Malaysia’s cryptocurrency market is growing rapidly. Research predicts that the number of users can reach 9.36M by 2028. And that’s not all, it’s expected to keep growing steadily for the next few years, with a projected growth rate of 7.82%. If you’re also ready to buy and trade cryptocurrencies, picking the right exchange is essential. In this guide, we will provide you with a list of the best crypto exchanges in Malaysia.
Key Takeaways:
- MEXC, Bybit, Gate.io, Kraken, and KuCoin are the best crypto exchanges in Malaysia for high security and a user-friendly interface.
- Malaysia doesn’t have a specific capital gains tax on cryptocurrency transactions. However, if you are a day trader, the Inland Revenue Board of Malaysia (IRBM) may consider your profits as business income, subject to income tax.
List of the Best Crypto Exchanges in Malaysia to Buy Bitcoin and Crypto
The best crypto exchanges in Malaysia offer security, ease of use, a range of supported cryptocurrencies, and reasonable trading fees. Here are our 5 recommended crypto platforms to consider to buy Bitcoin and crypto in Malaysia:
- MEXC: Best overall crypto trading platform in Malaysia
- Bybit: The most user-friendly crypto exchange in Malaysia
- Gate.io: Best for buying Bitcoin by using MYR
- Kraken: The most secure crypto exchange in Malaysia
- KuCoin: The best futures trading app in Malaysia
Best Cryptocurrency Exchanges & Apps in Malaysia: Reviewed
1. MEXC
MEXC is our first choice as the best crypto exchange for Malaysian traders. This rapidly growing cryptocurrency exchange, founded in 2018, has over 10 million users across 170+ countries. It was also awarded as a “Best Crypto Exchange Asia” in 2021.
The platform currently supports over 2,236 coins and tokens. Alongside popular assets like Bitcoin (BTC) and Ethereum (ETH), you can also find coins related to sectors like NFTs, DeFi, gaming, and the Metaverse. The exchange offers many trading features suitable for beginners and experienced users, from spot trading, P2P trading, and demo trading to advanced tools for margin trading and futures trading.
MEXC takes security very seriously and implements a range of security features. This includes two-factor authentication, anti-phishing codes, and keeping most user assets offline in “cold storage” where hackers can’t easily reach them. You can read our full MEXC review for more information about the exchange.
Pros of MEXC
- Large selection of cryptocurrencies, including both popular coins and emerging tokens.
- It has the lowest trading fees, including 0% futures maker fees, 0.02% futures taker fees, and competitive 0.1% maker/taker spot fees.
- User-friendly interface for beginners.
- It supports staking with flexible and fixed-term options to earn passive income on your idle crypto assets.
- Instant order matching with capabilities of processing 1.4 million transactions per second.
Cons of MEXC
- Some newly listed tokens have low liquidity, which increases price slippage during trading.
- It does not offer options trading.
2. Bybit
Bybit is another popular crypto exchange in Malaysia due to its user-friendly interface and range of supported trading features. With this exchange, you can access features like spot, margin, leveraged tokens, OTC trading, perpetual futures trading, and automated crypto trading bots. Bybit supports up to 100x leverage on its futures trading portal.
This trading app also offers a few other useful features to help users maximize their profits, this includes profitable staking programs, copy trading where you can mimic the strategies of experienced traders, and even an NFT marketplace to buy and sell digital art.
Another notable feature of Bybit Malaysia comes from its competitive fee structure. It has a similar fee structure to MEXC, with 0.1% maker/taker fees for the spot market. Also, the exchange has strong security measures to safeguard user funds and a responsive customer support team. Here is our full Bybit review for detailed information about the exchange.
Pros of Bybit
- Bybit Web3 wallet is more accessible DeFi access.
- Easy-to-use mobile app for both Android and iOS devices
- Bybit provides a demo account that anyone can access and use to familiarize themselves with the platform’s features
- It offers crypto loans, allowing users to access liquidity without the need to sell their holdings
Cons of Bybit
- Advanced trading features can be overwhelming for beginners
- Direct fiat withdrawal through bank transfers is not supported in Malaysia
3. Gate.io
Gate.io is one of the oldest cryptocurrency exchanges in Malaysia, launching in 2013. It’s known for offering a huge selection (over 1700+) of coins and tokens for trading. This can be seen as a plus for crypto enthusiasts who like exploring different options.
Features-wise, Gate.io covers all the basics – spot trading, margin trading, and even derivatives if you’re into that riskier side. This trading platform also has staking and lending programs, where you can potentially earn some passive income on the crypto you hold.
