Buy Crypto & Bitcoin in Malaysia

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  • Popular Exchanges to Buy Crypto & Bitcoin in Malaysia
  • Luno exchange logo
    Luno
    • Special support for Nigeria, Malaysia, Singapore, South Africa, Indonesia
    • Bank transfer supported
    • Trusted exchange
    BUY NOW at Luno's Secure Site

LunoLuno
Buy Now at Luno's Secure Site

Luno is a Bitcoin exchange with a presence in South Africa, Singapore, Nigeria, Malaysia and Indonesia. It offers 0% fees for market makers, meaning you can avoid fees if you place a buy order then wait for a seller to take it.

Luno also offers an Instant Buy feature.

Pros
  • One of the most trusted Bitcoin exchanges in Asia
  • Free deposits and low withdrawal fees
  • Low fees; 0% for market makers and only 0% - 1% for market takers (depending on fiat currency)
  • High to infinite limits for exchange, depending on verification level
Cons
  • Only supports Bitcoin and Ethereum
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Ease of Use
Easy
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Privacy
Low
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Speed
Fast
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Fees
Low
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Reputation
Trusted
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Limits
High
Buy Now

Buy Now at Coinmama's Secure Site

Coinmama allows customers in almost every country to buy bitcoin. They charge a 4.9%-5.9% (depends on volume) fee on each purchase.

Customers in Europe can also purchase bitcoins with SEPA transfer for a lower fee.

Want to buy using Coinmama? This step-by-step guide will show you how to use Coinmama.

Pros
  • Works in almost all countries
  • Highest limits for buying bitcoins with a credit card
  • Reliable and trusted broker
Cons
  • Some of the highest fees among credit/debit card bitcoin brokers
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Ease of Use
Easy
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Privacy
Low
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Speed
Fast
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Fees
Average
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Reputation
Trusted
limits icon
Limits
High
Buy Now Read Review

BitpandaBitpanda
Buy Now at Bitpanda's Secure Site

Bitpanda is a Bitcoin broker based in Europe.

They have high payment limits and low fees across their wide range of payment methods.

Bitpanda offers customers the option to buy bitcoins with credit card, debit card, SOFORT, Skrill, NETELLER, giropay, eps, SEPA, and Online Bank Transfer.

Our guide will show you how to buy bitcoins with a credit card on Bitpanda.

Pros
  • Some of the lowest fees for buying bitcoins with credit/debit card
  • Reliable and trusted broker
Cons
  • Fees aren't shown openly on the site but instead included in the buying price
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Ease of Use
Easy
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Privacy
Low
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Speed
Fast
fees icon
Fees
Low
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Reputation
Trusted
limits icon
Limits
High
Buy Now Read Review

Buy Now at Paybis's Secure Site

Paybis is a popular cryptocurrency exchange. They serve 180 countries and 48 US states and are registered with FinCEN, making them a more trusted, regulated exchange. Paybis offers incredibly high limits and super fast payouts, not to mention 5 minute ID verification and nearly perfect review scores on Trustpilot.

Pros
  • 24/7 live support
  • Extremily high limits
  • 5 Minute verification
  • Get payouts fast
  • Large selection of payment methods
Cons
  • No traditional orderbook for advanced traders
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Ease of Use
Easy
privacy icon
Privacy
Low
speed icon
Speed
Average
fees icon
Fees
Low
reputation icon
Reputation
Trusted
limits icon
Limits
High
Buy Now

Buy Now at Bitcoin ATMs's Secure Site

You can use our Bitcoin ATM map to buy bitcoins with cash. Bitcoin ATMs can be a quick and easy way to buy bitcoins and they're also private. That convenience and privacy, however, comes with a price; most ATMs have fees of 5-10%.

Pros
  • Our map makes it super easy to find a Bitcoin ATM near you
Cons
  • Bitcoin ATMs often have 5-10% fees per purchase
Buy Now

The State of Bitcoin in Malaysia

A recent survey by cryptocurrency exchange Luno revealed that Malaysia is one of the countries with the highest interest in cryptocurrencies such as Bitcoin. Luno’s survey found out that 55% of the respondents in Malaysia were familiar with Blockchain technology, while 39% of the respondents admitted to having owned cryptocurrency.

