Unless you have under the rock for the past 5 years, you would have likely heard of the term ‘crypto’ or at least ‘Bitcoin’. A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend.
Many cryptocurrencies are decentralized networks based on blockchain technology—a distributed ledger enforced by a disparate network of computers. A defining feature of cryptocurrencies is that central authorities generally do not issue them, rendering them theoretically immune to government interference or manipulation.
Lately, many types of cryptocurrencies have been making headlines on the news. This is because of their increasing prices which are making tons of investors happy.
However, it is not very popular in Malaysia and many people still do not have a clear idea of what it is. If you are interested to buy Bitcoin or crypto in Malaysia, here are the ways to do so.
Buy Bitcoin or cryptocurrency in Malaysia 2021
The easiest way to buy Bitcoin is from a crypto broker or exchange. Comparing exchanges lets you find one with the features you’re looking for, such as low fees, an easy-to-use interface, or 24-hour customer support.
2. Create an account.
Once you’ve chosen an exchange, you will typically need to create an account. This involves entering and verifying an email address, choosing a password and verifying your identity. You will usually need to have your phone and some identification documents handy to complete the verification process.
3. Make a deposit
Once they verify you, you can deposit transfer funds from your bank account to the exchange. There is wide acceptance of credit and debit cards, and certain exchanges also allow cash payments, but these payment methods typically incur higher fees so may not be ideal.
4. Buy Bitcoin or cryptocurrency
After your deposit has gone through, you can trade your funds for Bitcoin. On easier-to-use exchanges, this is as easy as entering the amount you want to purchase and clicking “buy”.
5. Withdraw Bitcoin to your personal wallet (optional).
Once you’ve made the purchase, you can withdraw the Bitcoin to your personal wallet.
Here are some cryptocurrency exchanges you can use to buy Bitcoin or crypto in Malaysia.
Luno is the most popular digital asset exchange to buy Bitcoin or cryptocurrency in Malaysia which has served over 3 million users from more than 40 countries. They allow Malaysian users to buy Bitcoin, Ethereum, XRP and Bitcoin Cash through a Malaysian Ringgit (MYR) trading pair (i.e BTC/MYR). While they are probably the most renowned cryptocurrency exchange in Malaysia, the headquarter is located in South Africa. It was founded in 2013 by 4 co-founders namely Marcus Swanepoel, Timothy Stranex, Pieter Heyns, and Carel van Wyk. They have raised up to Series B funding round totalling about $13.8 million to date.
Sinegy is a cryptocurrency exchange founded in June 2017. The team is fully local and is based in Penang. The most attractive feature of Sinegy is the reward system to market-makers. During the execution of trades, makers get a 0.25% rebate while takers pay a fee up to 0.5%. Upon obtaining full approval from the Securities Commission of Malaysia, Sinegy has commenced trading for pairs such as BTC/MYR and ETH/MYR.
Founded in 2017, Tokenize is a Singapore-based digital asset exchange which facilitates the buying and selling of over 30 digital currencies. It has recently obtained full approval from the Securities Commission of Malaysia to operate as a digital asset exchange. The exchange is planning to introduce a reward programme and several services related to crypto-fiat pairings in Malaysia.
In Malaysia, there is an offshore jurisdiction known as Labuan and there is a separate regulatory body known as the Labuan Financial Services Authority. In March 2019, Fusang was granted a securities exchange license in Labuan. They dedicated to providing financial services for Asian markets, focusing mainly on digital assets. It plans to offer services such as a primary listing of securities, secondary-market trading of tokenized securities, cryptocurrencies, and fiat currencies.
LocalBitcoins is the largest P2P Bitcoin (BTC) trading platform with more than one million users registered from 249 different countries. They accept a number of payment methods and charges only 1% fee for every completed trade. The users will post advertisements where they state exchange rate, price and payment methods for buying or selling bitcoins. Buyers can browse through the listings and choose their preferred seller.
Remitano is a P2P trading site similar to LocalBitcoins. It supports over 30 countries and has served more than 1.5 million users. It also charges 1% trading fees but only accepts bank transfer to make payment. Compared to them, Remitano supports other cryptocurrencies which may come in handy.
Huobi OTC is a P2P fiat-to-crypto trading platform operated by the Huobi Group. Currently, Huobi OTC supports 27 local currencies and 13 payment methods to trade against crypto. If you are a Huobi user, you can move cryptocurrency from your exchange account to your OTC account and vice versa, with just one click.
Bitcoin ATM is a machine which allows you to buy and sell Bitcoin with cash. Unlike cryptocurrency exchanges that require verify your identity, Bitcoin ATMs do not require any verification process, which also means that your transaction can be carried out quickly.
The major drawbacks of these machines would be its limited availability and high transaction fees charged. In Malaysia, there are 9 Bitcoin ATMs located in Kuala Lumpur, Langkawi, Nilai, Ipoh, Penang and Sungai Petani. Some ATMs charge a high fee of up to 10% and thus may not be suitable for larger transactions.
By learning how to buy Bitcoin or crypto in Malaysia, you will be able to expand your investing horizon. Good luck and safe trading!
Read more cryptocurrency-related topics below:
- World business: Bitcoin emerge as digital gold
- Cryptocurrency: Bitcoin prices surge above $20,000 for the first time