Best Crypto Exchange Malaysia 2023: Top 6 Crypto Exchanges!
In recent years people have been interested in investing in cryptocurrency; most people know what bitcoin is. To carry this out, they need to compare and register in the cryptocurrency exchange where they can purchase, sell, and trade digital currencies like Ethereum, Bitcoin, Dogecoin, etc. A recent survey by one of the cryptocurrency exchanges revealed that Malaysian residents are interested in investing in cryptocurrencies like Bitcoin as it has gained more popularity.
BEST CRYPTO EXCHANGES MALAYSIA FOR 2023
|TOP CRYPTO EXCHANGES IN MALAYSIA||BEST FOR|
|Luno||Top Digital Asset Exchange|
|Tokenize||Top Digital Currency Exchange|
|Sinegy||Best Crypto Exchange in Malaysia|
|Kucoin||24*7 Customer Support|
|Huobi||Best For Beginners and Advanced Professionals|
|Kraken||Oldest and Largest Exchange|
The Malaysian government has a positive outlook concerning cryptocurrencies even though regulators have rolled out few regulations on digital currencies. We have compiled a list of the best crypto exchange Malaysia to help customers choose the best cryptocurrency exchange for their needs.
Best Crypto Exchanges in Malaysia: Top 6 List!
Numerous top cryptocurrency exchanges Malaysia provide the biggest benefits to their users. Additionally, we have reviewed a few leading service providers in Malaysia that might help you choose the best exchange.
Luno was founded in 2012 and is one of the top digital asset exchanges with an excellent reputation and peer-to-peer network support. It has committed itself to Malaysia’s users and helps them buy Bitcoin, Ripple, Bitcoin Cash, Ethereum, and accept Malaysian Ringgit.
Luno has become a trusted & legal crypto exchange Malaysia in recent years, and it offers several coins, tokens, crypto wallets, and great liquidity in the cryptocurrency market in Malaysia. It allows its users to speculate coins with the best prices available globally.
Features of Luno
- One major advantage of Luno is it helps users deal with cryptocurrencies easily through a peer-to-peer network; they can convert their preferred cryptos to Malaysian ringgit at any time.
- The users can deposit, speculate, and withdraw cryptos round the clock using the mobile application offered on android and IOS devices. It is best suited for professionals and offers its clients the lowest fees.
- Luno also offers a payments app and the best cryptocurrency wallets for storing crypto and helps Malaysians send or receive fiat or cryptos that can be accessed through ios and android devices.
- Luno adopts industry-level security practices, and it stores the customer’s private keys in a place known as a deep freeze. These keys are stored in safety deposit boxes in a bank vault and cannot be accessed by anyone without verification.
Pros and Cons of Luno
|The users can switch easily between crypto and fiat currencies when they are executing transactions.||It charges higher fees when compared with its competitors.|
|This platform is best for all types of investors.||It does not have advanced trading tools.|
|It supports bank transfer and credit card.||It offers low liquidity.|
Bitcoin (BTC), Ripple (XRP), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), USD Coin (USDC).
Luno supports more than 35 countries including:-
- United Kingdom
- Greece, and more.
Tokenize was launched in 2017 and is one of the top digital currency exchanges operating in Singapore. It offers a simple user interface that is easy for users who want to buy tokens, and cryptocurrencies like Ethereum, and Bitcoin, using the Singaporean dollar. Tokenize has become a trusted platform with a great reputation that allows its users to use bitcoin and fiat without hassles. It offers services in local currency, Malaysian ringgit, and USD.
Features of Tokenize
- After verification, buyers are offered access to the latest cryptocurrencies when they use this platform. It also supports crypto-to-crypto, fiat-to-crypto, and initial coin offerings (ICOs).
- This exchange asks its users to enable two-factor authentication and ensure that their verified accounts are protected from cyber-attacks; there is no guarantee that they will not be hacked.
- Using the mobile app, the users can add funds easily, analyze the stock market information, and buy and sell bitcoin and their preferred cryptocurrencies.
- Buying bitcoins is easy, and the user has full control over their funds; their private keys are stored on the user’s smartphone.
Pros and Cons of Tokenize
|It charges 0% market maker fees.||Withdrawal fees are higher.|
|Provides bitcoin and a wide range of cryptocurrencies.||There is minimum deposit fees.|
|It has a referral system.|
This platform supports 40 cryptocurrencies.
