Investors Guide 2024: Recommended Safest Cryptocurrency Exchanges in Malaysia

As the cryptocurrency market continues to develop, more and more people are paying attention to and participating in cryptocurrency transactions. As a digital asset investor, it is crucial to choose an exchange that is reliable, secure and has a good user experience. This article will introduce several of the best cryptocurrency exchanges in Malaysia to help every investor make an informed choice.

Ranking of Malaysia’s Excellent Cryptocurrency Exchanges

Only the flow of money can generate value. From the birth of cryptocurrency to the rising market demand, various digital currency exchange applications have emerged in recent years. The competitiveness of the industry is particularly fierce, and there are also hundreds of schools of thought contending. The undercurrent in the market has made Investors have a hard time making a choice. Here we have compiled the 6 best Malaysian cryptocurrency exchanges for your reference!

TOP1: Luno - the first approved cryptocurrency exchange

Luno Malaysia is the first cryptocurrency exchange approved by the Securities Commission of Malaysia (SC). One of the oldest Bitcoin exchanges in the world, Luno (previously known as BitX) was founded in 2013 and is headquartered in the United Kingdom. Luno Malaysia was established in Malaysia in 2015 and within a short period of time, it became one of the largest cryptocurrency exchanges in Malaysia.

Luno Malaysia’s leading position in the market is driven by its superior security and stability. As a regulatory-approved exchange, Luno Malaysia adheres to compliance standards and has strict security measures in place to protect users’ assets and personal information.

The exchange offers a convenient user experience and friendly interface, making it easy to use for both new and experienced traders. Users can trade Bitcoin and other mainstream cryptocurrencies on Luno Malaysia and enjoy fast deposit and withdrawal services.

advantage	Support virtual currencies	Regulation and Licensing	cost	Recommended
🔥Old exchange 🔥Profound foundation 🔥Experienced management team 🔥Top defense system	Including Bitcoin, Ethereum, Litecoin and other 400 cryptocurrencies	Including MAS (Monetary Authority of Singapore), BAPPEBTI (Indonesia Commodity Futures Regulatory Authority) and SCM (Exceed)	2%, 0.5% and 0.25%	⭐⭐⭐⭐⭐

TOP2: Tokenize Xchange-the fastest transaction speed

Founded in 2018, Tokenize Xchange is a Malaysia-based cryptocurrency exchange. The exchange offers trading in multiple cryptocurrencies and aims to create a simple and enjoyable trading experience for its users.

Tokenize Xchange is committed to providing an intuitive interface and friendly customer support, making it easy to get started whether you are a newbie or an experienced trader. They focus on user experience and help users better manage their digital assets by simplifying the transaction process and providing easy-to-understand tools and features. Additionally, Tokenize Xchange takes security and compliance seriously. They adopt advanced security measures to protect users' funds and personal information, and comply with relevant regulations and regulatory requirements to ensure the legitimacy and reliability of the exchange.

advantage	Support virtual currencies	Regulation and Licensing	cost	Recommended
🔥Various cryptocurrency options 🔥User-friendly interface 🔥Fast trade execution 🔥Compliance supervision	Supports 390 virtual currencies including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Ripple (XRP)	One of the first three digital asset exchanges approved by Securities Commission Malaysia	Transaction fees are relatively low, and users holding Tokenize Token (TKX) can also enjoy discounts on transaction fees	⭐⭐⭐⭐⭐

TOP3: Binance (Binance) - the largest exchange in the currency circle

Binance is the third largest cryptocurrency trading platform in Malaysia, with more than 120 million users in more than 100 countries, making it a large global company. The platform provides a wealth of functions, including spot trading, futures trading, margin trading, options trading, deposit services and decentralized exchanges (DEX). At the same time, Binance also provides 24/7 multi-lingual customer support, including Bahasa Malaysia.

As a leading cryptocurrency trading platform, Binance is committed to providing a highly secure and reliable trading environment. They adopt multiple security measures to protect users' funds and information, and strictly adhere to compliance standards to ensure the safety of users' assets.

