7 Best Crypto Exchanges in the Malaysia 2024
The best Cryptocurrency exchange in Malaysia - Bybit
Тop Cryptocurrency exchanges in Malaysia:
-
1
Bybit - Low trading fees
-
2
Binance - Best for novice traders
-
3
Coinbase - Sterling reputation
-
4
KuCoin - Altcoins trading
-
5
Huobi Global - Advanced traders
In the ever-evolving world of cryptocurrency trading, selecting the right exchange is paramount to success. In 2023, as digital assets continue to redefine the financial landscape, making an informed decision about where to trade in Malaysia has never been more crucial.
To aid you on this journey, Traders Union's team of experts has evaluated and compared the best crypto exchanges in Malaysia. Our comprehensive review delves deep into their trading conditions, unique tools, advantages, and disadvantages. Whether you're a seasoned trader or just starting out, our expert analysis will be your compass in navigating the dynamic Malaysian crypto market.
Top 7 crypto exchanges in Malaysia
As we embark on our journey to discover the top cryptocurrency exchanges in Malaysia for 2023, let's first take a moment to understand the key features and offerings of these platforms. In the following table, we present a concise overview of the leading crypto exchanges in the country, highlighting their strengths and weaknesses to help you make an informed choice for your digital asset investments.
| Broker | Best For | Maker fee | Taker fee | Malaysian Naira (NGN) support | Number of Supported Coins |
|---|---|---|---|---|---|
Low trading fees |
0.1% |
0.1% |
Yes |
Over 400 coins |
|
Novice traders |
0.1% |
0.1% |
Yes |
Over 350 coins |
|
Sterling reputation |
0.4% |
0.6% |
Yes |
More than 250 coins |
|
Altcoins trading |
0.1% |
0.1% |
Yes |
More than 700 coins |
|
Advanced traders |
0.2% |
0.2% |
Yes |
Over 300 coins |
|
Derivative trading |
0.1% |
0.1% |
Yes |
Over 300 coins |
|
Top-notch security standards |
0.16% |
0.22% |
Yes |
Over 200 coins |
Bybit - Low trading fees
With its corporate headquarters in Singapore, Bybit is a well-known cryptocurrency exchange that works on a global scale. Due to its many features and user-friendly layout, Bybit has established a reputation as one of the finest cryptocurrency exchanges in Malaysia. Ben Zhou, a well-known figure in the cryptocurrency community, is the founder of Bybit. Over 400 digital assets, such as Bitcoin, Ethereum, and altcoins, can be traded on Bybit's reliable trading platform. Due to its 100x maximum trading leverage, it is a preferred choice for skilled traders seeking to maximize possible profits.
Other important elements that contribute to the exchange's top ranking are its robust security measures, vast selection of assets, round-the-clock customer service provided in Malaysian, and several MYR payment options. In addition to trading, Bybit provides a wide range of other features, such as crypto staking services, crypto loans, lending options, an NFT marketplace, a rewards center, and more. The platform places a high priority on security, transparency, and privacy, which makes it a solid option for investors from Malaysia. Due to its minimal trading fees, it is also considered to be among the cheapest cryptocurrency exchanges.
Supported assets
400+ supported assets
Up to 100x leverage on crypto
Advanced tools supported by great technology
Risk-free testnet environment
Very low trading fees
Investment options
Copy trading
Farming
Demo trading
Lending
NFT trading
Margin trading
Option trading
Spot trading
Futures trading
Binance - Best for novice traders
Due to its cutting-edge features, affordable fees, committed support team, security, and high liquidity, Binance is regarded as the finest cryptocurrency exchange for companies in Malaysia. Companies can trade with great volume and flexibility because to its trading characteristics. Its professional-grade trading platform is outfitted with cutting-edge technologies to meet the demands of both beginners and big investors. With its innovative methods, the exchange also places a high priority on security, winning over institutional clients' trust and confidence. More than 180 nations worldwide, including Malaysia, have laws and licences governing it. Malaysian investors can use Malaysian Ringgits to trade over 350 cryptocurrencies, stake over 30 tokens, and transact in hundreds of NFTs on Binance.
Binance also offers a wide variety of cryptocurrency trading alternatives and claims one of the most affordable crypto exchange fees at just 0.1%. Additionally, the platform offers a wide range of features, including spot, futures, leverage, options trading, staking services, and a decentralized exchange (DEX). The platform provides assistance to users 24/7 in a number of languages, including Bahasa Malaysia. In addition to its sophisticated security measures, Binance is bound by legal standards, provides a wide range of features, and maintains a reputation as one of the top cryptocurrency exchanges in Malaysia.
