Want to learn how to buy Bitcoin in Malaysia? If so, you’re in luck. You just found your step-by-step guide to the crypto landscape.
If you've been following the digital revolution, you've probably heard of Bitcoin - the world's most popular cryptocurrency. It's no secret that it has gained significant attention and value over the years, making it an intriguing investment opportunity for everyone, including Malaysians.
Whether you're a tech-savvy enthusiast or a curious investor, this guide will walk you through the process of how to buy Bitcoin in Malaysia using some of the top crypto exchanges – Binance, Kraken, and Changelly.
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How to Buy Bitcoin in Malaysia?
If you've been Googling “I live in Malaysia want to buy Bitcoin”, you've come to the right place. Though, I will equip you with all the tools you need to confidently know how to buy crypto in Malaysia. So, even if you want to explore other digital assets, everything here will still be of use.
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Just keep in mind that the crypto industry and its regulations are constantly changing. This can lead to some exchanges pausing services in particular countries. While the exchanges mentioned below are accessible in Malaysia as of writing, it's crucial to conduct your research, as circumstances may change.
Now, without further ado, let's see how to buy Bitcoin in Malaysia.
Binance
If you want to buy Bitcoin online in Malaysia using one of the top crypto exchanges, you should consider Binance.
Binance, one of the biggest crypto exchanges in the world, is highly popular not only in Malaysia but also globally. It offers a user-friendly interface and a wide array of trading options in a highly secure environment, making it an attractive choice for both beginners and experienced traders.
Besides offering 350+ different cryptocurrencies for spot trading, Binance also grants its users the opportunity to access a wide variety of crypto products, like staking, learn and earn programs, options trading, trading bots, and margin trading, among others. The best part is that all these tools come with low transaction fees.
So, whether you're new to cryptocurrencies or an expert in the field, Binance provides a convenient platform to get started and enhance your trading activities. If you want to learn more, check out this Binance review.
Now, though, let's get to the "how to buy Bitcoin in Malaysia using Binance" part.
Step 1: Create an Account on Binance
To get started, visit the Binance website and click on the "Register" button. Fill in your email address, and create a strong password. Once done, you'll receive a confirmation email. Click the link provided in it to activate your Binance account.
Step 2: Complete the Verification Process
To comply with regulatory requirements, Binance requires users to complete the KYC verification process.
While logged into your account, click "Verify" or "Get verified" on the homepage to start the process. You can also go to your account and look for the "Identification" tab.
In this stage, you'll need to provide your country of residence. After selecting Malaysia, you’ll also need to provide some personal information: nationality, full name, date of birth, proof of address, government ID number, and more.
Additionally, you will be asked to upload a scan of your identification document, such as a passport or driver's license, and complete a facial recognition process.
Once you've submitted the required documents, your account will be reviewed. The verification process should be completed within the next 48 hours. Though, my account was approved in just 5 minutes, so it doesn't usually take that long.
Now, I know that not everyone searching for how to buy Bitcoin in Malaysia wants to go through so much hassle, so I will cover one exchange that doesn't require registration at all. However, keep in mind that all the "hassle" is for your own security.
Step 3: Use the "Buy Crypto" Option
There are two ways how to buy Bitcoin in Malaysia on Binance – using the quick crypto buying option or via the spot market. I'll discuss both, but let's first start with the former.
Navigate to the "Buy Crypto" option on the menu above. You'll be taken to the crypto buying page, which is very easy to use. Here, you just need to choose the fiat currency you want to use, the crypto asset you want to buy, and the payment method.
This option will allow you to buy crypto using your credit / debit card, Google Pay, or third-party payment channels.
Just bear in mind that, in the past, Binance supported Malaysian Ringgit (MYR) both for quick crypto purchasing and spot trading. However, it was later disabled due to local crypto regulations. Either way, you can use various other fiat currencies.
Step 4: Deposit Funds into Your Binance Account
If you want to know how to buy Bitcoin in Malaysia via the spot market, on the other hand, you'll first need to deposit funds into your Binance account.
From your account dashboard, navigate to your wallet (search for a small wallet icon at the top right corner of the screen). Once you're in the wallet, select "Deposit" and pick the way you want to fund your wallet.
If you pick the "Bank Deposit" option, you'll just have to choose the currency you want to deposit, pick the deposit method, and follow the instructions to initiate it.
If you want to deposit other crypto assets, click on "Deposit Crypto". Then, create a specific deposit address and use it to transfer the already-owned cryptocurrencies you hold in your crypto wallet.
