How to Buy Cryptocurrency in Malaysia: A Beginner's Guide

Are you interested in buying cryptocurrency in Malaysia but don’t know where to start? This beginner’s guide will walk you through the steps needed to buy and trade cryptocurrency in Malaysia, including the best platforms to use and important things to keep in mind. Don’t miss out on this opportunity to invest in the future of finance.


How to Buy Cryptocurrency in Malaysia: A Beginner’s Guide

Understanding Cryptocurrency and Its Popularity in Malaysia

Cryptocurrency is a digital or virtual form of currency that relies on cryptography for security, making it difficult to counterfeit. The most well-known cryptocurrency is Bitcoin, which was created in 2009. Since then, numerous other cryptocurrencies have emerged, each with its unique features and applications.

In Malaysia, cryptocurrency has gained significant popularity in recent years, mainly due to the potential for high returns on investment. As the global economy becomes more digital, cryptocurrencies offer a convenient and secure alternative to traditional currencies. Moreover, cryptocurrencies can be traded 24/7, providing investors with greater flexibility than traditional financial markets.

The Legal Status of Cryptocurrency in Malaysia

The legal status of cryptocurrency in Malaysia has evolved over time. In the early days, cryptocurrencies were neither recognized nor regulated. However, as the market grew and instances of fraud and scams increased, the Malaysian government took steps to regulate the industry.

In 2019, the Securities Commission Malaysia (SC) issued guidelines for initial coin offerings (ICOs) and digital asset exchanges. These guidelines state that any platform offering cryptocurrency trading services must be registered and licensed by the SC. Additionally, cryptocurrencies are now considered securities under Malaysian law, and any trading activities must comply with securities laws and regulations.

Despite these regulations, it is essential to note that cryptocurrency is not considered legal tender in Malaysia. This means that while you can use cryptocurrencies for certain transactions, they are not accepted everywhere, and you cannot rely on them as a stable store of value.

Popular Cryptocurrencies in Malaysia

While there are thousands of cryptocurrencies available globally, certain coins have gained more popularity in Malaysia due to their market capitalization, utility, and potential for growth. Some of the popular cryptocurrencies in Malaysia include:

  1. Bitcoin (BTC): As the first and most well-known cryptocurrency, Bitcoin remains the most popular choice for Malaysian investors. Its widespread acceptance and proven track record make it a relatively safe bet for those looking to enter the cryptocurrency market.
  2. Ethereum (ETH): Ethereum is a platform that allows developers to build decentralized applications (dApps) using smart contracts. Its native currency, Ether (ETH), is the second most popular cryptocurrency in Malaysia due to its potential for growth and real-world applications.
  3. Ripple (XRP): Ripple is a cryptocurrency designed for fast and low-cost cross-border transactions. Its efficient transaction processing and partnerships with various financial institutions have made it popular among Malaysian investors.
  4. Litecoin (LTC): Often referred to as the “silver to Bitcoin’s gold,” Litecoin is a cryptocurrency with faster transaction times and lower fees than Bitcoin. It has gained popularity in Malaysia due to its potential for growth and ease of use.
  5. Binance Coin (BNB): Binance Coin is the native currency of the Binance exchange, one of the largest cryptocurrency exchanges in the world. BNB can be used to pay for transaction fees on the Binance platform, and its value is tied to the success of the exchange, making it an attractive investment option for Malaysians.

It is essential to research each cryptocurrency thoroughly before investing, as market conditions and trends can change rapidly. Consider factors such as market capitalization, use case, and potential for growth when choosing which cryptocurrencies to invest in. And remember, never invest more than you can afford to lose – the cryptocurrency market can be as volatile as it is exciting!

