Summary: Maybank does not offer integrated banking solutions for customers to directly trade digital currencies via its online banking platform. Therefore, investors must register with a crypto exchange regulated by Bank Negara Malaysia, enabling MYR transfers for crypto purchases.
From an extensive review of over 20 licensed exchanges, Bybit emerges as our top recommendation. Bybit is one of the most secure trading platforms in Malaysia, offering swift and cost-effective MYR deposits from Maybank accounts or cards to trade a broad range of digital assets with industry-leading fees and liquidity.
Can I Buy Crypto with Maybank?
Indeed, acquiring Bitcoin, Ethereum, stablecoins, and various other cryptocurrencies through Maybank is possible. Transactions can be performed in Malaysian Ringgit (MYR) directly from your Maybank account or Maybank Card towards a government-approved cryptocurrency exchange in Malaysia. Crypto investors must register with an officially recognized digital currency platform that operates under the guidelines of Bank Negara Malaysia, or a similar financial institution, complying with the essential regulatory procedures.
How to Buy Bitcoin and Crypto with Maybank
The safest approach to invest in digital assets like Bitcoin using Maybank is through a regulated cryptocurrency exchange. A platform with a global reputation for its integrity and security is Bybit, which hosts a wide range of cryptocurrencies. Bybit offers various MYR deposit options from Maybank such as Bank Transfer, Credit Card, Debit Card, among others.
Below is a simplified guide to assist you:
- Navigate to Bybit and establish your account.
- Click on the 'Buy Crypto' option in your navigation menu.
- Select 'MYR' as your currency and specify your preferred payment method (e.g., Bank Transfer) to transfer funds from Maybank.
- Upon a successful deposit, proceed to the trading section, use the search function to find and purchase your desired digital asset.
What are the Fees?
The charges associated with buying Bitcoin and other digital assets via a Maybank account can vary depending on the chosen cryptocurrency exchange. Crucial expenses to consider include deposit fees, withdrawal charges, spread rates, and trading costs.
We advocate Bybit as the most cost-effective option for Maybank customers, as it offers free MYR deposits and competitive trading charges. The primary expenditure when investing in digital assets on Bybit is a trading fee, typically less than 0.1% per transaction. This makes it a more affordable alternative compared to other platforms like Luno, which is notorious for charging fees significantly higher, often surpassing 1% per transaction.
Is Maybank Crypto-Friendly?
Maybank has expressed its commitment to supporting its customers' cryptocurrency endeavors by permitting transactions with approved external trading platforms that follow the regulations set by Bank Negara Malaysia (BNM). This policy allows Maybank's customers to conduct MYR transfers from their accounts to platforms that adhere to national norms and standards established to mitigate financial misdeeds such as fraud and money laundering.
Hence, when dealing with these compliant platforms, Maybank clients can confidently explore cryptocurrency investments, secure in the knowledge that their pursuits are not only safe, but also entirely in conformity with all requisite legal requirements.
To sum up, Maybank allows clients to invest in cryptocurrencies like Bitcoin via regulated exchanges, conforming to Bank Negara Malaysia's guidelines. Bybit is a notable, cost-effective option for Maybank customers, offering free MYR deposits and low trading fees. To that end, Maybank users can securely venture into cryptocurrency investments, assured of legal compliance and protection against financial malpractices.