Once the funds have been successfully deposited into your Binance account, you can go to the spot market and buy Bitcoin (or, in other words, trade it).
Step 5: Navigate to the Bitcoin Market
Click on the "Trade" tab and select "Spot" from the dropdown menu. Once you're in the spot market interface, look for the search bar. There, type "Bitcoin" or "BTC" and select the Bitcoin trading pair that suits your preference.
Let's say you have USDT in your account. In such a case, you should select the BTC/USDT trading pair.
Step 6: Place Your Bitcoin Buy Order
On the trading page, scroll down to find the crypto buying / selling interface. Keep in mind that in the spot market, you place orders, and there are different order types. However, for your first purchase, I suggest going with the market order.
Decide on the amount of Bitcoin you wish to purchase and enter it in the appropriate field. You can choose to buy a specific amount of Bitcoin or enter the total USDT value you want to spend. Double-check the details of your order, including the price and quantity, and click on the "Buy Bitcoin" button to place your order.
Congratulations! You've successfully bought Bitcoin on Binance.
This step-by-step guide on how to buy crypto in Malaysia ended up being quite simple, right? Thankfully, Binance designed its products to cater to a wide audience, so all basic crypto transactions are very intuitive.
Kraken
Kraken is another great platform you can choose if you want to learn how to buy Bitcoin in Malaysia. It stands out from other cryptocurrency exchanges for its robust security measures, which is a crucial aspect in the world of digital assets.
For instance, Kraken employs advanced security protocols to protect user funds and cold storage to keep a significant portion of cryptocurrencies offline, reducing the risk of hacking.
With Kraken, you have the opportunity to engage with over 240 cryptocurrencies, including Bitcoin, of course. Though, you can also access products like spot trading, margin trading, futures trading, staking, NFT trading, and more.
Besides, it offers some of the lowest fees on the market while providing an effective and user-friendly interface. You can learn even more about the platform in this Kraken review.
Now, let me tell you how to buy Bitcoin in Malaysia using Kraken.
Step 1: Create an Account on Kraken
Head over to Kraken's website and click on the "Sign Up" button.
You'll need to provide your email address, create a username, create a strong password, provide your country of residence, and agree to the terms of service. Once you've done that, an email will be sent to your inbox with a verification link. Click on it to confirm your email address.
Step 2: Complete the KYC Process
To comply with regulations and ensure the safety of their users, Kraken requires you to complete the KYC process.
This involves providing some personal information and documents like your ID card or passport. Don't worry; your data will be securely encrypted.
Step 4: Deposit Funds into Your Kraken Account
Now that your account is verified, it's time to deposit some funds. Doing that is very simple: after signing in to your Kraken account, click “Deposit”, select the asset you want to deposit, and follow the necessary steps.
Just don’t forget to review all the information on the page before confirming the transaction.
Step 5: Make a Purchase
Now comes the exciting part - buying Bitcoin. Go to the "Explore" tab and click on the "Buy" button next to Bitcoin.
Then, enter the amount of Bitcoin you want to buy and proceed with the purchasing process. Don't worry, it's all very intuitive.
That’s it! Now you can call yourself a proud Bitcoin owner. Your newly bought crypto will be displayed in your Kraken wallet.
Now that you know how to buy Bitcoin in Malaysia using Kraken, you can easily buy other crypto assets as well. After all, the digital asset landscape is always evolving through innovation, and many cryptocurrencies are well worth the research.
- A very well-known crypto exchange platform
- More than 500 different cryptos available
- Two-factor authentication
- Over 500 different cryptocurrencies available
- Strong security
- Small withdrawal fees
- Very low trading fees
- Exceptional functionality
- Mobile trading app
- Very competitive trading fees
- An intuitive mobile app
- Up to 100x leverage available
- Secure and reliable
- Low fees
- A good amount of fiat currencies accepted
- Reputable exchange
- Multiple fiat currencies are accepted
- Relatively low trading fees
Changelly
Changelly is a popular cryptocurrency exchange known for its user-friendly interface and seamless transactions. It offers instant and secure crypto-to-crypto and fiat-to-crypto swaps at competitive rates. In fact, users can quickly exchange a wide range of cryptocurrencies without the need to create an account.
Changelly supports over 200 cryptocurrencies, including popular ones like Bitcoin, Ethereum, Ripple, and Litecoin. Additionally, it provides a mobile app for convenient trading on the go. With its intuitive platform and broad asset selection, Changelly is favored by both novice and experienced traders alike.
