Top 10 Best Crypto Exchanges in Malaysia

Cryptocurrencies are becoming increasingly popular, especially in Malaysia. With a growing community of cryptocurrency enthusiasts, the demand for reliable and secure cryptocurrency exchanges is increasing. Malaysian traders look for platforms that offer a variety of digital assets, minimal fees, and strong security measures. This article delves into Malaysia's top 10 cryptocurrency exchanges, highlighting their features, advantages, and disadvantages.

The cryptocurrency market is dynamic and constantly changing, making choosing the right exchange challenging. Each platform has features, trading pairs, and fee systems, catering to different trader preferences. Whether you are new to cryptocurrency and want to explore it or are an experienced trader needing advanced tools, I can help you evaluate your cryptocurrency exchange landscape. Malaysia and make informed decisions.

I am CEO David Wabinz, the founder of  DavidWabinz.com. The DavidWabinz.com team and I have thoroughly reviewed the top 10 cryptocurrency trading platforms in Malaysia to help newcomers explore the crypto space. Our detailed analysis presents the most reliable options available:

• Binance
• BingX
• Bybit
• MEXC
• KuCoin
• OKX
• HTX
• Luno
• Kraken
• Gate.io

Is crypto safe in Malaysia?

In Malaysia, cryptocurrencies have a defined legal standing. You can use them. The Securities Commission Malaysia oversees them. The Digital Assets Guideline came out on October 28, 2020. It authorizes several exchanges to do cryptocurrency transactions in Malaysia. Among these approved exchanges are HTX, Binance, BingX, Bybit, and MEXC Global… To reduce the risks of cryptocurrency trading, traders must use regulated platforms. They must stay updated with relevant information and use effective security measures.

Top Crypto Exchanges in Malaysia

1. Binance

People hail Binance as the top cryptocurrency exchange for businesses in Malaysia. This is because of its modern features, low fees, and dedicated support team. It also has security and lots of liquidity. Its trading capabilities enable companies to engage in high-volume and flexible trading. The platform has a professional trading interface. It uses cutting-edge tech. It serves both new traders and large investors. Binance has made security a priority. It has earned the trust of institutional clients with its innovation. Laws and licenses govern the exchange in over 180 countries, including Malaysia. The exchange allows Malaysian investors to trade over 350 cryptocurrencies. They can also stake over 30 tokens and use Malaysian Ringgits to buy hundreds of NFTs.

Furthermore, Binance has a wide range of cryptocurrency trading options. It also has some of the lowest exchange fees in the industry, starting at 0.1%. The platform offers many features. These include spot trading, futures trading, and leverage trading. They also include options trading, staking services, and decentralized exchange (DEX). They ensure a full trading experience. Binance has round-the-clock customer support. It's available in many languages, including Bahasa Malaysia. Binance upholds tough security standards. It also complies with the law. It stands out as a top cryptocurrency exchange in Malaysia.

Features:

• Extensive selection of cryptocurrencies (more than 600 coins and tokens)
• Accommodates various trading pairs (crypto-to-crypto and fiat-to-crypto)
• Advanced trading features available (including margin trading, futures trading, and more)
• Offers high liquidity and competitive trading fees
• Robust mobile application for convenient trading anywhere
• Rigorous security protocols in place (such as two-factor authentication and cold storage)

Pros:

• A broad selection of cryptocurrencies and trading pairs
• Competitive trading fees
• Intuitive platform suitable for both novice and experienced traders
• Ample liquidity for seamless trading
• Strong security features in place

Cons:

• Restricted availability of Malaysian Ringgit (MYR) for fiat currency transactions
• Potential delays in customer support response during periods of high activity
• The complicated interface may pose challenges for beginners

Binance is a top option for Malaysian traders. It offers a strong and versatile cryptocurrency exchange. Binance offers many cryptocurrencies. It also has advanced trading features and low fees. It meets the needs of both beginners and seasoned traders. Yet, direct support for Malaysian Ringgit (MYR) transactions is missing. Also, slow customer support could cause issues for some users.

