Looking to buy Bitcoin in Malaysia? Generally there will be three ways you can buy cryptocurrency in Malaysia. You can either buy it, mine it or earn it through selling products or services. Buying Bitcoin through cryptocurrency exchanges is the easiest way.
Technically, you don’t need an exchange to shop for cryptocurrency – as long as you’re willing to find someone with Bitcoin (or your cryptocurrency of choice), agree on a price so have them send it to your wallet (which could be a software you employ to ‘store’ Bitcoin). Buying from an exchange simplifies this process. It brings buyers and sellers together and offers you a wallet so you don’t have to maintain your own.
You don’t want to just pick any exchange though. crypto exchanges, many of which are unregulated, are targets of theft and fraud. There is a potential for some exchanges to vanish with the funds their users invested in the exchange. There is this risk as well as the already volatile investments in cryptocurrencies.
We have selected the 8 cryptocurrency exchanges in Malaysia we think would suit your needs the best when you invest in crypto.
Best Malaysian cryptocurrency exchanges
E -toro is one social trading platform which allows its buyers and sellers to see trades that others are making. As such it allows traders to copy the top performing investors that are on the platform. It has an intuitive trading layout compared to other trading platforms.
E-toro supports cryptocurrencies such as BCH, ZEC, LTC and more. They can be easily exchanged for other currencies using their wallet app. eToro offers a number of payment methods as deposit options such as Paypal, Giropay, credit and debit cards, Bank wire Transfers and WebMoney.
eToro does allow its buyers and sellers to send and receive funds from external wallets but only for cryptocurrencies such as Bitcoin, Ethereum and XRP.
eToro’s fees are on the higher side when compared to other exchanges on the web. Their weekday overnight hold comes at a price of $0.24 for each $1,000 of leveraged long exposure. eToro does not charge any fees for non-leveraged positions but they do triple for leveraged positions held over the weekend.
eToro also charges a fee to withdraw funds to a bank or credit card with a minimum withdrawal amount of $50. One fee that does not seem to be on other platforms is that eToro charges an inactivity fee which starts accruing after a year and is set at $10 a month.
eToro employs 2-factor authentication on their accounts. Funds are also kept secured in tier 1 banks and all personal information is guarded under SSL encryptions. eToro is also regulated in accordance with the FCA, CySEC and ASIC with 24/7 support if any problems are faced.
Luno is among the best exchanges if you want to buy Bitcoin in Malaysia as among the fiat currencies that they provide crypto trading against, MYR is included. Their brokerage service fees (LBS) are the standard market price to purchase and sell cryptocurrencies.
Luno offers some deposit limits depending on the levels of verification which include:
Email verification : You will not be able to make any withdrawals or deposits if you fail to verify your email address first.
Phone Verification: You will be allowed to withdraw and deposit up to 1,000 Euros.
ID Card verification: You will be allowed to withdraw and deposit up to 5,000 Euros.
Residence address verification: You will be allowed to withdraw and deposit up to 100,000Euros
Luno also offers their own wallet as a temporary option to store coins before you move your coins to a wallet that you control.
Fiat trading option on Luno also provides you with advanced features such as reports, automated trading, charting and API access that provides its users with an in-depth view of their possible investments. However there is an extremely low trading volume on Luna.
Luno has one of the more affordable fee rates on the market. They do not charge any fees for receiving cryptocurrencies but do charge MYR0.10 for withdrawals and MYR 0.70 for FPX instant transfer for deposits. If you deposit using Interbank GIRO however, there are no charges.
As with most exchanges they charge a maker & taker fees starting from 0.25% and 0.50% respectively which decreases as the volume of trade increases starting from MYR439,999.99 onwards
Luno provides its users with the bank-level security to ensure its private information is kept safe. All of the customer’s keys are kept in safe deposit boxes in secure locations and its company officials claim that not a single person has access to more than one safe deposit box with the keys
Coinmama is one cryptocurrency broker that is one of the more reputable exchanges in the world. However, as opposed to popular belief, Coinmama does not actually allow its investors to exchange cryptocurrencies with other investors, but you are buying and selling crypto from Coinmama directly.
Coinmama supports Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Ripple XRP, Cardano, Litecoin and QTUM. They also accept any fiat currency which includes MYR. However, since Coinmama is primarily focused in Europe, they display crypto prices using USD, EUR, GBP, CAD and AUD.
On top of that, Coinmama allows you to purchase Bitcoin with a credit card but you will need to pay attention to the price.
Coinmama calculates fees based on a percentage of the spot price with commission as high as 3.9% using SEPA bank transfers and a 5% momentum fee if using a credit card.
Compared to exchanges in the rest of the world which charge a bit less than 5%, Coinmama’s fees are slightly above average but still pretty competitive.
Coinmama has one of the best security any Bitcoin exchanges have as they have never had any cryptocurrency stolen from the platform. Additionally, once purchased, Coinmama delivers bitcoin directly to your wallet so it is unlikely you will lose your funds during the process.
Coinmama also supports Two Factor Authentication for its accounts
Bitpanda is a Bitcoin broker. This is indeed a good Bitcoin exchange if you want to invest in cryptocurrencies as they offer a wide range of payment methods with good prices.