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Finding the Perfect Cryptocurrency Exchange in Malaysia

Key Factors to Keep in Mind When Choosing an Exchange

When on the hunt for a cryptocurrency exchange in Malaysia, it’s vital to weigh several factors to guarantee you find the perfect fit for your needs. Don’t miss out on these crucial aspects:

  1. Reputation: Investigate the exchange’s standing through reviews, forums, and social media to get a sense of its reliability and trustworthiness. Remember, you don’t want to end up with a lemon!
  2. Security: Seek an exchange with rock-solid security measures such as two-factor authentication (2FA), cold storage for users’ funds, and regular security audits. Better safe than sorry, right?
  3. Fees: Scrutinize the exchange’s fee structure, including trading fees, deposit and withdrawal fees, and any other sneaky charges that may apply. No one likes hidden fees!
  4. Supported cryptocurrencies: Double-check that the exchange supports the cryptocurrencies you’re itching to buy, sell, or trade.
  5. User interface and user experience: The exchange should boast an intuitive and user-friendly platform, making trading and managing your investments a breeze.
  6. Customer support: Opt for an exchange with top-notch customer support, available through multiple channels like live chat, email, and phone. After all, everyone needs a helping hand sometimes.
  7. Regulatory compliance: Choose an exchange that plays by Malaysia’s regulatory rules to ensure the safety of your investments. Better to be on the right side of the law!

Top Cryptocurrency Exchanges in Malaysia You Can Trust

A handful of reputable cryptocurrency exchanges operate in Malaysia, catering to both crypto newbies and seasoned traders. Here are some of the most popular and trusted exchanges you should consider:

  1. Luno: Luno is a widely used exchange in Malaysia, renowned for its user-friendly interface and low fees. It supports popular cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). Who doesn’t love a good deal?
  2. Remitano: Remitano is a peer-to-peer (P2P) cryptocurrency exchange that lets users buy and sell cryptocurrencies directly with one another. It supports various cryptocurrencies, including Bitcoin, Ethereum, and Tether (USDT).
  3. SINEGY: SINEGY is a Malaysian-based exchange that focuses on offering a secure and compliant trading platform. It features trading in Bitcoin, Ethereum, and Ripple (XRP). Sounds like a winning combo!
  4. Tokenize Xchange: Tokenize Xchange is a Malaysia-based cryptocurrency exchange that also operates in Malaysia. It supports a wide range of cryptocurrencies and boasts features such as a mobile app, margin trading, and staking services. Talk about versatility!

Comparing Fees, Features, and Security of Malaysian Cryptocurrency Exchanges

Before committing to a particular cryptocurrency exchange, it’s crucial to compare their fees, features, and security measures to make an informed decision. Keep these points in mind:

  1. Fees: Different exchanges have varying fee structures. Some charge a flat rate for each transaction, while others use a tiered system based on trading volume. Compare the fees across different exchanges to find the most wallet-friendly option for your needs.
  2. Features: Exchanges may offer additional perks such as advanced trading tools, mobile apps, staking services, or educational resources. Consider the features that best align with your trading style and requirements.
  3. Security: Evaluate the security measures implemented by the exchange, like cold storage, 2FA, and encryption protocols. Additionally, check if the exchange has a history of security breaches or hacks, as this could hint at vulnerabilities in their system.

By considering the factors mentioned above and comparing the fees, features, and security measures of popular Malaysian cryptocurrency exchanges, you can make an informed decision and choose the right exchange for your investment needs. Remember, selecting the right exchange is a crucial step in your cryptocurrency journey, so take the time to research and compare your options thoroughly. After all, knowledge is power!


Creating an Account and Getting Verified on a Cryptocurrency Exchange

Signing Up for an Account

So, you’ve decided to dive into the world of cryptocurrency trading in Malaysia? Great choice! The first step is to sign up for an account on a cryptocurrency exchange. Head over to the exchange’s official website and look for the “Sign Up” or “Register” button, usually placed prominently on the homepage or in the top right corner (you can’t miss it).

During the registration process, you’ll need to provide some basic personal information like your name, email address, and a password. Be sure to choose a strong, unique password to keep your account safe and sound. Some exchanges might also ask for your phone number for verification purposes (don’t worry, they won’t spam you).

Once you’ve filled out the sign-up form, the exchange will usually send a verification email to the address you provided. Click the link within the email to confirm your account and gain access to the platform. Easy peasy, right?

Verification Process and Requirements

Now that you’ve signed up, it’s time to get verified. Cryptocurrency exchanges have to comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, so you’ll need to complete a verification process before you can fully access your account and start trading like a pro.

The verification process varies between exchanges but typically involves providing proof of identity (such as a passport or driver’s license) and proof of address (like a utility bill or bank statement). Some exchanges may even ask you to take a selfie holding your identification document (say cheese!).

