The Top Malaysian Crypto Exchanges to Buy and Sell BTC and Altcoins

Explore the dynamic landscape of crypto exchanges in Malaysia, your gateway to digital currency trading tailored specifically for the Malaysian market. This guide offers a comprehensive overview of the top platforms designed to meet the needs of Malaysian users, showcasing their unique features and benefits.

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The Best Malaysian Crypto Trading Apps and Platforms in 2024

Bitget Review

Bitget has established itself as a significant player in the Malaysian cryptocurrency market, offering a versatile and adaptive trading platform tailored to Malaysian investors' needs. As one of the noteworthy crypto exchanges in Malaysia, Bitget provides high liquidity and a wide array of digital assets, including popular cryptocurrencies like Bitcoin and Ethereum, alongside a diverse selection of altcoins. What sets Bitget apart in the Malaysian market is its user-friendly interface, designed to appeal to both cryptocurrency novices and seasoned traders. The platform facilitates MYR (Malaysian Ringgit) deposits and withdrawals, streamlining transactions for local users and eliminating currency exchange complexities. Bitget's adherence to Malaysian regulatory standards ensures a secure and compliant trading environment, fostering trust among its growing user base. Malaysian traders are particularly drawn to Bitget's innovative features, such as copy trading. This tool allows users to mimic successful investors' strategies, making it valuable for beginners and experienced traders alike. Bitget also offers futures trading and staking options, providing Malaysian crypto enthusiasts with diverse opportunities to potentially expand their portfolios. With round-the-clock customer support and a focus on enhancing user experience, Bitget is rapidly gaining popularity within the Malaysian crypto community. Its blend of accessibility, innovation, and robust security measures positions it as an attractive option for crypto trading in Malaysia.

  • MYR deposits/withdrawals
  • Regulatory compliance
  • Malaysia-focused support
  • Local market insights
  • Competitive fee structure
Supported cryptocurrencies

550+

Year launched

2018

Binance Review

Binance has established itself as a prominent cryptocurrency exchange in Malaysia, offering a diverse range of digital assets and a platform that caters to the varied needs of Malaysian traders. As a global leader in the cryptocurrency space, Binance provides high liquidity and robust security features to the Malaysian market, attracting both newcomers and seasoned investors. A key feature of Binance for Malaysian users is its extensive cryptocurrency selection. Traders can access major tokens like Bitcoin and Ethereum, along with a wide array of altcoins, enabling comprehensive portfolio diversification. This broad offering is particularly appealing given the growing interest in diverse crypto investments among Malaysian users. The platform is designed for user-friendliness, ensuring a smooth trading experience for Malaysian users. Binance supports MYR (Malaysian Ringgit) deposits and withdrawals, streamlining the process for local traders. The exchange's compliance with Malaysian regulatory requirements enhances security and trust among its user base. Binance offers multiple opportunities for Malaysian traders to earn yields. Users can participate in staking programs, liquidity provision rewards, or explore Binance Earn products. The Binance Launchpool allows Malaysian investors to farm new tokens by staking their existing assets, including the platform's native BNB token. With stringent security measures, 24/7 customer support tailored for the Malaysian market, and a commitment to improving user experience, Binance stands out as a comprehensive and reliable platform among crypto exchanges in Malaysia.

  • High liquidity
  • Yield-earning opportunities
  • Robust security features
  • Malaysian regulatory compliance
  • Malaysia-focused support
Supported cryptocurrencies

600+

Year launched

2017

Gemini Review

• Gemini is a US-based crypto exchange with tools for both new and advanced traders. Since its founding in 2014 by Cameron and Tyler Winklevoss, Gemini has prioritized creating simple and intuitive products, innovative security practices, licensing, and compliance. 

• Gemini is one of the few exchanges that is available in all 50 US States and more than 70 countries globally. Gemini offers trading features for all types of traders. Their ActiveTrader interface is a platform designed and built for traders and features multiple order types, advanced charting tools, and high speeds capable of executing trades in microseconds. Gemini also offers these advanced trading features through their mobile app, so you can trade on the go. 

• Highlighting Gemini’s commitment to security, they earned and maintain both SOC 1 Type 2 and SOC 2 Type certifications, operate as a full-reserve exchange and custodian meaning all assets on platform are backed 1:1, and as a NY based company are regulated by the New York Department of Financial Services. 