David Wabinz's Evaluate:

Binance is a top option for Malaysian traders. It is a strong and flexible cryptocurrency exchange. Binance offers many cryptocurrencies. It also has advanced trading features and low fees. It meets the needs of both beginners and seasoned traders. But, direct support for the Malaysian Ringgit (MYR) is absent. Also, slow customer support could be a problem.

2. BingX

BingX emerged as a big player in cryptocurrency exchanges. It was established in 2018. It is gaining recognition. Many praise it as a top destination for margin trading Cryptocurrencies worldwide.

David Wabinz's research shows that BingX operates in Malaysia. It offers many benefits for new users. When you join BingX, you can get up to 5125 USDT and a 50% off transaction fee coupon.

Features:

• BingX offers over 600 global cryptocurrencies. They provide traders with diverse investment opportunities across various assets.
• BingX has leading copy trading. It stands out with its great system. It offers detailed analytics and insights into top traders. This feature is BingX's defining trait. It gives users a knowledge edge in their investments.
• Perpetual Swap: Revolutionizing Trading: BingX's perpetual swap feature transforms traditional trading. It enables continuous trading without interruptions. This is true even during contract deliveries. This ensures traders never miss out on market movements.
• BingX.com supports transactions in over 100 fiat currencies. It does this through trusted platforms like Banxa. This lets traders access many fiat options. They range from popular currencies like USD and EUR to more specialized choices.
• BingX offers a unique feature for novice traders: the VST currency. It's for demo trading. Upon account creation, users get 100,000 VST. This is equal to one dollar. This virtual currency lets users try all contract types on BingX. They can try them without any financial risk.
• BingX provides an interface. It is for everyone and is simple and complete. Whether you're a beginner or an experienced trader, navigating the platform is straightforward.

David Wabinz's Evaluate:

BingX is an excellent option for cryptocurrency traders. It has an interface, many features, and a focus on innovation. BingX offers a diverse range of services. It dedicates itself to customer service. This has kept it as a frontrunner in the cryptocurrency exchange industry. If you're considering starting your trading journey in Malaysia, BingX is worth considering.

3. Bybit

Bybit has its headquarters in Singapore. It has become a favored cryptocurrency exchange among Malaysian traders. This is due to its abundant liquidity, low fees, and advanced trading tools. Bybit specializes in derivatives trading. It offers perpetual contracts, futures, and options. This variety appeals to seasoned traders and institutional investors.

Features:

• Provides various cryptocurrencies for derivative trading such as Bitcoin and Ethereum
• Offers advanced trading features including margin trading, futures trading, and options trading
• Ensures ample liquidity and competitive trading fees
• Utilizes robust security protocols like two-factor authentication and cold storage
• Supports Malaysian Ringgit (MYR) through third-party payment processors

Pros:

• Sophisticated trading features tailored for experienced traders and institutions
• Abundant liquidity and competitive trading fees
• Priority placed on security measures
• Support for Malaysian Ringgit (MYR) transactions

Cons:

• Narrow selection of cryptocurrencies in comparison to spot trading platforms
• The complicated interface may pose challenges for newcomers
• Potential delays in customer support response times during periods of high activity

David Wabinz's Evaluate:

Bybit is a top pick for seasoned Malaysian traders and institutions. It is a derivatives platform with ample liquidity and low costs. Bybit has many advanced trading features. It has strict security measures and supports fiat currency. Bybit offers a full trading environment. It is for those who like cryptocurrency futures. It is also for those who like perpetual contracts and options. Still, the platform is complex and has few cryptocurrencies. This might deter beginners or those who want a simpler spot trading interface.

4. MEXC

MEXC is a cryptocurrency exchange. Established in April 2018, it is headquartered in Singapore. A team of experienced professionals powers the exchange. They come from top businesses and financial institutions. Their deep-rooted knowledge of blockchain and finance enriches the platform's operations. MEXC is a key player in the global digital asset landscape. It hosts the most coins of all cryptocurrency exchanges. Global investors are very interested in it. MEXC supports users in Malaysia. This enhances its reach.

