no open orders.
And the reason why is because that Bitcoin
that I bought, it went through right away.
As I said, someone was
selling at that price.
If I clicked the buy, they sold it
to me right away, so it went through.
If it hadn't gone through, then
my order would stay in the open
orders section until someone did
end up selling it at that price.
Or if they never did because the
price continued to go up, then I
might need to cancel that order.
But as you can see, for now, what I've
already done is I've made my purchase
and it went through right away.
If I go over into my order history, I'll
actually see the order that I just went
through, and it will show me the price
that I paid, the amount that I received,
and the average price that I paid.
So in the case that maybe my purchase
was spread amongst different sellers,
then the price that I paid might actually
differ from my average price paid.
But the idea is that I can see
here how many Thai Baht I spent and
how much Bitcoin I got in return.
But the next step is going to be
to actually withdraw this Bitcoin.
'Cause you don't really wanna keep a
lot of Bitcoin on an exchange, even if
it's a trustworthy exchange, because
you never know what's gonna happen.
So you can see that once I click on my
wallet, then I can actually view the
balance of my wallet and I can click on
this withdraw button and make a withdraw.
And I'll be directed
here to withdraw my coin.
So I can select the coin
that I wanna withdraw.
In my case, it's gonna be Bitcoin,
and I can select the network I'm
going to use to make this withdraw.
So it's actually sending a
transaction on a blockchain.
And so I'm gonna click to withdraw
using the bitcoin blockchain.
And then I'm gonna enter in the address
that I wanna send that Bitcoin to.
I also tend to use the max withdraw,
so it'll tell me exactly how much I can
withdraw from my wallet, how much I have.
It will also show the transaction fee.
And this transaction
fee is 0.00025 Bitcoin.
This is the fee that I'm charged by
Orbix and by the blockchain altogether
in order to get my Bitcoin out.
And if I wanna do a conversion
right now, you can see that it's
about 789 Baht for this withdraw.
So just know that every time you withdraw,
you are gonna be hit with this fee.
And it still is pretty
substantial in this case.
So that's why I don't always withdraw
every transaction that I make.
I'd wait until my actual amount of coins
in my wallet was large enough that I was
worried about keeping it on the exchange.
And what that amount is will depend
on you and your risk tolerance.
But I usually wait until some amount has
accumulated in my wallet, and then I'm
gonna go ahead and do one batch withdraw
and send it to my own personal wallet.
If you don't already have a Bitcoin
wallet, one I could recommend is Muun.
This is a very easy to use wallet.
It would be the best, in my opinion,
for beginners because of its user
experience, also it's easy to back up.
So there are a couple methods for storing
it just in case you lose your phone.
It's just gonna protect you there.
Blue Wallet is another great one.
It's a bit more advanced, very powerful.
I use it a lot as well as Nunchuck.
Another powerful one.
My personal preference is Nunchuck,
but again, as a beginner, I would
say Muun is a good starter option.
Alternatively, if you do have quite a
bit of Bitcoin and you're buying quite
a bit each month, then you may consider
a hardware wallet, which is really just
a way to store your Bitcoin offline
in a way that it's much more secure.
And so another starter option for a
hardware option is going to be Bitkey.
And this, as you can see, it
kinda looks almost like a rock.
It has a fingerprint sensor
on it, and then it is tied to
the application on your phone.
But if you actually wanna send
money, you can't just open up
the application on your phone.
You'd also need to tap it
to that hardware device.
Another alternative is Coldcard from
Coinkite, and they have a few options.
The Coldcard MK4, the Coldcard
Q. These are very, very powerful.
They can do a lot of stuff.
If you wanna grow into it and learn more
about Bitcoin over time, then this would
be a good thing to try out as well.
I hope you got value from this video.
If you did, please click the like button.
If you're interested in more
videos about living and working in
Thailand, subscribe to the channel.
It helps me a ton, but more importantly,
I promise I'll do my best to provide
you with useful content every week.
Alright, I'll catch you on the next one.