Summary
Cryptocurrency is legal in Malaysia, with the Securities Commission Malaysia (SC) regulating digital assets. Popular payment methods include bank transfers and credit cards. The Malaysian ringgit (MYR) is supported by several exchanges. Key regulatory bodies include the SC and Bank Negara Malaysia (BNM). The Capital Markets and Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2019 governs crypto activities. Here are the best crypto exchanges in Malaysia:
Best Crypto Exchanges in Malaysia
This article examines the top crypto exchanges available in Malaysia, focusing on their features, supported cryptocurrencies, and compliance with local regulations. We’ll explore the exchanges that offer the best services for Malaysian users, considering factors such as support for the Malaysian ringgit (MYR) and preferred payment methods like bank transfers and credit cards.
1. Bitget
Users:
23m
Free Demo:
Mobile App:
Bonus
$6,200
Cryptos:
840+
Leverage:
125x
Spot Fees:
0.1%
Futures Fees:
0.02%/0.06%
Pros
- Over 800 cryptos
- Fair trading fees
- Great for EUR SEPA transfers
- 24/7 customer support
- Very beginner friendly
Cons
- Not available in the US
- No TWAP order supported
- Mandatory KYC for new accounts
Overview
Bitget is a true powerhouse for crypto traders from over 100 supported countries. What makes Bitget special is its beginner-friendly trading platform, which has over 800 supported cryptocurrencies. With so many supported cryptocurrencies, if you are looking to trade altcoins, Bitget might be one of your best shots.
With fiat support for 6 currencies, including EUR and RUB, Bitget is a top choice, especially for European users looking to deposit and withdraw funds in their native currency with ease. The 0% fee for SEPA transactions makes Bitget stand out. Credit card payments are also supported.
Experienced crypto traders can trade futures contracts on Bitget with 125x leverage on selected assets such as Bitcoin or Ethereum.
The spot trading fees start at 0.1% for makers and takers, which is very common in the industry. For futures traders seeking leverage for their day trading activities, Bitget charges very low fees of 0.02% maker and 0.06% taker.
2. Kraken
Users:
10m
Free Demo:
Mobile App:
Bonus:
None
Cryptos:
220+
Leverage:
100x
Spot Fees:
0.25%/0.4%
Futures Fees:
0.02%/0.05%
Pros
- Very beginner-friendly
- Low futures trading fees
- Free demo trading
- Fiat supported
- 24/7 customer support
- Fully regulated
Cons
- High spot trading fees
- Lacks advanced features
- Poor liquidity for futures trading
- Complicated Demo trading
Kraken Overview
Kraken stands out as one of the most beginner-friendly crypto exchanges. With an easy to understand UI, simple features, and a straightforward approach, Kraken has onboarded over 10 million users to its platform from all around the world.
Spot traders can access over 220 cryptocurrencies for buying and selling. For traders seeking more buying power, Kraken offers a leverage trading platform with up to 50x leverage on selected assets such as BTC.
In terms of fees, Kraken has a different approach for spot and futures trading. While spot trading fees are relatively high (0.25% maker and 0.4% taker), the futures fees are very low (0.02% maker and 0.05% taker). Based on your 30-day trading volume, you can obtain additional fee discounts.
What we love about Kraken is its comprehensive fiat support. You can deposit funds using your credit card or bank transfer. Once you are done trading, you can withdraw fiat currencies such as EUR or USD back to your personal bank account to lock in your profits.
3. Binance
Users:
200m
Free Demo:
Mobile App:
Bonus:
$100
Cryptos:
400+
Leverage:
125x
Spot Fees:
0.1%
Futures Fees:
0.02%/0.05%
Pros
- Most comprehensive crypto exchange
- Most advanced features and products
- 24/7 customer support
- 400+ cryptocurrencies
- Reputable with over 200 million users
- Best liquidity
Cons
- Not beginner friendly
- Restricted in many regions due to regulations
- EU traders must use BNFCR for futures trading
Overview
Reaching over 200 million registered users in 2024, Binance is by far the largest crypto exchange in the world. The platform is incredibly comprehensive, offering crypto traders all the tools they need to make a profit in the crypto market.
With over 400 cryptocurrencies to trade, leverage of up to 125x, directly integrated charts from TradingView with tons of technical analysis tools, and many more features, Binance has secured its spot as one of the best crypto exchanges.
