How to Buy Bitcoin in Malaysia 2024

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The report maps out Malaysia as one of the hubs for Crypto trading. This is good news for budding traders in Malaysia looking for information on the Bitcoin trading prospects in the country. If you're wondering how to buy Bitcoin in Malaysia in 2023, then this article is tailored for you.

The article assesses the best Bitcoin options in Malaysia, the actual process of buying Bitcoin, and the legal and tax issues related to Bitcoin trading in Malaysia.

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Is Buying Bitcoin a Good Idea in 2024?

Most first-time Bitcoin buyers wonder whether this idea is worthwhile. If you wonder whether it's a good idea to invest in Bitcoins, then here are some insights to help you make a more informed decision.

Low Inflation Risks

Compared to most other options you can consider in the market, Bitcoin offers one of the best low inflation alternatives for investors. Bitcoin is low immune to inflation, a trait that's uncommon in most other tradable options. Have you wondered how to buy Bitcoin in Malaysia and if this option is safe? Well, with its low inflations risks, Bitcoin stands out as one of the safest options.

Low Liquidity

Liquidity is often top of the agenda for most investors when considering investment options. As a currency and an investment, Bitcoin is among the most liquid alternatives in the market today. Established trading platforms in Malaysia and globally means that you can easily trade Bitcoins for cash and vice-versa. The liquidity aspect of Bitcoin makes it an excellent investment vessel for beginners looking for short-term profits.

Virgin Market and New Opportunities

The Bitcoin and Cryptocurrency market is still young and vibrant. The future can only get better with the consistent growth of opportunities to expand the crypto market. If you are looking to buy Bitcoins in Malaysia in 2023, then you have the assurance that this market will continue to offer you expansion opportunities.

Minimalist Trading

The digital currency market and the stock trading space operate within highly regulated contexts. The underlying need for certification and licensing can be limiting for new traders who prefer a minimalistic approach to trading.

Bitcoin offers the unique benefit of minimalistic trading. If you want to learn how to trade Bitcoin in Malaysia, it's worth noting that this option does not involve unnecessary regulations. You can easily buy and sell bitcoin with remarkable ease.

These pointers confirm that Bitcoin is a perfect solution for traders looking to trade in Bitcoin in Malaysia.

Best Options to Buy Bitcoin in Malaysia

If you are looking to buy Bitcoins in Malaysia, you'll probably wonder which best options you can consider. Not every exchange option will provide you with the anticipated ends. Some exchanges can be unscrupulous, which is often a recipe for losses.

The best answer on how to buy bitcoin in Malaysia in 2023 should be first to find a reliable cryptocurrency exchange platform. This is only achievable by undertaking due diligence before picking a top exchange to buy Bitcoin.

First, consider the authenticity of the specific crypto exchange. You can't invest with an exchange alternative that lacks the necessary securities to secure your money. A reliable exchange should be legitimate and has a secure platform.

Second, the exchange platform should have an easy method to purchase and sell crypto. Other aspects to consider in a bitcoin exchange include the trading platforms and the supported tokens. Further, considering the user interface available on the exchange option, the user interface should have a positive user experience. Finally, it's imperative to pay attention to the fee structure. You also don't want to end up engaging on a platform that charges exorbitant rates camouflaged as a fee structure. Therefore, choose crypto exchanges with low fees.

Top 3 Exchanges to Buy Bitcoin

Broker Pros Maker fee (min/max) Taker fee (min/max) MInimal deposit

Binance

-Best liquidity
-Huge choice of crypto assets
-Low fees

0.1000%/ 0.0150%

0.1000%/ 0.0300%

$50

Buy Bitcoin

Coinbase

- High trust level
- US Based Exchange

0%- 0.50%

0.04% - 0.50%

$50

Buy Bitcoin

How to Buy Bitcoin in Malaysia - Step By Step

If you are wondering how to buy bitcoin in Malaysia, there are specific steps you may need to consider. These steps will help you make the best out of your investment process. Some beginners often disregard the sequential process of buying bitcoin. The failure to consider a step-by-side process could be more disastrous when dealing with unregulated exchanges. Here're some steps to help you go through a seamless process.

Step 1: Choose a Crypto Exchange and Sign-in

As noted in this article, your crypto exchange provider can make or break your intention to invest in Bitcoin. You'll probably encounter various exchanges competing for new buyers as a new buyer. It's a daunting yet crucial step for you to find a suitable exchange.

Some critical factors to consider include the different jurisdictions and their regulatory dynamics that matter.