That’s not very surprising as the Malaysian government has a positive outlook toward cryptocurrencies, even though the country recently rolled out regulations for the same. Let’s take a closer look at the stance taken by Malaysian regulators with respect to cryptocurrency adoption and the state of Bitcoin in the country.

The Regulatory Environment

Malaysia is among the latest countries that have rolled out a framework to regulate cryptocurrencies such as Bitcoin. The country now recognizes cryptocurrencies as securities, so they will now be regulated by the Malaysian Securities Commission.

The regulations came into force from Jan. 15. They require cryptocurrency exchanges and initial coin offerings (ICOs) in the country to register with the agency before March 1, 2019 with all the required documentation. Those who fail to do so might face a 10-year sentence in jail and a maximum of $2.4 million in fines.

However, the government has clarified that Bitcoin will be treated as a security only when it is traded or is not issued by government bodies or central banks that are specified by the Securities Commission. But Bitcoin would be treated as a means of payment in case it is used to buy goods or services, such as a plate of Nasi Kerabu.

The Malaysian government believes that the move to regulate cryptocurrencies in the country will boost adoption of the likes of Bitcoin. That’s because exchanges will have to show proof of having proper security measures in place so that they can make a positive contribution to the country’s digital economy.

However, there might be painful short-term implications for exchanges, as they will not be able to offer their services until they are reviewed by the Commission. Additionally, those exchanges who fail to meet the Commission’s criteria won’t be able to offer their services anymore. Such a move will dent Malaysia’s cryptocurrency ecosystem in the near term, but is expected to aid the growth of the industry in the long run in the words of Finance Minister Lim Guan Eng:

“The Ministry of Finance views digital assets, as well as its underlying blockchain technologies, as having the potential to bring about innovation in both old and new industries. In particular, we believe digital assets have a role to play as an alternative fundraising avenue for entrepreneurs and new businesses, and an alternate asset class for investors.”

So, it is evident that Malaysia is looking to boost the adoption of cryptocurrencies like Bitcoin.

Buying and spending Bitcoin in Malaysia

Our Bitcoin buying guide in Malaysia shows that there are nine cryptocurrency exchanges from where users can buy their Bitcoin. However, users need to keep in mind that the new regulations could impact some of the cryptocurrency exchanges in the country, and they should first get a wallet to store their Bitcoins.

Some exchanges have their own wallets, while some require you to get one on your own. Getting your own wallet is always a safer bet and our guide on the best Bitcoin and cryptocurrency wallets will help you choose one. Once you have a wallet for yourself, the next task is to choose the cryptocurrency exchange.

Choosing an exchange will be driven by various factors such as safety, transaction fees, ease of use, buying limits, verification levels, and payment options supported. Buying Bitcoin from an exchange typically requires you to sign up and verify yourself, add a payment option, fund your account, and purchase Bitcoin which will then be stored in your wallet.

Additionally, users can buy Bitcoin using cash from an ATM in Malaysia. There are reportedly 10 Bitcoin ATMs in Malaysia, with six of them in Kuala Lumpur. The advantage of buying Bitcoin through an ATM is that most of them don’t require the user to go through verification and the purchase is instant.

So anyone looking to save time and wanting to skip the verification process of crypto exchanges can simply buy the digital currency from an ATM, though be prepared to cough high fees in the range of 5%-10% for each transaction.

Malaysia also gives users quite a few avenues to spend their Bitcoin. From hosting service providers to restaurants and even a gas station, the number of vendors accepting Bitcoin in Malaysia is on the rise and that should keep getting better thanks to the government’s positive attitude toward the cryptocurrency space.


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Bitcoin & Cryptocurrency Trading in Malaysia


In 2020, the International Monetary Fund stated that the economy of Malaysia is the 6th largest in Southeast Asia and the 39th largest economy in the world. The Malaysian economy is a strong one based tech product exports.