Binance stands out among its peers for its deep liquidity and has the deepest trading volume among various crypto assets. This unique feature enables users to enjoy additional benefits and run smoothly even with large volumes of transactions, further enhancing its appeal among Malaysian investors.

advantage	Support virtual currencies	Regulation and Licensing	cost	Recommended
🔥Extensive user base 🔥Versatility 🔥Deep Liquidity 🔥24/7 multi-language customer support	350+ cryptocurrencies	Global license available to Malaysian investors	The spot transaction fee is 0.1%, and the derivatives fee is the market maker/undertaker fee, which is 0.02%/0.04%. Deposit and withdrawal fees range from 0.5% to 1.8%	⭐⭐⭐⭐⭐

TOP4: SINEGY-the most functional exchange

SINEGY was established in 2017 and is headquartered in Malaysia. As one of Malaysia's leading cryptocurrency trading platforms, SINEGY aims to provide users with a safe and secure trading environment and promote the widespread adoption of digital assets. As a Malaysian cryptocurrency trading platform, SINEGY provides Malaysian investors with a trustworthy and convenient digital asset trading platform through high security, reliability and user-friendliness. SINEGY is committed to ensuring the safety of user funds. They employ strict security measures, including cold storage and multi-signature technology, to protect users’ assets from potential security threats.

advantage	Support virtual currencies	Regulation and Licensing	cost	Recommended
🔥Low transaction fees 🔥Intuitive and concise interface 🔥Support USDT deposit 🔥Excellent experience and service	Offers a wide range of cryptocurrency trading pairs, including Bitcoin, Ethereum and other major digital assets	Based in and regulated by Malaysia	Bitcoin (BTC) – 0.05% (Minimum fee: 0.000025 BTC) Ether – Dynamic Pricing*	⭐⭐⭐⭐⭐

TOP5: bybit-the exchange with the most institutional customers

The Bybit platform is a trading platform with over 770 crypto assets and fast Malaysian Ringgit (MYR) deposit options, designed to perfectly meet the unique needs of the Malaysian audience. The platform combines easy-to-use features with robust, secure infrastructure to keep good records.

More than just a versatile platform, Bybit has solidified its position as the most important exchange in Malaysia. It offers futures contracts with up to 100x leverage and has a thriving NFT market that continues to offer a wide variety of trading possibilities, cementing its position as the preferred destination for cryptocurrency enthusiasts in Malaysia.

advantage	Support virtual currencies	Regulation and Licensing	cost	Recommended
🔥Extensive cryptocurrency support 🔥Malaysian Ringgit (MYR) Deposit Options 🔥Strong infrastructure and security 🔥Highly leveraged futures contracts and NFT markets	770+ cryptocurrencies	Based in and regulated by the UAE	The market maker order for each transaction is 0.01%, and the taker order is 0.06%. Zero deposit and withdrawal fees	⭐⭐⭐⭐⭐

TOP6: OKX (OUYI)-the vane of currency contract contracts

OKX is a cryptocurrency trading platform with a strategic focus on serving institutional investors, ranking sixth in the Malaysian market. The platform features advanced trading tools, a wide selection of cryptocurrencies, and competitive trading fees. It supports a variety of trading instruments, including futures, options and margin trading, providing institutional clients with greater flexibility and risk management capabilities. In addition, OKX also provides OTC trading desk services.

OKX is committed to security and compliance and offers comprehensive API services, making it a notable choice for Malaysian institutional investors looking for a reliable and trustworthy trading platform.

advantage	Support virtual currencies	Regulation and Licensing	cost	Recommended
🔥Extensive cryptocurrency support 🔥Focus on institutional investors 🔥Competitive transaction fees 🔥Security and Compliance	300+ cryptocurrencies, stablecoins, and more	Under the new regulatory regime of the Hong Kong Securities and Futures Commission, OKX holds a VASP license and can operate in Asia	Free MYR deposit and spot trading fee of 0.08%	⭐⭐⭐⭐⭐

What you should know about using a cryptocurrency exchange

Here are some important common sense things you should know before trading cryptocurrencies.

1. High risk: Virtual currency trading is high risk because cryptocurrencies are a relatively new asset class and lack a globally consistent regulatory framework. This means that cryptocurrency exchanges may not be protected by comprehensive regulations.
2. Security risks: Many large exchanges have experienced hacking attacks and asset losses. An exchange's ability to protect customer assets depends on its size and technical strength.
3. Security considerations: The security of the virtual currency field still needs time to be verified. Some people advise not to keep large amounts of money in an exchange account for a long time, but to withdraw profits regularly and keep only a small amount of money in the account. This is an approach to consider.

In short, if you lack understanding of virtual currencies, it is recommended not to get involved easily. If you are seriously interested, you should be aware of the risks and do your own research and gain sufficient knowledge before starting. At the same time, it is recommended to practice with a small amount of money when trading for the first time, so as to gradually become familiar with the operation of the exchange and the characteristics of the market.

How to Choose a Quality Cryptocurrency Exchange

Under the premise that you have a full understanding of the risks and sufficient knowledge, evaluate cryptocurrency exchanges in order of importance. The key points to consider are as follows: d. Scale and reputation: Choose an exchange that is larger in scale and has a good reputation. Larger exchanges usually have better technical capabilities and security.