These factors combine to make Changelly a compelling choice for individuals looking to buy and sell Bitcoin in Malaysia. If you want to learn more about the platform, check out this Changelly review.
That said, let's proceed to the step-by-step guide on how to buy Bitcoin in Malaysia using Changelly.
Step 1: Select the Way You Want to Buy Bitcoin
That's right, on Changelly, you don't need to register and pass KYC to buy or exchange crypto (you can if you want to, though). So, the first step is choosing whether you want to exchange some other cryptocurrency for Bitcoin or buy it using fiat.
I'd say let's go with the latter.
You'll probably want to use MYR, so either fill in the amount of MYR you want to spend or the amount of Bitcoin you want to buy. Of course, you can choose any other fiat currency.
Once you've filled that in, click "Buy BTC now".
Step 2: Fill in Your Wallet Address
Since we're talking about how to buy Bitcoin in Malaysia using Changelly without registration, the next step is filling in the wallet address to which you want to receive it.
Just make sure to use a wallet that supports the Bitcoin network. Besides, if you don't have a wallet, you can create one Changelly offers.
Step 3: Choose the Payment Method
Once all is set, just pick the payment method (you can use Visa or Mastercard, as well as Apple or Google Pay) and the payment channel. Do note that different payment channels might offer different rates.
Eventually, check your transaction details, make sure all is correct, and make the purchase.
Step 4: Secure Your Bitcoin
Congratulations! You've successfully learned how to buy Bitcoin in Malaysia using Changelly.
Once your purchase is completed, it's crucial to secure your Bitcoin. Consider enabling additional security measures on your wallet, like two-factor authentication and withdrawal whitelisting, to enhance the safety of your funds.
Easier than it seemed, right? Now, you can buy and sell Bitcoin in Malaysia with confidence using Changelly.
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Is It Legal to Buy Bitcoin in Malaysia?
If you're wondering how to buy Bitcoin in Malaysia, you should first know about all the legal aspects of buying crypto in the country. So, before asking "how", you should ask, "*Can* I buy Bitcoin in Malaysia legally?".
The good news is that the government has not imposed any outright ban on buying and selling Bitcoin in Malaysia. In 2014, the Central Bank of Malaysia issued a statement clarifying that it does not have regulatory control over Bitcoin's operations.
However, while Bitcoin is permissible for trading purposes, it is important to note that it is not considered legal tender, as you might’ve already read when doing your research on this topic.
But what does the term “legal tender” mean? Does it mean that buying Bitcoin online in Malaysia has any sort of legal consequence?
No, legal tender refers to the currency that is recognized by law as acceptable for settling financial obligations, such as debts and purchases. It's the officially recognized form of payment within a country's jurisdiction[1].
In other words, you can buy and sell Bitcoin in Malaysia without breaking any law, but it is not considered an official form of currency within the country. Which, let’s be honest, is not a problem at all - as of writing, only El Salvador and the Central African Republic have passed legislation allowing crypto to be used as legal tender.
Still, when wondering how to buy crypto in Malaysia, it’s important to choose a reputable cryptocurrency exchange that operates within the regulatory framework. While confusing, crypto regulations ensure that you stay on the right side of the law when venturing into the world of cryptocurrencies[2].
Besides the obvious advantages of trading in a compliant platform (like knowing the government won’t catch you by surprise after you buy Bitcoin online in Malaysia), these exchanges adhere to anti-money laundering and know your customer protocols to ensure transparency and security.
As you already know, during the registration process, you'll often be required to provide personal information, such as your identification documents and proof of address. This is a standard procedure to prevent fraudulent activities and ensure the legitimacy of transactions. Your information will be kept confidential and used only for regulatory purposes.
Though, it's worth mentioning that, while Bitcoin is legal, the Malaysian government has issued cautionary statements about the risks associated with cryptocurrencies. They have emphasized the importance of conducting thorough research and understanding the volatile nature of digital assets before investing.
Since you've probably begun your search with "I live in Malaysia, but want to buy Bitcoin", doing research is exactly what you’re here for. So, kudos to you for doing your part in keeping the Malaysian crypto environment compliant and safer.
Now, what about the taxation of Bitcoin in Malaysia?
Well, similar to Germany, Malaysia doesn't categorize cryptocurrencies as capital assets or legal tender. So, Bitcoin and other crypto assets enjoy a tax-free status in the country. In other words, cryptocurrencies don't qualify for capital gains tax. In fact, this makes many crypto enthusiasts consider Malaysia a crypto-friendly jurisdiction.