Supported assets
Cold storage of digital assets
NFT Marketplace
Over 350+ supported digital assets
Trading tools and derivative products
Investment options
Staking
Lending and
NFT trading
Margin trading
Option trading
Spot trading
Futures trading
Coinbase - Sterling reputation
Coinbase is a popular cryptocurrency exchange, especially sought-after among novice traders. It allows you to trade all cryptocurrencies including Bitcoin, Ethereum, Litecoin, Ripple, BitcoinCash, and others. You will find a web version and an application for a smartphone based on iOS or Android. The crypto exchange provides services to users from 100 countries with more than 43 million active traders registered on the exchange. The total assets on the platform are equivalent to over USD 90 billion. The exchange brings to the table one-of-a-kind training programs that allow you to earn money during the learning process by improving your expertise in the crypto market. Learn what Coinbase is and how the exchange works.
KuCoin - Altcoins trading
It has made a name for itself as one of the most well-known platforms that provides crypto operations for Malaysians. KuCoin is an established leader in the digital currency industry. KuCoin is a sizable cryptocurrency exchange that allows users to buy, sell, and trade cryptocurrencies. The platform enables leverage, futures, and peer-to-peer trading in addition to standard trading choices. Users can also decide to lend or stake their cryptocurrency to gain incentives. KuCoin is an appealing alternative because it has affordable trading fees when compared to some of its rivals.
The platform provides access to a huge selection of more than 500 cryptocurrencies, including both well-known and uncommon coins. Due to its distinctive market positioning, affordable trading fees, and sophisticated trading features, KuCoin is a well-liked option among Malaysian traders. As a result, it has solidified its position as a strong competitor in the local market. The exchange provides a number of sophisticated trading capabilities, including numerous options for depositing Ringgits. With an emphasis on user privacy and strict compliance to regulations, KuCoin is dedicated to offering a secure and reliable trading experience. These important factors make KuCoin a reliable and trustworthy option for anyone seeking to enter the cryptocurrency industry from Malaysia.
Supported assets
Over 500+ supported assets
Leverage up to x100
Marketplace
Investment options
Margin trading
Lending
Staking
NFT trading
Spot trading
Futures trading
Huobi Global - Advanced traders
Huobi Global, a leading cryptocurrency exchange, is highly recognized in the Malaysian market. Founded in 2013, Huobi offers a comprehensive digital asset ecosystem for traders, encompassing spot and derivatives trading, staking, crypto loans, yield products, and more. While China's ban on fiat-crypto trading caused many exchanges to relocate, Huobi successfully navigated the crackdown, emerging as a top exchange in Malaysia. It boasts a sizable global presence and is favored by Malaysian investors seeking no-KYC trading options.
Huobi Global offers a diverse platform in Malaysia, supporting over 400 coins with advanced trading options like futures, staking, spot and margin trading, and loans. Notably, its Huobi Trading Bot enables bot trading for Malaysian traders. While it maintains a flat fee of 0.2%, users holding Huobi Token (HT) enjoy reduced trading costs based on their HT holdings. However, Huobi faces regulatory compliance challenges in Malaysia, and newcomers might find its extensive tools and features overwhelming.
Supported assets
Over 400+ supported assets
Has an advanced user interface
Trading bot
Smart-Chain analysis
Investment options
Margin trading
Flash trade
Staking
Lending
Spot trading
OKX - Derivative trading
OKX is a well-known cryptocurrency derivative trading platform that provides traders in Malaysia with an extensive variety of services. It is recognized as one of Malaysia's best exchanges for stacking products. OKX stands out from its rivals due to its commitment to promoting the newest cryptocurrency innovations, including yield farming and DeFi tokens.
The platform gives users a variety of choices for staking their digital assets, including fixed and adjustable staking terms. In addition to staking, the exchange offers an NFT marketplace, a native cryptocurrency wallet, and a blockchain called the OKX Chain.
The platform also offers a large selection of cryptocurrencies, cutting-edge trading tools, and affordable trading costs. It enables a number of trading instruments, such as margin trading, futures, and options, giving institutional clients more flexibility and risk-control alternatives. In addition, OKX supports over 350 cryptocurrencies and offers affordable fees starting at 0.1%, making it a desirable choice for investors. The Malaysian crypto-savvy population prefers OKX because it offers a wide variety of cutting-edge financial goods, such as a DeFi hub and several staking alternatives, giving consumers many opportunities to increase their digital assets.