Features:

• It is secure and reliable. It uses a multi-layer, multi-cluster system. This enhances safety and stability.
• It is high-performance. It uses high-performance order-matching technology. It can process 1.4 million orders per second.
• The platform has over 10 million MEXC traders and partners. They provide ample liquidity and resources.
• It offers support for many languages. It has content tailored for traders' convenience.
• MEXC has diverse token support. It provides MEXCers with many trading pairs and cryptocurrencies. These include BTC, ETH, USDT, and more.

David Wabinz's Evaluate:

A thorough examination shows the MEXC trading platform is secure. It is also efficient and versatile. MEXC has strong architecture and a high-performance order-matching system. It has ample liquidity, multilingual support, and a wide array of token choices. This makes it an enticing trading environment. MEXC also waives Spot transaction fees, further enhancing its attractiveness to traders.

5. KuCoin

KuCoin has its base in Singapore. It has become a favored cryptocurrency exchange among Malaysian traders. This is due to its low trading fees and wide range of cryptocurrencies. KuCoin prioritizes altcoins and emerging digital assets. It presents a feature-rich platform for traders.

Features:

• Offers a diverse selection of cryptocurrencies (more than 300 coins and tokens)
• Provides a broad array of trading pairs (crypto-to-crypto)
• Features advanced trading tools (including stop-loss orders, conditional orders, and more)
• Maintains competitive trading fees
• Implements strong security measures (such as two-factor authentication and cold storage)
• Supports Malaysian Ringgit (MYR) transactions through third-party payment processors

Pros:

• Extensive selection of cryptocurrencies and trading pairs
• Sophisticated trading tools tailored for experienced traders
• Competitive trading fees
• Firm focus on security

Cons:

• The complicated interface may pose challenges for novices
• Limited direct support for Malaysian Ringgit (MYR) transactions
• Potential delays in customer support response during periods of high activity

David Wabinz's Evaluate:

KuCoin is an appealing choice for experienced Malaysian traders. They have a keen interest in exploring many cryptocurrencies. They focus on altcoins and new assets. KuCoin has low trading fees. It also has advanced trading features and many coins. It meets the needs of professional and institutional traders. But, the platform is complex. It lacks direct support for Malaysian Ringgit (MYR) transactions. It might not be suitable for beginners or people seeking simpler trading.

6. OKX

OKX is a top cryptocurrency trading platform in Malaysia. It offers a wide range of services, including stacking products. It stands out for its focus on new cryptocurrency trends like yield farming and DeFi tokens. The platform lets users stake digital assets with flexible terms. It also has an NFT marketplace and a native wallet. OKX supports over 350 cryptocurrencies. It has affordable trading fees starting at 0.1%. So, it's popular among Malaysian investors.

Pros:

• Access over 350 cryptocurrencies and NFTs through 650+ trading pairs.
• Explore crypto spot and derivative markets.
• Utilize hundreds of local payment methods for transactions.

Cons:

• Unavailable in the United States.
• Limited fiat withdrawal choices.

David Wabinz's Evaluate:

The OKX trading platform offers a wide range of services. Over 350 cryptocurrencies and NFTs are available. Over 650 trading pairs are spread across them. Users in Malaysia have many investment options. The platform supports both spot cryptocurrency and derivatives markets. It serves traders of all levels.

7. HTX (Huobi)

HTX, also known as Huobi Global, is a top cryptocurrency exchange. It is well-established in the Malaysian market. In 2013, someone founded HTX. It provides traders with a wide-ranging digital asset platform. The platform offers spot and derivatives trading. It also offers staking, crypto loans, yield products, and more. Despite China's ban on fiat-crypto trading, HTX faced challenges. But, it managed to adapt and thrive, becoming a top exchange in Malaysia. Huobi has a large global footprint. It is especially favored by Malaysian investors. They prefer trading without KYC.

