Summary
Cryptocurrency is legal in Malaysia, regulated by the Securities Commission Malaysia (SC). Popular payment methods include bank transfers and credit cards, with several exchanges supporting the Malaysian ringgit (MYR). Key regulatory bodies are the SC and Bank Negara Malaysia (BNM). Below are the top crypto exchanges for Malaysian users:
Top 5 Crypto Exchanges in Malaysia
1. Bitget
Overview:
Bitget supports 800+ cryptocurrencies with low trading fees (0.02% maker / 0.06% taker). It’s ideal for EUR SEPA transfers and offers 125x leverage on futures.
Pros:
- Beginner-friendly
- 24/7 customer support
- Fiat deposits (credit cards, Google/Apple Pay)
Cons:
- No TWAP orders
- KYC mandatory
2. Kraken
Overview:
Kraken provides 50x leverage and 220+ cryptos. Futures fees are low (0.02%/0.05%), but spot fees are higher.
Pros:
- Regulated
- Demo trading available
Cons:
- Complex interface for beginners
3. Binance
Overview:
Binance leads with 400+ cryptos and 125x leverage. Futures fees are competitive (0.02%/0.05%).
Pros:
- High liquidity
- Advanced tools
Cons:
- Not available in all regions
4. MEXC
Overview:
MEXC offers 0% maker fees and 300x leverage. Supports 2000+ cryptos.
Pros:
- Lowest fees
- Altcoin diversity
Cons:
- High-risk new listings
5. Luno
Overview:
Luno focuses on compliance but supports only 25+ cryptos. Fees: 0.4% maker / 0.6% taker.
Pros:
- User-friendly
- Strong security
Cons:
- Limited features
Regulation & Taxation in Malaysia
- Legal Status: Crypto is legal but not legal tender. SC-approved exchanges must comply with AML/KYC rules.
- Taxation: Capital gains aren’t taxed unless trading is frequent (treated as business income).
How to Buy Crypto in Malaysia
- Choose an SC-approved exchange (e.g., Bitget).
- Complete KYC.
- Deposit MYR via bank transfer/credit card.
- Buy crypto (BTC, ETH, etc.).
- Store in a secure wallet.
Best Crypto Wallets
- Hardware: Ledger Nano X, Trezor Model T
- Mobile: Trust Wallet, Exodus
- Web: MetaMask
FAQ
Q: Is crypto legal in Malaysia?
A: Yes, but only through SC-regulated platforms.
Q: What’s the best exchange for beginners?
A: Bitget or Luno for their user-friendly interfaces.
Q: Are crypto gains taxable?
A: Not unless deemed business income.
Q: Which wallet is safest?
A: Hardware wallets like Ledger for long-term storage.
Bottom Line
Bitget excels for its low fees and altcoin variety, while Kraken suits regulated trading. Always use secure wallets and comply with local laws.