How To Buy Bitcoin In Malaysia? Top 7 Best Crypto Exchanges & Trading Apps
As cryptocurrencies continue to revolutionize the global financial landscape, Malaysia has emerged as a significant player in the digital asset market. With the increasing demand for Bitcoin and other cryptocurrencies, choosing the right platform to buy and trade these digital assets becomes paramount.
Navigating the myriad of crypto exchanges available in Malaysia can be overwhelming for both seasoned investors and newcomers alike. In this article, we will explore how to buy Bitcoin in Malaysia.
Additionally, we will introduce the top 7 best crypto exchanges in Malaysia, providing a comprehensive overview of their features, regulations, security protocols, and user experience. Whether you are seeking convenience, security, or advanced trading tools, this article aims to simplify your journey into cryptocurrency investment in Malaysia.
1. How to buy Bitcoin in Malaysia
1.1 Things you need to consider
It's crucial to consider several factors when buying or trading Bitcoin in Malaysia. These following considerations lay the foundation for a successful and informed investment decisions in the cryptocurrency market:
Goal of Buying Bitcoin (Hold or Trade): Before diving into Bitcoin investment, determine your objective. Are you planning to hold Bitcoin for the long term as an investment or use it for short-term trading?
If your goal is to hold Bitcoin as a store of value or hedge against traditional assets, prioritizing security and long-term storage solutions is essential. On the other hand, if you aim to actively trade Bitcoin for profit, factors such as liquidity, trading fees, and the availability of technical analysis tools offered by exchanges become important considerations.
Money transfer/ Payment method: Assess the ease and cost-effectiveness of transferring Malaysian Ringgit (MYR) to and from the chosen crypto exchange.
Consider the available payment methods, such as bank transfers, credit/debit cards, or alternative payment solutions, and evaluate their processing times and associated fees. Additionally, ensure that the exchange supports MYR trading pairs or offers conversion services to facilitate seamless transactions.
Your capital: Evaluate the amount of capital you are willing to allocate for investing in Bitcoin. Consider your overall financial situation, investment goals, and risk tolerance when determining how much to invest.
Avoid investing more than you can afford to lose and consider diversifying your investment portfolio to mitigate risk. Additionally, set aside funds for trading fees, potential taxes, and unforeseen expenses associated with Bitcoin investments.
Regulatory landscape: Understand the regulatory environment surrounding cryptocurrencies in Malaysia. Stay updated on any regulations or guidelines issued by the authorities regarding the buying, selling, and trading of Bitcoin.
Choose a reliable wallet or exchange: This factor will be discussed in detail in the following section of the article.
Risk Management: Understand the risks associated with investing in Bitcoin and cryptocurrencies, including price volatility, regulatory uncertainty, and security risks. Only invest what you can afford or are willing to lose.
Educate Yourself: Continuously educate yourself about Bitcoin, blockchain technology, and cryptocurrency markets. Stay informed about market trends, developments, and potential risks to make informed investment decisions.
1.2 General steps to buy Bitcoin in Malaysia
Holding Bitcoin:
- Choose a Wallet/ Exchange: Choose a Wallet/Exchange: Select a digital wallet or exchange that prioritizes security for long-term storage. Look for exchanges that offer the option to buy Bitcoin directly with Malaysian Ringgit (MYR) and support seamless transfers to your chosen wallet. Consider hardware wallets or software wallets with strong encryption and backup features.
- Create an Account: Sign up for an account on the selected exchange or register for a wallet.
- Deposit Funds: Deposit MYR or coins into your account or wallet using supported payment methods.
- Buy Bitcoin: Once your funds are deposited, buy Bitcoin at the current market price or choose an opportune time based on your analysis.
After buying Bitcoin, it is important to secure your wallet by setting strong passwords, enabling two-factor authentication (2FA), or safeguarding private keys. Additionally, regularly monitor the value of your Bitcoin holdings and stay informed about market trends and developments.
Trading Bitcoin:
Similar to holding Bitcoin, traders need to choose an exchange, create an account, and deposit funds. However, before engaging in Bitcoin trading, traders should analyze the market and price trends to identify suitable trading positions.
- Analyze the market: Conduct thorough market analysis using technical analysis tools, price charts, and fundamental indicators to identify potential trading opportunities.
- Trade Bitcoin: Execute your buy or sell orders based on your trading strategy and market analysis. Consider factors such as order type, price, and quantity when placing trades.
Traders should closely monitor open positions and track price movements. Regularly review trading performance and adjust strategies as needed. Implement stop-loss orders to mitigate potential losses and take-profit orders to lock in profits.