8. Luno

Luno is a cryptocurrency exchange based in Malaysia. It has become popular among local traders. This is due to its clear interface and easy-to-use platform. Luno tailors to novices. It provides a simple way to buy, sell, and store cryptocurrencies.

Features:

• Offers support for well-known cryptocurrencies such as Bitcoin, Ethereum, and Ripple.
• Features a user-friendly interface designed for beginners.
• Ensures secure storage of cryptocurrencies in a digital wallet.
• Provides support for fiat currency transactions in Malaysian Ringgit (MYR).
• Offers educational materials to help users learn about cryptocurrencies.

Pros:

• Platform designed for beginners, featuring a straightforward interface.
• Supports Malaysian Ringgit (MYR) directly.
• Emphasizes robust security measures and user education.
• Mobile application is available for convenient trading anytime, anywhere.

Cons:

• Offers a smaller selection of cryptocurrencies compared to larger exchanges.
• Charges higher fees in comparison to certain competitors.
• Provides basic trading features but lacks advanced tools.

David Wabinz's Evaluate:

I suggest that Luno is a great option for Malaysian traders. They are starting their journey into the world of cryptocurrency. Its easy-to-use interface, educational materials, and direct support for MYR make it ideal. It's for newcomers to enter the cryptocurrency market. But, Luno has few coins and basic trading tools. Experienced traders might find them too basic. They might not meet their needs.

9. Kraken

Kraken, a cryptocurrency exchange headquartered in the United States, is renowned for its advanced trading features, strong liquidity, and competitive fees. Serving both experienced traders and institutional clients, Kraken provides a robust platform equipped with a diverse selection of cryptocurrencies and sophisticated trading tools.

Features:

• Provides support for a broad variety of cryptocurrencies (more than 100 coins and tokens).
• Offers advanced trading features such as margin trading, futures trading, and additional tools.
• Ensures high liquidity and maintains low trading fees.
• Implements strong security measures including two-factor authentication and cold storage.
• Supports fiat currency transactions in Malaysian Ringgit (MYR) through third-party payment processors.
• Features a comprehensive mobile application for convenient trading while on the move.

Pros:

• Extensive selection of cryptocurrencies and trading pairs.
• Sophisticated trading tools tailored for seasoned traders.
• Competitive trading fees.
• A robust focus on security measures and regulatory compliance.

Cons:

• The interface may be challenging for novices.
• Direct fiat currency support for the Malaysian Ringgit (MYR) is limited.
• Customer support response times may slow down during periods of high volume.

David Wabinz's Evaluate:

Kraken emerges as a top option for skilled Malaysian traders in search of a comprehensive and cost-effective trading platform. Boasting an extensive array of cryptocurrencies, sophisticated trading tools, and strong security protocols, Kraken addresses the requirements of professional and institutional traders. However, beginners may find the platform's complexity challenging to navigate, and the absence of direct support for Malaysian Ringgit (MYR) could present limitations for certain users.

10. Gate.io

Gate.io is a well-known exchange in Malaysia. It offers over 1,700 digital assets. These attract investors interested in diverse cryptocurrencies. This broad range is very appealing to those looking beyond mainstream options. It offers opportunities in emerging altcoins. Gate.io stands out. Its fee structure is simple. Spot trading fees start at 0.1%.

It has a high 24-hour trading volume. Gate.io has a strong global presence. This demonstrates trust and popularity. The platform has over 14 million users. It holds much influence in the global cryptocurrency market. Gate.io enhances trading. It offers innovative features like trading bots and specialized startup sections. The tools provide Malaysian traders with many interesting market opportunities. They show that Gate.io is a dynamic choice for cryptocurrency.

