Summary: The dynamic environment of Bitcoin and cryptocurrencies in Malaysia is managed through exchanges compliant with Malaysia's financial regulatory framework. These credible platforms provide easy methods for depositing Malaysian Ringgit (MYR), incorporating various approaches like local bank transfers and credit or debit card payments, thereby easing the transition into digital assets.

Our comprehensive review emphasizes the leading 5 exchanges in Malaysia. We concentrate on their commitment to robust security measures, adherence to the guidelines of the Securities Commission Malaysia (SC), range of cryptocurrency investing options, features and services offered, and their fee structures.

  1. Bybit - Best Overall Exchange in Malaysia
  2. Kraken - Best Crypto Exchange for Institutions
  3. Gate.io - Best No KYC Crypto Trading Platform
  4. Uphold - Best Multi-Asset Exchange
  5. OKX - Best for DeFi and Staking Products
Table of Contents

Best Crypto Exchanges in Malaysia

Our team has diligently developed an evaluation method to identify the leading digital asset exchanges suited for Malaysian investors. This assessment focuses on compliance with the regulations set by the Securities Commission Malaysia (SC), along with considerations such as the user experience design, costs, interface, and the range of supported digital currencies. Following a detailed examination, we have determined the top 5 cryptocurrency trading platforms in Malaysia.

1. Bybit

Bybit has earned the reputation of being the best cryptocurrency exchange in Malaysia due to its extensive features and multilingual interface, available in Malay. It offers a robust platform for trading over 1000 digital assets. Its leverage trading options go up to 25x, making it a top choice for experienced traders looking to maximize potential returns. The exchange's strong security measures, a wide range of assets, 24/7 Malaysian customer support, and multiple MYR payment methods are other critical factors contributing to its top rank. Bybit also offers a variety of features besides trading, including staking services, crypto loans, and an NFT marketplace.

  • ‍Minimum Deposit: 30 MYR for first-time deposit.
  • Supported Assets: 1000+ Cryptocurrency.
  • Regulation: Registered in Malaysia.
  • Fees: Costs include a 0.1% fee for spot trading, 0.01% fee for maker orders, and 0.06% for taker orders on futures. Deposits and withdrawals in MYR are completely free of charge.
Bybit - Best Overall Exchange in Malaysia.
Bybit - Best Overall Exchange in Malaysia.

2. Kraken

Kraken is considered the best exchange for institutions in Malaysia due to its advanced features, low fees, dedicated support staff, security, and high liquidity. It offers spot, futures, and margin trading, allowing institutions to trade with high volumes and flexibility. Its professional-grade trading platform is equipped with sophisticated tools that cater to the needs of institutional investors. The exchange also prioritizes security with its state-of-the-art protocols, thus enhancing the trust and confidence of institutional clients. On Kraken, Malaysian investors can trade over 220 cryptocurrencies, stake over 30 tokens, and trade hundreds of NFTs.

  • ‍Minimum Deposit: 50 MYR for first-time deposit.
  • Supported Assets: 200+ Cryptocurrency.
  • Regulation: Regulated in Malaysia.
  • Fees: Costs include a 0.26% fee for spot trading, and the maker/taker rebate is 0.02%/0.05%.
Kraken - Best Crypto Exchange for Institutions.
Kraken - Best Crypto Exchange for Institutions.

3. Gate.io

Gate.io is regarded as the best no-KYC crypto trading platform in Malaysia. This platform is known for its privacy-centric approach, allowing users to trade without going through extensive identity verification processes. This means it is possible to deposit, withdraw, and trade assets without ever verifying your identity, making it ideal for investors who want to maintain anonymity. It offers an extensive list of over 1700 cryptocurrencies for trading, enabling users to have a wide range of investment options. Despite its no KYC policy, Gate.io does not compromise on security, providing users with secure wallet technology and a safe trading environment.

  • ‍Minimum Deposit: 100 MYR for first-time deposit.
  • Supported Assets: 1700+ Cryptocurrency.
  • Regulation: Registered in Malaysia.
  • Fees: Costs include a 0.1% fee for spot trading and deposits and withdrawals in HKD are completely free of charge.
Gate.io - Best No KYC Crypto Trading Platform.
Gate.io - Best No KYC Crypto Trading Platform.

