Bitcoin Malaysia: How to buy Bitcoin or Crypto in Malaysia 2022
A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend.
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.
However, it is not very popular in Malaysia and many people still do not have a clear idea of what it is. Where to buy Bitcoin in Malaysia? If you are interested to buy Bitcoin or crypto in Malaysia, here are the ways to do so.
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.
There are reportedly 10 Bitcoin ATMs in Malaysia, with six of them in Kuala Lumpur. The advantage of buying Bitcoin through an ATM is that most of them don’t require the user to go through verification and the purchase is instant.
The major drawbacks of these machines would be its limited availability and high transaction fees charged. In Malaysia, there are several Bitcoin ATMs located in Kuala Lumpur, Petaling Jaya, Langkawi, Ipoh and Klang. Some ATMs charge a high fee of up to 10% and thus may not be suitable for larger transactions.The list of Bitcoin ATM locations that are operating throughout Malaysia is as below.
Address: C-03A-2 & C-03-2, Block C Plaza Glomac, Jalan SS 7/19, SS 7, 47301 Petaling Jaya, Selangor, Malaysia.
Operation Hour: Monday – Saturday (10.30 am – 7.30 pm)
Transaction Limit: RM5,000 / day
Operation Hour: 24/7Transaction Limit: Minimum buying and selling amount: RM 50 / day
Maximum buying and selling amount: RM 1000 / day
Operation Hour: Monday – Saturday ( 11.00 am – 10.00 pm)
Operation Hour: 9.00 am – 9.00 pm daily
Operation Hour: 10.00 am – 7.00 pm daily
Address:
36, Jalan Walter Granier, Bukit Bintang
55100 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur
Operation Hour:
Mon-Sat: 9:30 am – 10:00 pm
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.
Founded in 2017, Tokenize is a Singapore-based digital asset exchange which facilitates the buying and selling of over 30 digital currencies. It has recently 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.
LocalBitcoins is the largest P2P Bitcoin (BTC) trading platform with more than one million users registered from 249 different countries. They accept a number of payment methods and charges only 1% fee for every completed trade. The users will post advertisements where they state exchange rate, price and payment methods for buying or selling bitcoins. Buyers can browse through the listings and choose their preferred seller.
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.
Luno Malaysia recently announced it has achieved a new milestone with over RM1 billion of digital assets under management (DAUM) since its establishment in Malaysia.
The cryptocurrency company’s DAUM comprises four approved cryptocurrencies, namely, bitcoin, ethereum, ripple and litecoin, in addition to Bitcoin Cash.
You can also cash out your Bitcoins at Bitcoin ATMs in Malaysia (above).
LocalBitcoins is another option. Here, you can buy and sell Bitcoin for a wide range of payment methods, from gift cards to bank transfers. LocalBitcoins is a peer-to-peer (P2P) exchange, where you buy and sell with another individual. This does introduce a degree of risk, though by ensuring that you conduct all business on the platform, make use of its escrow services, and only trade with users who have a good reputation, you'll minimize any potential problems.
You could also use a service like eGifter to sell your Bitcoin for gift cards.
As such, it cautioned and reminded members of the public not to deal with unlicensed or unauthorised entities or individuals. "Those who do so are not protected under the Malaysian securities laws and are exposed to various risks, including fraud and money laundering,” it added.
Those wishing to verify if a digital asset operator is registered with the SC can check at Cryptocurrency Malaysia Securities Commission.
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.
However, it is not very popular in Malaysia and many people still do not have a clear idea of what it is. Where to buy Bitcoin in Malaysia? If you are interested to buy Bitcoin or crypto in Malaysia, here are the ways to do so.
Buy Bitcoin or cryptocurrency in Malaysia 2021
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.
Cryptocurrency exchanges
Here are some cryptocurrency exchanges you can use to buy Bitcoin or crypto in Malaysia.1. Bitcoin ATMs in Malaysia
Bitcoin ATM is a machine which allows you to buy and sell Bitcoin with cash. Unlike cryptocurrency exchanges that require verify your identity, Bitcoin ATMs do not require any verification process, which also means that your transaction can be carried out quickly.The major drawbacks of these machines would be its limited availability and high transaction fees charged. In Malaysia, there are several Bitcoin ATMs located in Kuala Lumpur, Petaling Jaya, Langkawi, Ipoh and Klang. Some ATMs charge a high fee of up to 10% and thus may not be suitable for larger transactions.The list of Bitcoin ATM locations that are operating throughout Malaysia is as below.
