TDAX – Thai cryptocurrency exchange
Investors from jurisdictions in which the dollar or the euro are not the national currency lose a portion of the funds for the commission upon conversion. Therefore, there is a demand for trading platforms where you can buy digital currency for local money. In Thailand, such services are provided by the TDAX cryptocurrency exchange.
The company was founded in 2017. Its head office is in Bangkok. Like many others, it does not have a license to provide financial services in the field of cryptocurrencies, therefore, it faces certain problems.
Initially, the site collaborated with the three largest banks in the country through which its users could replenish / withdraw fiat accounts. But after the recommendations from the national regulator came out, first Bangkok Bank, and then Krungthai Bank refused to work with the exchange and closed its accounts in their institutions.
After that, the platform even suspended the registration of new users and bidding for 2 weeks. Now the company is operating normally and allows exchanging digital currencies for Thai Baht.
There is no publicly available data about the team. It is only known that the position of CEO is taken by Poramin Insom.
The domain was created back in 2013. The resource has several language versions:
On the main page, users immediately get to the trading terminal. The working conditions of the site, its AML policy and API can be found in the relevant sections at the bottom of the screen.
According to alexa.com, the lion’s share of users of the official TDAX website are residents of Thailand (84%). Also, quite a lot of residents of India and Russia – 4% and 1.5%, respectively.
Registration and Login to TDAX
When creating an account you need to enter:
- Referral code (if any).
After that, an e-mail will be sent to you. It will have a button to confirm registration.
Identity verification is necessary only for trading in crypto / fiat pairs. You can exchange one digital currency for another without verification.
To pass an identity check, provide your personal information:
- First Name Last Name;
- ID-card / passport number;
- Laser code (only for residents of Thailand);
- Phone number;
- Date of birth.
Then attach a selfie photo with an ID-document, date and name of the site in this format:
The next step is linking a bank account in Thailand. Foreign traders can enter / withdraw fiats. The only condition is an account with a Thai bank. Verification is carried out in manual mode and takes up to 24 hours.
Indicate and confirm the address of residence is not necessary.
Input and output
Of the fiats, the exchange only supports Thai Baht. Among cryptocurrencies, many popular coins are available, including Bitcoin, ether, ripple, NEO, OmiseGo, and Tether.
All deposits are free, and a fixed fee is charged for withdrawal: Bitcoin – 0.002 BTC, ether – 0.005 ETH, Tether – 30 USDT, etc. The commission does not charge a commission for a cashout in baht.
Trading is carried out in pairs of crypt / baht and crypt / crypt. All pairs are divided into 4 markets: THB, BTC, ETH, USDT. A total of 24 pairs are available, the most popular of which are:
- BTC / THB – $ 9.6k;
- ETH / THB – $ 5k;
- BTG / THB – $ 3.7k.
Commission for trading operations varies from 0.25% to 0.05% depending on the volume.
Trading terminal is suitable for professional trading. The platform uses the Trading View service chart, so users have access to all the necessary tools for in-depth market analysis.
Types of Orders
The exchange supports applications:
- By limit.
- By the market.
Margin trading is not available.
The user’s referral code is located in the profile – the Referral section. For each trader who signs up for it, 25% of his trading commission is charged.
You can contact support in an online chat. True, under the shell of the chat is a system of tickets. The support service does not work very quickly. Reply promise within 3 days. Therefore, you should first look for a solution in the FAQ.
To increase account security, enable two-factor authentication. To do this, install Google Authenticator on your iOS or Android device and follow the instructions on the website in the Security section.
The exchange provides the opportunity to organize and conduct ICOs on its site, but at the moment this option is not available. The administration has suspended the ICO portal and is awaiting further recommendations from the SEC.
The platform is well suited to traders from Thailand. At the same time, it is worth noting the high commission for the withdrawal of cryptocurrencies. At the same time, there is no fee when depositing, and a lot of altcoins are available at the auction.