To complete the verification process, log in to your account and navigate to the verification or account settings section. Upload the required documents and wait for the exchange to review and approve your submission. Approval time can range from a few hours to a few days, depending on the exchange and the number of applications they’re dealing with. Patience is key!

Securing Your Account with Two-Factor Authentication (2FA)

After successfully verifying your account, it’s essential to secure it using Two-Factor Authentication (2FA). 2FA is like having a guard dog for your account, adding an extra layer of security that requires users to provide two forms of identification when accessing their accounts. This usually involves a password (something you know) and a one-time code generated by an authentication app or sent via SMS (something you have).

To enable 2FA on your account, follow these steps:

  1. Download an authentication app: Most exchanges recommend using Google Authenticator or Authy. These apps are available for free on both iOS and Android devices.
  2. Access your account settings: Log in to your exchange account and navigate to the security or account settings section.
  3. Enable 2FA: Look for the option to enable 2FA and follow the on-screen instructions. This will typically involve scanning a QR code using your authentication app or entering a unique key provided by the exchange.
  4. Verify the setup: Your authentication app will now generate a one-time code. Enter this code on the exchange’s website to confirm that the setup is successful.
  5. Save backup codes: Most exchanges provide backup codes when you enable 2FA. These codes can be used to access your account if you lose your phone or are unable to use the authentication app. Store these codes in a safe place, separate from your other account information.

With 2FA enabled, you’ll need to enter a one-time code generated by your authentication app each time you log in to your account. This extra security measure makes it harder for unauthorized users to access your account and mess with your precious crypto assets.


Funding Your Account and Buying Cryptocurrency

Methods of Depositing Funds into Your Account

Before diving into the world of cryptocurrency, you’ll need to fund your account on your chosen exchange. There are several ways to deposit funds, and the availability of these methods depends on the exchange you pick. Here are some popular deposit methods:

  1. Bank Transfer: Many exchanges allow users to deposit Malaysian Ringgit (MYR) directly from their bank accounts. This method usually involves linking your bank account to the exchange and making a transfer through online banking or wire transfer.
  2. Credit/Debit Card: Some exchanges enable users to fund their accounts using credit or debit cards. This method is generally faster than bank transfers but may come with higher fees. (Remember, convenience has its price!)
  3. E-Wallets: Digital wallets such as GrabPay, Touch ‘n Go eWallet, and Boost are gaining popularity in Malaysia, and some exchanges have started to accept them as a method of deposit. These wallets offer convenience and faster processing times compared to traditional bank transfers. (Plus, who doesn’t love a good e-wallet? )
  4. Cryptocurrency: If you already own cryptocurrency, you can deposit it into your exchange account and trade it for other cryptocurrencies. This method bypasses the need to convert your local currency (MYR) into cryptocurrency. (Smart move, right?)

How to Buy Cryptocurrency: Market Orders and Limit Orders

Once your account is funded, you can start buying cryptocurrency. Two common order types are market orders and limit orders. Let’s break them down:

  1. Market Orders: A market order is a buy or sell order executed immediately at the best available market price. This order type is suitable for beginners or those who want to buy or sell cryptocurrency quickly. However, the downside is that you may not get the most favorable price due to market volatility. (But hey, time is money!)
  2. Limit Orders: A limit order is an order to buy or sell a cryptocurrency at a specific price or better. You set the desired price, and the order will only execute if the market reaches that price. Limit orders allow you to have more control over the price you pay or receive, but there’s no guarantee that your order will be executed if the market doesn’t reach the set price. (Patience is a virtue, my friend!)

When placing an order, ensure you have enough funds in your account to cover the transaction, including any fees associated with the trade. (Nobody likes surprises when it comes to fees!)

Understanding Fees and Charges Associated with Buying Cryptocurrency

Exchanges typically charge fees for their services, and it’s essential to understand these costs before buying cryptocurrency. Here are some common fees you may encounter:

  1. Deposit Fees: Some exchanges may charge a fee for depositing funds into your account. This fee varies depending on the method used (bank transfer, credit/debit card, e-wallet, or cryptocurrency deposit).
  2. Trading Fees: Exchanges charge a fee for every trade executed on their platform. Trading fees are usually calculated as a percentage of the trade value and may vary depending on your trading volume or account tier.
  3. Withdrawal Fees: When you withdraw funds from your exchange account, you may incur a withdrawal fee. This fee may be a fixed amount or a percentage of the withdrawal amount, depending on the exchange and the method used (bank transfer, e-wallet, or cryptocurrency withdrawal).
  4. Network Fees: When sending cryptocurrency from one wallet to another (e.g., from your exchange wallet to your personal wallet), you may incur a network fee. This fee is paid to the network (such as Bitcoin or Ethereum) to process your transaction and is not controlled by the exchange.