• Gemini does not require any account minimums, making it easy to get started investing in cryptocurrency. Gemini also offers competitive fees, 0.2% maker and 0.4% taker fees on their API fee schedule, and fees decrease as trading volume increases. 

• Gemini is offering new users $15 in bitcoin when they sign up and trade $100 or more in their first 30 days.

  • Simple, intuitive user interface
  • Innovative security offerings 
  • Diverse cryptocurrency options 
  • Advanced trading features and charts 
  • Available in all 50 US states, and 70+ countries globally
Supported cryptocurrencies

70+

Year launched

2014

Coinbase Review

Coinbase is a leading platform in the cryptocurrency space, offering users a simple and secure way to buy, sell, and manage digital assets. Founded in 2012, Coinbase has grown to become one of the most well-established exchanges, offering a wide range of services for both beginners and experienced crypto enthusiasts. The platform is known for its user-friendly interface, making it an excellent choice for those new to cryptocurrencies. With robust security measures in place, it provides users with peace of mind while navigating the complexities of the crypto world.

One of the standout features of Coinbase is its ease of use. The platform is designed to make crypto transactions as straightforward as possible, offering seamless onboarding for new users. In addition to its web platform, Coinbase has a highly rated mobile app that offers all the functionalities needed to manage digital assets on the go. From buying and selling Bitcoin to exploring hundreds of altcoins, Coinbase provides users with access to a broad spectrum of the crypto market.

Coinbase also excels in its commitment to security. The platform uses advanced security features, including two-factor authentication (2FA) and cold storage for the majority of its assets, ensuring that user funds are well-protected. Additionally, Coinbase is one of the few exchanges that is publicly traded, further enhancing its credibility and transparency. Users can feel confident knowing that Coinbase operates under stringent regulatory guidelines, adding an extra layer of trust.

The educational resources on Coinbase are another major advantage, especially for those new to cryptocurrency. Coinbase offers a variety of learning tools that help users understand the fundamentals of cryptocurrency and blockchain technology. The platform also provides incentives for users to learn, rewarding them with crypto for completing educational modules. This feature makes Coinbase not only a trading platform but also a great resource for personal growth in the crypto space.

Overall, Coinbase has built a reputation as a secure, user-friendly, and reliable platform for cryptocurrency trading and management. With a wide range of services, including access to an expansive list of cryptocurrencies, a robust mobile app, and extensive educational resources, Coinbase is well-suited for anyone looking to dive into the world of digital assets. Its strong focus on security and compliance further cements its status as one of the top choices for crypto traders globally.

  • The most trusted place for people and businesses to buy, sell, and use crypto.
  • Buy, sell, and store hundreds of cryptocurrencies. Protect your crypto with best in class cold storage.
  • Simple and user-friendly platform for both beginners and experienced traders to buy, sell, and manage crypto assets.
  • Robust security features, including two-factor authentication and cold storage, ensuring top-level protection for user funds.
  • Access to a wide range of educational resources, helping users learn about cryptocurrencies and rewarding them with crypto for learning.
Supported cryptocurrencies

240+

Year launched

2012

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How to Choose a Crypto Exchange in Malaysia

Choosing the right crypto exchange in Malaysia becomes straightforward when you know what to prioritize. Consider your key requirements: do you need access to a diverse range of cryptocurrencies, or is your focus primarily on Bitcoin trading? Look for platforms that offer robust security, intuitive interfaces, and dependable customer support. These elements will guide you to the ideal platform for your trading activities.

Trading Fees

Understanding the costs associated with trading is crucial as they directly impact your profitability. Comparing fees across various crypto exchanges in Malaysia is essential to find one that offers competitive rates. Remember that while some platforms may have lower trading fees, they might compensate with higher withdrawal or deposit fees. A thorough evaluation of fee structures will help you find an exchange that fits your budget and trading strategy.

Available Cryptocurrencies

When selecting a crypto exchange in Malaysia, consider the variety of available cryptocurrencies. Leading platforms feature extensive portfolios, allowing investments in Bitcoin and a range of altcoins. These platforms often support numerous digital assets, providing the flexibility to invest in the most promising currencies.