Bitcoin ATM in Petaling Jaya @ Miningpuppets
MiningPuppets is one of the first Bitcoin ATM deployer in Klang Valley.
Operation Hour: Monday – Saturday (10.30 am – 7.30 pm)
Transaction Limit: RM5,000 / day
Web: miningpuppets.com
Bitcoin ATM in Nilai | Training Centre Million Crypto Group in Nilai
Address: Kota Seri Emas, 71800 (A-12 D'street Mall) Nilai, Negeri Sembilan, Malaysia.Operation Hour: 24/7
Maximum buying and selling amount: RM 1000 / day
Bitcoin ATM in Montel Cafe, Langkawi
Address: Kg Bubor Mukim Kedawang Temonyong, 07000 Langkawi, Kedah, MalaysiaOperation Hour: Monday – Saturday ( 11.00 am – 10.00 pm)
Sunday( 11.00 am- 11.00 pm)
Transaction Limit : Min: RM50, Max: RM3000 dan uses SMS for verification.
Transaction Limit : Min: RM50, Max: RM3000 dan uses SMS for verification.
Bitcoin ATM in Ipoh | PinkExc @ Ipoh, Perak
Address: No. 1, Jalan Meru Bestari A14, Medan Meru Bestari, 30020 Ipoh, PerakBitcoin ATM Malaysia at Klang
Address: 31, Jalan Kasuarina 5, Bandar Botanik, 41200 Klang, SelangorOperation Hour: 10.00 am – 7.00 pm daily
Bitcoin ATM in Kuala Lumpur, Malaysia
Operator: CoinUnited.ioAddress:
36, Jalan Walter Granier, Bukit Bintang
55100 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur
Operation Hour:
Mon-Sat: 9:30 am – 10:00 pm
2. Sinegy – local team and have obtained full approval from the Securities Commission
3. Tokenize Exchange – Singapore-based and have full approval from the Securities Commission
4. Fusang Exchange – regulated by Labuan FSA
5. LocalBitcoins
6. Remitano
Remitano is a P2P trading site similar to LocalBitcoins. It supports over 30 countries and has served more than 1.5 million users. It also charges 1% trading fees but only accepts bank transfer to make payment. Compared to them, Remitano supports other cryptocurrencies which may come in handy.
7. Huobi OTC
8. Luno
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. They have raised up to Series B funding round totalling about $13.8 million to date.
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 cryptocurrency company’s DAUM comprises four approved cryptocurrencies, namely, bitcoin, ethereum, ripple and litecoin, in addition to Bitcoin Cash.
How to Cash Out Bitcoin in Malaysia
Any exchange with a Malaysian ringgit trading pair will allow you to sell your Bitcoin for fiat currency. Luno has MYR trading pairs for many popular coins.You can also cash out your Bitcoins at Bitcoin ATMs in Malaysia (above).
LocalBitcoins is another option. Here, you can buy and sell Bitcoin for a wide range of payment methods, from gift cards to bank transfers. LocalBitcoins is a peer-to-peer (P2P) exchange, where you buy and sell with another individual. This does introduce a degree of risk, though by ensuring that you conduct all business on the platform, make use of its escrow services, and only trade with users who have a good reputation, you'll minimize any potential problems.
You could also use a service like eGifter to sell your Bitcoin for gift cards.
Securities Commission cautions Malaysians against using Crypto ATMs
"The SC wishes to alert the public that entities operating Crypto ATMs are considered to be operating a Digital Asset Exchange (DAX) which require registration with the SC. In this regard, the SC has not authorised any entity to operate Crypto ATMs," it said in a statement.As such, it cautioned and reminded members of the public not to deal with unlicensed or unauthorised entities or individuals. "Those who do so are not protected under the Malaysian securities laws and are exposed to various risks, including fraud and money laundering,” it added.
Those wishing to verify if a digital asset operator is registered with the SC can check at Cryptocurrency Malaysia Securities Commission.
.png)
Comments