The Malaysian government does not recognize cryptocurrecies as legal tender, but it has announced that they are not banned. Still, the government has issued a few regulations where it requires exchanges to take serious measures in protecting users and their assets.


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Luala-Lumpur - the capital of Malaysia

If you want to get exposure to Bitcoin, one of the easiest ways to do so in Malaysia is through the cryptocurrency exchanges outlined above. There are several exchanges offering Bitcoin in Malaysia, and you can easily select one based on your requirements and preferences using our guide. Different exchanges have different transaction fees, withdrawal limits, payment modes, and verification processes that need to be kept in mind before users select one.

Additionally, Bitcoin buyers need to keep in mind the fact that certain exchanges might require them to get a wallet of their own before they are able to buy the digital currency. Also, it is recommended to have a wallet of your own for security reasons, preferably a hardware wallet. If you don’t have a wallet, refer to our guide on the Best Bitcoin and Cryptocurrency Wallets to choose one.


COMPARISON

ledger nano x folded

Ledger Nano X

  • SCREEN:
  • RELEASED: 2019
  • PRICE: $145
ledger nano s illustration

Ledger Nano S

  • SCREEN:
  • RELEASED: 2016
  • PRICE: $72
trezor model T

TREZOR T

  • SCREEN:
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  • PRICE: $189
Trezor One

TREZOR One

  • SCREEN:
  • RELEASED: 2013
  • PRICE: $79

As of January of 2021, there are unfortunately no Bitcoin ATMs in Malaysia.


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Top Bitcoin & Cryptocurrency Exchanges in Malaysia


Malaysia has access to many large Bitcoin and cryptocurrency exchanges.

Have a look at our favorites below:

  • Popular Exchanges to Buy Crypto & Bitcoin in Malaysia
  • Luno exchange logo
    Luno
    • Special support for Nigeria, Malaysia, Singapore, South Africa, Indonesia
    • Bank transfer supported
    • Trusted exchange

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Best Bitcoin Wallets for Malaysia



There are three main types of Bitcoin wallet and all of them are supported in Malaysia:

  • Software (desktop or mobile - iOS and Android wallets
  • Hardware wallet
  • Cold-storage (paper or steel wallets, the latter of which are used to backup your main wallet.

Best for Security

ledger nano x

Ledger Nano X

Secure storage for any cryptocurrency

More About
Ledger Nano X

The Ledger Nano X is the newest crypto hardware wallet, and is very easy to use. It connects to iOS, Android & desktop computers.

Temporary Wallet

zengo wallet logo

Zengo

Best for storing crypto for short period of time

More About
Zengo

ZenGo is an easy-to-use iOS and Android Bitcoin & crypto wallet. Start within 20 seconds.

Best for Desktop

electrum logo

Electrum

Simple yet powerful desktop wallet

More About
Electrum

Electrum is a Bitcoin-only wallet that has been around since 2011. It's easy to use, but has advanced features.


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Ethereum How to Buy Ethereum in Malaysia


Ethereum (ETH) has established itself as the second most popular digital currency, after Bitcoin. Its smart contract features allow unique apps to be built on top of its platform. Below you will find exchanges in Malaysia that allow you to buy ethereum. Once you buy, you should withdrawal your ETH directly to your own crypto wallet.


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Dogecoin How to Buy Dogecoin in Malaysia


Thanks to Tesla founder Elon Musk, Dogecoin (DOGE)—a coin that started as a meme about the shiba inu dog—has recently become a popular digital currency. Below you can find crypto exchanges in Canada that allow you purchase Dogecoin.

  • Exchanges in Malaysia that Support Dogecoin
  • Bitpanda
    • Supports Dogecoin buying & selling
    • Coins supported:
    • Dogecoin btc eth ltc usdt
    BUY Dogecoin NOW at Bitpanda's Secure Site

About Dogecoin: Dogecoin has become one of the most famous altcoin blockchains. Dogecoin was founded by Jackson Palmer and Billy Markus on December 6, 2013. Thanks to its popularity on Robinhood, it hit an all time high of $0.42 on April 20. Doge started the year at under $0.01 USD. It is an open source blockchain, meaning its code is publicly available for anyone to see.