It caters to global clients. But, this is a fiat-to-crypto platform catering to residents of Singapore currently.
Sinegy was launched in 2017, and it partners with some of the big giants in the finance domain. It is a popular Malaysia-approved crypto exchange with a good reputation and is located in Penang. It provides its service through Malaysian ringgit, fiat currency deposits, and withdrawals; and also supports credit cards, debit cards, international wire transfers, and bank transfers. This exchange is legalized and regulated by the securities commission Malaysia as an RMO (recognized market operator).
Features of Sinegy
- Sinegy is a recognized and regulated best cryptocurrency exchange in Malaysia. It also serves as a gateway for fiat and supports ringgit and other cryptocurrencies.
- It offers an array of trading indicators and tools to help professionals transact effortlessly.
- Also, it offers an innovative range of tools for trading Bitcoin. It also securely stores its user’s crypto assets in cold storage, offering enhanced protection.
Pros and Cons of Sinegy
|Bitcoin withdrawal fees are lower and have limits.||Sinegy does not offer a mobile app.|
|Sinegy does not require a minimum deposit.||It does not provide many crypto options.|
|It offers a 0.25% rebate for market makers.|
It supports 3 cryptocurrencies like Bitcoin, Ethereum, and Ripple (XRP).
Sinegy supports Malaysian residents as of now.
KuCoin is a popular name in the digital currency sector, and it has established itself as one of the most prominent platforms that offer cryptocurrency operations for its clients. It was established in 2017, has gained popularity, and offers several cryptocurrencies like bitcoin. It has become one of the most recognized hubs for trading cryptocurrencies online.
KuCoin provides an easy-to-use Malaysia cryptocurrency exchange for their global clients to speculate with different types of cryptocurrencies. Also, it provides different options like margin trading, trading bot, futures trading, lowest fees, etc.
Features of KuCoin
- The clients are offered more than 200 digital assets, helping execute secure transactions with lower withdrawal fees. KuCoin has a great reputation and has become one of the top digital currency exchanges providing a wide range of cryptocurrencies. It provides numerous discounts and bonuses; and charges a fee of 0.1 % per trade executed.
- KuCoin has industry-level security practices that include multilayer encryption, micro-withdrawal bitcoin wallets, multi-factor authentication, and an internal risk control team that oversees the daily operations per strict security standards.
- KuCoin is a beginner-friendly and intuitive software that provides cryptocurrency trading platforms that help clients easily speculate using bitcoin and cryptocurrencies.
- KuCoin’s most important factors are it supports non-custodial trading. This non-custodial trading can be executed directly from the user’s private wallet.
- The Platform has also provided a FAQ section for the user’s so that they can work efficiently.
Pros and Cons of KuCoin
|The clients are offered various cryptocurrencies for trading with low fees.||It may not suit beginners.|
|It offers margin and automated trading.||Does not offer fiat trading pairs.|
|KuCoin offers customer support 24×7.|
KuCoin supports more than 28 cryptocurrencies.
- The United States
- The United Kingdom
Huobi is headquartered in Seychelles, a well-known digital asset exchange in the cryptocurrency domain. Huobi was established in 2013, and it is one of the established fiat-to-crypto trading platforms with a great reputation and helps clients execute secure trades, deposit, and withdraw bitcoin and cryptocurrencies.
Huobi exchange charges low fees and provides different payment options like wire transfer, debit or credit card, and bank transfer that their customers can use. It supports an array of cryptocurrencies and believes in blockchain technology. This exchange is one of the best exchanges focusing globally on trading cryptocurrencies that offer a great customer experience.
Features of Huobi
- Huobi is a trusted global leader in the crypto space, transacting over 25 billion on its platform over 24 hours. It also offers Bitcoin, which is the topmost cryptocurrency by market cap. Further, Huobi’s native token is built using blockchain technology.
- Users are offered access to a wide range of products to trade, buy, swap, borrow, store, and sell bitcoin and other cryptocurrencies. Huobi is suited for all users and provides competitive fees for every transaction.
- Huobi has become a safe place to sell, trade, and buy crypto, with several millions of active users trading globally. It also provides several payment options like debit or credit card transfers and bank transfers for users to convert fiat currencies to crypto.
