Here is our expert review outlining the best crypto exchanges available in Malaysia. Compare their features, supported coins, payment options, security measures, fees, and more to determine the best platform for your trading requirements.
Summary of 5 Best Crypto Exchanges in Malaysia
In Malaysia, experts advise opting for exchanges regulated by the Securities Commission Malaysia for purchasing and trading Bitcoin and other cryptocurrencies. By utilizing bank transfers, debit/credit card payments, or e-wallets to deposit Malaysian Ringgit (MYR), individuals can legally buy, stake, and trade digital assets.
For novices embarking on their crypto ventures in Malaysia, we’ve assessed the top 5 trading platforms prevalent in the region:
- Luno – Best Overall Crypto Exchange in Malaysia
- Tokenize – Best for Security Measures
- Sinegy – Ideal for Newbies [Easiest to Use]
- Huobi – Top Choice for Advanced Traders
- Kucoin – The Cheapest Exchange
Luno Overview
Founded in 2012, Luno is a leading regulated digital asset exchange with an excellent reputation and active peer-to-peer community. It is committed to serving Malaysian users, allowing easy purchasing of Bitcoin (BTC), Ripple (XRP), Bitcoin Cash (BCH), Ethereum (ETH), and others using Malaysian Ringgit (MYR).
Key Features:
- Convert between cryptocurrencies and MYR seamlessly
- Suitable trading platform for all investor types
- Supports bank transfers and credit card deposits
- Mobile app enables trading crypto on-the-go
- Majority of assets stored in secure offline storage
- Low trading fees compared to competitors
Supported Coins:
- Bitcoin (BTC)
- Ethereum (ETH)
- Ripple (XRP)
- Bitcoin Cash (BCH)
- USD Coin (USDC)
- Litecoin (LTC)
Countries Supported:
- Malaysia
- Singapore
- Nigeria
- Indonesia
- UK
- 40+ others
Specifically, Luno has found great traction in Malaysia, Singapore (see Best Crypto Exchanges Singapore), and Indonesia within Southeast Asia. Additionally, the exchange has seen growing adoption in Japan (see Best Crypto Exchanges in Japan) and European countries like the United Kingdom and Denmark (see Best Crypto Exchanges in Denmark).
Tokenize Overview
Launched in 2017, Tokenize offers a digital asset exchange based in Singapore. It has a simple interface for buying and trading tokens and major cryptocurrency coins like ETH and BTC using Singapore or US Dollars.
Key Features:
- Simple user flow for beginners
- 0% market maker fees
- 40+ supported cryptocurrencies
- Two-factor authentication for security
- Referral program to earn rewards
- Decentralized client-side encrypted private keys
Supported Coins:
- Major coins like Bitcoin, Ethereum
- Wide selection of altcoins
- Also specializes in ERC20 token offerings
Countries Supported:
- Singapore
- International client base
Sinegy Overview
Established in 2017 and based in Penang, Sinegy is Malaysia’s first licensed digital asset exchange operator. This regulated platform focuses on providing fiat-to-crypto trades using Ringgit and major cryptocurrencies.
Key Features:
- Recognized market operator regulated by Malaysia
- Gateway supporting MYR and cryptocurrencies
- Robust and advanced charting tools
- Specialized tools for crypto trading
- Competitive market maker rebates
- Majority of assets stored in cold wallets
Supported Assets:
- Bitcoin (BTC)
- Ethereum (ETH)
- Ripple (XRP)
Countries Supported:
- Malaysia
Huobi Overview
Founded originally in China in 2013 before moving to Seychelles, Huobi is an established digital asset exchange supporting both fiat and crypto trades. It offers low fees and high liquidity for the top cryptocurrency coins.
Key Features:
- 300+ cryptocurrency trading options
- MYR, USD, USDT fiat purchases
- Margin trading, crypto lending
- Derivatives available
- Robust mobile trading apps
- Multilingual customer support
Supported Assets:
- All major coins including Bitcoin, stablecoins, DeFi tokens, metaverse cryptos and more
- New altcoins added frequently
Countries Supported:
- Malaysia
- 170+ other countries with strong presence in Asia markets
Kucoin Overview
As a global crypto-to-crypto exchange launched in 2017, Kucoin stands out for its wide variety of micro-cap altcoins and discounted trading fees as low as 0.10%. It appeals to cost-conscious traders seeking new hidden crypto gems.
Key Features:
- 600+ cryptocurrency options
- BTC, ETH and altcoin trading pairs
- Easy to use platform and mobile apps
- Super low fees compared to rivals
- Helpful 24/7 multilingual assistance
Supported Assets:
- Top coins like BTC, ETH, SOL plus long tail of micro-cap gems
- New promising crypto assets
Countries Supported:
- Malaysia
- Global client base of 8 million traders
How to Purchase Cryptocurrencies in Malaysia:
For beginners aiming to invest in digital currencies within Malaysia, adhere to this detailed, step-by-step guide for lawful and secure transactions:
- Select a reliable exchange: Choose a platform that is approved by Securities Commission Malaysia, as highlighted in our guide.
- Registration: Use your email for registration, establish a strong password, and complete any necessary KYC procedures.
- Deposit MYR: Fund your account using domestic bank transfers, credit cards, debit cards, or e-wallets.
- Buy Crypto: Select the desired cryptocurrency and quantity, then confirm the purchase.
- Secure Your Assets: Transfer your digital currencies to a secure crypto wallet to enhance security.
Legality and Regulation of Crypto Investing in Malaysia:
Is Crypto Legal in Malaysia?
Yes, cryptocurrency is legal in Malaysia; however, investors trading bitcoin and altcoins still operate in a gray area. While regulators exhibit an open and positive stance on crypto, clear guidelines are still lacking.
How is Crypto Taxed in Malaysia?
As cryptocurrency is not considered legal tender in Malaysia, it is currently not subject to capital gains tax or income tax. However, this lack of crypto tax guidelines may change in the coming years as adoption advances.
Conclusion
When weighing the numerous platforms for safely buying, trading, and selling Bitcoin and cryptocurrencies in Malaysia, regulated exchanges like Luno, Tokenize and Sinegy should top the list. However, Huobi and Kucoin also have their benefits for more advanced traders or altcoin lovers. Follow our guide to choose the right provider that matches your risk tolerance, experience level, and interests.
FAQs
How can I buy cryptocurrency in Malaysia?
You can buy cryptocurrencies like Bitcoin on exchanges after registering an account. Fund your account through domestic bank transfers, credit/debit cards, or e-wallets. Then select your desired coin and quantity to purchase.
Which is the cheapest crypto exchange in Malaysia?
Kucoin offers some of the lowest trading fees at just 0.10%, making it the most affordable exchange surveyed for cost-conscious investors. It may appeal more to experienced traders seeking hidden gems.
What is the easiest cryptocurrency exchange to use in Malaysia?
For beginners, Luno and Sinegy are among the easiest to use. Luno has a simple interface to convert between crypto and Malaysian Ringgit. Sinegy also focuses on fiat-to-crypto trades and has a straightforward onboarding process.