To minimize fees, compare different exchanges, and choose one with a competitive fee structure. Additionally, consider using limit orders to secure better prices and reduce the impact of trading fees on your investments. Lastly, be mindful of withdrawal fees and network fees when moving your cryptocurrency between wallets. (Because, let’s face it, nobody likes unnecessary fees!)


Storing and Managing Your Cryptocurrency Safely

Types of Cryptocurrency Wallets: Hot Wallets and Cold Wallets

When it comes to storing and managing your cryptocurrency investments, choosing the right wallet is essential for ensuring the safety of your digital assets. There are two main types of cryptocurrency wallets: hot wallets and cold wallets.

Hot wallets are digital wallets that are connected to the internet, making them easily accessible and convenient for frequent trading or transactions. They can be accessed through various devices, such as smartphones, tablets, or computers. Some popular hot wallet providers include MyEtherWallet, Exodus, and Coinbase. However, being connected to the internet also makes hot wallets more vulnerable to hacking, phishing, and malware attacks. So, while hot wallets are like a party where everyone’s invited, they can also be a playground for cybercriminals.

Cold wallets, on the other hand, are offline storage solutions that provide a higher level of security for your digital assets. These wallets store your private keys on a device that is not connected to the internet, such as a hardware wallet like Ledger Nano S or Trezor, or even a paper wallet. While cold wallets provide better protection against cyber threats, they may be less convenient for those who need frequent access to their cryptocurrency holdings – think of them as the Fort Knox of wallets.

How to Choose the Right Wallet for Your Needs

To choose the best wallet for your needs, you should consider factors such as your investment goals, trading frequency, and risk tolerance. If you plan on actively trading or using your cryptocurrencies for day-to-day transactions, a hot wallet may be more suitable due to its accessibility and user-friendly interface.

On the other hand, if you are a long-term investor and prioritize the security of your digital assets, a cold wallet may be a better option. Cold wallets are recommended for storing large amounts of cryptocurrencies, while a hot wallet can be used for smaller amounts and daily transactions. It’s like choosing between a safe deposit box and a wallet in your pocket.

You should also consider the wallet’s compatibility with different cryptocurrencies, as some wallets support only specific coins. Look for a wallet that supports multiple cryptocurrencies if you plan to diversify your investments. After all, variety is the spice of life, right?

Best Practices for Securing and Managing Your Cryptocurrency Investments

Regardless of the type of wallet you choose, there are some best practices you should follow to ensure the safety of your cryptocurrency investments:

  1. Enable two-factor authentication (2FA): 2FA adds an extra layer of security to your wallet by requiring a unique code generated by an authenticator app or received through SMS, in addition to your password. This helps protect your account even if your password is compromised – like having a bouncer at the door of your digital assets.
  2. Use strong and unique passwords: Create complex and unique passwords for your wallet and avoid using the same password across multiple platforms. Make sure to update your passwords regularly. After all, you wouldn’t use the same key for your house, car, and office, would you?
  3. Keep your private keys secure: Your private keys are the access to your cryptocurrency holdings. Store them in a safe place, and avoid sharing them with anyone. Make sure to create a backup of your private keys, so you can recover your assets in case of wallet loss or device failure – it’s like having a spare key for your car.
  4. Update wallet software: Regularly update your wallet software to ensure you are protected against any known vulnerabilities or security threats. Think of it as keeping your digital immune system in tip-top shape.
  5. Be cautious of phishing scams: Always double-check the URL of the wallet or exchange platform you are using to avoid falling victim to phishing scams. Do not click on suspicious links or enter your wallet credentials on unknown websites – just like you wouldn’t give your credit card information to a sketchy online store.
  6. Use a hardware wallet for large investments: If you have a significant amount of cryptocurrency, consider investing in a hardware wallet. This provides an extra layer of security, as your private keys are stored offline and protected against cyber threats – it’s like having a bodyguard for your digital assets.

