Summary
Myanmar’s cryptocurrency landscape operates in a legal grey area, with the Central Bank of Myanmar (CBM) maintaining restrictions on crypto trading. Despite this, crypto exchanges continue to serve Myanmar users through P2P trading and international payment gateways. The Myanmar kyat (MMK) has limited direct trading pairs, leading many users to utilize USDT as an intermediary. KYC requirements vary by platform, with some exchanges offering flexible verification options. Here are the best crypto exchanges in Myanmar:
- Kraken – Established exchange with high security standards, extensive trading options, and advanced trading features
- Bybit – Leading platform for P2P trading with multiple payment methods and competitive fees
- KuCoin – Versatile exchange offering optional KYC and extensive cryptocurrency pairs
- Binance – Global platform with high liquidity and comprehensive P2P options
- OKX – Feature-rich exchange with competitive fees and advanced trading tools
Best Crypto Exchanges in Myanmar
The cryptocurrency market in Myanmar presents unique challenges and opportunities for traders. While the Central Bank maintains a cautious stance, international exchanges have adapted their services to accommodate Myanmar users. Local traders primarily use P2P platforms and USDT as a bridge currency due to limited direct MMK trading pairs. Each exchange offers specific advantages for Myanmar-based users, from payment flexibility to security features.
Security measures vary across platforms, with leading exchanges implementing multi-signature wallets, cold storage solutions, and regular security audits. Payment methods include international bank transfers, P2P trading, and cryptocurrency deposits, with some platforms offering specialized solutions for Myanmar users.
1. 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.
2. Bybit
Users:
40m
Free Demo:
Mobile App:
Bonus
$30,000
Cryptos:
600+
Leverage:
100x
Spot Fees:
0.1%
Futures Fees:
0.02%/0.055%
Pros
- Low fees
- 600+ supported crypto assets
- 100x leverage and deep liquidity
- Advanced order types and additional features
- Great 24/7 customer support
- Automated copy trading
Cons
- Regulatory uncertainty in Europe and USA
- May be confusing for beginners
- Cryptocurrency investments carry high risks
Overview
Bybit stands out as one of the most advanced crypto exchanges with deep liquidity and low fees. Bybit users can trade Spot, Futures, Options, NFTs, and even Inscriptions. Additionally, Bybit offers copy trading and bot trading to automate your income streams. Bybit copy trading is one of the best in the crypto industry.
Where Bybit excels is its derivatives platform with 320+ perpetual futures contracts and up to 100x leverage. With advanced order types such as TWAP or Iceberg orders, Bybit caters to experienced traders seeking the best options.
On the spot market, Bybit supports over 500 cryptos and up to 10x margin, making Bybit a versatile crypto exchange.
With low fees of 0.1% maker and 0.1% taker for spot trading and 0.02% maker and 0.055% taker for futures trading, Bybit has highly competitive fees. To top it all off, Bybit offers fee discounts based on your 30-day trading volume. The more you trade, the more you save.
3. KuCoin
Users:
30m
Free Demo:
Mobile App:
Bonus
$10,500
Cryptos:
800+
Leverage:
125x
Spot Fees:
0.1%
Futures Fees:
0.02%/0.06%
Pros
- Beginner friendly
- 800+ supported crypto assets
- 125x leverage and deep liquidity
- 20+ fiat currencies
- Great 24/7 customer support
Cons
- Lacks advanced features
- Not the best liquidity
- Regulatory issues in the US
- Variable spot fees
Overview
Kucoin focuses on offering the best spot trading experience. With over 800 supported cryptos on the spot market, Kucoin is one of the most versatile crypto exchanges when it comes to supported assets. You can trade popular cryptos such as Bitcoin or Ethereum but also less-known cryptos and even meme coins. If you are on the hunt for new and shiny coins that are not popular yet, Kucoin might be your best shop.
Spot fees on Kucoin are relatively average, ranging from 0.1% to 0.32% based on the liquidity of the asset. Futures trading on Kucoin starts at a maker fee of 0.02% and a taker fee of 0.06%.
Kucoin has integrated and ready-to-use crypto grid trading bots to automate your income. You can set up grid bots based on several parameters to trade for you 24/7.
4. 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.
5. OKX
Users:
50m
Free Demo:
Mobile App:
Bonus:
$10
Cryptos:
350+
Leverage:
100x
Spot Fees:
0.14%/0.1%
Futures Fees:
0.01%/0.06%
Pros
- Highly efficient trading platform
- 350+ assets
- Free demo trading
- Fiat supported
- 24/7 customer support
Cons
- Not available in the US
- Not beginner-friendly
- Limitations and restrictions in Europe
OXK Overview
OKX is the third largest crypto exchange sorted by daily derivatives volume. This is no surprise since OKX’s focus lies in offering a high-efficiency leverage trading experience. While the UI is not necessarily beginner-friendly, it is one of the fastest and most reliable platforms we have come across.
