How to Buy and Sell Cryptocurrencies in Malaysia

What is cryptocurrency?

The simplest explanation is that cryptocurrencies are digital currencies which allow you to make purchases online. Unlike traditional currencies, they only exist in digital form and aren’t backed or controlled by banks and governments. In other words, cryptocurrencies are entries about coins or tokens in decentralized consensus-databases.

How to trade cryptocurrencies in Malaysia?

Before you proceed, a friendly warning that you should only invest with the money you can afford to lose, given the speculative nature of cryptocurrency.

Here’s the list of platforms to trade cryptocurrencies in Malaysia:

NuMoney

  • Cryptocurrency exchange based out of Singapore with local presence in Malaysia and Indonesia as well.
  • Physical stores in Malaysia for customer care.
  • Payment methods: Bank transfer
  • 0.25% taker fee. The fee can be discounted to about 0.08% if it is paid with NMX token.
  • Identity and proof of residential address verification is required to start trading.
  • Supports Ethereum and soon Bitcoin, Litecoin, Ripple and Monero will be added into the exchange.

LocalBitcoins

  • Peer-to-peer (P2P) bitcoin trading site with escrow service that allows users to post advertisements where they state exchange rate and payment methods for buying or selling bitcoins.
  • Payment methods: Bank transfer, Remittance, Gift card code, Cash (in-person trade)
  • 1% fee on advertiser.
  • No identity verification which also means that you’ll need to be very careful with the person you’re engaging. It’s advisable to always trade with reputable advertisers to avoid scams. Read our article for more tips on how to avoid scams.
  • Supports only Bitcoin.

Remitano

  • P2P trading site similar to LocalBitcoins.
  • Payment methods: Bank transfer
  • 1% fee on NON-advertiser.
  • No identity verification and it means that you are exposed to the risk of scams.
  • Supports Bitcoin, Ethereum, Tether and Bitcoin Cash.

Luno

  • London based cryptocurrency exchange.
  • Payment methods: Bank transfer
  • Taker fee ranged from 0.5% to 1% for BTC/MYR market.
  • 0.25% taker fee for ETH/BTC market.
  • Fees for using Luno’s instant buy or sell feature is not known (but you can expect it’ll be higher if compared to trading in the market by yourself).
  • No identity verification is required for level 1 account with account limit of RM5000.
  • Higher tier account can be unlocked after ID and proof of residential address is verified.
  • Supports Bitcoin and Ethereum.

Coinhako

  • Singapore based cryptocurrency exchange.
  • Payment methods: Bank transfer, Xfers
  • 1% fee is changed for every purchase or sale of cryptocurrency.
  • Identity verification is required to start trading.
  • Supports Bitcoin and Ethereum.

 

How to trade other altcoins?

There’s no way to buy altcoins using MYR at the moment. You have to buy BTC or ETH and send it to an exchange such as Binance, Bitfinex and Bittrex that you can trade them for altcoins.

The good news is NuMoney is here to solve the problem of buying altcoins in Malaysia. NuMoney Exchange aims to be an exchange that support the trading of altcoins in local currency.

NuMoney will soft launch the exchange soon. Click the button below to register as NuMoney Exchange’s early users.