Best Crypto Exchanges in Malaysia
Explore the best crypto exchanges in Malaysia, ensuring secure and regulated platforms for your digital currency trading needs.
Summary: In Malaysia, the preferred method for purchasing and trading Bitcoin and other cryptocurrencies is through local exchanges approved by the Malaysian Securities Commission (SCM). These platforms offer a legal and secure framework for cryptocurrency transactions, supporting payments in Malaysian Ringgit (MYR) via bank transfers, DuitNow, debit cards, credit cards, and digital wallets.
For Malaysians venturing into the cryptocurrency market, we have rigorously evaluated the country's top five trading platforms. Our detailed review identifies the most reliable exchanges:
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Best Cryptocurrency Exchanges in Malaysia
After reviewing over 20 cryptocurrency exchanges, we've identified the top platforms for investors in Malaysia. Our selection was based on compliance with Malaysian Securities Commission (SCM) regulations, a wide array of digital currencies, user-friendly interfaces, ease of depositing Malaysian Ringgit (MYR), and low transaction fees. Here are the top five cryptocurrency exchanges, carefully researched and selected for trading.
1. Bybit
Bybit is a leading cryptocurrency exchange in Malaysia, renowned across Asia with a robust user base exceeding 30 million. The platform provides a secure trading environment, hosting over 1,000 cryptocurrencies while fully complying with Malaysia's stringent regulatory guidelines. Bybit simplifies entry into cryptocurrency trading by supporting local MYR deposit methods, including bank transfers, credit cards, Grab Pay and other popular payment systems.
The exchange boasts a comprehensive suite of trading features, staking, crypto options and futures trading with leverage up to 100x. Bybit's competitive edge is further enhanced by low trading fees, beginning at 0.01% for market makers and 0.06% for takers, high liquidity, and daily trading volumes surpassing $30 billion. These elements, combined with a vibrant global community of over 20 million users, cement Bybit’s status as a market leader.
- Fees: Market maker fee of 0.01% and taker fee of 0.06%.
- Supported Cryptocurrencies: Provides access to a vast array of over 1,000 digital assets.
- Regulation & Licensing: Fully compliant with Malaysia’s regulatory standards, ensuring a safe trading experience.
- MYR Deposit Methods: Offers diverse local deposit options, making investments straightforward and accessible.
2. Binance
Binance, ranked as the second-best cryptocurrency exchange in Malaysia, operates in over 130 countries with a user base of more than 100 million. Known for its vast array of trading functionalities, including spot, margin, and futures trading, Binance offers industry-leading liquidity for over 350 crypto assets, making it the most popular destination for institutional investors.
Binance stands out for its multilingual customer support, including services in Bahasa Malaysia, and its streamlined MYR deposit processes via local banks and payment systems. Its significant regional presence underlines Binance's reliability and attractiveness to local investors. The platform is also praised for its broad range of tools, educational resources and crypto news, making it a comprehensive hub for cryptocurrency trading.
- Fees: Competitive charges with 0.1% for spot trades and 0.06% for derivatives.
- Supported Assets: Extensive selection of more than 350 cryptocurrencies.
- Regulation & Licensing: Complies with regulatory frameworks across Asia, ensuring a secure experience for Malaysian investors.
- MYR Deposit Methods: Diverse and convenient options including bank transfers and card payments.
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3. Gate.io
Gate.io, a popular exchange in Malaysia, offers an extensive range of over 1,700 digital assets, attracting investors interested in various cryptocurrencies. This diversity particularly appeals to those seeking to explore beyond mainstream cryptocurrencies, offering opportunities in emerging altcoins. The platform is distinguished by its user-friendly fee structure, with spot trading fees beginning at just 0.1%.
Gate.io's global presence is marked by a substantial 24-hour trading volume, highlighting its widespread trust and popularity. The platform's user base, exceeding 14 million, reflects its significant influence in the global cryptocurrency sphere. Gate.io enriches the trading experience with innovative features like automated trading bots and specialized startup sections. These tools provide Malaysian traders varied and engaging market opportunities, making Gate.io a dynamic and versatile choice.
- Fees: Gate.io's trading fees are highly competitive, with maker orders starting at 0.1% and taker orders at 0.2%.
- Supported Cryptocurrencies: A vast selection of over 1,700 digital assets caters to diverse investment preferences.
- Regulation & Licensing: While based offshore in the Seychelles, Gate.io offers its services to Malaysian users, though it's not directly licensed in Malaysia.
- MYR Deposit Methods: The platform supports various deposit methods, including local bank transfers, debit and credit cards, and PayPal.