Supported assets
Cold storage of digital assets
NFT Marketplace
Over 350+ supported digital assets
Trading tools and derivative products
Investment options
Staking
Lending
NFT trading
Lending and
Margin trading
Option trading
Spot trading
Futures trading
Kraken - Top-notch security standards
The Kraken exchange is a trading platform for Bitcoin, Ethereum, Tether, Cardano, XRP, other cryptocurrencies, and stablecoins. Fiats are represented by EUR, USD, CAD, CHF, AUD, GBP, and JPY. In addition to margin trading, Kraken has indices and futures trading. The exchange provides traders with x5 leverage for margin trading and x50 for futures. Commission fees are among the lowest on the market - up to 0.26%. The crypto exchange has a proprietary trading terminal for an internet browser, as well as mobile applications for iOS and Android devices. The platform offers an extensive knowledge base, tutorials, and video podcasts with news and analytics. The referral program is the standard single-level model with a yield of 20% of the referral’s commission fees.
Supported assets
Over 200 supported assets
Crypto watch is available
NFT marketplace
Investment options
OTC trading
Margin trading
Spot trading
Indices
Rules and Regulation
Licensing in Malaysia
Malaysia's approach to cryptocurrency is evolving. Regulation depends on your activity:
- The Securities Commission Malaysia (SC) regulates entities dealing with cryptos considered “securities”. You might need to register with the SC depending on your specific services.
- The regulations are less clear for other crypto businesses. While Bank Negara Malaysia (The Central Bank of Malaysia | BNM) is involved, specific licenses might not be available yet.
Investor protection in Malaysia
Formal investor protection schemes specifically for crypto are not yet established in Malaysia. Regulations for entities dealing with cryptos as securities (under the SC) offer some level of oversight.
Taxation in Malaysia
Cryptocurrency is not recognized as legal tender in Malaysia. The taxation of crypto gains is still under development. It's best to consult with a Malaysian tax professional for the latest guidance on reporting crypto gains.
How to choose a crypto exchange in Malaysia?
When choosing a cryptocurrency exchange in Malaysia, consider the following criteria, according to TU experts:
Regulation and compliance: Select exchanges that are regulated by Malaysian authorities to ensure they operate within legal frameworks and provide investor protection
Security measures: Prioritize exchanges with strong security protocols, such as two-factor authentication (2FA), cold storage for funds, and a track record of safeguarding user assets
Supported cryptocurrencies: Ensure the exchange offers a diverse range of cryptocurrencies that align with your trading or investment goals
Fees and costs: Compare trading fees, withdrawal fees, and deposit fees to find a platform that suits your budget and minimizes transaction costs. If you choose a crypto exchange with low fees, your trades will be more profitable.
User experience and reputation: Assess the exchange's user interface for ease of use and reliability. Research user reviews and the platform's reputation to gauge its trustworthiness and customer satisfaction
Where to store crypto in Malaysia?
In Malaysia, as in many parts of the world, the storage of cryptocurrencies offers various options to suit different needs and preferences. Here's an overview of the primary methods for storing crypto assets:
Exchange accounts: Cryptocurrency can be stored on the balance of exchange accounts. This is a convenient option for active traders who frequently buy and sell cryptocurrencies. However, it's essential to note that keeping your assets on an exchange makes them vulnerable to hacking or exchange-related issues. Therefore, it's generally recommended to use this option for short-term storage only
Hot wallets: Online software-based wallets are known as hot wallets. They make it easy to access your cryptocurrency quickly and for regular transactions. Mobile wallets, desktop wallets, and online wallets fall into this category. Hot wallets are convenient but carry a higher security risk compared to cold wallets due to their internet connectivity
Cold wallets: These offline storage options for cryptocurrencies are also referred to as hardware wallets or paper wallets. These physical devices or pieces of paper store your private keys and provide an extra layer of security because they are not connected to the internet. Cold wallets are ideal for long-term storage and safeguarding large amounts of crypto
When choosing where to store your crypto in Malaysia, it's crucial to consider your specific needs, risk tolerance, and the amount of cryptocurrency you plan to hold. Additionally, regardless of the storage method chosen, TU experts advise that you always maintain strong security practices, including regularly updating software and using strong, unique passwords to protect your crypto assets.
