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.
Exchange Bitcoin with Ringgit in Malaysia
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. This usually goes around 6-7%.
Coinmama is a popular channel to buy Bitcoin especially if you are using your debit or credit card. Not many brokers allow you to use your Debit card although they do charge a processing fee for every purchase. Furthermore, you are not required to verify your identity if you do not buy more than USD 150 worth of Bitcoins. Convenience is their main selling point so it would be idea if you are looking for a broker in this context. You will want to use Coinmama because:
- It is usable in most countries
- Reputable and trusted and gives you higher limit when you use a credit card
LocalBitcoins Malaysia– 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.
For LocalBitcoins, you need to use cash deposits and is generally a matchmaking service. As a facilitator of some form, you can buy Bitcoins through physical meetings and is among the most personal ways of dealing in Bitcoins. However, you need to be cautious as there could be a lot of scammers out there.
BTC EXCHANGE MALAYSIA
As the name implies, Bitcoin Exchange Malaysia is based in Malaysia where it makes it easy for buying bitcoins either to Ringgit or other Altcoins. In fact, it is the only Bitcoin exchange in Malaysia where you can enjoy very convenient services. However, unlike other more renowned and international exchanges, the rates are still left to be desired.
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. Trading in Luno is great if you are not in for a fast buck. If you are a market maker, then this broker is very ideal for you because there are no fees involved. In Asia, Luno is among the most trusted exchanges most likely because of its low or almost zero fees.
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.
A bit of a hassle to get your hands on Bitcoins in this platform. It is not really a Bitcoin exchange but the platform is where people buy the currency used in the Second Life virtual world where they buy Lindens. At VitWox, they use PayPal to buy Lindens (SLL or Second Life Lindens) which they will use to trade with Bitcoin. If you’d like to use PayPal to buy Bitcoins, this is the most popular method but the process might cost you around the region of 10% or more.
Mycelium Local Trader is typically a marketplace. It helps you to find Bitcoin sellers around your location. When the seller is located, you can start negotiating and then carry out the trade by meeting up in person. This is most ideal if you are in locations with a lot of people (thereby a lot of Bitcoin traders). It must be highlighted that Mycellium Local Trader do not have any charges involved.
In this platform, you will use many types of digital currency to buy Bitcoin. Changelly merely exchanges the tokens and you can use the likes of Dogecoin, altcoins, Litecoins or others to trade. This platform is quite popular in most countries. If you use altcoins, it is among the fastest and easiest and their fees are quite low as well.
The term OTC stands for Over-the-Counter. Bitcoin-OTC is quite a revolutionary concept. It is the marketplace that facilitates peer-to-peer exchanges. In other words, this is where you can find advertisers and those who have something to sell or buy (in Bitcoins of course). This is most prominent if you are residing in a country where you do not have an exchange. Hence, browsing through the list opens up a lot of new traders.
An international cryptocurrency exchange, this platform was founded by Chinese businessman Changpeng Zhao. He was the founder of Fusion Systems in Shanghai back in 2005 which started a high frequency trading platform for brokers. Binance, is a great platform for brokers as they enjoy 50% discount on trading fees when they use the BNB token for payment. This exchange raised USD15 million in its Initial Coin Offering known as the ERC20 BNB token. Although it was founded in China, it grew big in Japan after the Chinese government banned trading of crytocurrency in 2017. To date, Binance has been extremely active across the world. In terms of volume, it is the top where it allows use of USDT. This means that it is possible to convert crytocurrencies to USDT for the meantime if the user is not comfortable with the current fluctuations of the market. Binance does not accept credit card or any bank transfer. The only way to fund Binance account is deposit Bitcoin and convert to other altcoins. Binance is quite a safe platform as staffs and owner are extremely committed to their security and technology.
Founded by Babylon Solutions Limited, Remitano is incorporated in the Seychelles. It is typically a platform that offers escrow services. Remitano has many offices where it is quite prominent in countries like Australia, Nigeria, Cambodia, Vietnam, China, the United States and quite notably in Malaysia. The marketplace offered by Remitano provides the avenue for buyers and sellers to trade Bitcoin through its P2P model. What makes Remitano so notable is its simple and user-friendly interface while it offers 24/7 customer support. Among the other players in the market, Remitano charges among the lowest fees.
However, it must be noted that Remitano has a lower reputation when it comes to security. That is why it is sometimes not as trusted by the users like other more prominent and established platforms. In a recent random check, we found that the staff team was not as knowledgeable as they should. This leaves their support system a lot more to be desired.
Localethereum is an international platform where people can trade Ethers. Typically, this is a P2P exchange where Localethereum functions offer escrow services. Where this is concerned, people can put out listings and then strike deals amongst them. The good thing about Localethereum is that local currencies can be used because they match with each other. Besides that, they can use any other payment methods convenient to them. Another advantage of using Localethereum is that they adopt a very secured system where funds are securely held until transactions are completed. This means that buyers and sellers can talk to each other in complete privacy through its end-to-end encryption system.
In order to trade in Localethereum, you need to use a cryptocurrency wallet which is Ethereum-compatible and you are ready to go! How it works is that the buyer and the seller must both agree on the trading terms before they can proceed. First, the seller will put the Ether onto the escrow smart contract in Localethereum. This means that there are actual funds that are used before the buyer can be invited. Then, the buyer makes the payment to the escrow with which the seller will need to confirm before the trade concludes.