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2. Top 7 best crypto Exchanges & Apps in Malaysia
We have selected the top 7 cryptocurrency exchanges and applications in Malaysia for readers to consider:
Exchange/App | Fees (Buy&Sell Bitcoin) | Features |
#1 Mitrade Mitrade is a regulated Contract for Difference (CFD) trading platform based in Melbourne, Australia. Since its establishment in 2019, it has attracted 2.4 million users worldwide. The platform offers a range of diverse products, including cryptocurrencies. | - Commission: Free - Deposit and withdraw: Free - Spread: Floating and competitive. Swap: Buy position: -0.065%, Sell position: - 0.022% Additional fees: None Minimum deposit: 50 USD (~ 236 MYR). - Leverage: 1:1 ~ 1:10. |
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#2 Luno Luno is a regulated cryptocurrency exchange and a subsidiary of Digital Currency Group. It has been operating since 2013, serving over 12 million users in more than 40 countries worldwide. | - Commission: + 2% (Buying or selling with Wallets). + Exchange tiers and fees: Taker: 0.13% - 0.6%; Maker: 0% - 0.35%. - Deposit: Free (1.00 RM for amounts below 100.00 RM). - Withdrawal: 0.10 RM - Minimum deposit: Not specified. - Leverage: Not specified |
ETH.
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#3 Binance Binance holds the position as the cryptocurrency exchange with the highest daily trading volume. Since its establishment in 2017, it has catered to over 170 million users spanning across more than 100 countries globally. | - Commission: + Spot: Taker: 0.024% - 0.1%; Maker: 0.012% - 0.1%. (25% off with BNB) + Future: Taker: 0 % - 0.05%; Maker: 0% - 0.02%. (10% off with BNB) - Deposit and withdrawal: Depends on fiats and cryptos. - Minimum deposit: 10 USD (~47.25 MYR) - Leverage: 1:1 – 1:5 (Spot); 1:1 – 1:20 (Future) |
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#4 Kucoin KuCoin is a worldwide cryptocurrency exchange platform offering a diverse array of digital assets for trading purposes. Since its launch in September 2017, it has attracted over 31 million users from 207 countries and territories. | - Commissions: The trading fees vary depending on the VIP level or 30-day trading volume. + Spot (using KCS) Fee: Maker: -0.005% - 0.08%/ Taker: 0.02% - 0.08% + Spot (other coins) Fee: Maker: -0.005% - 0.1%/ Taker: 0.025%- 0.1% + Futures Fees: Maker: -0.01% - 0.02% / Taker: 0.03% - 0.06% - Deposit fees: Free. - Withdraw fees: Depending on the specific cryptos. - Minimum deposit: 5 USD (~ 23.54 MYR). - Leverage: 1:1 – 1:5. |
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#5 Kraken Kraken ranks as the third-largest cryptocurrency exchange globally, based on its daily trading volume. Founded in 2011, it boasts over 10 million users from over 190 countries worldwide. | - Commissions: The trading fees vary depending on the 30-day trading volume. + Spot: Maker: 0% - 0.25%/ Taker: 0.1% - 0.4%. + Futures Fee: Maker: -0% - 0.02% / Taker: 0.01% - 0.05%. + Margin: 0.02% - Deposit and withdrawal: Depends on fiat currencies and cryptos. - Minimum deposit: 10 USD (~ 47.25 MYR) - Leverage: 1:1 – 1:5. |
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#6 Sinegy Sinegy is a regulated cryptocurrency exchange headquartered in Penang, Malaysia. It has been operating since 2017 and is known for facilitating quick trades and supporting trading with MYR. Currently, it focuses on offering BTC and ETH. | - Commissions: Maker: - 0.25%; Taker: 0.5% - Deposit: Free - Withdrawal: RM 0.10 (MYR); Network fees (BTC & ETH). - Minimum deposit: Not specified - Leverage: Not available |
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#7 Tokenize Tokenize is a regulated cryptocurrency exchange headquartered in Singapore. It was established in February 2018 and has gained over 200,000 users, with a focus on Singapore and Malaysia. | - Commissions: Maker: 0.1%; Taker: 0.8% - Service Tax: 8%. - Deposit: Free - Withdrawal: MYR: Free; Crypto: 0.1 coin. - Minimum deposit: 100 MYR - Leverage: Not available |
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Each of the 07 crypto exchanges listed here has its own advantages and disadvantages, making them suitable for different types of traders. Traders can choose an exchange that aligns with their specific trading strategies.
For instance, Mitrade is an optimal choice for traders who prioritize daily Bitcoin trading or are confident in leveraged trading due to its low trading fees and flexible leverage options.
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On the other hand, cryptocurrency exchanges like Luno and Tokenize may be suitable options for traders who prioritize holding Bitcoin as they provide secure platforms for buying, selling, and storing Bitcoin, catering to the needs of long-term investors.
4. How to choose the best crypto exchange for buying Bitcoin?
Choosing the best crypto exchange for buying Bitcoin involves considering several factors to ensure a secure, convenient, and reliable trading experience. You can refer to the following criteria:
Regulation and Compliance: Choose exchanges that operate in compliance with relevant regulations and have proper licensing or registration with regulatory authorities such as ASIC, CySEC, and FSC. Regulated exchanges are more likely to adhere to industry standards and provide investor protection measures.
User interface and experience: Opt for exchanges with intuitive user interfaces and easy navigation, especially if you're a beginner. A user-friendly platform or App makes it easier to execute trades, monitor your portfolio, and access essential features.
