EN 
CN In recent years, the cryptocurrency market has developed rapidly, and its market value has continued to grow, forming a huge profit chain around the world. While many people have made profits from it, others have lost everything. Investment is not a trivial matter. Since major exchanges or platforms have different rules and restrictions, in order to reduce subsequent troubles and unnecessary expenses, and maximize the monetary benefits you can obtain, by gaining a deep understanding of the exchange, investors can better participate in the market, strengthen the basis for investment decisions, and improve overall investment performance. This article will explore the regulatory background of cryptocurrency trading in Malaysia, the functions and services of the main exchanges available in Malaysia, and an in-depth analysis of the cryptocurrency trading options of specific exchanges. At the same time, we will also introduce how investors can choose the most suitable exchange according to their own needs, to help you gain a deeper understanding of cryptocurrency trading.
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Overview of the Malaysian Cryptocurrency Exchange Environment
Under Malaysia’s Capital Markets and Services (Securities Regulation) (Digital Currency and Digital Tokens) Order 2019, which came into effect in 2019, digital assets need to meet the requirements of the Act to be considered as valuable securities.
Legal and compliant digital assets are divided into two categories - digital currency and digital tokens.
Digital currency - recorded in a distributed digital ledger in the form of digital value, whether encrypted or not. It can be used as a medium for money transactions, depositing or spending an account.
Digital tokens - recorded in digital form on a distributed digital ledger, whether encrypted or not.
Relevant regulations and regulatory bodies
Experienced investors know that Malaysia is a relatively conservative financial market. For individual investors, is it legal to buy, sell and trade virtual currencies in Malaysia? In fact, the Securities Commission Malaysia (SC) is one of the main financial regulators in Malaysia. They have legislated to treat virtual currencies as a special type of securities and are responsible for regulating and developing Malaysia's capital market, includingCryptocurrency ExchangesTherefore, individual investors are protected under the Capital Markets and Services Act 2007 when buying, selling and trading virtual currencies. Any company that wants to run and provide securities services in Malaysia needs to register with the authorities.
Is cryptocurrency legal?
Legal, but the Malaysian government does not recognize digital assets as legal tender or official payment carriers. According to Section 63 of the Central Bank of Malaysia Act 2009, only currencies issued by the country's central bank can be considered legal tender. Therefore, according to the Capital Markets and Services (Securities Regulations) (Digital Currency and Digital Tokens) Order 2019, cryptocurrency is a type of security.
Currently recognized by the Malaysian governmentCryptocurrency ExchangesThere are only four, namely:
- HATA Digital Sdn. Bhd
- Luno Malaysia Sdn. Bhd
- MX Global Sdn. Bhd
- SINEGY DAX Sdn. Bhd
From the perspective of establishing and regulating the development of cryptocurrencies, the government is currently recognizing cryptocurrencies with a slow and cautious attitude. It is understandable that this is to protect the interests of consumers, but with the rise of the cryptocurrency economy and the metaverse, the government may be studying and preparing to draft more regulations to protect participants.
Comparison of features and services of major exchanges available in Malaysia
Diversified services: Binance > Bybit > Bitget > Luno
safety:Luno > Binance > Bitget > Bybit
User reviews:Luno > Binance > Bitget > Bybit
| name | Serve | safety | User Reviews |
| Luno |
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| Bybit |
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| Bitget |
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| Binance |
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There are some differences between these four cryptocurrency exchanges in the types of cryptocurrency trading they are suitable for. Luno is suitable for beginners and long-term investors, providing a simple and easy-to-use interface and mainstream cryptocurrency trading functions. Bybit and Bitget focus on derivatives trading and are suitable for experienced traders to trade futures and perpetual contracts. Binance is one of the largest cryptocurrency exchanges in the world and is suitable for all types of traders, providing a wide range of cryptocurrency trading pairs and multiple trading options. Traders can choose the appropriate exchange based on their needs and experience level.
In-depth analysis of specific exchanges
Bitcoin It is a digital currency used in a decentralized monetary system based on blockchain technology and is the first cryptocurrency widely known to the public.
Altcoin It is the abbreviation of Bitcoin alternative, which means all other cryptocurrencies except Bitcoin, not "pirated". These altcoins are modified cryptocurrencies based on the Bitcoin template for different purposes. The most popular altcoin on the market is Ethereum, which is the biggest competitor of Bitcoin.
If Bitcoin is mostly used for convenient investment and fast and low-cost asset transfer, then Ethereum exists for open and intelligent management of digital assets. It is worth noting that Ethereum's native cryptocurrency is called Ether. When you buy Ethereum, you are actually buying Ether.
Leverage
Binance Allows users to trade Bitcoin at 1:5 (5x), 1:10 (10x), or 1:20 (20x).
Bybit It allows users to trade Bitcoin at 1:10 (100x), but only on Bybit’s MetaTrader 4 platform.
