Best Crypto Exchanges in Malaysia

Best Cryptocurrency Exchanges in Malaysia

We tried and tested the 20 cryptocurrency exchanges available to Malaysian investors. Our evaluation considered compliance with Securities Commission Malaysia (SC) regulations, support for MYR deposits, the range of digital assets offered, trading fees, and platform features. Below is a comprehensive summary of the five best platforms for crypto trading in Malaysia

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1. Bybit

Bybit is the top crypto exchange in Malaysia, offering a selection of over 1,500 digital assets for spot trading and more than 440 derivatives contracts with leverage of up to 200x. The platform has a user-friendly interface and supports multilingual options, including Malay. Traders can benefit from tools like copy trading, a demo account for practice, and trading bots.

There are also staking services, allowing for passive income generation with both fixed and flexible periods supported, offering up to 260% APY. Additionally, it provides an integrated NFT marketplace, lending and borrowing services and a crypto debit card. Bybit also regularly undergoes proof-of-reserve audits to assure users of its 1:1 fund backing, providing complete transparency. 

• Fees: Maker fees start at 0.02%, taker fees at 0.055% for derivatives, and 0.1% for spot trading.
• Supported Assets: Over 1,500 cryptocurrencies.
• Regulation & Licensing: Globally regulated and available in Malaysia.
• MYR Deposit Methods: Bank transfers, Touch n’ Go, Apple Pay, Google Pay, credit cards and debit cards.

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2. Binance

Binance is the world’s largest crypto exchange with over 240 million users worldwide, known for its extensive liquidity and diverse range of services. The platform offers access to over 350 cryptocurrencies, facilitating spot, margin, and futures trading. Users can leverage advanced trading tools, including customizable charts, APIs, trading bots and a peer-to-peer marketplace. 

Binance's features include staking, crypto savings accounts, lending and borrowing, and an NFT marketplace. Security is a cornerstone of Binance's operations, employing multi-tier protection measures, cold storage for funds, and the Secure Asset Fund for Users (SAFU). The platform supports seamless MYR deposits through bank transfers and e-wallets.

• Fees: 0.1% for spot trades and a maker/taker rebate of 0.02%/0.06% for derivatives.
• Supported Assets: More than 350 cryptocurrencies.
• Regulation & Licensing: Regulated globally and available to Malaysian investors.‍
• MYR Deposit Methods: Credit or debit cards.

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3. Gate.io

Gate.io is the top platform for Malaysian traders wanting a vast selection of altcoins, offering access to over 2,700 cryptocurrencies. The exchange provides a comprehensive suite of trading options, including spot trading, futures contracts, and margin trading with up to 100x leverage. It also provides trading bots, including spot grid, futures grid, and martingale strategies.

Beyond trading, Gate.io offers financial products like Simple Earn for earning interest on idle funds, auto-investment plans for systematic investing, and staking services for various cryptocurrencies. The platform also features crypto loans, allowing users to borrow against their assets and copy trading, enabling less experienced traders to mirror the strategies of successful investors. 

• Fees: Spot trading fees at 0.2%.
• Supported Assets: Over 2,700 cryptocurrencies.
• Regulation & Licensing: Not regulated in Malaysia but available in the country.
• MYR Deposit Methods: Google Pay, credit card and debit card.

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4. Uphold

Uphold is a user-friendly platform ideal for Malaysian investors venturing into cryptocurrency trading for the first time. It offers access to over 300 cryptocurrencies, 4 precious metals, and 27 fiat currencies, allowing users to manage their assets within a single platform. Uphold's intuitive interface simplifies the trading process, enabling seamless transactions between different asset classes.

The platform is a pioneer in transparency and security, employing advanced encryption protocols and regularly publishing real-time reserve data to assure users of its liquidity. This allows users to verify all funds are backed on a 1:1 basis. Uphold also provides features like AutoPilot for automated recurring transactions and Uphold Vault for enhanced asset security.

• Fees: 1% trading fee and an additional 1% spread fee.
• Supported Assets: Over 300 digital assets, 4 precious metals, and 27 fiat currencies.
• Regulation & Licensing: Regulated globally and available in Malaysia.
• MYR Deposit Methods: Debit card, credit card, Google Pay and Apple Pay.