- The security methods offered by Huobi are as per industrial standards. It also provides cold wallet storage, two-factor authentication, SMS, and email notifications, ensuring the environment is safe to trade.
Pros and Cons of Huobi
|It is best for beginners and advanced professionals.||The account opening process is tedious.|
|Provides several cryptocurrencies to trade.|
|Offers multilingual customer support.|
It supports most of the cryptocurrencies.
Currently, Huobi caters to worldwide clients.
Kraken was established in 2011, and it is one of the best exchanges in Malaysia. This exchange is located in San Francisco, CA, and is considered one of the oldest and largest exchanges. Recently this exchange has grown exponentially, becoming one of the most established digital currency exchanges in the cryptocurrency domain. Kraken offers top-notch security standards, a wide range of crypto assets, and lower trading fees, making it the best choice for new users and advanced professionals who want to start cryptocurrency trading.
Features of Kraken
- In recent years, cryptocurrencies like bitcoin have become more familiar and have become vulnerable to cyber-attacks where millions of dollars (USD) are lost. In tune with this, Kraken provides industry-level security practices like two-factor authentication, which helps the users with enhanced protection.
- Kraken traders do not have any barriers if they want to start trading with them. The registration process is easy and caters to all types of traders.
- The customer support offered by Kraken is 24×7, and they can be reached via online chat, email, and phone. Traders can contact them anytime if they have any doubts, and they will be clarified by customer support immediately.
Pros and Cons of Kraken
|Kraken offers an advanced trading platform with great tools.||This platform has high withdrawal fees and lower limits.|
|Provides a wide range of digital assets.||It is not suitable for beginners.|
|Offers multi-level security.|
It supports around 87 cryptocurrencies.
Kraken offers services to clients globally. Although, read more about the platform and know all the details.
Why Do You Need Crypto Exchanges?
Several cryptocurrency exchanges use blockchain technology and can be described as a platform to sell and buy cryptocurrencies. The investor can use these exchanges to trade one cryptocurrency for another or buy crypto using fiat currency using USD as an investment. The Bitcoin exchange with an excellent reputation offers a wallet, good rewards, and privacy for the users.
By logging into the platform, bitcoin exchanges work like brokerage firms, and the users can create various order types for trading, selling, and buying bitcoin (BTC)and other coins. Cryptocurrency exchanges are also a marketplace where people can buy Ethereum, Bitcoin, etc. Although, find out here and know about the best crypto exchanges in detail to explore.
How to Trade Cryptocurrency in Malaysia?
One of the ways to own bitcoin or any cryptocurrency is through mining that uses blockchain technology where the miners are rewarded; they receive compensation in Bitcoins for proof of work. It is very difficult for other users to mine bitcoins as the miners need to solve cryptographic puzzles which are highly complex and take time to verify.
If the user plans to execute secure transactions using cryptocurrencies in Malaysia, they need to create an account with a bitcoin exchange that deals with them. They can open an account with them, compare prices and purchase BTC or other cryptocurrencies with their debit card or through bank transfers.
Here are a few steps to explain how to trade cryptocurrencies on an exchange:-
- After researching, the first step is choosing the best and most popular bitcoin exchanges that deal with BTC or cryptocurrencies. Numerous crypto exchanges offer their services and privacy to their investors, which differ by security, lower fees, and preferred payment method. The user should do verification before they proceed with any cryptocurrency exchange.
- The second step is to create an account with the exchange. The user should go to the website and they need to click the Register button. The user should provide a few details like their name, email address, and contact number as identification proof. Also, they should undergo a verification process and complete the KYC process, which is one of the legal requirements if the user is proceeding with any Malaysian crypto exchanges. When this is complete, they must deposit funds to their account before buying or selling bitcoin or their preferred cryptocurrency.
- The third step is to fund their user account to execute secure transactions with their wallets. They need to deposit the money in their exchange account using debit, credit cards, bank transfers, wallets, or using a bank account with the multiple payment options offered by the exchange.
- The last step is buying bitcoin or cryptocurrency per the user’s requirement. The user can buy their preferred cryptocurrency using Malaysian ringgit or USD; the rest is taken care of by the exchange. When the transaction is complete, they can verify the purchased cryptocurrency, which will be stored in the user’s wallet.