Payment Methods

Managing your funds conveniently is a key factor. Look for crypto exchanges in Malaysia that support a broad spectrum of payment methods, including bank transfers, credit cards, and possibly digital wallets like Boost or Touch 'n Go eWallet. A wide range of payment options simplifies managing your investments seamlessly.

Security

Security is paramount when choosing a crypto exchange. Top exchanges in Malaysia implement advanced security measures such as two-factor authentication (2FA), cold storage solutions, and robust encryption protocols to safeguard your assets from external threats, ensuring peace of mind.

Accessibility

A premier trading platform should be accessible and user-friendly, regardless of your location or device. The best crypto exchanges in Malaysia offer intuitive mobile apps and responsive websites, ensuring smooth trading on the go. Ensure the platform supports local languages and complies with Malaysian regulations for a hassle-free trading experience.

Liquidity of Crypto Assets

High liquidity is essential for effective trading, enabling quick transactions at desired prices. Leading crypto exchanges in Malaysia boast significant trading volumes and a strong user base, reducing price slippage. This high level of liquidity benefits both novice and experienced traders.

Support

Exceptional customer support is crucial. The finest crypto exchanges in Malaysia provide 24/7 customer service through various channels, including live chat, email, and phone. Prompt and effective support can significantly enhance your trading experience, allowing you to focus on your trading strategies.

User Interface

An intuitive user interface greatly enhances your trading experience. Crypto exchanges in Malaysia that prioritize user experience offer platforms that are easy to navigate for both beginners and advanced users. This simplifies trading and portfolio management, making the process straightforward and efficient.

Reputation Amongst Malaysian Traders

The reputation of a crypto exchange is a vital indicator of its reliability. Before deciding, research user reviews and testimonials to understand the experiences of other traders. The most reputable crypto exchanges in Malaysia are known for their transparency and customer satisfaction, demonstrating their commitment to providing a secure and effective trading environment.

Types of Crypto Exchanges

Discover the diverse world of crypto exchanges in Malaysia, designed to cater to various trading preferences and needs, providing a range of platforms for traders. Whether you're an experienced investor seeking a crypto trading platform suitable for shorting Bitcoin or a newcomer to the field, understanding the different types of crypto exchanges in Malaysia will help you choose the best option for your trading style.

Centralized Exchanges (CEX)

Centralized exchanges are the most common type of crypto exchange in Malaysia. Run by a central authority, these platforms offer high liquidity, support numerous cryptocurrencies, and feature user-friendly interfaces. While using a CEX means you need to trust the exchange with your funds, which can pose security risks, many top Malaysian crypto exchanges are centralized, providing robust services and extensive support.

Decentralized Exchanges (DEX)

Decentralized exchanges in Malaysia allow users to trade directly with each other without a central authority. These platforms prioritize privacy and security, letting users retain control over their funds. Although DEXs usually offer lower liquidity and can be complex for beginners, they are favored by those who value privacy and autonomy in their trading activities.

Peer-to-Peer (P2P) Exchanges

Peer-to-peer exchanges in Malaysia facilitate direct trades between users, offering a platform where buyers and sellers can negotiate terms themselves. These exchanges provide increased privacy and flexible payment options. While P2P platforms enhance user control over transactions, they require a higher level of trust between trading partners. This type of exchange is perfect for those seeking personal interaction and customizability in their trades.

Futures Exchanges

Futures exchanges in Malaysia enable traders to engage in cryptocurrency futures contracts, committing to buy or sell an asset at a predetermined price on a future date. Favored by those looking to hedge risks or speculate on future market trends, these platforms often offer high leverage but come with significant risk. Seasoned traders frequently prefer futures exchanges for their strategic advantages.

Options Exchanges

Options exchanges in Malaysia facilitate the trading of cryptocurrency options contracts, granting traders the right (but not the obligation) to buy or sell an asset at a set price before a specified expiry date. These platforms cater to advanced traders who employ sophisticated strategies to manage risks or capitalize on market speculation. Although trading options can be complex and risky, they are an essential part of the toolkit for experienced investors.

Margin Trading Platforms

Margin trading platforms in Malaysia allow users to trade using borrowed funds, which can significantly enhance potential profits or exacerbate losses. Suitable for traders looking to leverage their positions to increase purchasing power, these exchanges pose high risks but can greatly amplify returns for those confident in their trading strategies. Margin trading platforms are often considered top choices for ambitious traders in Malaysian crypto exchanges.