1️⃣Chinese support:If you speak Chinese, choose an exchange that provides a Chinese interface and Chinese customer service for better problem solving and communication. Ensure that the Chinese services provided by the exchange are comprehensive, including customer service support and user interface.

2️⃣Service quality and user experience:Register and experience the exchange’s official website to understand the quality of its user interface and customer service. Most exchanges offer free registration so you can experience its features and processes on your own.

3️⃣Supported currency types:Make sure the exchange supports the cryptocurrency you're interested in and offers the pairs you want to trade.

4️⃣Transaction fees:Learn about exchange rates, fees, deposits and withdrawals. Compare the fee structures of different exchanges to choose the one that meets your needs.

5️⃣Safety and Security:Confirm the security measures taken by the exchange, such as cold storage, two-step verification, etc. Additionally, find out if the exchange has safeguards in place, such as asset insurance, to cover potential risks.

6️⃣User reviews and feedback:Read reviews and feedback from community forums, rating agencies, and other users to get a feel for the exchange's reputation and user experience.

Most importantly, before choosing a cryptocurrency exchange, make sure you understand the risks and have sufficient knowledge and experience to trade.

 

Steps to Buy Bitcoin or Cryptocurrency in Malaysia

1. Get a Digital Wallet: First, you need to get a digital wallet to store and manage your cryptocurrencies. You can choose from online wallets, hardware wallets or mobile wallets, etc., and choose the wallet that suits you based on your needs and preferences.
2. Register an exchange in Malaysia: Choose a cryptocurrency exchange that operates legally in Malaysia to register. Make sure the exchange supports Malaysian users and provides reliable security measures.
3. Verify identity: Exchanges often require users to verify their identity to comply with anti-money laundering (AML) and know-your-customer (KYC) regulations. You may be asked to provide proof of identity, address and other relevant documents.
4. Deposit funds: Deposit funds on an exchange, usually via bank transfer, credit card, or other payment methods. Please note that exchanges may charge deposit fees or handling fees, which you need to be aware of and consider.
5. Buy Cryptocurrencies: Once your account has sufficient funds, you can purchase the cryptocurrencies you are interested in using the trading features provided by the exchange. Before buying, make sure you understand the relevant trading pairs and prices, and place a stop-loss or take-profit order if needed.
6. Secure Storage: Once you purchase cryptocurrency, store it securely in your digital wallet. Please make sure to take appropriate security measures such as enabling two-factor authentication, backing up your wallet, etc.

By following these steps and choosing a trustworthy, regulated exchange, you can buy cryptocurrencies safely and legally in Malaysia.

 

Malaysian Investors FAQs & Answers

Can cryptocurrencies be used in Malaysia?

Yes, Malaysia allows residents to use and hold cryptocurrencies, but the legal status and regulatory framework for cryptocurrencies are not yet fully clear.

Can USDT (Tether) be used in Malaysia?

Yes, residents of Malaysia can use USDT, a stablecoin based on blockchain technology that is pegged to the US dollar.

Which exchanges can I use to buy USDT in Malaysia?

In Malaysia, you can buy USDT using some well-known cryptocurrency exchanges such as Binance and OKEx. These exchanges have a wide user base in Malaysia.

Can OKEx be used in Malaysia?

Yes, OKEx is a globally renowned cryptocurrency exchange that also provides services in Malaysia, and residents can trade using OKEx Malaysia.

Is cryptocurrency legal in Malaysia?

Malaysia’s legal status regarding cryptocurrencies is not yet fully clear. Malaysia’s financial regulator (Bank Negara Malaysia) has issued some guidance documents regulating the operations and anti-money laundering measures of cryptocurrency exchanges, but the specific legal framework is still under development.

Binance available in Malaysia?

Yes, residents of Malaysia can trade cryptocurrencies using Binance. Binance, one of the largest cryptocurrency exchanges in the world, also serves Malaysian users.

What currency is used in Malaysia?

The official currency of Malaysia is the Malaysian ringgit (MYR). On cryptocurrency exchanges, you can trade using Malaysian Ringgit or other supported currencies.

Summarize

Cryptocurrency exchanges are very diverse, and there are different exchanges to suit different trading needs and preferences. Keep in mind that what works for one person may not be the best choice for another, so it’s crucial to do your research before deciding which cryptocurrency exchange is best for you. Check out our detailed reviews of several top-notch cryptocurrency trading platforms. We discuss and compare features, pros, cons, and fees to help you decide which one best suits your trading needs. Here are our recommendations for the best cryptocurrency exchanges in 2024 For details, please pay attention to more information about the cryptocurrency trading platform.cryptopie』Other related articles!