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Litecoin How to Buy Litecoin in Malaysia


Litecoin (LTC) is one of largest cryptocurrencies by market cap. Below you can find a list of brokerages in Malaysia that allow you to buy litecoin and other crypto assets for good exchange rates.


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Exchange Hacks and Crypto Scams in Malaysia


“Get rich quick” scheme in Malaysia

In 2019, a group of nine scammers in Malaysia promised investors in their cryptocurrency scheme returns of up to 15% a week. The minimum investment in their digital currency AliCoin was 10,000 ALiCoins or MYR47,000. This group even used the cryptocurrency AliCoin platform, to which every investor had access to follow their money/investments.

But soon, the victims realized that they had been deceived: they had no access to the cryptocurrency platform and did not receive any of the promised profits.


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The Malaysian police eventually arrested the perpetrators of the scam and charged them with fraud.


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FAQ


Does Coinbase work in Malaysia?

Coinbase does NOT support customers in Malaysia as of September of 2020.

Where Can I Find a Bitcoin ATM in Malaysia?

Unfortunately, at this time, there are no Bitcoin ATMs in Malaysia.

You can use our Bitcoin ATM finder tool to check back in occasionally and see if one has opened.

What is the price of Bitcoin in Malaysia?

Bitcoin prices are changing every second.

The best way to find the most up-to-date price of Bitcoin is to check out our Bitcoin price page.

How do I cash out of Bitcoin in Malaysia?

Any exchange with a Malaysian ringgit trading pair will allow you to sell your Bitcoin for fiat currency. Luno has MYR trading pairs for many popular coins.

As of January of 2021, there are unfortunately no Bitcoin ATMs in Malaysia.

LocalBitcoins is another option. Here, you can buy and sell Bitcoin for a wide range of payment methods, from gift cards to bank transfers. LocalBitcoins is a peer-to-peer (P2P) exchange, where you buy and sell with another individual. This does introduce a degree of risk, though by ensuring that you conduct all business on the platform, make use of its escrow services, and only trade with users who have a good reputation, you'll minimize any potential problems.

You could also use a service like eGifter to sell your Bitcoin for gift cards.

What is Tracto Coin?

Tracto is a now-defunct altcoin that claimed to be cheaper and faster than Bitcoin.

Tracto was first invented and launched in malaysia, but today there is no trading activity.

Tracto is a very good example of why you should be very suspicious of altcoins, especially those that claim to do anything better than bitcoin.

In most cases, these coins have very poor development practices and are simply invented to make the founders money, cashing in on blockchain hype.

They often claim to be decentralized (some even claim to be more decentralized than Bitcoin), but never are. Tracto was a good example of this as well.

What did Tracto claim to do?

Tracto described itself as follows:

  • "Functions as a crypto bank and allows you to exchange fiat currencies for crypto"
  • "Allows you to make payments, bookings, and purchases online"
  • "Allows you to make safe transactions over their decentralized network"
  • "Has a reward system which gives perks to people who use the network often"
  • "Comes with a mobile application that allows you to make international transfers"

Since Tracto is no longer around, it clearly failed to deliver on its promises, like most altcoins.

About the Author: Jordan Tuwiner

author

Jordan Tuwiner is the founder of BuyBitcoinWorldwide.com. His work has been featured in The Guardian, International Business Times, Forbes, VentureBeat, CoinDesk and many other top Bitcoin media outlets. His articles are read by millions of people each year looking for the best way to buy Bitcoin and crypto in their country.

He has also written extensively about the history, technology, and business of the crypto world. Jordan is also the creator of some of the internet's most famous Bitcoin pages, including The Quotable Satoshi and Bitcoin Obituaries.

To learn more about Jordan, see his full bio.