Binance offers a wide variety of products, including spot, margin, futures, and options trading, staking, lending, P2P, automated bot trading, copy trading, and even an NFT marketplace. It is safe to say that crypto geeks will find everything they are looking for on Binance.
The trading fees on Binance are very affordable. Binance charges 0.1% trading fees on the spot market (makers and takers alike), which is the industry standard. Where Binance excels is the futures market with fees of only 0.02% for makers and 0.05% for takers.
4. MEXC
Users:
15m
Free Demo:
Mobile App:
Bonus
$20,000
Cryptos:
2400+
Leverage:
300x
Spot Fees:
0.05%
Futures Fees:
0.01%/0.04%
Pros
- Lowest Trading Fees
- 2000+ supported crypto assets
- 300x leverage and deep liquidity
- 24/7 customer support
- Best for altcoin and leverage trading
Cons
- Not available in the US
- Newly launched coins pose high risk
- May request KYC in the future
Overview
MEXC is known as the crypto exchange with the lowest fees. What makes MEXC stand out is its 0% maker fee offer, meaning you can trade without any fees. However, the spot and futures taker fees start at 0.02%. No crypto exchange can compete with the MEXC fee structure.
If you are a day trader seeking high leverage, MEXC may be one of your best options. With 300x leverage over 400 futures contracts and by far the lowest fees, MEXC is truly a day trading heaven.
Even if you are not interested in leverage trading, MEXC has you covered with over 2000 supported cryptocurrencies on the spot market. While MEXC offers tons of new altcoins, we recommend being cautious as the legitimacy of newly listed projects may be questionable.
All in all, MEXC is arguably the best option for high-frequency traders seeking low fees to get the best value for money.
5. Luno
Users:
2M
Free Demo:
Mobile App:
Bonus:
None
Cryptos:
25+
Leverage:
Not Supported
Spot Fees:
0.6%/0.4%
Futures Fees:
Not Supported
Pros
- Strong compliance and security focus
- User-friendly interface with mobile apps for Android and iOS
- Support for fiat currencies and credit card payments
- Low fees
Cons
- Limited cryptocurrency selection
- Lack of advanced trading features
- Limited Availability in Some Countries
Luno Overview
Luno, operating since 2013, is a cryptocurrency exchange focused on simplifying access to digital assets. The platform supports over 25 cryptocurrencies and prioritizes security and compliance, ranking among the most compliant exchanges globally as of November 2023 (CCData).
Luno offers spot trading with fees of 0.6% for takers and 0.4% for makers. Features include real-time market data, price alerts, and recurring purchases. The exchange provides mobile apps for Android and iOS, enhancing accessibility for users.
For developers and institutions, Luno offers an API for third-party integrations. Multi-signature wallets are used for secure asset storage. Luno lacks advanced features like leverage trading and futures contracts. While it offers a user-friendly experience for beginners and intermediate traders, it may not satisfy advanced traders seeking complex instruments.
Customer support is available via email and a knowledge base, but live chat and phone support are absent. Luno does not offer a free demo or sign-up bonus.
Is Crypto Legal and Regulated in Malaysia?
Cryptocurrency is legal in Malaysia, but it’s subject to specific regulations. The primary regulatory body overseeing crypto activities is the Securities Commission Malaysia (SC). In January 2019, the Capital Markets and Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2019 came into effect, classifying digital currencies and tokens as securities under the purview of the SC.
The SC has established a regulatory framework for digital asset exchanges and initial exchange offerings (IEOs). As of 2024, only SC-approved exchanges are allowed to operate in Malaysia. These exchanges must comply with strict guidelines, including robust security measures, transparent trading practices, and comprehensive Know Your Customer (KYC) procedures.
Bank Negara Malaysia (BNM), the country’s central bank, also plays a role in crypto regulation, particularly concerning anti-money laundering (AML) and counter-terrorism financing (CTF) measures. Cryptocurrency businesses must register with BNM as reporting institutions under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001.
It’s important to note that while cryptocurrencies are legal, they are not recognized as legal tender in Malaysia. The SC has repeatedly cautioned investors about the risks associated with crypto investments and the importance of using regulated platforms.
Is Crypto Taxable in Malaysia?
