How to Buy Cryptocurrency in Malaysia
Buying cryptocurrency in Malaysia
Luno, a cryptocurrency exchange, conducted a survey and its results revealed that Malaysia ranked as one of the countries with the highest interest in crypto like Bitcoin. The survey then showed that 55% of Malaysian participants were familiar with blockchain technology, and that 39% of them admitted to owning or having owned cryptocurrency at some point. The International Monetary Fund declared that Malaysia’s economy was ranked the sixth largest economy in Southeast Asia in 2020. Considering these facts, it’s not surprising that the Malaysian government has a very positive stance on cryptocurrencies. Malaysian regulatory authorities deem cryptocurrencies as securities, so they are, therefore, regulated by the Malaysian Securities Commission. Nevertheless, the government went on to clarify that Bitcoin will be treated as a payment method when it is used to buy goods and services. Furthermore, Malaysian officials have announced that the country may get its first cryptocurrency offerings by 2022.
As of 20/03/2021
These exchanges all accept customers from Malaysia. While they broadly offer the same services and you can buy cryptocurrency at all of them, there can be differences in transaction fees, security, verification requirements, deposit methods and features, as shown below
Based in Isle of Man. Over 200,000 customers with min deposit as little as ÂŁ5. Simple site for getting into Bitcoin.
- Simple user interface
- Autobuy feature for regular crypto saving / DCA
- You can earn Bitcoin on your shopping with their browser extension
- Limited range of coins
- No e-wallet feature
- No live chat support
Operating since 2012, Bitfinex has a huge range of coins and trading pairs, a good user interface and low trading fees.
- Very low trading fees
- Large range of coins and trading pairs
- High liquidity
- Slow account verification
- Two major hacks
Founded in 2017, KuCoin has already managed to establish itself as â€śThe Peopleâ€™s Exchange.â€ť With 200+ cryptocurrencies and more than 400 markets, it has become one of the hubs for cryptocurrency trading.
- Vast selection of altcoins
- Ability to stake & earn crypto yields
- Robust security features
- No forced KYC checks
- No fiat currency deposits
- Trading volume is low
Changelly allows you to trade cryptocurrency without registration or verifying the identity through KYC. Being a non-custodial exchange, Changelly doesnâ€™t require you to keep any deposits. The platform also works as a fiat-to-crypto gateway.
- Non-custodial exchange
- Great way to switch altcoins
- Doesnâ€™t require extensive KYC
- 2FA security and high exchange limit
- A high transaction fee of 0.5%
- Unclear owners
- Sometimes their service is quite slow
Kraken has a good reputation for security and protection of your funds and operates across the USA (except NY), Canada, the EU and Japan
- It can be used to trade against fiat options
- Robust security measures
- Free SEPA deposits in Europe
- Not a very beginner-friendly interface.
- No card deposit options