To invest in Bitcoins, you will need to have a digital wallet. This is available mostly online where you can then store and manage your currency. In Malaysia, Bank Negara Malaysia has made its stand on bitcoins and cryptocurrencies but you can now buy your coins via various exchanges over the internet. We list the few popular ones.
Issues to consider
In any case, because it deals with your money, you should consider the following:
- Source – Where is it from and how long has it been operating
- Ease of use – Will you be able to access your wallet at any time and any place?
- Security – It is your money, if security is not your concern, nothing else will.
Coinmama – convenient
This is one of the many exchanges that are very popular as customers from almost any country with a credit or debit card can buy bitcoin. It is very convenient for those who do not buy a lot of bitcoins where they need not have to verify their identity. It is the exchange that allows the highest limit when you use a credit card to purchase your bitcoin. However, it fees are among the highest as well.
LocalBitcoins – good reputation
Besides offering the platform to purchase your bitcoins, this exchange is an escrow agent as well. This means that it helps to bridge buyers and sellers of bitcoins where the trades can be carried out in various payment methods. Besides that, LocalBitcoins allow in-person trading which is quite unique while it is not a popular choice among those who like to buy large amounts of bitcoins. Localethereum is the Ethereum version of Localbitcoins but they are totally different entity.
Luno – Asia oriented
Luno is the few exchanges which is very popular in countries like Indonesia and Singapore while having a strong presence in Malaysia as well. It has an Instant Buy feature as well as allowing you to enjoy 0% fees if you place a buy-order while waiting for sellers to take up your offer. It is in fact, one of the most trusted exchanges for the Asia region that has low withdrawal charges while deposits are free. However, there are quite limited options when it comes to deposit as it only allows bank transfer so far. Luno was banned in Malaysia in January 2018 and withdrawal to any Malaysian bank account is subjected to banks.
As the name implies, Bitcoin Exchange Malaysia is based in the country where it makes it easy for buying bitcoins but is known to have less than favourable rates to buyers.
You can use cash to buy bitcoins through this platform. It is designed to be private and very convenient. However, the downside of this exchange is its high fees which range between 5 and 10%. The idea is to use this platform to find the nearest and most available Bitcoin ATM. There are no Bitcoin ATM in Malaysia as of mid 2018.