4. Uphold

As the best multi-asset exchange, Uphold offers a comprehensive platform where users can trade several asset classes, which include cryptocurrencies, traditional currencies, and precious metals. Its vast selection of over 250 cryptocurrencies, alongside 27 national currencies and four precious metals like Gold and Silver, offers unparalleled diversity for traders. Its regulatory compliance and transparency have made it a top choice for traders seeking a trustworthy and reliable platform. It is one of the only platforms globally that publishes regularly audited proof of reserves, proving that they hold users' assets on a 1:1 basis.

  • Minimum Deposit: 300 MYR for first-time deposit.
  • Supported Assets: 260+ Cryptocurrency.
  • Regulation: Regulated in Malaysia.
  • Fees: Costs include a 1.6% fee for spot trading, and the deposit fees vary depending on the method.
Uphold - Best Multi-Asset Exchange.
Uphold - Best Multi-Asset Exchange.

5. OKX

OKX is ranked as the top exchange in Malaysia for DeFi and staking products. Its dedication to supporting the latest trends in cryptocurrency, such as yield farming, set it apart from its competitors. The platform allows users to stake their digital assets with several options to choose from, including fixed and flexible term staking. With its diverse range of innovative financial products, including a DeFi hub and many staking options, it provides users with multiple opportunities to grow their digital assets. Aside from staking, the exchange provides an NFT marketplace, a native crypto wallet, and a blockchain, OKX Chain.

  • ‍‍Minimum Deposit: 50 MYR for first-time deposit.
  • Supported Assets: 400+ Cryptocurrency.
  • Regulation: Regulated in Malaysia.
  • Fees: Costs include a 0.3% fee for spot trading, 0.02% fee for maker orders, and 0.05% for taker orders on futures markets. Deposits and withdrawals in MYR vary depending on the payment method.
OKX - Best for DeFi and Staking Products.
OKX - Best for DeFi and Staking Products.

Is Cryptocurrency Regulated in Malaysia?

Malaysia's stance on cryptocurrency regulation combines progressive approaches with meticulous supervision, which is essential for its economic infrastructure. The primary governance of the nation's digital asset market is under the purview of the Securities Commission Malaysia (SC) and the Central Bank of Malaysia, focusing on fostering industry progression while ensuring the protection of Malaysian investors.

These authorities enforce regulations specific to cryptocurrency activities in Malaysia. This includes stringent Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) measures, aligning with global financial compliance standards. The country’s dedication to establishing a secure, transparent, and effectively regulated framework includes the implementation of these protocols to oversee and regulate crypto transactions within its borders.

How to Buy Bitcoin in Malaysia

Bybit is increasingly becoming a preferred choice for Malaysian investors diving into the cryptocurrency market. This exchange offers convenient deposit options in Malaysian Ringgit, aligning with the region's financial practices, including local bank transfers, credit and debit card payments, and digital wallets such as Boost and GrabPay. Bybit provides access to a wide array of digital assets, encompassing Bitcoin among its diverse options, all with competitive fee structures.

Here's a simple guide to buying Bitcoin in Malaysia:

  1. Account Registration: Begin by creating a free account on Bybit. Ensure to complete all required identity verification procedures, adhering to Malaysia's regulatory guidelines.
  2. Select Deposit Method: Visit the ‘Buy Crypto’ section and choose a suitable deposit method, like 'Quick Buy' or 'P2P Trading'.
  3. Choose Payment Option: Opt for ‘MYR’ as your deposit currency and select your preferred payment method.
  4. Acquire Bitcoin: Choose ‘BTC’ as your desired digital asset and finalize your purchase transaction.
Buy Bitcoin in Malaysia via Bybit.
Buy Bitcoin in Malaysia via Bybit.

Malaysian Tax Requirements

In Malaysia, the Inland Revenue Board (IRB) outlines the taxation policies for cryptocurrencies, providing distinct guidelines for both individual and corporate taxpayers. Malaysian residents holding digital currencies are required to declare these assets for tax purposes, which could affect their income tax obligations. The country subjects income from personal investments in cryptocurrencies to income tax.

For businesses and self-employed individuals, digital currencies are considered business assets in Malaysia. Therefore, any profits or capital gains derived from cryptocurrency transactions are categorized as taxable income. Income generated from activities like mining, staking, or lending digital tokens falls into the business income bracket and is taxed according to Malaysia's current income tax rates.

Final Thoughts

To conclude, Malaysia's cryptocurrency landscape presents a vibrant and regulated environment, offering a diverse range of opportunities for both new and experienced investors. The top 5 exchanges in Malaysia, including Bybit, Kraken, Gate.io, Uphold, and OKX, have been thoroughly vetted for their security, compliance, and diverse offerings, catering to the specific needs of the Malaysian market.