The Malaysian government has decided to regulate cryptocurrencies. This means that the country will have a legal framework for digital assets and exchanges.
Buying bitcoin in Malaysia is not as easy as it seems. There are only a few places where you can buy BTC in the country. Read more in detail here: where to buy bitcoin in malaysia.
So, you’ve made the decision to begin investing in Bitcoin (BTC). I’m happy you want to be a (larger) part of the financial revolution, which I think is underway.
I discussed some of the top crypto exchanges for buying and selling Bitcoin worldwide in a previous article, but now I’d want to concentrate on the many methods you may purchase your first (small portion of) Bitcoin in Malaysia.
Buying bitcoins (BTC) used to be very difficult in Malaysia.
Fortunately, Malaysia’s government has decided to allow Bitcoin and cryptocurrency activities by establishing rules to oversee the issuing and trading of digital assets.
As a result, rakyat may now purchase (BTC) for Ringgit on authorized cryptocurrency exchanges.
If you reside in Malaysia and want to buy Bitcoin, this comprehensive guide will assist you in getting started with cryptocurrency investing. Here are a few options for purchasing bitcoins in Malaysia, which I’ll go over in detail below:
Important: You’ll need a Bitcoin wallet before you purchase your first Bitcoin. What if you don’t have a wallet? Check check our Bitcoin wallets guide.
To prevent any needless losses or frauds, it’s always a good idea to conduct your own research before putting your hard-earned money into the game.
Check out a couple of our guides if you haven’t already:
Luno is by far the simplest method in Malaysia to buy, sell, and exchange Bitcoin and Ethereum. It has been recognized as a Recognised Market Operator for cryptocurrencies in Malaysia by the Securities Commission, so you can trust it to keep your personal information and funds secure.
It’s accessible as a web app as well as a mobile app (iOS or Android) that lets you purchase, transfer, and manage your coins on the move.
Adding money to your Luno account is completely free, however withdrawing MYR to your bank account costs MYR 0.32.
The good news is that Luno has recently launched a new feature called Instant Deposits (FPX), which means that your deposits will now appear in your account instantaneously, no matter where you are, due to the FPX connection.
Simply choose the FPX option when making a deposit, and you’re ready to go. However, regardless of the amount you deposit, Luno will impose an admin fee of MYR0.70 for every immediate deposit.
Begin by purchasing a modest quantity of Bitcoin (as low as MYR 3.00). You can devote a significant amount once you’re comfortable with it.
The following is a step-by-step tutorial to purchasing bitcoin using Luno:
1. Create a free Luno account using your email address and get MYR 25 in Bitcoin when you start using the service. To verify your identification, you’ll need to provide your photo ID, address, and personal information.
2. Enable two-factor authentication (2FA) for your exchange account (see my article on how to enable 2FA with Google Authenticator.)
3. Transfer Ringgit (MYR) to the exchange through Interbank GIRO / IBFT after your account has been confirmed.
4. Purchase bitcoin. You may begin purchasing bitcoin after you have money in your exchange account.
5. You should keep your bitcoin. That is all there is to it. Remember to move your bitcoins to your own hardware wallet, such as Trezor, after you’ve successfully purchased bitcoins using Luno. Luno wallet should not be used to keep bitcoins for a lengthy period of time since it is vulnerable to hacking, fraud, and other kinds of cyber assaults.
For all Luno users who want to purchase or sell bitcoins, ID verification will be required. The more verification levels you have, the greater buy/sell restrictions you’ll have.
In addition, the following verification tests will be required:
- Level 1: Users who deal in excess of MYR 5,000 must validate their cellphone number and basic personal information.
- Users who achieve MYR 10,000 must provide a picture/scan of their government-issued ID as well as a selfie photo.
- Level 3: Users who earn more than MYR 300,000 must provide evidence of residence.
When you purchase or trade MYR 250 with Luno, you will earn MYR25.
Use the code XJR5W to get MYR 25 in Bitcoin.
LocalBitcoins is a peer-to-peer escrow service that makes it safer and quicker to buy, sell, and exchange Bitcoin with individuals in 249+ countries.
LocalBitcoins, unlike bitcoin exchanges like Luno, does not offer a set market price. Rather, you’ll have to search for, compare, and choose your favorite vendors. This implies that both the seller and the buyer must agree on a price and conditions.
