Almost anyone who invests money in the financial market would in someway invest in cryptocurrencies. Bitcoin’s price has reached $50 which is equivalent to about RM200,000. While the market is as risky and volatile, you might well be considering entering this market. Before you do, make sure you have the right tools and your digital wallet is one essential item.
Choosing the right Crypto wallet
A Crypto wallet is very important as it is where you store your cryptocurrencies so that you can trade later. This means that you have a separate account of which you use to manage your cryptocurrencies. However, you need to choose wisely when it comes to your crypto wallets as you want your money to be accessible as and when you need to especially when you are trading them. So, what and how would you choose the right crypto wallet? The most logical thing you should do is to choose one that is regulated in Malaysia. That would at least give you peace of mind when trading cryptos.
Ease of transaction and accessible
No doubt there are more than a thousand platforms you can choose from to store our cryptocurrencies but only a few promise you convenience and stability. In Malaysia, the Securities Commission has to date authorized only a few platforms to provide such services. They are known as DAX or digital asset exchanges. Do take note that you would come across many others on the internet that provides such services. While they are legitimate and reliable, they are not regulated in the country which might have added risk for your investment.
- LocalBitcoins.com – This is not so much a digital exchange but is a peer-to-peer marketplace. You advertise what you want to sell and prospective buyers will request to buy. They operated their own Localbitcoins Wallet for you to store and trade. Localcryptos.com is a similar platform to Localbitcoin.com, this is also a peer-to-peer marketplace for traders to buy and sell cryptos like Bitcoin, Ethereum and Dash.
- Sinergy Malaysia – Established in 2018, Sinergy is Malaysian-owned. You can trade Bitcoins, Ethereum and Ripple here using Malaysian Ringgit. Among the many exchanges, it has one of the lowest fees for withdrawals.
- Tokenize Exchange – This platform uses a hybrid wallet and multi-signature platform for better security. You can trade Bitcoin, Ethereum and Litecoin. Within the platform itself, they use Tokenize Credits which makes it convenient for you. Buying and selling Bitcoins is easy and straightforward, using local payment gateways.
- Luno – This is one of the most established names in the country. It was previously launched before being rebranded as Luno back in 2019. It is a DAX Recognised Market Operator (RMP) where you can trade the likes of Bitcoin, Litecoin, Ethereum and Bitcoin Cash, to name a few. You can easily open an account with Luno and use local payment systems to trade (from RM3 onwards).
- eToro – This is an online platform where you can trade Bitcoin, Ethereum and Litecoin, among others. Payment is straightforward using PayPal and the common payment systems.