You may consider peer-to-peer platforms or native crypto exchanges that offer Bitcoins. Legitimacy, legality, and user interface platforms are other factors you should consider. Such aspects could make or break your attempt to land a reliable crypto exchange. The three exchanges mentioned above are some of the best options for buying bitcoins in Malaysia. Once you identify an exchange option, continue to sign in.

registration on Binance

registration on Binance

Step 2: Determine a Payment Option

Different exchanges adopt varying payment platforms and methods. Some of the most common alternatives include bank accounts, debit cards, and credit cards. However, more recent breakthroughs, including PayPal, are also changing the scope of payment when buying Bitcoins.

It's essential to ensure that you get all the necessary verifications for your payment methods when starting. The payment method should also be highly secure to minimize the risk of fraud. Most payment methods insist on scanned copies to verify identity. While it may seem bothersome, these measures help ensure your security at all times.

PayPal is among the most secure payment options when buying Bitcoins. However, depending on the exact exchange option available, you may need to choose specific payment options.

determine a payment option

determine a payment option

Step 3: Place Your Order

Once you get a verified profile and a trusted payment option, the next phase should be to place your order. However, you need to deposit money into a specific account to have adequate funds to make the necessary purchases. Most platforms have a buy and sell button that makes the process of placing your order easy.

place your order

place your order

Step 4: Store Your Bitcoin

The cryptocurrency space has become more secure over time. Even then, the industry continues to face instances of hacking and fraud. Such concerns underscore the need to have reliable storage for your Bitcoin. At the beginning of your investment, you may need to identify your Bitcoin's storage option. Wallets are the safest options to consider when looking for a storage platform.

There're various Bitcoin wallets for beginners you can consider. The types of wallets and compatibility matter when choosing a storage option for your Bitcoins.

store your Bitcoin

store your Bitcoin

Other Options for Buying Bitcoin in Malaysia

The space for the purchase and sale of Bitcoin continues to expand. Today, there are multiple other options to buy bitcoins in Malaysia. Currently, PayPal and her subsidiary Venmo are the most used options when buying Bitcoin in Malaysia. You may also consider Cash App as another option in your investment journey. However, beyond these options are other peer-to-peer exchanges.

P2P exchanges provide a platform to buy bitcoins with the benefit of an escrow exchange context. Such benefits ensure an extra layer of protection and safety for you when trading bitcoin.

Some of the standard P2P options include Local Bitcoins. The platform is a global P2P option for buyers in Malaysia looking for a secure alternative to buy Bitcoins. The options support at least 60 methods. Local Bitcoin stands out among the rest due to its many unique features. The platform has a reputation system where all traders can find their past activities' records. Local bitcoins also has an escrows service where Bitcoins can be held until the transaction is complete. The platform also has a login guard, which requires identity verification whenever it detects a new login attempt. You may also consider other peer-to-peer bitcoin owners when buying bitcoins in Malaysia. The other standard option is the Bitcoin ATMs, which work as the normal ATM, with the only limitation being that the buyer can only buy and trade in bitcoins.

Are you wondering how to buy Bitcoins in Malaysia? You may also consider exchange-traded funds or Grayscale funds. The pros share a notable example of these exchange-traded funds.

With such options available for you, it's imperative to take all the necessary due diligence before buying Bitcoins. In some cases, these buying platforms have proven to be scams where novices lose significant amounts of hard-earned money. Always consider an exchange or buying platform that's rated or ones that have a reputation of success.

Where to Store Bitcoin

Bitcoins require safe storage. Depending on your short-term and long-term plans, you may decide to store Bitcoin on a cold or a hot wallet. A cold wallet refers to a cryptocurrency storage wallet that's not connected to the internet. Such wallets may also refer to as hardware wallets or offline wallets. Users consider this storage option when they want to store Bitcoins in a wallet that's not readily susceptible to compromises. If you intend to keep your Bitcoin longer and with better security, then this is your best deal. Cold wallets offer user address privacy and a private key to help ensure complete confidentiality and security to traders.

On the other hand, a hot wallet refers to a virtual wallet, where your currency storage can be accessible online. The option is suitable for traders who undertake multiple routine transactions. You may also consider hot wallet services if you only intend to store your bitcoin over a short period. It's advisable always to consider the option that provides the highest security levels for your investments.

Is Bitcoin Legal in Malaysia?

Bitcoin is not a legal tender in Malaysia. However, currently, there is no law whatsoever in the country that restricts the use of Bitcoins. However, the Central Bank of Malaysia made some declarations on Bitcoins. The position statement underscores that Bitcoin and other crypto had no legal status and regulatory framework to qualify as an acceptable instrument.