Another way to buy bitcoin is through Bitcoin ATMs. For example, using Bitcoin ATMs, the user need not have to undergo any KYC process, and these ATMs are conveniently located near shops, stores, malls, etc., which makes it easy to purchase bitcoin.
How to Select the Best Cryptocurrency Exchange Malaysia for You?
Several cryptocurrency exchanges have a good reputation and are available for Malaysian investors. Hence, it will be a tough decision to select which one suits their needs. We have outlined a few best ideas that help users compare and identify the right exchange for them:-
Is That Cryptocurrency Exchange Supporting RM (Malaysian Ringgit)?
One of the best ways to buy bitcoin or cryptocurrency is through cryptocurrency exchange and store it in wallets. The user should verify whether the chosen cryptocurrency exchange supports the dollar (USD) or Malaysian ringgit. For example, few exchanges allow the users to transact using Malaysian ringgit or USD and convert them into cryptocurrencies.
Fee Structure of Cryptocurrency Exchanges
The user should check the fee structure, limits, trading volume, privacy, and terms offered by different crypto exchanges. Initially, they should understand the fee structure and ensure that the exchange does not charge hidden fees. They should go for an exchange that provides a more flexible fee structure and wallet that can secure their coins.
Deposits and Withdrawal Charges
The user should check the cryptocurrency exchange they are dealing with that offers different ways of depositing and withdrawing money using a credit card, debit card, USD deposits, PayPal, or bank transfer. Some exchanges have withdrawal limits and charge 2 to 5% fees on USD and 2.5% for Paypal, which depends on the transaction. Certain exchanges charge huge withdrawal fees, and the user should be careful and know about the various transaction fees charged by the platform.
With due diligence, the user should research the platform’s reputation and security before they connect with them. This proof will help the user determine that their funds are safe and secure in the exchange wallet. Also, the user should check the reputation of the cryptocurrency exchange and the different protocols and terms offered by them to secure the funds, privacy, and data of the users.
Advanced Trading Features
If the user is an advanced professional, they need to compare all the advanced trading options, trading limits, order types, and the margin offered by other platforms. If the user is a beginner, they should check for an easy-to-use interface and a wide range of educational resources that help them understand the platform and cryptocurrencies. They can also check for an intuitive interface that offers a great user experience and service that helps the user to execute secure trades seamlessly.
Is That Licensed?
Recently Malaysia has started showing interest in BTC and other cryptocurrencies, and it has levied strict regulations on the exchange, and it must comply with the validators. These exchanges are authorized and regulated by the Malaysian security commissions and should adhere to commodity and securities laws. Our advice is to go for a regulated platform, which will be an added advantage.
Conclusion on Crypto Exchanges in Malaysia
To conclude, it is not a tedious process for a trader willing to buy bitcoin or cryptocurrencies in Malaysia. They have plenty of cryptocurrency platforms to help them with that. But, the user should note that cryptocurrency is a new sector and highly volatile. Compared to other digital assets, the user should proceed with caution; they should research and invest the amount of money they can afford to lose. Also, they should remember that cryptocurrencies are prone to extreme volatility and exercise extreme caution when trading with digital currencies.
Which Crypto Exchange Is Legal in Malaysia?
The three approved recognized market operators (RMOs) announced by the security commission of Malaysia for operating in Malaysia are Luno, Tokenize, and Sinegy.
Is Crypto Trading Legal in Malaysia?
Even though the government does not regulate the cryptocurrency space in Malaysia, there are several platforms where users can speculate about Bitcoin and other cryptocurrencies. The best exchange that wants to operate in Malaysia should adhere to the strict regulations issued by the validators of Malaysia. The regulations levied by the regulatory body have strict measures that help the traders protect their assets and funds.
Can We Buy Cryptocurrency in Malaysia?
The traders are allowed to buy cryptocurrencies in Malaysia. Some of the cryptocurrencies that the security commission has approved in Malaysia are BTC, ETH, Bitcoin Cash, Ripple, Litecoin, etc. The users can buy digital currencies in any registered exchange in Malaysia.
Which Platform Is Best for Crypto in Malaysia?
Luno is one of the best crypto exchanges in Malaysia that permits Malaysians to exchange Malaysian ringgit with cryptocurrencies directly. Additionally, it is registered with the regulatory authority of Malaysia and offers low fees for trading cryptocurrencies on its platform.