You may pay for your bitcoins using a variety of methods, including cash, bank transfer, Paypal, gift cards, WeChat, and Western Union.
Let’s have a look at how this works:
1. Visit LocalBitcoins.com. In the built-in filter, enter the amount (MYR) you want to purchase and choose Malaysia as your country and payment method.
2. Locate your favorite vendors. According to your search, LocalBitcoins will provide you with a list of all accessible vendors. Examine their profile, transaction volume, feedback history, and score to determine whether or not they are a reliable vendor.
Before you continue with the transaction, be sure you understand the verification requirements and the terms of the deal.
3. Purchase Bitcoin
When you’ve found the perfect bargain, click “Give trade request” and send the vendor your money.
4. Get your Bitcoins
Escrow will deliver bitcoins to your wallet after the seller verifies receipt of your payment.
LocalBitcoins charges a 1% fee to sellers who create ads and successfully complete the transaction. On LocalBitcoins, registering, buying, and selling Bitcoin is totally free.
Paxful is another popular peer-to-peer marketplace for buying and selling Bitcoin, similar to LocalBitcoins.
Sellers and buyers may meet and exchange bitcoins directly with one other without fear of losing their funds thanks to their dependable escrow system. Still, it’s a good idea to do your homework and only deal with trustworthy vendors that have a proven track record.
Paxful’s broad variety of payment methods is especially appealing. Cash, gift cards, bank transfers, debit cards, credit cards, Paypal, cryptocurrency, and many more options are available. You may be sure to find a payment option that suits your needs.
What’s the greatest part? Purchasing bitcoin on Paxful is completely free.
Customers who sell bitcoin on Paxful are the only ones that pay a fee. The cost varies based on how you accept bitcoin as a payment method:
- 0.1 percent for bank transfers
- 1% for credit/debit cards
- 1% of all digital currencies
- 1% of all transfers are made online.
- 1 percent for cash deposits
- iTunes and Google Play gift cards are worth 5% each. Every other gift card is worth 2% more.
If you want to purchase bitcoins on Paxful, the fee is the last thing on your mind.
Ready? Let’s have a look at how to purchase bitcoins on Paxful:
1. Go to Paxful.com. Simply enter the amount you want to purchase in MYR, choose your preferred payment option, and click “Search for deals.”
2: After that, you’ll get a list of live offers from vendors that accept your preferred payment method (for example, PayPal) in exchange for Bitcoin.
Look through the list of vendors, read their profiles, and learn about their offer conditions, feedback history, and purchase limitations. Choose a vendor you can trust as your preferred option.
Depending on the seller, you may be required to provide picture IDs or a snapshot of your purchase receipt as evidence, while some may not.
3. Finish your purchase. Send your Malaysian Ringgit to the vendor and wait for your bitcoins, depending on the payment method.
While every Paxful account comes with a free wallet, you won’t want to keep your crypto assets in it for the long haul. After completing a transaction, always transfer your coins to your own hardware wallet, such as Trezor.
ChangeNOW is a great choice if you want to purchase bitcoins using a debit or credit card without having to deal with complex trading charts.
ChangeNOW is my go-to site for rapidly converting between various cryptocurrencies. While I have yet to purchase bitcoins using a credit card, exchanging between 250+ cryptocurrencies at the best rate is very easy.
ChangeNOW offers USD, GBP, EUR, AUD, and CAD for credit card purchases of bitcoins. As a result, you’ll need to factor in the extra bank fees associated with converting MYR to USD/EUR.
The following is how it works:
- On the ChangeNOW site, click “Buy with Credit Card.”
- Enter the amount you want to pay in USD. The amount of Bitcoin you will get will be shown by ChangeNOW. All costs are included in the pricing quoted. Click the “Buy” button.
3. If you accept the offer, proceed to complete your credit card payment. Fill up your Bitcoin address, credit card information, billing address, and personal information.
4. After you’ve made your payment, wait for your bitcoins to arrive in your wallet.
Binance has grown from nothing to a billion-dollar exchange site in less than a year, and it is now the world’s biggest cryptocurrency exchange by trading volume.
You may trade over 100 different cryptocurrencies on this site.