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5. Luno

Luno is an exchange based in Kuala Lumpur, offering a secure local environment for buying, selling, and storing digital assets. The intuitive mobile app and web interface simplify the registration and trading process. Committed to regulatory compliance, Luno is fully licensed by the Securities Commission Malaysia, ensuring adherence to local financial regulations.

Luno supports popular cryptocurrencies like Bitcoin, Ethereum, and 23 other tokens. The platform offers educational resources to help users understand cryptocurrency trading and investment strategies. Malaysian users can conveniently deposit Malaysian Ringgit through bank transfers, instant transfers with FPX, and Touch 'n Go eWallet.

• Fees: Maker fee of 0.25% and taker fee of 0.25%.
• Supported Assets: 25 cryptocurrencies.
• Regulation & Licensing: Regulated by the SC in Malaysia.
• MYR Deposit Methods: Bank transfers and FPX payments.

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Is Crypto Regulated in Malaysia?

Cryptocurrency operates under a structured yet evolving regulatory framework in Malaysia. Digital currencies are regulated but not considered legal tender, with the Central Bank of Malaysia Act defining the ringgit as the sole official currency. 

However, digital assets are classified as securities under the Capital Markets and Services Order 2019, providing them with a clear legal status and bringing them under the jurisdiction of the Securities Commission Malaysia. The SC oversees exchanges, initial coin offerings (ICOs), and other digital asset activities, ensuring compliance with AML and CFT regulations.

Bank Negara Malaysia, the nation’s central bank, plays a key role in crypto governance, emphasizing monetary stability and enforcement against illicit activities. Recent enforcement efforts have focused on crypto-related tax evasion and illegal mining operations.

Islamic finance principles further influence cryptocurrency regulation in Malaysia. The Shariah Advisory Council of the SC has acknowledged digital currencies as property under Islamic law, encouraging their integration into a predominantly Muslim society. 

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How is Crypto Taxed in Malaysia?

In Malaysia, cryptocurrency taxation is governed by a combination of existing financial and tax laws implemented by the Inland Revenue Board. Income earned through crypto activities, such as trading or mining, is generally subject to income tax. Active traders who use digital asset exchanges must declare their profits as part of their annual income tax filings.

Individuals or entities engaging in active trading of cryptocurrencies are considered to be conducting a business. Consequently, profits derived from such activities are subject to income tax under the Income Tax Act 1967. The applicable tax rates are progressive, ranging from 3% to 30%, depending on the total taxable income.

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How to Buy Bitcoin in Malaysia

Malaysian investors looking to buy Bitcoin can use platforms that support Malaysian Ringgit (MYR) deposits and comply with the Securities Commission Malaysia regulations. Follow this guide to purchase Bitcoin:

1. Select a Platform: Start by choosing an exchange that supports MYR deposits and is registered with the SC.
2. Create an Account: Register on the chosen exchange by providing your basic information, such as your name and email address. Complete the KYC verification by submitting a government-issued ID and proof of residence.
3. Deposit Malaysian Ringgit (MYR): Head to the deposit section of the platform and choose a payment method, such as bank transfer or e-wallet. Enter the desired deposit amount in MYR and follow the exchange's instructions to complete the process.
4. Find Bitcoin (BTC): Navigate to the trading section once your MYR deposit is credited to your account. Search for Bitcoin or "BTC" and select the MYR/BTC trading pair to enable transactions using Malaysian Ringgit.
5. Complete Your Purchase: Specify the amount of Bitcoin you wish to buy or the MYR you want to spend. Carefully review the transaction details, including fees, and confirm the purchase. Once confirmed, the Bitcoin will be credited to your exchange wallet.

Always verify that the exchange you choose complies with local regulations to protect your investments.

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Bottom Line

Crypto adoption in Malaysia continues to grow, backed by a strong regulatory framework led by the Securities Commission Malaysia. The five best exchanges for Malaysian traders include Bybit, Binance, Gate.io, Uphold, and Luno. Each platform offers distinct advantages, ranging from advanced trading tools and deep liquidity to beginner-friendly interfaces.

Whether you’re buying Bitcoin, exploring altcoin trading, or leveraging automated investment tools, these exchanges provide secure and accessible services to meet the needs of Malaysia’s expanding crypto market.