BrokerTH
Thai crypto investors with more than ฿500,000 to deploy tend to end up using two or three exchanges, not just one. Different venues do different things well. This is a direct comparison of Bitkub, Gulf Binance, and Bybit — the three most commonly held accounts among active Thai retail traders in 2026.
Tax position first
This is the decision driver most articles skip. Gains on Bitkub and Gulf Binance are exempt from Thai personal income tax through 31 December 2029 because both hold Ministry of Finance licenses. Gains on Bybit are not — Bybit operates as a global exchange without a Thai license, so closing positions there pushes gains into your regular taxable income at marginal rates up to 35%.
For trades you intend to close at a profit, the licensed-exchange tax advantage is worth multiple percentage points of fee differential. Bybit’s lower fees don’t compensate if a 25% bracket hit is on the table.
Fees and spreads
Bitkub charges 0.25% per trade on both maker and taker sides. The fee structure is flat — no tiered discounts for higher volume. Spreads on major pairs (BTC/THB, ETH/THB) are competitive given Bitkub’s dominant local liquidity.
Gulf Binance uses the global Binance fee structure adapted for Thailand: 0.1% base with BNB discounts available. Maker-taker tiers reward higher volume. Spreads on THB pairs are tighter than Bitkub on some major coins but wider on long-tail altcoins.
Bybit charges 0.1% taker and 0.1% maker on spot, with discounts at higher tiers. Derivatives fees are lower. Spreads on global pairs (USDT-denominated) are the tightest of the three, reflecting deeper international liquidity.
Asset coverage
Bitkub lists roughly 100 trading pairs, all THB-denominated except for the major USDT pairs. Strong coverage of Thai-popular coins. Newer altcoins arrive slower than on global venues — Bitkub’s listing process is conservative.
Gulf Binance offers a curated subset of Binance’s global asset roster, filtered through Thai SEC approval. Currently about 150 pairs available. USDT and USDC are both supported as approved stablecoins.
Bybit offers the broadest coverage — several hundred spot pairs and a deep derivatives menu including perpetual futures, options, and copy trading. The trade-off is no THB on/off-ramp directly; you fund through stablecoin transfers from another venue.
Deposit and withdrawal
Bitkub: PromptPay integrated for instant THB deposits and withdrawals. Internal transfers free. Crypto withdrawals subject to network fees plus a small platform fee.
Gulf Binance: PromptPay also integrated. Withdrawal limits are tiered by KYC level. Crypto withdrawals fast but with platform fees on top of network fees.
Bybit: No direct THB rails. Most Thai users fund Bybit by sending USDT from Bitkub or Gulf Binance. That adds friction and a transfer fee, but once funded, internal operations are smooth.
Derivatives and leverage
Bitkub doesn’t offer derivatives directly. The platform is spot-only.
Gulf Binance offers crypto derivatives within the 5-10x leverage caps that Thai SEC rules now enforce on licensed exchanges. Margin and futures are available but constrained for retail.
Bybit offers derivatives at much higher leverage — up to 100x on some pairs — because it operates outside Thai SEC retail protections. This is where users wanting aggressive leverage end up, but the regulatory risk is real: Thai users on Bybit are technically using an unlicensed-in-Thailand platform, and the SEC’s enforcement campaign in 2026 has targeted exactly this pattern.
Who each one suits
Bitkub: Beginners and conservative investors. Anyone planning to take profits in the next five years (tax advantage). THB-native users. Mobile-first traders.
Gulf Binance: Mid-level traders who want Binance’s UX and asset depth but with Thai tax compliance. Anyone using BNB for fee discounts.
Bybit: Active derivatives traders accepting the tax cost. Users prioritizing high leverage. Anyone trading altcoins not available on licensed Thai venues.
The portfolio approach
Many Thai active traders use both Bitkub or Gulf Binance for tax-efficient long-term positions and Bybit for short-term derivatives plays they accept will be taxed at ordinary rates. The split makes sense if your strategy genuinely has both kinds of trades. It’s worse if you’re using two venues just for variety — the operational overhead of managing balances across exchanges adds up.