By following these best practices, you can ensure the safety of your cryptocurrency investments and minimize the risk of loss due to cyber threats or user errors. Remember that securing your digital assets is your responsibility, so stay vigilant and make informed decisions when managing your cryptocurrency holdings. After all, with great power (or wealth) comes great responsibility.

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Frequently Asked Questions

What is cryptocurrency and why is it popular in Malaysia?

Cryptocurrency is a digital or virtual currency that uses cryptography for security and operates on a decentralized ledger called a blockchain. It has gained popularity in Malaysia due to its potential for high returns, increased financial freedom, and ease of cross-border transactions.

Is cryptocurrency legal in Malaysia?

Yes, cryptocurrency is legal in Malaysia. However, the government has implemented regulations to ensure proper compliance and prevent illegal activities, such as money laundering and terrorism financing. Users must adhere to these regulations when buying, selling, or trading cryptocurrencies.

What are the popular cryptocurrencies in Malaysia?

Some of the popular cryptocurrencies in Malaysia include Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and Bitcoin Cash (BCH). These cryptocurrencies have established themselves as reputable and widely accepted in the global market.

What factors should I consider when choosing a cryptocurrency exchange in Malaysia?

Factors to consider when choosing a cryptocurrency exchange include its reputation, fees, security measures, available cryptocurrencies, customer support, and ease of use. It is essential to research and compare different exchanges before making a decision.

What are some popular and trusted cryptocurrency exchanges in Malaysia?

Popular and trusted cryptocurrency exchanges in Malaysia include Luno, Remitano, and SINEGY. These exchanges have a strong reputation, provide a variety of cryptocurrencies, and offer robust security measures to protect users’ funds and information.

How do I sign up for an account on a cryptocurrency exchange?

To sign up for an account on a cryptocurrency exchange, visit the exchange’s website and follow the registration process. This usually involves providing your email address, creating a password, and agreeing to the terms and conditions.

What is the verification process and what are the requirements?

The verification process varies depending on the exchange, but it generally involves submitting proof of identity, such as a passport or national ID card, and proof of address, like a utility bill. Some exchanges may also require a selfie with your ID or a video call for further verification.

What is Two-Factor Authentication (2FA) and why is it important?

Two-Factor Authentication (2FA) is an additional layer of security that requires users to provide two forms of identification when accessing their account. This typically involves entering a unique code sent to your mobile device or generated by an authentication app. 2FA helps protect your account from unauthorized access, even if your password is compromised.

What methods can I use to deposit funds into my account on a cryptocurrency exchange?

Common methods for depositing funds into a cryptocurrency exchange account include bank transfers, credit/debit card payments, and e-wallet services. The availability of these methods may vary depending on the exchange and your location.

What is the difference between market orders and limit orders when buying cryptocurrency?

A market order is an order to buy or sell cryptocurrency immediately at the best available market price. A limit order allows you to set a specific price at which you want to buy or sell cryptocurrency. If the market reaches your specified price, the order will be executed.

What fees and charges are associated with buying cryptocurrency?

Fees and charges associated with buying cryptocurrency include trading fees, deposit fees, withdrawal fees, and network transaction fees. These fees vary depending on the exchange and the specific cryptocurrency being traded.

What are the types of cryptocurrency wallets and how do they differ?

Cryptocurrency wallets can be categorized as hot wallets or cold wallets. Hot wallets are connected to the internet and are more convenient for frequent transactions but are vulnerable to hacks. Cold wallets are offline storage options that provide higher security but may be less convenient for frequent transactions.

How do I choose the right wallet for my needs?

To choose the right wallet, consider factors such as security, convenience, accessibility, and supported cryptocurrencies. If you prioritize security and long-term storage, a cold wallet may be suitable. If you require frequent access and transactions, a hot wallet might be more appropriate.

What are the best practices for securing and managing my cryptocurrency investments?

Best practices for securing and managing your cryptocurrency investments include using strong, unique passwords, enabling two-factor authentication, keeping software up-to-date, using reputable exchanges and wallets, regularly backing up your wallet, and staying informed about potential security risks and scams.

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