Bitcoin Malaysia: How to buy Bitcoin or Crypto in Malaysia 2024
A cryptocurrency is a digital or virtual currency that is secured by
cryptography, which makes it nearly impossible to counterfeit or double-spend.
On Jan 1, 2024, Bitcoin was at RM198,911. In December 2024, Bitcoin set a new all-time high of USD 100,000 (RM442,000) for the first time.
Many cryptocurrencies are decentralised networks based on blockchain technology—a distributed ledger enforced by a disparate network of computers. A defining feature of cryptocurrencies is that central authorities generally do not issue them, rendering them theoretically immune to government interference or manipulation.
Lately, many types of cryptocurrencies have been making headlines on the news. This is because of their increasing prices which are making tons of investors happy.
Where to buy Bitcoin in Malaysia? If you are interested to buy Bitcoin or crypto in Malaysia, here are the ways to do so.
LUNO Malaysia has introduced Bitcoin Cash, its fifth digital asset
approved by the Securities Commission Malaysia (SC), on its trading
platform effective May 5, 2021.
Bitcoin Cash, which was first launched globally in 2017, is part of Luno’s growing list of digital asset offerings in Malaysia which includes bitcoin, ethereum, ripple and litecoin, the company said in a statement.
The digital exchange’s staking services experienced substantial take-up, with Ethereum dominating at 55% of staking assets under custody, followed by Solana at 25% and Cardano at 20%. Cryptocurrencies such as Bitcoin, Ripple, Solana and Ethereum have emerged as the most traded and favoured cryptocurrencies among Luno users.
Luno is the world’s first regulated digital asset exchange to offer syariah-compliant Ethereum staking, highlighting its commitment to customer needs. Malaysia is the first country globally where this service is available, providing assurance to Muslim investors that their investments align with Islamic principles.
In addition, Luno has introduced Luno Institutional, a service designed for institutional investors, professional traders and fund managers. This offering includes advanced account setup for managing multiple entities and access to a dedicated account manager for tailored solutions.
Cryptocurrencies saw a surge in price following Donald Trump’s impending return to the White House. The incoming US administration has been widely known to be pro-crypto and pro-business. Several individuals nominated to key positions have stated their intention to support the US in becoming the crypto capital of the planet and accumulating a national stockpile of Bitcoin.Luno’s general manager for Asia-Pacific, Aaron Tang, said these macroeconomic factors have contributed to doubling Bitcoin’s price since the start of 2024.
Sign up for Luno - get rewarded in Bitcoin!
Within 8 months of launching in July 2017, Binance quickly skyrocketed into the world's largest cryptocurrency exchange by trading volume, processing more than $1 billion on a daily basis. It’s rise to popularity can be attributed to the impressive number of cryptocurrencies they offer, professional attitude, friendly and transparent CEO, and low trading fees.
Sinegy is a cryptocurrency exchange founded in June 2017. The team is fully local and is based in Penang. The most attractive feature of Sinegy is the reward system to market-makers. During the execution of trades, makers get a 0.25% rebate while takers pay a fee up to 0.5%. Upon obtaining full approval from the Securities Commission of Malaysia, Sinegy has commenced trading for pairs such as BTC/MYR and ETH/MYR.
Unfortunately, there is no known Bitcoin ATM in Malaysia (source).
The easiest way to buy Bitcoin is from a crypto broker or exchange. Comparing exchanges lets you find one with the features you’re looking for, such as low fees, an easy-to-use interface, or 24-hour customer support.
2. Create an account.
Once you’ve chosen an exchange, you will typically need to create an account. This involves entering and verifying an email address, choosing a password and verifying your identity. You will usually need to have your phone and some identification documents handy to complete the verification process.
3. Make a deposit
Once they verify you, you can deposit transfer funds from your bank account to the exchange. There is wide acceptance of credit and debit cards, and certain exchanges also allow cash payments, but these payment methods typically incur higher fees so may not be ideal.
4. Buy Bitcoin or cryptocurrency
After your deposit has gone through, you can trade your funds for Bitcoin. On easier-to-use exchanges, this is as easy as entering the amount you want to purchase and clicking “buy”.
5. Withdraw Bitcoin to your personal wallet (optional). Once you’ve made the purchase, you can withdraw the Bitcoin to your personal wallet.
Many cryptocurrencies are decentralised networks based on blockchain technology—a distributed ledger enforced by a disparate network of computers. A defining feature of cryptocurrencies is that central authorities generally do not issue them, rendering them theoretically immune to government interference or manipulation.
|
| Pic by Bloomberg |
Lately, many types of cryptocurrencies have been making headlines on the news. This is because of their increasing prices which are making tons of investors happy.
Where to buy Bitcoin in Malaysia? If you are interested to buy Bitcoin or crypto in Malaysia, here are the ways to do so.
Cryptocurrency Exchanges Malaysia
Here are some cryptocurrency exchanges you can use to buy Bitcoin or crypto in Malaysia.1. Luno (Previously known as BitX)
Luno is the most popular digital asset exchange to buy Bitcoin or
cryptocurrency in Malaysia which has served over 3 million users
from more than 40 countries. They allow Malaysian users to buy
Bitcoin, Ethereum, XRP and Bitcoin Cash through a Malaysian Ringgit
(MYR) trading pair (i.e BTC/MYR).