Withdrawal
Binance charges about 0.0002% for each Bitcoin withdrawal, while Bybit charges 0.0005%. For Ethereum, the fees are 0.0012% and 0.005% respectively.
If you withdraw Ethereum in USDT, the fees for Binance and Bybit are $3.55 and $10 respectively.
It should be noted that if you are withdrawing fiat currency, Binance and Bybit do not support every fiat currency. Binance supports USD, BBP and EUR, while Bybit only supports TRY and BRL.
On-Ramps or Off-Ramps
If you use a credit card, Binance charges a fee of 1.8 %; Bybit is 2-3%.
If it is SWIFT/WIRE/SEPA/Advcash, the fee charged by Binance is 1.8 %; Bybit is 2-3%.
In terms of transaction smoothness and completion speed, Binance is better than Bybit.
Margin trading
If it is Bitcoin trading, Binance (2%) is higher than Bybit (1.8%) in this regard;
As for USDT, there is not much difference between Binance and Bybit, both are 4.8 %.
Trading View
Binance allows users to customize charts to suit their personal preferences and needs. Users can choose to display various indicators in the main and sub-charts, and choose different colors and line styles to display according to their preferences.
Bybit’s page also allows users to customize charts, but the indicators are not as many as Binance’s. Many users feel that there is no difference between Binance and Bybit on the Trading View page.
More Cryptocurrency Exchange Content:2024 Malaysia Bitcoin Exchange Evaluation Comparison
User Experience and Selection Guide
- Before you choose any cryptocurrency exchange or platform, you need to check the platform trading volume.
Because the larger the trading volume, the easier it is for investors to see the future direction of the stock market, and it is also more convenient when P2P is needed.
- Check the transaction fees charged by the cryptocurrency exchange or platform.
For beginners, the initial fee charged by the platform is very important, because it is directly deducted from your profit. When your trading volume on the platform increases, you will upgrade your account and the fee charged by the platform will decrease. Therefore, it is not recommended to change your account frequently.Cryptocurrency Trading Platform.
In addition, you can also pay attention to the discounts of the platform, such as Binance can give accounts with Binance coin (BNB) a fee discount of 25%, while Bybit does not have such a discount. Because BNB is also a kind of digital asset, users need to be responsible for its risks.
- It is necessary to check in advance the available withdrawal methods and currencies on the cryptocurrency exchange or platform.
Everyone is afraid that it is easy to get money in but difficult to get money out, so you need to check the methods and currencies available for withdrawal on the exchange or platform in advance. Since cryptocurrencies are not recognized by every country or bank, you may need to use a third party or P2P to convert currencies, which may incur additional fees or troubles.
Make sure the trading services you want are supported on the chosen platform, especially the trading pairs, as not every platform has the corresponding trading pairs.
Summarize
If you are new to cryptocurrency, Luno is a recommended cryptocurrency exchange in Malaysia. Whether in terms of service quality, security, user reviews, types of tradable currencies, or ease of operation, Luno performs well, making it easier for novice users to get started.
Advanced traders can choose Binance because it provides more trading solutions and services. At the same time, Binance's security is not reduced while allowing high-risk and high-return investments. Based on the fact that Binance and Bybit provide similar services, Binance's fees are lower than Bybit, so Binance is more recommended. But if you want higher returns, you can choose Bybit. At present, various cryptocurrency trading platforms are constantly adding more services and technical options. We encourage traders to continue to explore and learn about cryptocurrency so that they can make the best choice when trading.
MoreCryptocurrency Exchange Guide, please pay attention to the website’s exclusive latest articles and information.
Frequently Asked Questions and Answers
Do I need to pay taxes when trading cryptocurrencies in Malaysia?
As an individual, non-mining, and non-systematic investment, no tax is required. If it is carried out in the form of a business or commercial companyCryptocurrency trading, these transactions are considered business activities and you may be subject to corporate income tax regulations.
Which of the above mentioned exchanges is easier to withdraw money from?
Luno > Binance > Bitget > Bybit
Luno is more suitable for local users in Malaysia because it allows you to buy cryptocurrencies directly with Ringgit, which saves a lot of hassle and fees that may be incurred when withdrawing money. Other exchanges are more likely to withdraw money in US dollars or euros. If you need Ringgit, you need to convert it separately.
Is Bybit really unusable?
No matter what cryptocurrency trading is, there are risks. This depends on your level of acceptance. For example, if you need a higher return (leverage), you must accept a higher risk. When joining or using a platform or exchange, you should ensure that you fully understand the risks associated with trading digital assets or using the platform. You need to be mentally prepared that all digital assets in your account may be lost.
What is the future potential of Luno?
The overall user evaluation is good. At present, Luno is now continuously expanding its business scope. According to the latest news, LLuno has successfully obtained permission from the SC and has now launched two cryptocurrencies, Cosmos (ATOM) and Polkadot (DOT), expanding its token offerings. There are currently 13 cryptocurrencies listed on Luno.