Bitpanda supports over 30+ cryptocurrencies which includes Bitcoin, Ethereum and Litecoin on their platform. Similar to Luno on this list, they place limits on their investors on how much they can buy or sell on levels of verification.
Email verification: With a verified email you can only sell up to 1,000 EUR of bitcoins a day and up to 7,500 EUR per month. You are not able to purchase any Bitcoins
Phone Number: With your phone number verified, you are able to purchase Bitcoins using any payments including Giro bank transfer and bank wire but not able to purchase using credit cards.
Verified ID: Once your ID is verified, you are able to purchase Bitcoins with a credit card up to 350 EUR per day and up to 10,000 per month.
Bitpanda does not display their fees publicly on their website but they are low since their spot price for coins are not higher than any other prices. Bitpanda charges a separate set of fees for transactions coming in and out of the platform. For example, if you deposit less than 0.05 Bitcoin, you will pay a deposit fee of 0.0001BTC. IF you withdraw less than 0.0015BTC, you are required to pay a withdrawal fee of 0.00049680 BTC.
Bitpanda offers two-factor authentication on its accounts as well as storing most of their customer’s invested funds in cold wallet storages in secure locations using state of the art technology. Users are also able to see their active devices sessions, and are given the option to log out and close active sessions using another device.
One of Kraken’s distinctive features are that they provide margin trading support and due to its regulatory compliance with US borders, they are a good option for professional traders and institutional investors.
Kraken supports a large number of Bitcoin on their exchange and trading platforms.Kraken also allows its users to deposit any of the coins they support into their platform but withdrawals are limited for those who have not undergone KYC verification.
A KYC verification has to be completed before deposits can be made in Fiat currency though. Supported fiat currencies are USD, GBP, EUR and CAD/
Kraken has trading fees which are reasonable as traders who do less than $50,000 in volume are only expected to pay about a 0.16% maker fee and a 0.26% taker fee with progressively higher discounts for those who make increased trading volumes. The highest discount a trader can get would enable them to pay no maker fee and just a 0.10% taker fee at $10,000,000 a month.
Kraken has never been hacked making it one of the best crypto exchanges in the world. They also offer a number of security features to take advantage of such as their 2FA (Two Factor Authentication). ANy withdrawals made via email are also possible for increased security.
Cex.IO is a bitcoin exchange that provides its users crypto trading and is also supported on mobile.
Cex.IO supports: ETH, DASH, Ripple (XRP), Bitcoin Gold (BTG), ZEC, Bitcoin Cash (BCH) and BTC. Fiat currencies that are tradeable include USD, GBP, Euro and also the Russian Ruble.
Payment methods by Cex.io includes credit or debit cards by Mastercard and Visa and also bank transfer using Swift and SEPA for both deposits and withdrawals.
Cex.io charges fees as a percentage of a trader’s 30 day volume starting at 0.25% taker fees and 0.16% maker fees for less than 5BTC value up to 0.10% taker fees and 0.00% maker fees for a trading volume of >6000 BTC within 30 days.
Cex.IO is one of the best crypto exchanges to have your investments secured as they employ two-factor authentication, encryption of data. SSL certificates and employment of internal AML/KYC policy and procedures.
Binance is known as having one of the highest trading volumes for Bitcoin in the world and also boasting the fastest platform on the crypto market today.
Binance supports plenty of cryptocurrencies including Bitcoin,Ethereum,Tezos, ORchid and Golem.
They allow its users to make deposits and withdrawals both in crypto and fiat currency using payment methods such as debit and credit cards, bank transfers and third party payments.
Binance’s fees are tiered and based upon a 30-day cumulative trading volume similar to Cex.io and are categorised into VIP levels starting from Level 0 to Level 9. ITs maker and taker fees can range from 0.1% for maker and taker to 0.02%/0.04% based on the VIP level status.
Binance provides a high level of security to protect its users’ personal information and user assets which include 2-Factor Authentication, Google authentication, SMS authentication and email address authentication.
8. Local Bitcoins
LocalBitcoins is a P2P (Peer to Peer) Bitcoin exchange where its buyers and sellers agree on trade terms and LocalBitcoins.com is used as an escrow. It is similar to Shopee or Lazada but with cryptos.
Since LocalBitcoins are an escrow service, their users are free to purchase and sell using any kind of payment methods that are available. The difference between this exchange and other trading platforms is that you will need to physically meet up or connect digitally with the person you are buying or selling to.
LocalBitcoins only charge a 1% fee on all trades making it very attractive.
It is one of the oldest Bitcoin P2P platforms on the market and implements KYC on all customers who buy or sell a certain amount of coins in a year. As with all P2P trading platforms, the exchange’s reputation is a good factor to take into account when using the service but the focus should be on the user you are dealing with on the platform.
Frequently Asked Questions (FAQ)
Q: Is cryptocurrency legal in Malaysia?
BNM states that Bitcoin is not recognised as legal tender in Malaysia and they will not regulate Bitcoin operations at the moment.
Q: Which exchange is the best for cryptocurrency?
Coinmama and eToro are the best exchanges for cryptocurrency in Malaysia
Q: What can I buy with cryptocurrency?
Bitcoin are mostly used to purchase products over the internet as they are the currency in the virtual world