Gate.io is more than just an exchange; it offers additional features that some users find appealing, including a space dedicated to NFTs, a platform for launching new crypto projects, and even a copy trading system where you can mimic the trades of more experienced users.
Pros of Gate.io
- You can buy crypto using Malaysian ringgit (MYR) with payment methods like Simplex, Banxa, and MoonPay.
- Automated trading bots with strategies like grid trading, spot martingale, DCA, and arbitrage
- The app interface is relatively easy to navigate for beginners
- It provides API access for experienced traders who want to use 3rd party trading bots like 3Commas and Cryptohopper.
- Instant crypto-to-crypto conversion with zero fees
Cons of Gate.io
- The trading fees are pretty high at 0.2% for maker/taker, which is higher than the industry standard of 0.1%.
- Gate.io operates with less regulatory oversight than some major crypto exchanges.
4. Kraken
Kraken is one of the most regulated trading platforms in Malaysia. It is recognized both in the United States and Malaysia. You can access over 200 popular cryptocurrencies on the platform, including BTC, ETH, SOL, and more.
One of Kraken’s advantages is its focus on security – it takes user safety seriously, offering features like two-factor authentication, PoR data, and cold storage solutions. Plus, if you’re an experienced trader, the Kraken Pro platform has advanced tools and charting options like limit orders and technical indicators that allow for precise order placement and in-depth market analysis.
With the “Pro” interface, you can use advanced trading features such as futures trading, margin trading, OTC trading, and staking. However, be prepared for slightly higher fees of 0.25% maker and 0.45% taker compared to some of the above exchanges, such as Binance and Bybit.
Pros of Kraken
- Deep liquidity allows you to trade large volumes at stable prices easily
- Low latency API for bot traders
- Kraken supports staking for certain coins with up to 18% APR
- Dedicated NFT marketplace for digital art lovers
- The Kraken Learn section offers educational resources for new traders
Cons of Kraken
- Higher spot trading fees compared to its competitors
- New projects and low-cap altcoins are not frequently supported
5. KuCoin
KuCoin is the last reputable exchange on our list, with over 700 supported digital assets. It is available in over 200 countries with over 30 million global crypto investors.
Beyond just buying and selling crypto, KuCoin has some extra features for investors in Malaysia. This trading exchange has a lending program where you can lend out your crypto and earn interest on it. They also have a trading bot feature. Plus, it has a feature called ‘Spotlight’ that showcases promising new crypto projects, giving you a chance to get in early. Additionally, KuCoin also has a Web3 portal where you can access features like NFTs, non-custodial wallet, and decentralized finance (DeFi) services with its native KCC chain.
Pros of KuCoin
- Its fees (0.1%) are competitive within the industry and offer more discounts, especially if you hold their native token, KCS.
- It supports P2P (peer-to-peer) trading with the Malaysian Ringgit (MYR).
- Advanced trading system for institutional and high-volume traders
- PoR (Proof of Reserves) data is available for transparency in user asset holdings
- The platform has an intuitive and user-friendly interface, making it easy for beginners to navigate and trade
Cons of KuCoin
- Depositing and withdrawing fiat currencies like MYR through bank transfer is not available
- KuCoin has experienced hacks in the past, though security measures have since been enhanced
Best Crypto Trading Platform in Malaysia: Comparison
| Supported Coins | Trading Fees | Supported MYR Deposits | |
| MEXC | 2,236+ | 0.1% maker/taker | Only crypto-to-crypto trading |
| Bybit | 1,145+ | 0.1% maker/taker | Yes (P2P trading) |
| Gate.io | 1700+ | 0.2% maker/taker | Yes (Simplex, Banxa, and MoonPaay) |
| Kraken | 200+ | 0.25% maker and 0.4% taker | Yes (Card, Apple Pay, and Google Pay) |
| KuCoin | 700+ | 0.1% maker/taker | Yes (P2P trading) |
How to Buy Bitcoin and Crypto in Malaysia?
Here is the step-by-step guide on how to buy Bitcoin and other cryptocurrencies in Malaysia using the MEXC exchange:
Step 1: Create an Exchange Account
Begin by visiting the official MEXC website. You’ll find a “Sign up” button on the top right corner. Now, choose to register with your email address or phone number and create a strong password.
Carefully read and agree to MEXC’s Terms of Service and Privacy Policy. A verification code will be sent to you via email or SMS – enter this code to complete your registration.
Step 2: KYC Verification
Now, you need to verify your identity. Go to your profile section and choose “Identification”. The verification process usually involves providing personal identification documents and proof of address.