However, as of this writing, Binance does not allow deposits in fiat money (MYR). These are the two ways for purchasing Bitcoin:
- Using a debit or credit card to purchase Bitcoin
- To Bitcoin, convert your current cryptocurrencies.
Because both Binance and ChangeNOW utilize the same credit card payment processing service, Simplex, the procedure of purchasing Bitcoin on Binance is quite identical to that of ChangeNOW. That also implies you’ll receive the same pricing as everyone else.
To convert altcoins to bitcoins on Binance, you must first create a free account using your email address. To begin trading on Binance, you must first deposit bitcoin into your account.
You may still buy/sell and withdraw up to 2BTC per day if you don’t finish the personal ID verification procedure.
For the next 24 hours once you’ve confirmed your account, you may transact and withdraw 50–200 BTC.
On popular cryptocurrency exchanges, you may skip the long sign-up and ID verification procedure. Use a Bitcoin ATM to swiftly and discreetly purchase and trade bitcoins.
You must first find a physical ATM in your area. If you put money into the machine, you’ll receive bitcoins sent to your crypto wallet.
Depending on the equipment and operator, some may not need identification verification prior to purchase. Some need a cell phone as well as personal identification.
The main disadvantage is that Bitcoin ATM charges a hefty transaction fee, ranging from 7% to 12% for buying and selling bitcoins. You must pay this price for convenience and privacy.
Find a Bitcoin ATM near you by using our map of Bitcoin ATMs.
Follow the easy steps below to start looking for a Bitcoin ATM near you:
- Go to Coin Radar to view a live map of Bitcoin ATMs across the globe.
- Simply input your city/address and hit the enter key. For instance, in the search box, I typed in “New York.”
- Select a Bitcoin ATM in your area and click to learn more about it.
- With Google maps, click “Obtain Directions” to get the precise position and directions to your destination.
- Optional: To discover more about the Bitcoin ATM operator, including user comments, operating hours, and company name, click “View listing.”
Now that you know where to look for a Bitcoin ATM, let’s look at how they operate and how to use them to purchase and sell bitcoin.
(B) Using a Bitcoin ATM to Purchase Bitcoin
The purchasing procedure may differ from one Bitcoin ATM to the next. The typical procedure at most ATMs is as follows:
1. Select “Buy Bitcoin” from the drop-down menu. If necessary, confirm your identification.
2. Enter your bitcoin address to make a deposit.
3. Use the Bitcoin ATM to deposit cash bills.
4. Confirm the total and finish the transaction. Your bitcoin will be sent to your wallet immediately.
Want to get some bitcoins without having to purchase them?
Yes, it’s conceivable.
There are a slew of legitimate methods to get free bitcoins:
- Offer your goods or services in return for bitcoin payments.
- By assisting others, you may earn Bitcoin tips.
- Performing microtasks
Check out this list of 10 Legitimate Ways to Earn Free Bitcoin (my personal fave is #3).
Earn Bitcoin is where I first began earning bitcoin for free online. They’ll pay you to do surveys and respond to emails. Almost majority of the activities are completed in under a minute. It’s a very simple and hassle-free method of earning bitcoin online. Here’s how to get free bitcoin in under a minute.
Don’t keep your Bitcoin on an exchange for any longer than necessary.
Make sure you have a Bitcoin hardware wallet, such as the Ledger or Trezor, to safely store your bitcoins.
So there you have it! You should now be able to purchase Bitcoin in Malaysia using a variety of payment methods:
- Bank transfer – Luno
- Bank transfers, cash deposits, gift cards, and more are all available via LocalBitcoins.
- Paxful – 300+ options include bank transfers, cash deposits, gift cards, and more!
- NOW IS THE TIME TO CHANGE– Debit/Credit Card
- Binance is a cryptocurrency exchange.
The Bitcoin revolution is still in its early stages. So take the time to educate yourself, accumulate sats (Satoshi), and keep yourself secure.
Do you have any further inquiries? Please feel free to leave a remark in the section below.
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The binance is the most popular cryptocurrency exchange in Malaysia. It has many features that allow users to buy and sell Bitcoin in a safe and secure manner.
Frequently Asked Questions
How can I buy Bitcoin in Malaysia?
You can buy Bitcoin in Malaysia through a crypto exchange.
Is Binance legal in Malaysia 2021?
Yes, Binance is legal in Malaysia.
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