Supported cryptocurrencies: Ensure that the exchange supports the cryptocurrencies you intend to buy or trade, particularly Bitcoin. Some exchanges offer a wide range of digital assets, while others may have a more limited selection.
Fees and Charges: Compare the fee structures of different exchanges, including trading fees, withdrawal fees, deposit fees, and any other applicable charges. Look for exchanges with competitive fees that align with your trading volume and frequency.
Liquidity: Consider the liquidity of the exchange, which refers to the ease of buying and selling assets without significantly impacting their price. Higher liquidity exchanges typically offer better price stability and faster order execution.
Payment Methods: Check which payment methods the exchange supports for depositing and withdrawing funds. Look for options that are convenient and cost-effective for you, such as bank transfers, credit/debit cards, or alternative payment solutions.
Customer Support: Evaluate the quality and responsiveness of the exchange's customer support team. Choose exchanges that offer multiple channels for support, such as live chat, email, or phone, and have a reputation for addressing user inquiries promptly.
Additional Features: Consider any additional features or tools offered by the exchange, such as education resources, advanced trading options, margin trading, futures contracts, or staking services. Assess whether these features align with your trading strategy and goals.
By considering these factors collectively, you can identify the best crypto exchange that meets your specific requirements and preferences for buying Bitcoin securely and efficiently. It's essential to conduct thorough research and due diligence before entrusting your funds to any exchange.
4. List of cryptocurrencies available for purchase in Malaysia
The availability of cryptocurrencies in Malaysia may vary depending on the exchange and market conditions. It is recommended to check with specific exchanges for the most up-to-date list of available cryptocurrencies. However, some commonly available cryptocurrencies in Malaysia include:
In addition to these, there are many other altcoins available for purchase in Malaysia, such as EOS, Dogecoin (DOGE), Avalanche (AVAX), Shiba Inu (SHIB), and more. The cryptocurrency market is dynamic, with new projects and tokens being launched regularly, so it's important to stay updated with the offerings of specific exchanges.
5. Is it legal to buy Bitcoin and other cryptocurrencies in Malaysia?
Malaysia is known for being one of the pioneering nations in implementing regulatory frameworks for cryptocurrencies.
On January 8, 2019, the Minister of Finance, Lim Guan Eng, signed and issued the Capital Markets and Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2019. Effective from January 15, 2019, this order officially recognized cryptocurrencies as a type of security.
According to the aforementioned order, cryptocurrencies can be legally traded on exchanges or platforms that facilitate the regular buying, selling, or exchanging of digital currencies. However, it's important to note that the order does not recognize digital assets as a legal payment method.
6. FAQs about buying Bitcoin and Cryptocurrency trading
#6.1 Do I need to verify my identity to buy Bitcoin in Malaysia?
Yes, most cryptocurrency exchanges operating in Malaysia require users to verify their identity through a Know Your Customer (KYC) process before buying Bitcoin or other cryptocurrencies. This verification process helps ensure the security of your account.
#6.2 Are there any taxes on buying Bitcoin in Malaysia?
Currently, Malaysia does not have specific regulations regarding cryptocurrency taxes. However, some cryptocurrency exchanges may apply service taxes. For example, Tokenize exchange applies an 8% services tax.
#6.3 Can I sell Bitcoin for Malaysian Ringgit (MYR) on cryptocurrency exchanges?
It depends on the cryptocurrency exchanges operating in Malaysia and their supported payment methods. You will need to check with the specific exchanges to determine if they support selling Bitcoin for Malaysian Ringgit (MYR).
#6.4 Is there a minimum or maximum amount of Bitcoin I can buy in Malaysia?
The minimum and maximum purchase limits can vary depending on the exchange and payment method. Some exchanges may have minimum purchase requirements, while others may impose maximum purchase limits for security reasons.
#6.5 Are there any risks associated with buying Bitcoin in Malaysia?
Like any investment, buying Bitcoin comes with risks. These risks include price volatility, regulatory changes, and security risks associated with storing and trading cryptocurrencies. It's essential to educate yourself about these risks and only invest what you can afford to lose. Additionally, staying updated with the latest news and developments in the cryptocurrency space can help you make informed decisions.
Risk Warning: Please note that all forms of investment involve risks, including the risk of partial or total loss of invested capital. You can click on Mitrade's Risk Disclosure Statement to learn more about the risks involved in trading.
Before making any trading decisions, it is important to equip yourself with sufficient fundamental knowledge, have a comprehensive understanding of market trends, be aware of risks and hidden costs, carefully consider investment targets, level of experience, risk appetite, and seek professional advice if necessary.
Furthermore, the content of this article is solely the author's personal opinion and does not necessarily constitute investment advice. The content of this article is for reference purposes only, and readers should not use this article as a basis for any investment decisions.
Investors should not rely on this information as a substitute for independent judgment or make decisions solely based on this information. It does not constitute any trading activity and does not guarantee any profits in trading.
If you have any inquiries regarding the data, information, or content related to Mitrade in this article, please contact us via email: insights@mitrade.com. The Mitrade team will carefully review the content to continue improving the quality of the article.
