Can I Buy Bitcoin with CIMB?

CIMB does not provide direct cryptocurrency trading or custody services within its banking interface, but the bank facilitates Malaysian Ringgit (MYR) deposits to external platforms.

Customers can transfer MYR from their CIMB accounts to licensed crypto exchanges in Malaysia that are approved by the Securities Commission (SC). This process enables users to engage in cryptocurrency trading through platforms that comply with local regulations.

How to Buy Crypto with CIMB

If you're using CIMB and looking to buy cryptocurrencies, the simplest way is by transferring MYR to a trusted digital asset exchange such as Bybit.

Bybit offers multiple convenient ways to deposit MYR, including direct bank transfers, credit and debit cards, as well as popular e-wallet services like ShopeePay and Touch 'n Go. 

Here's exactly how to purchase crypto via CIMB using Bybit:

1. Set Up Account: Visit the Bybit website and register. Follow the simple steps to verify your account securely.
2. Add MYR Funds: After verifying, select 'Buy Crypto' and choose your preferred deposit option. Transfer your desired amount in MYR into your Bybit account.
3. Select Your Cryptocurrency: Browse the extensive crypto selection and choose the asset you’d like to buy. Ensure MYR is chosen as the payment currency.
4. Complete the Transaction: Input the amount you plan to invest, carefully review your order, and then confirm the purchase. Your crypto assets will then appear promptly in your Bybit wallet.

CIMB Cryptocurrency Policy

CIMB Bank does not offer cryptocurrency trading or custody services to its retail clients. However, customers can transfer Malaysian Ringgit (MYR) from their CIMB accounts to digital asset exchanges that are registered with the Securities Commission Malaysia (SC).

It's important to note that CIMB categorizes cryptocurrency purchases made with its credit cards as cash advances. This classification incurs additional fees and higher interest rates. For instance, a cash advance fee of 5% of the amount advanced or a minimum of RM15.00, whichever is higher, is imposed for each cash advance transaction.

Alternative Crypto Exchanges for CIMB Customers

CIMB clients interested in alternative crypto exchanges have several reputable options to explore. These platforms offer secure trading environments and easy MYR deposit options compatible with CIMB:

• OKX: OKX provides CIMB customers a straightforward way to deposit MYR. Traders can access over 300 cryptocurrencies, benefiting from competitive fees beginning at just 0.1%.
• Binance: Binance, a globally trusted crypto exchange, accepts MYR transfers from CIMB accounts through bank deposits and various payment methods. Binance provides access to over 350 cryptocurrencies, featuring trading fees as low as 0.1%.
• Kraken: Kraken accepts MYR bank transfers from CIMB accounts. The exchange has more than 420 cryptocurrencies, charging trading fees ranging from 0.16% to 0.26%.

When selecting an appropriate exchange, CIMB customers should carefully consider factors such as the variety of cryptocurrencies offered, ease of MYR deposits, and trading fees.

About CIMB

CIMB, headquartered in Kuala Lumpur, stands as one of Southeast Asia's leading universal banks, offering a comprehensive suite of financial services across consumer, commercial, investment, and Islamic banking sectors. 

Established in 1924 as Bian Chiang Bank in Sarawak, CIMB has evolved into a regional powerhouse with operations in 16 countries, including key markets like Indonesia, Thailand, Singapore, and the Philippines. The bank serves over 28 million customers and employs more than 33,000 staff, reflecting its significant presence in the ASEAN region.

Final Thoughts

For CIMB customers interested in cryptocurrencies, using regulated exchanges like Bybit, OKX, or Binance offers a secure and straightforward pathway. 

To ensure the best experience, carefully choose a platform that aligns with your trading preferences, cost considerations, and ease of fund transfers from CIMB. Always remember to verify your chosen exchange's compliance with local regulations to safely manage your digital assets.