However, crypto remains an acceptable alternative for peer-to-peer transactions. This means that you can never face any form of legal issues for trading, buying, or selling bitcoin in Malaysia

Is Bitcoin Trading Taxable?

At the moment, there is no clear explanation of how to pay taxes when trading cryptocurrency in Malaysia. Please contact your local tax specialist for legal details.

Top 10 Best Altcoins

Most people who invest in Bitcoins also have an interest in altcoins. Altcoins are a form of crypto other than Bitcoin. They share some features similar to Bitcoins but are also different in some ways. The term altcoins may refer to all other cryptos other than Bitcoins. These coins may come in different functionalities and consensus mechanisms depending on varying categories.

Our experts have set out the best altcoins for investment in 2023. The analysis of the best altcoins is based on such criteria as performance, technology, and popularity among investors. In this table, you'll learn about each of the top best altcoins, their current price, one-year vis-à-vis historical return, and the total score for each coin.

Cryptocurrency Industry Current price 1y return 1m Return Total score

Binance Coin (BNB)

Cryptocurrency exchange

302.70$

-9.53%

0.10%

9.5

Invest

Cardano (ADA)

Blockchain platform

0.50$

22.16%

0.77%

9.2

Invest

Ripple (XRP)

Payments

0.51$

22.32%

-8.80%

9

Invest

Dogecoin (Doge)

Payments

0.08$

-16.42%

0.32%

8

Invest

Polkadot (DOT)

Blockchain platform

6.81$

-1.95%

-1.34%

8

Invest

LItecoin (LTC)

Payments

68.29$

-38.51%

6.07%

7.6

Invest

Stellar (XLM)

Payments

0.00$

NaN%

NaN%

7.5

Invest

Uniswap (UNI)

Decentralized exchange

0.00$

NaN%

NaN%

7.4

Invest

Tron (TRX)

Blockchain platform/Media

0.00$

NaN%

NaN%

7

Invest

IOTA (MIOTA)

Internet of Things

0.00$

NaN%

NaN%

6.9

Invest
Find out more about the best cryptocurrencies to invest in

Note!

This article is not financial advice and only for educational purposes. Buying cryptocurrencies is a high-risk type of investment.

Summary

Malaysia is among the top economies on the Asian Continent. The economic status affirms the country's leading role in embracing cryptocurrency trading. Today, Bitcoin trading in Malaysia grows steadily.

The process of buying bitcoins in Malaysia is well-elaborated in this article. The steps include choosing a crypto exchange, determining the payment platform, making the order, and deciding the storage option. The article discusses buying bitcoins, including PayPal, credit cards, and P2P options. In the end, the report also reaffirms the legality of Bitcoins in Malaysia.

FAQs

Is buying and selling of Bitcoin common in Malaysia?

Yes, Malaysia is among the biggest crypto markets in Asia

Is trading in Bitcoins legal in Malaysia?

Yes, there're no legal issues limiting trading in Malaysia

Are gains from Bitcoin trading taxable in Malaysia?

At the moment, there is no clear explanation of how to pay taxes when trading cryptocurrency in Malaysia.

Can I use Bitcoin for regular transactions in Malaysia?

Yes, there's a growing acceptance of cryptocurrency in Malaysia as an alternative means of payment.

Team that worked on the article

Chinmay Soni
Contributor

Chinmay is a certified Investment Analyst and Portfolio Manager by the National Stock Exchange (NSE) Academy. He is currently associated with a $75 million VC fund and assists them in identifying and researching investable sectors and start-ups. He has completed his Bachelors of Business Administration from the Institute of Management, Nirma University and is currently pursuing MBA majoring in Finance from the same. He has 4 years of hands-on investment experience in a variety of asset classes and his professional qualifications include being a CFA Level 2 candidate and NSE Certified Market Professional Level 2.

He finds writing as a way to express his thoughts and share his knowledge with people eager to learn. He himself happens to be an avid reader of personal finance books and on top of his recommendation list are the international bestsellers ‘The Psychology of Money’ and ‘Think and Grow Rich’

He has this one strong belief as his motto: Life is what you make of it.

Dr. BJ Johnson
Dr. BJ Johnson
Developmental English Editor

Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.

The topics he covers include trading signals, cryptocurrencies, Forex brokers, stock brokers, expert advisors, binary options. He has also worked on the ratings of brokers and many other materials.

Dr. BJ Johnson’s motto: It always seems impossible until it’s done. You can do it.

Mirjan Hipolito
Cryptocurrency and stock expert

Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO). Mirjan is a cryptocurrency and stock trader. This deep understanding of the finance sector allows her to create informative and engaging content that helps readers easily navigate the complexities of the crypto world.