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4. Uphold
Ranked as the fourth top choice, Uphold garners attention for its comprehensive range of over 250 digital assets, making it a notable platform in the region. Its global presence is marked by a user base of over 10 million across more than 150 countries. This extensive range of digital assets, coupled with straightforward staking options offering up to 25% APY on a diverse selection of up to 30 cryptocurrencies, positions Uphold as a significant player in the market.
Uphold's commitment to transparency and trust is evident in its adherence to stringent global financial regulations and standards. The platform's practice of providing audited proof-of-reserves ensures that each digital asset is fully backed, reinforcing its reliability for crypto investments. In Malaysia, Uphold's user-friendly interface, accessible via web, iOS, or Android, further enhances the trading experience for its users.
- Fees: Uphold maintains a fee structure with a 1% trading fee and an additional 1% spread fee.
- Supported Assets: It offers an extensive portfolio of over 250 digital assets, four precious metals, and 27 fiat currencies.
- Regulation & Licensing: It is in compliance with European regulations and registered in the Republic of Lithuania. It is available to investors in Malaysia.
- MYR Deposit Methods: Debit Card, Credit Card, Google Pay and Apple Pay.
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5. OKX
Ranked as the fifth most preferred cryptocurrency platform in Malaysia, OKX is known for its diverse offerings and robust DeFi ecosystem. It caters to a broad range of digital assets, including major cryptocurrencies like Bitcoin and Ethereum, as well as popular stablecoins. OKX’s commitment to providing a comprehensive financial experience is evident in its extensive asset portfolio.
The platform's distinctive feature is its OKT Chain, facilitating high-yield DeFi investments and appealing to seasoned traders seeking lucrative opportunities. This, coupled with varied trading options such as spot, margin, futures, and options trading, underscores OKX’s adaptability. Additionally, it hosts a dynamic NFT marketplace and provides efficient tools for DeFi portfolio management, further enhancing its appeal.
- Fees: OKX maintains competitive trading fees, with 0.08% for spot transactions.
- Supported Cryptocurrencies: Offers an expansive selection of over 300 cryptocurrencies.
- Regulation & Compliance: Adheres to rigorous standards, operating under a comprehensive regulatory framework.
- Deposit Methods: Provides multiple options including Bank Transfer, Credit Card, Debit Card, and more.
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Is Crypto Regulated in Malaysia?
Cryptocurrency in Malaysia is recognized and regulated but not considered legal tender. The Bank Negara Malaysia, the nation's central bank, clearly states that cryptocurrencies like Bitcoin are not legal tender and advises caution due to associated risks. This position is reinforced by the country’s Finance Minister, who expressed skepticism about digital assets as viable payment instruments or stores of value.
Regulatory oversight in Malaysia classifies cryptocurrencies as securities. This categorization places them under the purview of the Malaysian Securities Commission (SCM), guided by the Capital Markets and Services Act 2007. The SCM’s approach is to integrate cryptocurrency regulation within existing financial legislation, ensuring a structured and secure environment for digital asset transactions.
Cryptocurrency exchanges in Malaysia must comply with specific regulatory guidelines, particularly regarding Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT). Exchanges are required to register with the SCM and adhere to stringent criteria, including demonstrating the competence of senior management and the ability to manage AML/CFT risks.
How is Crypto Taxed in Malaysia?
In Malaysia, cryptocurrency transactions are generally tax-free due to the absence of capital gains tax. However, individuals actively trading cryptocurrencies or classified as day traders are subject to income tax. The Inland Revenue Board of Malaysia (LHDN) applies income tax rates ranging from 3% to 30% based on the taxpayer's income level. Day trading classification involves factors like high-frequency trading and short-term holdings.
For tax calculation, day traders in Malaysia deduct the acquisition cost from the selling price to determine their taxable gains. Income tax is also levied on cryptocurrency payments based on their fair market value at the acquisition time. Expenses incurred exclusively for generating this income are deductible under Section 33(1) of the Income Tax Act, provided they are not excluded under Section 39.
This tax treatment extends to various cryptocurrency activities, including mining and staking, with staking rewards being taxable, unlike interest income from bank deposits.
Bottom Line
In summary, for Malaysians interested in cryptocurrency trading, selecting a local exchange that adheres to the stringent regulations of the Malaysian Securities Commission is crucial. Our comprehensive review highlights Bybit, Binance, Gate.io, Uphold, and OKX as the top choices, each offering unique features tailored to different levels of trading expertise and investment needs.
These platforms provide secure, compliant, and diverse trading opportunities, making them ideal for both new entrants and seasoned investors looking to navigate the crypto market in Malaysia effectively. Always consider regulatory compliance, transaction fees, and the variety of available cryptocurrencies when choosing an exchange, to ensure a safe and fruitful trading experience.
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