While they are probably the most
renowned cryptocurrency exchange in Malaysia, the headquarter is
located in South Africa. It was founded in 2013 by 4 co-founders
namely Marcus Swanepoel, Timothy Stranex, Pieter Heyns, and Carel
van Wyk.
Bitcoin Cash, which was first launched globally in 2017, is part of Luno’s growing list of digital asset offerings in Malaysia which includes bitcoin, ethereum, ripple and litecoin, the company said in a statement.
In addition to the one million customers milestone in 2024, Luno has
recorded 32% growth in cumulative transaction volume from last year,
bringing its platform’s total cumulative transaction volume to over RM87
billion, another clear sign of confidence in the growing crypto
market.
Further, Luno has processed more than 72 million transactions in total, encompassing the depositing and withdrawing of ringgit and the sending and receiving of digital assets. Luno’s assets under custody for both digital and ringgit have more than doubled to RM4.28 billion from last year.
Further, Luno has processed more than 72 million transactions in total, encompassing the depositing and withdrawing of ringgit and the sending and receiving of digital assets. Luno’s assets under custody for both digital and ringgit have more than doubled to RM4.28 billion from last year.
The digital exchange’s staking services experienced substantial take-up, with Ethereum dominating at 55% of staking assets under custody, followed by Solana at 25% and Cardano at 20%. Cryptocurrencies such as Bitcoin, Ripple, Solana and Ethereum have emerged as the most traded and favoured cryptocurrencies among Luno users.
Luno is the world’s first regulated digital asset exchange to offer syariah-compliant Ethereum staking, highlighting its commitment to customer needs. Malaysia is the first country globally where this service is available, providing assurance to Muslim investors that their investments align with Islamic principles.
In addition, Luno has introduced Luno Institutional, a service designed for institutional investors, professional traders and fund managers. This offering includes advanced account setup for managing multiple entities and access to a dedicated account manager for tailored solutions.
Cryptocurrencies saw a surge in price following Donald Trump’s impending return to the White House. The incoming US administration has been widely known to be pro-crypto and pro-business. Several individuals nominated to key positions have stated their intention to support the US in becoming the crypto capital of the planet and accumulating a national stockpile of Bitcoin.Luno’s general manager for Asia-Pacific, Aaron Tang, said these macroeconomic factors have contributed to doubling Bitcoin’s price since the start of 2024.
On Jan 1, 2024, Bitcoin was at RM198,911. In December 2024,
Bitcoin set a new all-time high of USD 100,000
(RM442,000).
Sign up for Luno - get rewarded in Bitcoin!
2. Binance
Within 8 months of launching in July 2017, Binance quickly skyrocketed into the world's largest cryptocurrency exchange by trading volume, processing more than $1 billion on a daily basis. It’s rise to popularity can be attributed to the impressive number of cryptocurrencies they offer, professional attitude, friendly and transparent CEO, and low trading fees.
3. Sinegy – local team (full approval from the Malaysia Securities Commission)
Address: Unit 3.2, Wisma Leader, 8 Jalan Larut, 10050 George Town, Penang, Malaysia.
4. Tokenize Exchange – Singapore-based (full approval from the Malaysia Securities Commission)
Founded in 2017, Tokenize is a Singapore-based digital asset exchange which facilitates the buying and selling of over 30 digital currencies. It has obtained full approval from the Securities Commission of Malaysia to operate as a digital asset exchange. The exchange is planning to introduce a reward programme and several services related to crypto-fiat pairings in Malaysia.
Tokenize Technology (M) Sdn. Bhd.
Address: Unit 19-03, TSLAW Tower, 39, Jalan Kamuning, 55100 Kuala Lumpur, Malaysia.
5. Bitcoin ATMs in Malaysia
Step by Step Guide: Buy Bitcoin or cryptocurrency in Malaysia
1. Compare cryptocurrency exchanges.The easiest way to buy Bitcoin is from a crypto broker or exchange. Comparing exchanges lets you find one with the features you’re looking for, such as low fees, an easy-to-use interface, or 24-hour customer support.
2. Create an account.
Once you’ve chosen an exchange, you will typically need to create an account. This involves entering and verifying an email address, choosing a password and verifying your identity. You will usually need to have your phone and some identification documents handy to complete the verification process.
3. Make a deposit
Once they verify you, you can deposit transfer funds from your bank account to the exchange. There is wide acceptance of credit and debit cards, and certain exchanges also allow cash payments, but these payment methods typically incur higher fees so may not be ideal.
4. Buy Bitcoin or cryptocurrency
After your deposit has gone through, you can trade your funds for Bitcoin. On easier-to-use exchanges, this is as easy as entering the amount you want to purchase and clicking “buy”.
5. Withdraw Bitcoin to your personal wallet (optional). Once you’ve made the purchase, you can withdraw the Bitcoin to your personal wallet.
Key takeaway
By learning how to buy Bitcoin or crypto in Malaysia, you will be able to expand your investing horizon. However, cryptocurrency and bitcoin are considered relatively new as compared to other traditional investment options. As such, the risk may be relatively high and you should do a thorough research and be cautious before investing.Those wishing to verify if a digital asset operator is registered with the SC can check at Cryptocurrency Malaysia Securities Commission.
Comments