Where can I use crypto in Malaysia?
In Malaysia, cryptocurrency serves a dual role as both an investment tool and a means of payment, offering diverse opportunities for those interested in its usage:
Investment tool: Cryptocurrency has gained significant popularity in Malaysia as an investment asset class. Many Malaysians view cryptocurrencies like Bitcoin and Ethereum as a viable alternative to traditional investments such as stocks or real estate. They consider it a way to diversify their portfolios and potentially achieve substantial returns
Means of payment: Cryptocurrencies are gradually gaining acceptance as a means of payment in Malaysia. Several businesses and online retailers now allow customers to make purchases using cryptocurrencies. This includes everything from buying products and services to booking flights and accommodations. The convenience and potential for reduced transaction fees make cryptocurrencies an appealing option for both consumers and merchants
Remittances: Cryptocurrencies can also be used for international remittances. Sending money abroad through traditional banking channels can be costly and time-consuming. Cryptocurrencies offer a faster and often more cost-effective solution for cross-border money transfers
Access to financial services: Cryptocurrencies provide access to financial services for individuals who may not have had access to traditional banking systems. In Malaysia, where access to banking services can be limited for certain segments of the population, cryptocurrencies offer a way to participate in the global economy
Is crypto a good investment in Malaysia?
Investing in cryptocurrencies in Malaysia carries the potential for high returns and diversification of investment portfolios due to their historical price appreciation and 24/7 market accessibility. However, it comes with substantial risks, primarily driven by the extreme price volatility of cryptocurrencies. Investors must be prepared for significant price swings and remain vigilant against security threats, such as hacking and fraud.
Furthermore, the evolving regulatory landscape in Malaysia adds an element of uncertainty, impacting the legality and taxation of crypto investments. While crypto investments can be lucrative, individuals should assess their risk tolerance, conduct thorough research, and consider professional advice to make informed financial decisions in this dynamic market.
Methodology for compiling our ratings of crypto exchanges
Traders Union applies a rigorous methodology to evaluate crypto exchanges using over 100 quantitative and qualitative criteria. Multiple parameters are given individual scores that feed into an overall rating.
Key aspects of the assessment include:
User reviews. Client reviews and feedback are analyzed to determine customer satisfaction levels. Reviews are fact-checked and verified.
Trading instruments. Exchanges are evaluated on the range of assets offered, as well as the breadth and depth of available markets.
Fees and commissions. All trading fees and commissions are analyzed comprehensively to determine overall costs for clients.
Trading platforms. Exchanges are assessed based on the variety, quality, and features of platforms offered to clients.
Extra services. Unique value propositions and useful features that provide traders with more options for yield generation.
Other factors like brand popularity, client support, and educational resources are also evaluated.
FAQs
Which crypto exchange is legal in Malaysia?
Cryptocurrency exchanges that are regulated by Malaysian authorities, such as the Securities Commission Malaysia (SC), are considered legal. Popular exchanges like Kraken and Binance have obtained the necessary licenses to operate legally in the country.
How can I buy crypto in Malaysia?
You can buy cryptocurrencies in Malaysia through licensed crypto exchanges, over-the-counter (OTC) platforms, or peer-to-peer (P2P) marketplaces. Typically, you'll need to create an account on an exchange, complete the required KYC (Know Your Customer) verification, and fund your account using Malaysian Ringgit (MYR) or other accepted currencies.
Is Malaysia crypto-friendly?
Malaysia has shown interest in cryptocurrencies, but it has also implemented regulatory measures to ensure compliance with financial laws and security standards. It can be considered crypto-friendly in the sense that cryptocurrencies are allowed, but regulatory requirements and guidelines exist to protect investors and maintain financial stability.
Is KuCoin blocked in Malaysia?
No, clients from Malaysia have the option to choose the KuCoin cryptocurrency exchange, though there are some important considerations to keep in mind. KuCoin does not possess a financial license, primarily due to the fact that the Malaysian financial regulatory authority does not issue licenses to cryptocurrency exchanges in general.
Team that worked on the article
Winnifred Emmanuel is a freelance financial analyst and writer with years of experience in working with financial websites and businesses. Her expertise spans various areas, including commodities, Forex, stocks, and cryptocurrency. Winnifred tailors her writing to various audiences, including beginners, while also providing useful insights for those who are already familiar with financial markets.
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.
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).