The taxation of cryptocurrencies in Malaysia is an evolving area. As of 2024, the Inland Revenue Board of Malaysia (IRBM) has not issued comprehensive guidelines specifically for cryptocurrency taxation. However, general tax principles apply to crypto-related income and gains.
For individuals, capital gains from cryptocurrency trading are generally not taxable in Malaysia, as there is no capital gains tax on most investments. However, if an individual engages in frequent trading activities that resemble a business, the profits may be considered business income and subject to income tax.
For businesses dealing with cryptocurrencies, income derived from crypto-related activities is typically subject to corporate income tax, which stands at 24% for large companies and 17% for small and medium enterprises (SMEs) on the first RM600,000 of chargeable income.
Cryptocurrency mining activities may be treated as business income if conducted on a commercial scale. The income would be taxable, but associated expenses could be deductible.
Disclaimer:
Tax laws are subject to change, and individual circumstances may vary. It is strongly advised to consult with a qualified tax professional or financial advisor for personalized guidance on cryptocurrency taxation in Malaysia.
How to Buy Crypto in Malaysia
Purchasing cryptocurrency in Malaysia has become increasingly accessible. For Malaysian residents, we recommend using Bitget, our top-rated exchange, which offers a user-friendly platform for buying Bitcoin and other cryptocurrencies.
Here’s a step-by-step guide to buying cryptocurrency in Malaysia:
- Choose a Crypto Exchange: Start by selecting a reputable exchange approved by the Securities Commission (SC) that allows transactions in Malaysian ringgit (MYR) and offers appropriate payment options. Ensure you review the exchange’s Know Your Customer (KYC) requirements to comply with local regulations.
- Create an Account and Verify Your Identity: Register for an account on your selected exchange. Complete the KYC process by submitting the required identification documents, which usually include a government-issued ID and proof of residence.
- Fund Your Account: Deposit money into your account using MYR. Common payment methods in Malaysia include bank transfers (often via FPX), credit or debit cards, and e-wallets such as Touch ‘n Go.
- Choose Your Cryptocurrency: Select the cryptocurrency you want to purchase. Popular choices typically include Bitcoin (BTC), Ethereum (ETH), and stablecoins like Tether (USDT).
- Execute Your Trade: Place an order to buy your chosen cryptocurrency. Most exchanges offer options for market orders (instant purchases at the current price) or limit orders (purchases at a specified price).
- Secure Your Assets: After completing your purchase, transfer your cryptocurrencies to a secure wallet. For long-term storage, consider utilizing a hardware wallet for increased protection.
Always conduct thorough research and invest only what you can afford to lose, as the cryptocurrency market can be highly volatile.
Best Crypto Wallets in Malaysia
Choosing a secure crypto wallet is essential for users in Malaysia to protect their digital assets. Here are some top wallet options worth considering:
Hardware Wallets:
- Ledger Nano X: Provides exceptional security for long-term storage of cryptocurrencies.
- Trezor Model T: Another reliable choice known for its strong security and user-friendly design.
Mobile Wallets:
- Trust Wallet: A straightforward wallet that supports a diverse range of cryptocurrencies.
- Exodus: Features an attractive interface and integrated exchange capabilities for easy trading.
Desktop Wallets:
- Exodus: Available as a desktop application, it ensures a smooth experience across all devices.
- Electrum: A lightweight wallet tailored specifically for Bitcoin, offering advanced functionalities.
Web Wallets:
- MetaMask: Widely used for managing Ethereum and ERC-20 tokens, making it essential for engaging in DeFi activities.
- MyEtherWallet: A web interface designed for interacting with the Ethereum blockchain.
When selecting a wallet, it’s important to evaluate security features, the range of supported cryptocurrencies, user-friendliness, and compatibility with Malaysian exchanges. For storing larger amounts of cryptocurrency, hardware wallets are highly recommended, while mobile or desktop wallets provide convenience for frequent transactions. Always ensure that you download wallet applications from official sources to minimize security risks.
Bottom Line
For Malaysian crypto enthusiasts seeking the best crypto exchanges in Malaysia, Bitget stands out as our top recommendation. It offers a comprehensive platform with a wide range of cryptocurrencies and competitive fees. Our second choice, Kraken, provides a robust trading environment with strong security measures. Both exchanges support Malaysian ringgit transactions and comply with local regulations, making them excellent options for users looking to enter or expand their presence in the cryptocurrency market in Malaysia.
