Best Crypto Exchanges in Malaysia
Your guide to the top crypto platforms in Malaysia. Understand the regulations and get started with secure trading.
Summary: In Malaysia, acquiring Bitcoin and other cryptocurrencies is both secure and straightforward due to the oversight of platforms by the local regulatory body, the Securities Commission Malaysia. You can utilize popular payment channels like bank transfers, Touch 'n Go, Boost, and GrabPay to deposit Malaysian Ringgit (MYR) and commence buying, holding, or trading digital assets with peace of mind.
Our team has meticulously chosen the top 5 platforms in Malaysia to assist you in entering the crypto realm with assurance. Here are the top selections for you:
Top Crypto Trading Platforms in Malaysia
Following a comprehensive evaluation of over 15 cryptocurrency platforms, we have singled out the top exchanges for Malaysian investors. Our approach considers key elements such as the licensing and approval by the Securities Commission Malaysia (SC), the diversity of available digital currencies, the user experience, Malaysian Ringgit deposit methods, transaction fees, and other criteria to provide an accurate ranking of these platforms.
1. Bybit
Within Malaysia's dynamic crypto sphere, Bybit unequivocally emerges as the leading choice for traders and investors alike. Boasting an expansive assortment of over 770 crypto assets and swift Malaysian Ringgit (MYR) deposit options, it seamlessly caters to the distinctive demands of the Malaysian audience. This platform excels with a blend of accessible features and a robust, secure infrastructure that has sustained a spotless track record.
Bybit transcends mere versatility, affirming its position as the paramount exchange in Malaysia. Presenting futures contracts with up to 100x leverage, coupled with a flourishing NFT marketplace, it continually offers a broad and diverse range of trading possibilities, solidifying its role as the favoured destination for crypto aficionados in Malaysia. For more information on this platform, read our comprehensive Bybit Review.
- Fees: Maker orders 0.01% and taker orders 0.06% per trade. Zero deposit and withdrawal fees.
- Supported Cryptocurrencies: 770+ Cryptocurrencies.
- Regulation & Licensing: Headquartered and regulated in the UAE.
- MYR Deposit Methods: Bank Transfer, QRPay, Shopee, Debit Cards, Credit Cards and more.
2. Binance
Binance stands as the second-best crypto trading platform in Malaysia, serving as a global powerhouse with more than 120 million users in 100+ countries, including Malaysia. It boasts many features, encompassing spot, futures, margin, options trading, staking services, and decentralized exchange (DEX). The platform provides 24/7 customer support in multiple languages, including Bahasa Malaysia.
The platform stands out amongst its peers for its depth in liquidity, boasting the deepest volumes across the widest variety of crypto assets. This unique feature offers users the added benefit of smooth transactions even for large-volume trades, further enhancing its appeal amongst Malaysian investors. To explore more about this powerful exchange and its distinctive capabilities, delve into our comprehensive Binance Review.
- Fees: Spot trading is 0.1% fee and derivatives are maker/taker fees at 0.02%/0.04%. Deposit and withdrawal fees range from 0.5% to 1.8%.
- Supported Cryptocurrencies: 350+ Cryptocurrencies.
- Regulation & Licensing: Globally licensed and available to investors in Malaysia.
- MYR Deposit Methods: Bank Transfers, DuitNow, Credit Card, Debit Card, Maybank & CIMB Bank.
3. Gate.io
Gate.io solidifies its place as the third premier crypto trading platform in Malaysia, known globally as one of the largest trading platforms and notably preferred by Malaysian investors seeking no-KYC trading options. The platform supports over 1,400 cryptocurrencies, rendering it one of the most diverse platforms. It also incorporates advanced trading features such as spot and margin trading, futures, staking, and lending services.
Gate.io's intuitive interface coupled with competitive fees is tailored to satisfy both novice and seasoned traders. As a no-KYC platform, users can deposit, withdraw, and trade funds without needing identity verification, a feature highly valued in Malaysia. Globally acknowledged for its secure trading environment, Gate.io remains a favorite among Malaysian investors. For more on this unique platform, check out our detailed Gate.io Review.
- Fees: 0 deposit fees and 0.1% for spot trading.
- Supported Cryptocurrencies: Over 1,400 crypto assets.
- Regulation & Licensing: Unregulated platform that does not require KYC or AML.
- MYR Deposit Methods: Bank transfer, debit card and credit card only.