Features:

• Fees: Gate.io boasts competitive trading fees, commencing at 0.1% for maker orders and 0.2% for taker orders.
• Supported Cryptocurrencies: Investors can access a broad spectrum of over 1,700 digital assets, catering to various investment inclinations.
• Regulation & Licensing: Although Gate.io operates from the Seychelles, it extends its services to Malaysian users without direct licensing in Malaysia.
• MYR Deposit Methods: Gate.io facilitates diverse deposit methods for Malaysian Ringgit (MYR) users, encompassing local bank transfers, debit and credit cards, as well as PayPal.

David Wabinz's Evaluate:

I found Gate.io a leading exchange in Malaysia, offering over 1,700 digital assets with competitive fees starting from 0.1%. It lacks a direct license in Malaysia but offers various deposit methods for Malaysian users.

How to choose the best Malaysia crypto app?

Deciding on the best place to buy Bitcoin in Malaysia is very important. Choosing the right platform can make your experience easier. It can also save time, effort, and money. Factors such as exchange fees, storage options, and the range of alternative coins are key. They all shape your decision.

Below are some insights from CEO David Wabinz.

How do exchanges store crypto?

Crypto exchanges are widespread. But, the key is whether they follow Malaysia's regulations. The Securities Commission Malaysia (SC) oversees the licensing of crypto exchanges. It does this in the country. It also determines which crypto assets are permissible.

Regulation is crucial. It offers protection in case of unforeseen events like exchange failures. It safeguards the funds held by users. Regulatory standards vary globally. Many crypto platforms operate from outside Malaysia. They hold international licenses issued by their local regulatory bodies.

Aside from regulation, must pick a safe, reputable exchange. They must focus on the secure storage of customers' funds. The top Bitcoin exchanges in Malaysia should keep funds in separate accounts. They should also store them offline in cold storage when possible. Reputable accounting firms have audited the process of choosing a Malaysia crypto exchange. It can give users extra assurance and peace of mind.

What is the exchange fee in trading?

Trading fees can vary among cryptocurrency exchanges based in Malaysia. These exchanges generally offer low-cost trading. Conducting a thorough comparison can result in cost savings for traders. I made a table of trading fees for Malaysia's top 10 crypto exchanges. It's at the start of this article. It's essential to pay attention to these details and make informed decisions.

The Crypto Exchange calculates transaction fees as a percentage of the transaction value. The top cryptocurrency exchanges in Malaysia have low fees. They usually charge 1% or less of the transaction amount. But, some services may levy higher charges.

Additionally, users may encounter deposit and withdrawal fees. Depositing fiat currency via a bank account or credit/debit card often has no fees. But, a flat withdrawal fee may apply. Withdrawing funds in digital currency involves a large fee.

Is this cryptocurrency translation platform easy to use?

A positive user experience encompasses more than just navigating a website effortlessly. Consider your trading habits: do you intend to trade using your mobile device? What is your strategy for overseeing your cryptocurrency portfolio? Are you in search of particular analysis tools, charts, or software integrations?

For novice users, emphasis should be placed on educational resources such as demo accounts, trading tutorials, and step-by-step guides. Below is a comparison of the educational resources provided by each leading Malaysian exchange.

Advanced cryptocurrency investors may prioritize additional trading tools. These could include customizable charts for tracking technical indicators or identifying patterns, as well as analysis tools to assess the overall state of the cryptocurrency market.

Equipped with this knowledge, you can begin refining your options by evaluating whether an exchange aligns with your needs. For instance, if you anticipate trading frequently on the go, prioritize platforms that offer the best cryptocurrency app experience in Malaysia.

What payment methods are accepted on cryptocurrency exchanges?

Choose your preferred payment method for purchasing cryptocurrency. Most cryptocurrency exchanges in Malaysia facilitate deposits via bank transfers or debit card payments, eliminating the hassle of worrying about payment options.

While some Malaysian crypto exchanges may not support alternative payment methods such as PayPal or other e-wallet services, larger platforms like Binance offer a diverse range of payment options. However, verifying the available payment methods before creating an account is advisable to ensure compatibility with your preferences.

Does it offer additional features, like staking or lending?