To sum up, the answer to the question, “Can I buy Bitcoin in Malaysia without breaking the law?” is – yes, you can, and you don't have to pay taxes.
Just keep in mind that you have to adhere to the regulatory requirements set by the authorities, choose a reputable cryptocurrency exchange, and stay informed about the evolving legal landscape. By doing so, you can participate in the exciting digital revolution and potentially benefit from the growth of cryptocurrencies while staying compliant with the law.
How to Pick the Best Crypto Exchange for Buying Crypto?
When looking into how to buy Bitcoin in Malaysia, one of the most important decisions you'll need to make is choosing the right exchange. While I've already given you a few examples of reputable exchanges to buy and sell Bitcoin in Malaysia, you might want to pick another.
With so many options out there, it's crucial to find a top exchange that meets your needs and provides a secure and user-friendly experience. So, let me walk you through some key factors to consider when selecting an exchange to buy Bitcoin online in Malaysia.
✓ Reputation and Trustworthiness
First and foremost, you want to choose an exchange with a solid reputation and a track record of trustworthiness.
Look for exchanges that have been operating for a while and have positive reviews from users. Remember, you're entrusting your hard-earned money and personal information to the exchange, so it's essential to do your due diligence.
✓ Security Measures
Security should be a top priority when dealing with any online platform, especially when it involves financial transactions.
Look for exchanges that employ robust security measures to protect your funds and personal data - like Binance, Kraken, and Changelly do.
Some security features to consider include two-factor authentication (2FA), cold storage for storing cryptocurrencies offline, and encryption of sensitive information. Make sure the exchange has a strong track record of safeguarding user assets.
✓ User-Friendliness
A user-friendly interface can make your Bitcoin buying experience smooth and hassle-free.
Look for exchanges that have a clean and intuitive design, making it easy for both beginners and experienced traders to navigate. A simple and straightforward buying process will save you time and confusion. Additionally, check if the exchange offers a mobile app, as this can be convenient if you prefer to trade on the go.
Fortunately, the best crypto exchanges that allow you to buy Bitcoin online in Malaysia are very user-friendly.
✓ Supported Cryptocurrencies
While you may be primarily interested in buying Bitcoin, it's good to choose an exchange that supports a wide range of cryptocurrencies. This way, if you decide to explore other digital assets in the future, you won't have to switch exchanges.
Check if the exchange offers popular cryptocurrencies like Ethereum, Ripple, and Litecoin, among others. Having a diverse selection can broaden your investment options, and diversification is an important strategy to stay ahead in the crypto game.
✓ Liquidity and Trading Volume
Opt for an exchange with high liquidity and substantial trading volume.
High liquidity provides the ease of buying or selling an asset without causing significant price fluctuations. A higher trading volume indicates a more active marketplace, which means you'll likely find competitive prices and faster transaction execution.
This can be crucial, especially if you plan to buy or sell large amounts of Bitcoin (or any other cryptocurrency).
✓ Fees and Payment Options
Different exchanges have different fee structures, and, obviously, it's very important to understand the costs involved.
Look for exchanges that offer transparent fee schedules and reasonable transaction charges. Some exchanges may charge a percentage-based fee, while others have a fixed fee per transaction.
Additionally, check the available payment options. Popular exchanges usually support bank transfers, debit / credit cards, and various other payment channels.
By considering these factors, you'll be well on your way to choosing a top exchange in Malaysia that suits your needs. Remember, take your time to research and compare different options before making a decision. The right exchange can make your Bitcoin journey a rewarding and seamless experience.
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Conclusions
Learning how to buy Bitcoin in Malaysia may seem daunting at first, but armed with the right knowledge and resources, it becomes an exciting opportunity to participate in the digital revolution.
By following these step-by-step guides on how to buy Bitcoin in Malaysia using Binance, Kraken or Changelly, you can confidently venture into the crypto world and claim your share of it.
Just remember to always prioritize security by choosing reputable exchanges, setting up two-factor authentication, and storing your Bitcoin in secure wallets. Also, keep yourself updated on the latest developments in the crypto industry, as regulations and best practices continue to evolve.
Scientific References
1. F. Alvarez, D. Argente, D. Van Patten: 'Are Cryptocurrencies Currencies? Bitcoin as Legal Tender in El Salvador';
2. D. J. Cumming: 'Regulation of the Crypto-Economy: Managing Risks, Challenges, and Regulatory Uncertainty'.
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