How to Sign Up for a Cryptocurrency Exchange Account

Opening an account with a reputable Malaysian crypto exchange typically involves these steps:

  • Account Creation: Start by providing a valid email address and creating a strong password. Confirm your email by clicking on the verification link sent to your inbox.
  • Personal Information: Enter your full name, local address in Malaysia, and phone number. Most Malaysian crypto exchanges will require you to upload a government-issued ID, such as your MyKad or passport.
  • Identity Verification: To comply with Malaysian regulations, crypto exchanges may ask you to take a selfie while holding your ID. This step is crucial for preventing fraud and ensuring adherence to anti-money laundering (AML) standards.
  • Account Funding: Once your identity is verified, you can deposit funds into your account. Malaysian crypto exchanges commonly support various payment methods, including bank transfers, FPX, and sometimes credit/debit cards.
  • Start Trading: With your account funded, you're ready to start trading. Many exchanges in Malaysia offer MYR trading pairs, facilitating the purchase and sale of cryptocurrencies using Malaysian Ringgit.

Remember, the exact process may vary slightly between different Malaysian crypto exchanges, but these steps are generally applicable to most platforms operating in Malaysia.

Popular Bitcoin Wallets in Malaysia

In Malaysia, Bitcoin investors have several wallet options for securely storing their digital assets. Hardware wallets, known for their offline storage capabilities, are highly favored as they protect digital assets from online threats. Mobile users in Malaysia have access to apps with user-friendly interfaces, making it convenient to manage Bitcoin on the go. Desktop wallets like Exodus and Electrum are also popular, offering a solid balance of security and accessibility for PC users. Many Malaysian Bitcoin enthusiasts prefer multi-currency wallets that support not only Bitcoin but other cryptocurrencies as well, allowing for the management of diverse portfolios through a single interface.

Malaysian Crypto Regulations

Malaysia's regulatory framework for cryptocurrencies is designed to foster innovation while ensuring consumer protection and financial stability. The government and financial regulators rigorously monitor crypto exchanges, including prominent platforms like Bitget, KuCoin, Binance, and Exolix, to ensure compliance with anti-money laundering (AML) and counter-terrorism financing (CTF) laws. Following recent regulatory updates, all cryptocurrency exchanges operating in Malaysia must register with the appropriate authorities, implement strict know-your-customer (KYC) procedures, report any suspicious activities, and maintain comprehensive records. These stringent measures are key to deterring illegal activities and increasing market transparency, contributing to the reputation of these platforms as some of the best cryptocurrency exchanges. The Securities Commission Malaysia (SC) also plays a key role in regulating aspects of the cryptocurrency sector, particularly concerning initial coin offerings (ICOs) and crypto-asset-related financial products. To operate legally, crypto businesses in Malaysia must adhere to several important requirements:

  • Registration: Mandatory for all digital currency exchanges, including Bitget, KuCoin, Binance, and Exolix.
  • KYC Procedures: Strong know-your-customer processes are essential.
  • AML/CTF Compliance: Compliance with anti-money laundering and counter-terrorism financing laws is critical.
  • Reporting Obligations: Exchanges must report any suspicious activities and significant transactions.
  • Consumer Protection: Regulations ensure that ICOs and crypto-asset-related financial products comply with financial laws to protect investors.

These regulations ensure a secure, transparent, and equitable crypto market operation in Malaysia, building trust among investors and the broader financial community.

Can You Use Malaysian Debit or Credit Cards to Buy Crypto?

Many Malaysian crypto exchanges and international platforms serving the Malaysian market allow users to purchase cryptocurrencies using Malaysian debit and credit cards. Prominent exchanges like Binance facilitate card payments, offering a quick and convenient way for Malaysians to acquire crypto. However, some banks or card issuers may limit or prohibit cryptocurrency purchases, so it's advisable to check with your bank beforehand. Card payments usually incur higher fees than other payment methods, such as bank transfers. When using debit or credit cards for crypto transactions, be mindful of potential foreign transaction fees, especially on international platforms. Investors are encouraged to compare fees across various exchanges and payment methods to find the most cost-effective options.

How is Crypto Taxed in Malaysia?