Over 300 coins are supported on OKXs spot market while 250 contracts are available for futures trading with up to 100x leverage. What makes OKX stand out is its extensive liquidity which are without a doubt at the top of the game.
With low futures fees starting at 0.02% maker and 0.05% taker, OKX ensures a cost efficient derivatives trading environment. Spot trading fees however are on the more expensive side starting at 0.14% for makers and 0.23% for takers.
You can easily deposit funds using your credit/debit card. Additionally, you can deposit and withdraw fiat using your personal bank account, making OKX a reliable platform for on- and off-ramp funds.
Is Crypto Legal and Regulated in Myanmar?
Cryptocurrency operates in a complex regulatory environment in Myanmar. The Central Bank of Myanmar (CBM) issued directives in May 2020 stating that it does not recognize cryptocurrencies as legal tender. The CBM has not established a comprehensive regulatory framework for digital assets, creating uncertainty for market participants.
The Financial Intelligence Unit (FIU) monitors financial transactions for anti-money laundering compliance, including potential cryptocurrency-related activities. While crypto trading is not explicitly illegal, financial institutions face restrictions in processing cryptocurrency-related transactions. This has led to the development of alternative trading methods within the community.
The military government’s stance post-February 2021 has created additional uncertainty in the regulatory landscape. Users primarily rely on P2P trading and international platforms that maintain compliance with international standards. The lack of clear regulations has not prevented the growth of cryptocurrency adoption, with users implementing additional security measures to protect their assets.
Is Crypto Taxable in Myanmar?
Myanmar’s tax treatment of cryptocurrency remains unclear due to the lack of specific regulations. The Internal Revenue Department (IRD) has not issued explicit guidelines for cryptocurrency taxation, creating uncertainty for traders and investors.
Under current tax laws, income from all sources is subject to taxation. This suggests that profits from cryptocurrency trading could fall under capital gains tax (10%) or business income tax (25% for companies). The classification depends on trading frequency and volume, with regular trading potentially qualifying as business income.
International transactions may face additional scrutiny under Myanmar’s foreign exchange regulations. Traders should maintain detailed records of their cryptocurrency transactions, including acquisition costs and disposal prices.
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 Myanmar.
How to Buy Crypto in Myanmar
Despite regulatory restrictions, Myanmar residents can access cryptocurrency through international exchanges.
- Choose a cryptocurrency exchange that accommodates users from Myanmar, taking into account factors such as security protocols, trading fees, and supported payment options.
- Complete the sign-up process and verify your identity by submitting the necessary documents, including your identification and proof of residence.
- Deposit funds into your account using the available options, which may include:
- Peer-to-peer (P2P) trading using the Myanmar Kyat (MMK)
- International bank transfers
- Credit or debit card payments
- Deposits from existing cryptocurrency wallets
- Select the cryptocurrencies you wish to invest in, such as:
- Bitcoin (BTC)
- Ethereum (ETH)
- Tether (USDT)
- Other cryptocurrencies based on your investment strategy
- Carry out trades via spot markets or P2P platforms, depending on your preference and market conditions.
- Move your acquired cryptocurrencies to a secure wallet, ensuring you enable two-factor authentication for added security.
Best Crypto Wallets in Myanmar
Choosing a secure cryptocurrency wallet is essential for protecting your digital assets. For users in Myanmar, there are several wallet options available that offer varying levels of security and convenience tailored to individual trading habits and requirements. Here are some recommended wallets for Myanmar users:
Hardware Wallets: Ideal for long-term asset storage due to their robust security.
- Ledger: Devices provide top-tier security for long-term asset storage, compatible with numerous cryptocurrencies and featuring secure chip technology.
- Trezor: Offers a user-friendly experience with robust security features and regular firmware updates to enhance safety.
Software Wallets: Convenient for regular transactions and easy access.
- Trust Wallet: Accommodates multiple cryptocurrencies and includes mobile access along with DApp integration for added functionality.
- Exodus: Presents a desktop option that comes with built-in exchange capabilities and portfolio tracking features.
- MetaMask: Facilitates interaction with decentralized applications and supports ERC-20 tokens, making it a versatile choice.
When selecting a wallet, users in Myanmar should evaluate their trading frequency, security needs, and the cryptocurrencies they intend to use to choose a suitable wallet solution.
Bottom Line
For Myanmar residents seeking the best crypto exchanges in Myanmar, Kraken and Bybit stand out as top choices. Kraken provides institutional-grade security with competitive fees, while Bybit offers extensive P2P options suitable for Myanmar’s market conditions. Both platforms maintain high standards for user protection while providing access to a wide range of cryptocurrencies and trading features.
