BrokerTH
Gulf Binance — the Thai-licensed joint venture between Gulf Energy Development and Binance — has been operating for over a year now. The early promise was significant: bring Binance’s global trading experience and asset depth to Thai users under proper regulatory framework. After a year of execution, how does it actually compare to Bitkub, Thailand’s incumbent market leader?
The matchup
Bitkub dominates Thai crypto by trading volume and user count. Established 2018, it built deep THB liquidity, strong brand recognition, and reliable PromptPay integration. Gulf Binance arrived later but came with global Binance infrastructure and Gulf Energy’s substantial financial backing.
Fees and spreads
Bitkub charges 0.25% per trade flat — no maker/taker differentiation, no volume tiers. Gulf Binance uses Binance’s standard 0.1% base with BNB-paid fee discounts available, plus standard maker/taker tiers that reward higher volume.
For active traders, Gulf Binance is materially cheaper. For occasional retail users making infrequent trades under 50,000 THB, the difference is small enough that other factors dominate.
Spreads on THB pairs are competitive on both. Bitkub’s local liquidity dominance gives it tight spreads on Thai-popular coins. Gulf Binance has tighter spreads on more globally-followed pairs where Binance’s global order books contribute liquidity.
Asset coverage
Bitkub lists roughly 100 trading pairs, focused on Thai-popular coins. The listing process is conservative — newer altcoins take time to arrive.
Gulf Binance lists about 150 pairs, filtered through Thai SEC approval. Both USDT and USDC are supported. The selection skews toward global market favorites rather than Thailand-specific picks.
For users who want exposure to less-common altcoins, Gulf Binance has the broader selection. For users focused on major coins (BTC, ETH, BNB, top alts), Bitkub covers everything you need.
User experience
Bitkub’s interface is built around Thai users — Thai-language defaults, PromptPay-first deposits, simpler trading screens. The mobile app is polished and reliable. Customer service is Thai-language native.
Gulf Binance inherits Binance’s global interface, localized for Thai. Advanced features are present (margin trading within Thai leverage caps, futures access, savings products) but the interface depth can feel overwhelming for new users.
Both have PromptPay integration. Both have Thai-language customer service. The day-to-day experience for typical retail trading is comparable.
Derivatives and advanced features
Bitkub is spot-only. No derivatives offering.
Gulf Binance offers crypto derivatives within Thai SEC retail leverage caps (5-10x typically). For users wanting margin or futures exposure on a Thai-licensed platform, Gulf Binance is currently the main option.
Both offer crypto earn/yield products on selected assets. Yields are similar (3-6% annualized depending on asset and lock-up).
Regulatory standing
Both hold Thai SEC licenses. Gains on either qualify for the 5-year capital gains tax exemption through 2029. Both have full PromptPay integration and AMLO compliance.
Bitkub has a longer track record of regulatory compliance. Gulf Binance has the global Binance brand with its mixed historical regulatory issues outside Thailand. For Thai operations specifically, both are clean as of 2026.
Which is better, actually
For new Thai users learning crypto basics: Bitkub. Simpler interface, Thai-first design, lower learning curve.
For active traders making frequent trades: Gulf Binance. Lower fees, broader asset selection, derivatives access.
For users wanting BNB ecosystem exposure (BNB itself, BNB-paid fee discounts, Binance Smart Chain interactions): Gulf Binance is the only fit.
For users prioritizing pure THB-denominated, retail-friendly simplicity: Bitkub.
For users running larger or more diversified portfolios: probably both. The portfolio approach of splitting holdings — using Bitkub for spot positions on major coins and Gulf Binance for active trading and derivatives — is common among Thai active investors.
The competition is good for users
Bitkub’s market dominance was unchallenged from 2018 to 2024. The arrival of Gulf Binance created the first credible competitor. Both have responded by improving their offerings — Bitkub’s fee structure remains static but its UX and asset coverage have expanded; Gulf Binance has been adding Thai-localized features rapidly.
For Thai crypto users in 2026, the practical answer to “which one?” is often “both, for different purposes.” That’s a healthier market structure than the previous monopolistic one.
