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Buying Cryptocurrency in Malaysia – How To Trade or Buy

If you are looking to get started with buying cryptocurrency in Malaysia, there are a growing number of options available when it comes to both buying, and trading crypto.

Within this page, we are digging into how to get started with buying crypto, some of the pros and cons of digital assets, along with where to buy cryptocurrency in Malaysia safely. If that sounds like what you were looking for, please continue on.

How to start buying cryptocurrency in Malaysia

buying cryptocurrency in malaysia

The crypto ecosystem has been growing rather rapidly over the past few years or so. What was a niche asset until very recently, is now found in the portfolios of the rich and famous, financial gurus, and investment banks.

As the attention surrounding cryptocurrency as an asset class has grown, so have the number of ways you can consider making your first purchase. It is no surprise then, that you and I both have an interest in the topic of cryptocurrency!

The most popular way to buy cryptocurrency in Malaysia is through online trading platforms like crypto exchanges and brokers. These platforms provide easy, user-friendly (usually) interfaces that allow you to buy cryptocurrency with Malaysian Ringgit (MYR), other fiat currencies, or even with another crypto asset.

The actual process of how to buy crypto will differ slightly depending on the broker or exchange being used; but largely the steps will be as follows:

How to buy cryptocurrency in Malaysia

  • Research and find the best cryptocurrency to buy for your own plan
  • Source a crypto exchange (or CFD broker for trading) in Malaysia that supports the crypto you intend to buy
  • Open an account, create a username, password, and secure code (keep this safe)
  • Submit KYC documents for approval (*then wait for confirmation of approval)

    Then, depending on whether you want to make the purchase immediately, or wait for the right pricing opportunity, you would fund your account in one of two ways:
  • Make a fiat currency deposit, either leaving directly in fiat (if supported), or in a stablecoin like USDT or USDC to avoid value fluctuations.

    You would then proceed to buy cryptocurrency from your account balance when the time is right.

    If you are holding USDT in your account balance for example, and you wish to buy Bitcoin, you would find the pair USDT/BTC and exchange one for the other. You will now hold the equivalent value in BTC within your account.

  • You can go ahead and make a direct purchase of the cryptocurrency you have selected to buy with your fiat currency deposit (if it is a supported option).

Different ways to buy crypto

Whilst most people will engage directly with a cryptocurrency exchange or broker when making their crypto purchases, there are still some other options out there.

Some of the most popular cryptocurrency exchanges in Malaysia include Luno, Kucoin and Kraken; but there is also the question of whether to consider a centralized or decentralized exchange. Each type of exchange offer a variety of features and benefits, so be sure to compare them before choosing one that’s right for you.

luno cryptocurrency exchange malaysia

Another option for buying cryptocurrency in Malaysia is through peer-to-peer (P2P) marketplaces. These platforms allow you to connect directly with other buyers and sellers, making it easier to find the right deals and prices. Some popular P2P marketplaces include Binance and Coinmama.

Of course, if you’re already familiar with how cryptocurrency works and have your own wallets set up, you can also buy cryptocurrency directly from decentralized platforms from your holdings.

Whichever method you choose, be sure to do your research and always practice caution when trading or buying cryptocurrencies in Malaysia.

Cryptocurrency regulation in Malaysia

Cryptocurrency regulation in Malaysia is still in its early stages. The country has not yet released any specific regulations concerning cryptocurrencies, however, the central bank has issued a warning to the public about the risks associated with investing in digital currencies. There are a few digital asset exchanges which have been given preliminary approval to operate in Malaysia.

Brokers that offer cryptocurrency trading services in Malaysia are not regulated by the Securities Commission Malaysia (SCM). You can find cryptocurrency CFD brokers that are regulated such as those below, but their governance is not specifically for crypto, but financial trading in general.

Tickmill Malaysia

Best Regulated Crypto Broker in Malaysia

LFSA License Number – MB/18/0028

Visit Broker

Crypto broker trading platforms offer a wide range of trading options and features, as well as customer support to help you get started with your cryptocurrency purchase. These are often a simple way to gain access to crypto (even if indirectly), with the knowledge that there is a regulatory framework that governs the companies generally.

If you are interested in investing in cryptocurrency, it is important to do your research and be aware of the risks involved.

With the right tools and guidance, you can take advantage of the many benefits that crypto trading has to offer, but these are highly volatile markets that are still relatively new (in financial instrument terms).

The future of cryptocurrency in Malaysia looks promising, and we can expect to see more regulations and support for this emerging asset class in the years to come.

Fintech & Digital payments in Malaysia continue to innovate

Digital payments have become increasingly popular in Malaysia in recent years, due to a range of factors including the rise of cryptocurrency and digital wallets. These digital payment methods offer users several benefits, including greater convenience, security, and efficiency when compared to traditional payment methods such as cash and credit cards.

One of the most prominent digital payment methods in Malaysia is cryptocurrency. Cryptocurrency is a digital asset that uses cryptography to secure its transactions and to control the creation of new units. Bitcoin, the first and most well-known cryptocurrency, was created in 2009.

Cryptocurrencies are often decentralized, which means they are not subject to government or financial institution regulation. This can make them attractive to users who want greater control over their finances, as well as those who are looking for a more secure payment method.

In addition to digital wallets, other digital payment methods in Malaysia include digital remittance services and mobile payments. These tools allow users to easily transfer funds between accounts and pay for goods and services online or in person using their smartphones or other mobile devices.

Despite the many benefits of digital payments, there are also some drawbacks to consider. For example, digital payment methods such as cryptocurrency can be relatively complex and difficult for beginners to understand. Additionally, digital transactions can sometimes be less secure than traditional transactions, due to issues such as digital wallet hacking or theft of digital funds.

Overall, digital payments offer a range of advantages and disadvantages that users should be aware of before choosing a payment method. However, the benefits of digital payments (such as convenience, security, and efficiency) are likely to continue to increase as technology improves and more people adopt these methods.

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