Summary: Bank Rakyat does not feature direct mechanisms for engaging in cryptocurrency transactions through its offerings. Although the bank does not provide an in-built investing feature, customers can initiate transfers in Malaysian Ringgit from their bank accounts or cards to digital asset trading platforms, where they can seamlessly perform their crypto activities.
Bybit is a prominent exchange recognized for its swift and free MYR deposits for users of Bank Rakyat. Esteemed worldwide, it has amassed over 20 million users from more than 160 countries and provides a multilingual interface that can be used in Malay. It boasts an extensive portfolio exceeding 1000 digital currencies, all while maintaining some of the industry's most attractive trading fees.
- Free Malaysian Ringgit (MYR) deposits from Bank Rakyat via Bank Transfer, Debit or Credit Card.
- Buy, sell and trade 1000+ cryptocurrencies for low fees via spot and futures markets.
- Regulated and trusted exchange in Malaysia with over 20 million users.
Can I Buy Bitcoin with Bank Rakyat?
Absolutely, Bank Rakyat customers can buy Bitcoin and other tokens through authorized digital asset platforms in Malaysia. It is critical to note that this bank does not provide direct services for the purchase of digital currencies. For a secure investing experience, we recommend clients use a licensed exchange regulated by Malaysian authorities like Malaysia's Central Bank (Bank Negara Malaysia) or the Securities Commission Malaysia (SC).
How to Buy Crypto with Bank Rakyat
For initiating transactions in Bitcoin or other cryptocurrencies through Bank Rakyat, the preferred platform is Bybit. Clients can use Malaysian Ringgit (MYR) to fund their trading accounts through various methods, such as credit cards and bank transfers. The exchange supports more than 1000 digital assets, making it a reliable choice for investors in Malaysia and the broader Southeast Asian region.
Here’s a simple guide to begin your crypto trading activities through Bank Rakyat:
- Account Setup: Create your profile on Bybit and go through the verification process to ensure account security.
- Funding Your Account: Go to the 'Buy Crypto' section, choose 'Fiat Deposit', and select Malaysian Ringgit (MYR) as your preferred currency.
- Selecting a Deposit Method: Choose your preferred method for depositing MYR, such as a wire transfer or a debit or credit card.
- Finalizing the Purchase: After funding your wallet, choose your desired cryptocurrency and hit 'Buy' to have the coins immediately credited to your account.
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Bank Rakyat Cryptocurrency Policy
Bank Rakyat adopts an innovative yet prudent approach towards digital assets. It grants its customers the ability to explore the digital currency space through platforms approved by the Securities Commission Malaysia (SC) and other relevant Malaysian authorities. Our recommended exchange, Bybit, is compliant with Malaysian regulations and offers consistent updates on proof-of-reserves, giving users peace of mind that their assets are backed on a 1:1 basis.
Digital Asset Investing Fees
Customers engaging in cryptocurrency ventures should understand the impact of transaction fees for successful investing. Here is an essential overview of common charges on digital asset exchanges:
- Trading Expenses: Most investment platforms apply a charge for executing trades. Bybit offers competitive rates starting at just 0.1% per transaction, providing a cost-effective option for traders.
- Fund Transfer Costs: The costs associated with depositing funds differ by the method of payment. Bybit allows for bank transfers in Malaysian Ringgit without hidden transaction fees, offering an advantage for users.
- Withdrawal Fees: Fees for moving cryptocurrencies from the exchange to external wallets vary depending on the specific token.
Bank Rakyat's clients interested in the digital currency market find Bybit appealing due to its low transaction fees and complimentary deposits in Malaysian Ringgit. Its adherence to regulatory standards and its broad selection of assets align well with the preferences of local investors.
What is Bank Rakyat?
Bank Rakyat is a leading Islamic bank in Malaysia adhering to cooperative values. Established in 1954 and renowned for its extensive palette of financial solutions, the bank specializes in personal banking services, including savings accounts, personal financing, and credit facilities, as well as business banking offerings such as trade financing and loans for small and medium-sized enterprises.
Rooted in banking practices compliant with Shariah, Bank Rakyat has built a solid reputation for its trustworthy and competitive services designed for the customer. Its consistent growth reflects its ability to evolve and maintain a strong focus on meeting the financial needs of its clients, all while preserving its position as a top choice for those in search of ethical banking options in line with Islamic finance principles.
Final Thoughts
In summary, while Bank Rakyat doesn't offer direct digital asset investing services, it effectively bridges its customers to the burgeoning digital currency market through partnerships with certified exchanges like Bybit. It is known for extensive cryptocurrency trading options, low fees, Malay speaking customer service, transparent assets and unique features like lending and borrowing services.
I fell into crypto during the 2017 mania and have been around ever-since. I now write, research and publish my own reports on the digital asset ecosystem.