In Malaysia, cryptocurrencies are considered property and are thus subject to capital gains tax (CGT). Any financial gain derived from the disposal of crypto assets—whether through selling, trading, or using them for purchases—is taxable. The Inland Revenue Board of Malaysia (LHDN) mandates that both individuals and businesses report these transactions and pay CGT on any resulting profits. If cryptocurrencies are held for more than 12 months before their disposal, individuals may qualify for certain tax exemptions. Furthermore, transactions involving cryptocurrencies within a business context may also incur income tax.

Due to the ever-changing nature of regulations, it is crucial for cryptocurrency users to consult with a local accountant or financial advisor to ensure they remain compliant with Malaysian tax laws. Regulations are dynamic, and users should always verify their compliance with local laws through professional advice. Additionally, maintaining detailed records of all transactions, including dates, amounts, and the purposes of each transaction, is vital for precise tax reporting and adherence to Malaysian tax statutes.

FAQ: Crypto and Bitcoin Exchange Platforms in Malaysia

Is Bitcoin legal in Malaysia?

Yes, Bitcoin is legal in Malaysia. The government permits the trading and holding of Bitcoin and other cryptocurrencies, but they are not considered legal tender. Cryptocurrencies are regulated under the purview of the Securities Commission Malaysia (SC) to ensure compliance with financial laws and protect investors.

Is Crypto Taxed in Malaysia?

Yes, crypto is taxed in Malaysia. Cryptocurrencies are considered property, and profits from their disposal are subject to capital gains tax (CGT). The Inland Revenue Board of Malaysia (LHDN) requires individuals and businesses to report and pay taxes on gains from crypto transactions.

Which Crypto Exchanges Accept MYR?

Crypto exchanges that accept MYR include Luno, Tokenize Xchange, and SINEGY. These platforms allow Malaysian users to deposit, trade, and withdraw funds in Malaysian Ringgit, making it convenient to manage cryptocurrency investments locally.

Is Crypto Regulated in Malaysia?

Yes, crypto is regulated in Malaysia. The Securities Commission Malaysia (SC) oversees the regulation of cryptocurrencies, requiring exchanges to register, implement strong KYC procedures, and comply with AML and CTF laws. This regulatory framework aims to protect consumers and ensure market integrity.

Which Banks Allow You to Buy Bitcoin in Malaysia?

Several Malaysian banks, such as Maybank and CIMB, facilitate transactions with crypto exchanges. However, it's important to check with your bank regarding any specific policies or restrictions related to cryptocurrency purchases.

Are There Bitcoin ATMs in Malaysia?

Yes, there are Bitcoin ATMs in Malaysia, though they are not very widespread. These ATMs allow users to buy Bitcoin using cash, providing a convenient option for those who prefer physical transactions.

What is the Best Bitcoin Wallet in Malaysia?

The best Bitcoin wallet in Malaysia depends on user preferences. Hardware wallets like Ledger and Trezor are highly recommended for their security. For mobile users, Trust Wallet and Bitcoin.com Wallet are popular for their ease of use and convenience.

Are Cryptocurrencies Considered Legal Tender in Malaysia?

No, cryptocurrencies are not considered legal tender in Malaysia. While they are legal to trade and hold, they are not recognized as a form of legal payment. The Malaysian Ringgit remains the only official currency for payment of goods and services.

Can Malaysians Use International Crypto Exchanges?

Yes, Malaysians can use international crypto exchanges such as Binance, and Huobi. However, users should ensure that these exchanges comply with Malaysian regulations and consider any potential foreign transaction fees or restrictions.

Conclusion: The Best Crypto and Bitcoin Exchange Platforms in Malaysia Ranked by Bitcoin.com

Selecting the right Malaysian crypto exchange is vital for effective trading. Top choices like KuCoin, Bitget, Binance and Exolix excel in security, range of cryptocurrencies, and user experience. Bitcoin.com regularly updates its rankings, ensuring you have the latest information on the best platforms to meet your trading needs.

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How to Choose a Crypto Exchange in MalaysiaTypes of Crypto ExchangesHow to Sign Up for a Cryptocurrency Exchange AccountMalaysian Crypto RegulationsFAQ: Crypto and Bitcoin Exchange Platforms in MalaysiaConclusion: The Best Crypto and Bitcoin Exchange Platforms in Malaysia Ranked by Bitcoin.comBusiness & Partnership Enquiries

About the Author

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