Summary: Bank Islam supports its users in investing digital assets by enabling crypto transactions with reputable exchanges. Clients are encouraged to select platforms regulated by appropriate bodies, guaranteeing a safe investing experience. It's essential to note that the bank does not offer direct crypto trading services but facilitates transfers to secure exchanges.
We thoroughly evaluated prominent Malaysian exchanges and identified Bybit as the optimal choice for Bank Islam users. It provides complimentary deposits in Malaysian Ringgit (MYR), and grants access to a wide selection of over 1000 digital assets like Bitcoin and Tether. As a global platform, it can be used in several languages, including Malay, Mandarin, and English.
- Instant Malaysian Ringgit (MYR) deposits from Bank Islam via Bank Transfer, Debit Card or Credit Card.
- Buy, sell and trade 770+ Cryptocurrencies for low fees via Spot and Futures trading.
- Regulated and trusted exchange with over 18 million users.
Can I Buy Bitcoin with Bank Islam?
Certainly, Bank Islam customers can acquire Bitcoin and other digital assets through cryptocurrency exchanges within Malaysia. These platforms adhere to the financial regulatory standards set by Malaysia or similar regulatory bodies throughout Asia, providing a secure environment for trading and investment. The bank facilitates effortless transfers in Malaysian Ringgit (MYR) to these exchanges, assisting customers in entering the crypto world.
How to Buy Crypto with Bank Islam
The best method for Bank Islam clients to invest in cryptocurrency is through regulated exchanges. Bybit is recognized for its multilingual interface and secure trading platform, making it a favorite for those in Malaysia. It supports free MYR deposits through several payment methods, such as bank transfer, credit card, debit card, Google Pay, Apple Pay, Touch n Go, and more.
Follow these steps to procure digital assets through Bank Islam:
- Registration: Register on Bybit and undergo the verification process.
- Account Funding: Navigate to 'Buy Crypto', select 'Fiat Deposit', and choose MYR as your transaction currency.
- Choosing a Deposit Option: Pick your preferred deposit method for Bank Islam.
- Finalizing Your Purchase: Choose Bitcoin, Ethereum, or any available cryptocurrency to complete your purchase.
.webp)
Bank Islam Cryptocurrency Policy
Bank Islam recognizes the increasing appeal of digital currencies and backs its users’ participation in cryptocurrency trading via credible exchanges. The bank certifies that transactions with exchanges comply with Malaysia's Securities Commission (SC) or equivalent overseas regulatory authorities. Bybit is compliant within Malaysia and offers consistent updates on proof-of-reserves, confirming all assets are maintained on a 1:1 basis.
Digital Asset Investing Fees
Bank Islam customers delving into cryptocurrency investments must grasp the significance of transaction charges for effective investing. Below is a basic summary of typical costs on digital asset trading platforms:
- Trading Charges: Most investment platforms impose a fee for cryptocurrency trades. Bybit is recognized for its competitive fees, beginning at merely 0.1% per trade, presenting a cheaper alternative for investors.
- Deposit Fees: Funding expenses vary per payment method. Bybit supports free bank transfers, making it more beneficial for Bank Islam users.
- Withdrawal Expenses: Costs for transferring digital currencies out of the platform vary by cryptocurrency.
Bank Islam clients interested in digital assets find Bybit attractive for its minimal trading costs and free MYR deposits. Its compliance with financial norms and a wide array of cryptocurrency options serve well to cater to local investors' needs.
What is Bank Islam?
Bank Islam, officially known as Bank Islam Malaysia Berhad, is a leading Islamic banking and financial services institution headquartered in Kuala Lumpur, Malaysia. Established in 1983, Bank Islam pioneered Islamic banking in Malaysia, extending its services nationally and internationally with a comprehensive suite of products that adhere to Islamic finance principles, including retail banking, corporate banking, and takaful (Islamic insurance).
Its digital banking platform offers a wide range of Shariah-compliant investment options, although it currently does not offer services for cryptocurrency assets. Bank Islam is renowned for its dedication to ethical banking practices, securing its position as a foundational institution in the Islamic financial industry.
.webp)
Final Thoughts
In conclusion, it’s important for users to find the best cryptocurrency investing platforms, looking into exchanges like Bybit, which is known for low fees, free MYR deposits, and a wide selection of assets. These platforms accommodate Mayalian investors’ financial practices and adhere to the regulatory standards for a safe investment climate. With the growing digital currency market, making knowledgeable financial decisions is key to successfully navigating crypto assets.
I am a Finance graduate and market analyst that enjoys researching and writing about digital assets and how they intersect with Macro.