Consider your goals when choosing a cryptocurrency exchange. Determine whether you intend to store, stake, lend, or borrow crypto assets. Malaysia-based cryptocurrency exchanges, by regulation, allow cryptocurrency betting. But, not all platforms offer all these services. Managing logins on different exchanges is an option. But, using a single service is often more convenient, especially for beginners.

What do I need to buy Bitcoin in Malaysia?

If you have a phone and internet access in Malaysia, you can invest in Bitcoin. Here's what you need to make the process smoother:

• Cryptocurrency exchange account: Select a cryptocurrency exchange and create an account beforehand. This ensures you're ready to invest in Bitcoin. It's when the price fits your preferences.
• Payment method: Many Malaysians buy Bitcoin using bank accounts or card payments. Or, you can use services like PayPal or other e-wallets. Have the needed account details ready. It could be a credit card, PayPal, or another service.
• Copy of photo ID. When buying Bitcoin in Malaysia, you need to show it. Cryptocurrency brokers in Malaysia must ID verification. They do this to follow KYC (Know Your Customer) rules. The rules aim to prevent fraud.
• Personal Crypto Wallet (optional). After buying Bitcoin, you can store it on the exchange. Or, you can transfer it to a personal wallet for better security. To save time, set up your wallet in advance on a widely-used platform like MetaMask.

You can buy cryptocurrency in Malaysia without ID verification through P2P exchanges. But, these methods are less safe and harder to use. Thus, we tell only experienced cryptocurrency investors to explore this option. Most users on most exchanges need to provide some form of ID for verification.

Frequently Asked Questions

Can I trade crypto in Malaysia?

Yes, trading cryptocurrency is legal in Malaysia. It falls under regulation by the Capital Markets and Services Act 2007. You can buy Bitcoin and other cryptocurrencies through regulated digital asset exchanges. You can use Malaysian Ringgit (MYR) and various payment methods.

Can I buy Bitcoin in Malaysia?

Certainly, purchasing cryptocurrency in Malaysia is feasible, although certain restrictions may apply to the process.

The typical method involves registering with a Malaysia-based cryptocurrency exchange and depositing funds. Subsequently, you can proceed to buy Bitcoin and other cryptocurrencies at your convenience.

Is Crypto Regulated in Malaysia?

Regulators in Malaysia regulate cryptocurrency trading. But, they do not accept it as legal tender. The Bank Negara Malaysia and the Securities Commission Malaysia oversee the market. They ensure compliance with financial laws. Cryptocurrencies are securities. Exchanges must follow strict rules. This is especially true for Anti-Money Laundering and Counter Financing of Terrorism measures.

Where can I use crypto in Malaysia?

Although cryptocurrencies are not considered legal tender in Malaysia, it doesn't imply that their use is prohibited. Cryptocurrencies have dual roles in the country. They can serve as investment assets or be used for transactions, exchanging them for services or goods. However, their acceptance depends on individual businesses and service providers.

How is Crypto Taxed in Malaysia?

Cryptocurrency transactions in Malaysia are usually tax-exempt since there's no capital gains tax. But, active traders and day traders must pay income tax. The rates range from 3% to 30% based on income levels. Day traders determine taxable gains by subtracting acquisition costs from selling prices. The government imposes income tax on cryptocurrency payments. When you get them, the tax will be calculated based on their market value. You can deduct expenses related to making income. But, you can't deduct the ones excluded under Section 39. This tax approach also covers mining and staking. Staking rewards are taxable.

What is the best Bitcoin wallet in Malaysia?

Wallets are accessible everywhere and are subject to no regulations, unlike exchanges. Leading wallets like MetaMask and Trust Wallet are available worldwide. Of course, people can use them in Malaysia. A new trend is the merging of exchange and wallet services into one platform. For example, Binance or OKX do this. This trend is handy for beginners.

What’s the cheapest crypto exchange with the lowest fees in Malaysia?

MEXC stands out as a top crypto exchange in Malaysia due to its low fees. It provides a great user experience at a good price. It ensures transparency by avoiding hidden fees.