You will see two options, Primary KYC and Advanced KYC, each with different withdrawal limits: 80 BTC and 200 BTC per day, respectively. Choose whichever suits your needs.
Step 3: Deposit Funds
Since MEXC does not directly support deposits through a bank account or other methods in Malaysian Ringgit (MYR), you have two main options. Firstly, you can convert your MYR to a supported currency like US Dollars (USD) using a currency exchange service and then deposit the USD to your MEXC account.
Alternatively, if you already own cryptocurrency on another exchange or wallet, you can transfer it directly to MEXC. To do this, Go to “Deposit” in your “Wallet” section. Locate your deposit address for the specific cryptocurrency you want to transfer and use it to initiate the transfer from your other wallet or exchange.
Note: Your deposit and withdrawal networks MUST be the same; otherwise, you will lose your funds.
Step 4: Start Trading Crypto
Now that your MEXC wallet is funded, navigate to the “Markets” section. Search “BTC” or other crypto you want to trade. Select your desired pair to open the trading interface. You can also choose between different markets like spot and futures.
If you want to buy Bitcoin immediately at the current market price, use a “Market Order”. To set a specific purchase price, utilize a “Limit Order”. Enter the amount of Bitcoin you wish to acquire, review your order details, and confirm. Once executed, your Bitcoin will appear in your MEXC wallet.
How to Choose the Best Crypto Trading Platform in Malaysia?
- User-friendliness: If you’re new to crypto trading, you want to avoid getting lost in complicated charts and graphs. A good platform must have a clean, easy-to-understand interface to help buying and selling be simple.
- Number of supported cryptocurrencies: Naturally, you’ll want a platform that has the cryptos you’re interested in. The most popular ones like Bitcoin and Ethereum are likely to be on most platforms, but if you’re looking to invest in smaller or newer coins, you’ll need to check what a platform offers beforehand. MEXC exchange is a good example.
- Trading fees: Crypto trading often involves trading fees that can eat into your profits. It’s good to get familiar with the fee structure of different exchanges. Look at things like trading fees, deposit fees, and withdrawal fees. Some crypto apps offer lower fees for higher trading volumes – trading fees should be considered carefully if you plan on trading frequently.
- Security: Looking for platforms with a strong reputation for security measures like 2FA, cold storage (keeping coins in hardware wallets like Ledger and Trezor), and transparent solvency data (PoR).
- Customer Support: A good cryptocurrency exchange always goes along with a good support system to show how they care about their customers. You can check for options like live chat, email support, or a phone number for help when you need it, the more options the exchange can support their customers, the better the exchange is.
Conclusion
To sum up our review of the best crypto exchanges in Malaysia, we noticed that if you’re looking for a huge variety of coins, low fees, and trading options, MEXC or Bybit could be excellent choices.
However, before you jump into either platform, consider your specific needs like low fees, more supported coins, high leverage, etc. Taking some time for careful research and comparison will ensure you find the exchange that truly works best for you and your trading goals.
FAQs
Which is the best crypto exchange in Malaysia?
MEXC is the best crypto exchange in Malaysia due to its wide selection of cryptocurrencies, competitive spot fees and low futures fees, and a user-friendly platform. It’s a popular choice for both new and experienced crypto traders in Malaysia.
Is Bybit legal in Malaysia?
Yes, Bybit is available in Malaysia for trading Bitcoin and altcoins. However, Bybit doesn’t hold official registration with the Securities Commission of Malaysia, but it does not necessarily mean it’s illegal. This means it’s not technically regulated within the country.
Is crypto and Bitcoin regulated in Malaysia?
Yes, cryptocurrency falls under regulation in Malaysia. The Securities Commission Malaysia treats cryptocurrencies as securities. This means there are specific guidelines and laws that crypto exchanges and businesses operating within Malaysia need to follow.
Is Coinbase available in Malaysia?
Unfortunately, Coinbase is not available in Malaysia. It does not allow buying, selling, and trading cryptocurrencies directly on its centralized Coinbase exchange. However, you can use its non-custodial “Coinbase Wallet” in Malaysia to store and swap existing cryptocurrencies.
Is Luno legal and safe in Malaysia?
Yes, Luno is a legal and regulated cryptocurrency exchange in Malaysia. It’s officially registered with the Securities Commission of Malaysia, which means it adheres to the country’s financial regulations.
Which is the best Bitcoin wallet in Malaysia?
Coinbase Wallet, Trust Wallet, and MetaMask are some of the best Bitcoin wallets in Malaysia for storing your BTC coins. If you prioritize maximum security, consider crypto hardware wallets like the Ledger Nano X, Trezor Model T, or Ellipal Titan.
