How to Trade Cryptocurrency in Malaysia
Cryptocurrencies have taken the world by storm and Malaysians are riding on this wave across the country. This is most evident with the benefits and lucrative returns (when it happens). With some extra cash, you can invest into cryptocurrencies with some guidance. In Malaysia, there are certain pointers you can explore.
Get the knowledge you need before starting
If you are a beginner in investing in cryptocurrencies, know this! 2 essential factors need to be considered before you send your money anywhere (or through anyone)
- A cryptocurrency exchange
- A cryptocurrency wallet
How do you start trading cryptocurrencies in Malaysia?
To start investing into cryptocurrencies in Malaysia, most exchanges will provide you with an easy-to-follow guide. Generally, the process will require you to have an account with the exchange. This is usually done through:
- First, you have to register an account. This is like opening a financial account with the exchange. You will need to use your email address for this
- A secure method known as the 2FA or Two-Factor Authentication will be required. This is the current most secure method available. It is advised to use your mobile number in the registration process
- After that, you can deposit your cryptocurrency with the exchange. Ensure that your hash address is correct. This is your cryptocurrency address which is unique.
- Now, you are ready to trade (buy and sell) any of the cryptocurrencies provided by the exchanges
Besides knowing the process of starting to trade cryptocurrency in Malaysia through the exchanges, there are several other factors that need to be considered as well. This includes:
- Where is the exchange from and if it has a local address
- How easy is it to access your account?
- What security features are offered by the exchange
- What are the rates involved when you deposit and when commission imposed for buying and selling
Cryptocurrency Exchanges in Malaysia
Malaysia is one country which has yet to recognize cryptocurrencies to be legal tender. However, the Bank Negara Malaysia has a list of registered exchanges that can operate in the country. This is to ensure that certain regulations are followed and adhered to in order to protect the investors. Below is the list of registered exchanges in Malaysia.
- Add Token – This exchange operates from www.addwill.co where investors can trade Ripple, DASH, Bitcoin and other cryptocurrencies
- Blockchains.my – You can trade Bitcoin, Ethereum and Bitcoin Cash through bcmy.io
- BXM – One of the prominent names in the cryptocurrency market especially in Malaysia. You can trade Bitcoin and Ethereum through www.exchangemalaysia.io
- B4U EXC – You can trade any of the cryptocurrencies listed here through www.b4uwallet.com which is registered locally
- Belfrics – This exchange is available via malaysia.belfrics.com in which the platform allows you to trade Berlium Tokens (BET), Ethereum, Bitcoin, Bitcoin Cash and Litecoin, among others
- Chako Global – Bitcoin and Ethereum are among the most popular cryptocurrencies traded here through www.coinhako.com
- Coins.my – This exchange provides the platform to buy and sell known cryptocurrencies like Bitcoin and Ethereum
- Luno – Available through www.luno.com/en, it is one of the popular exchanges available in Malaysia
- Mumain – The exchange is available through mumian.io for traders of Bitcoin and Ethereum
- Nu Money – This exchange is available via www.numoney.my/my popular among Ethereum traders
- Ourcoin – This exchange trades a lot of Bitcoin among other cryptocurrencies available via www.openbit.my
- PINKexc – Here, you can trade Bitcoin, Ethereum and Dogecoin where it operates its own ATM as well
Advise when investing in cryptocurrencies?
Several factors must be taken into account when you want to invest in cryptocurrencies. This includes:
- Unlike other money markets, the cryptocurrency exchange is not involved in Bursa Malaysia. While some of the processes might be the same, they operate very differently and independently from each other.
- The cryptocurrency market is extremely volatile. This means that you can make a lot of money and lose a lot too very quickly.
- Like any other forms of investment, you need a plan and a strategy
- The market is not made up only of Bitcoin and Ethereum with many others as well
One of the known methods of investing in cryptocurrencies is to mine your own. This is where you need to have a specially dedicated machine and long-term energy source. This is one area that you need to do a lot of homework on. Always look for cryptocurrencies that are very established like ETH (Ethereum) and BTC (Bitcoin).
Cryptocurrencies in Malaysia
In Malaysia, cryptocurrencies are still not legal. This means that it is not recognized as a currency used for buying and selling things. Before investing into any cryptocurrency, make sure that you have done sufficient research. If you decide to venture into cryptocurrency mining, then you must have the equipment and knowledge ready. At the moment, the largest community of miners is in China. The fastest way to get your hands on cryptocurrencies would be to buy them via exchanges or through platforms like Plus500, Huobi and Binance or find the sellers through Localbitcoins and LocalEthereum.