4. Uphold
Uphold ranks as the fourth-best cryptocurrency exchange in Malaysia, offering over 250 digital assets for buying, selling, and staking through their Malaysia Securities Commission regulated platform. Uphold stands out by enabling rapid and cost-effective MYR deposits via methods such as Bank Transfer, Debit Card, Google Pay, Apple Pay and Credit Card.
Uphold has secured its position in Malaysia due to its high staking yields on popular crypto assets like MATIC, SOL, and ETH, making it a preferred platform for yield-seeking investors. Additionally, Uphold is among the few exchanges with audited proof-of-reserves, offering real-time data to showcase the protection of customer funds, ensuring they are always fully backed 1:1. This level of transparency establishes it as one of the most secure and reliable exchanges in Malaysia. For more, check out our in-depth Uphold Review.
- Fees: Free deposits on all methods except card, which is subject to a 2.49% fee. Crypto trading fees vary between 0.8% - 1.2%.
- Supported Assets: 210 cryptocurrencies and 4 precious metals
- Regulation & Licensing: Regulated and Licensed by the Financial Conduct Authority..
- MYR Deposit Methods: Bank Transfer, Credit/Debit Card, Google Pay & Apple Pay.
5. OKX
OKX secures the fifth spot in Malaysia with its strategic focus on serving institutional investors. The platform boasts advanced trading tools, a wide range of cryptocurrencies, and competitive trading fees. It supports various trading instruments, including futures, options, and margin trading, providing institutional clients with a greater degree of flexibility and risk management possibilities. OKX also offers OTC desk services.
The platform's strong commitment to security and compliance, along with its comprehensive API services, make it a compelling option for Malaysian institutional investors in search of a dependable and trustworthy platform. For a more complete understanding of OKX's offerings and value proposition, consider our thorough OKX Review.
- Fees: Free MYR deposits and 0.08% spot trading fee
- Supported Cryptos: 300+ cryptocurrencies, stablecoins and more
- Regulation & Licensing: OKX holds a VASP license under the new SFC regulatory regime in Hong Kong to operate in Asia.
- MYR Deposit Methods: Bank Transfer, DuitNow, Credit Card, Debit Card, and other methods.
Is Crypto Trading Legal in Malaysia?
Yes, buying and trading cryptocurrencies is legal in Malaysia. The Malaysian government, specifically the Securities Commission Malaysia, views cryptocurrencies as securities and they are subject to regulation under the Capital Markets and Services Act 2007. However, it's vital to remember that cryptocurrencies are not recognized as legal tender in Malaysia and receive no governmental guarantee.
Furthermore, Bank Negara Malaysia (BNM), the country's central bank, has issued numerous advisories cautioning investors about the potential risks tied to virtual currencies. Comprehensive due diligence, including thorough research and understanding of the inherent risks, is essential when considering cryptocurrency investments in Malaysia.
Is Crypto Taxed in Malaysia?
Currently, Malaysia hasn't implemented explicit taxation policies concerning cryptocurrencies. Nonetheless, earnings garnered from trading these digital assets might fall under the purview of general income tax regulations. In this nation, income generated from varied sources, such as business activities, trading, professional services, or vocations, is liable to income tax.
It's noteworthy that the Malaysian Inland Revenue Board (LHDN) has yet to release detailed guidance on cryptocurrency tax protocols. Given this, traders and investors are encouraged to consult with tax experts to gain a clearer insight into possible tax responsibilities.
How to Buy Bitcoin or Crypto with MYR
If you're keen on exploring the crypto market in Malaysia, follow these straightforward steps to get started securely:
- Choose a regulated exchange: Select platforms that comply with Malaysian regulatory standards.
- Create and verify your account: Register using your email, set a strong password, and complete the Know Your Customer (KYC) process by submitting the necessary identification and proof of residence.
- Fund your account with MYR: Deposit into your account via methods like bank transfers, DuitNow, or debit/credit cards.
- Buy cryptocurrency: Choose the specific digital currency and volume in MYR or crypto, then confirm the transaction.
- Secure your investments: To ensure enhanced security, transfer your digital assets to a private wallet.
By following these steps and choosing a trustworthy, regulated exchange, you can securely and legally buy cryptocurrencies in Malaysia.
Bottom Line
Diving into Malaysia's cryptocurrency world is now more streamlined and secure, thanks to the oversight of the Securities Commission Malaysia. Our research identifies the top platforms for potential investors as Bybit, Binance, Gate.io, Uphold, and OKX. These platforms excel in user experience, asset variety, and Malaysian Ringgit transaction ease. As crypto presents exciting investment avenues, it's vital to choose platforms that ensure both a robust trading experience and top-notch security. Always prioritize a well-researched and legal approach to your investments.
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