Summary: Bank Rakyat doesn't provide a specific feature for trading and investing in cryptocurrency within its banking services. However, Malaysian investors can transfer funds from their Bank Rakyat accounts or cards to an external digital asset exchange, enabling them to make deposits in Malaysian Ringgit (MYR).
We suggest Bybit, as it offers immediate and free MYR deposits for Bank Rakyat account holders. Known globally, Bybit is a leading cryptocurrency trading platform with a robust community of over 18 million users scattered across 180 countries. This platform supports multiple languages, including Malay, and provides a diverse array of over 770 cryptocurrencies while offering some of the most competitive fees in the market.
- Instant Malaysian Ringgit (MYR) deposits from Bank Rakyat via Bank Transfer, Debit 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 Rakyat?
Indeed, Bank Rakyat enables its clients to conduct transfers using Malaysian Ringgit (MYR) to certified digital currency exchanges in Malaysia. It's essential to specify that Bank Rakyat does not offer direct services for acquiring or swapping virtual currencies. For secure cryptocurrency trading, customers are recommended to employ a certified exchange under Malaysian jurisdiction or a comparable authority within Asia.
How to Buy Crypto with Bank Rakyat
When buying and selling Bitcoin through Bank Rakyat, the best option is the secure exchange, Bybit. Bank Rakyat customers can fund their accounts with MYR using diverse options, including bank transfers, credit cards, and more. Giving access to over 770 digital currencies, Bybit serves as a trusted platform for traders across Malaysia and Southeast Asia.
Follow this straightforward 4-step guide to kick-start your journey:
- Registration: Set up an account on Bybit and complete the verification process.
- Add Funds to Your Account: Opt for One-Click Buy, select the fiat currency you intend to deposit (e.g. MYR), and choose the cryptocurrency you desire to buy.
- Carry Out Transfer: Move funds from Bank Rakyat using Bank Transfer or any other convenient method.
- Buy Crypto: Click 'Buy', and the coins will be instantly added to your account.
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Bank Rakyat Cryptocurrency Policy
Bank Rakyat exhibits a progressive yet cautious stance on digital assets. It provides its clients the convenience of exploring the realm of digital currencies via exchanges sanctioned by the Central Bank of Malaysia or equivalent Asian regulatory bodies like the Monetary Authority of Singapore or the Hong Kong Securities and Futures Commission.
By offering a gateway to Bitcoin and other cryptocurrencies, investors can mitigate typical banking risks reminiscent of the recent downfall of certain US-based banks while broadening their investment horizon with Bitcoin and various other digital currencies.
What is Bank Rakyat?
Bank Rakyat is a prominent Islamic cooperative bank in Malaysia that offers a comprehensive suite of financial products and services. Established in 1954, the bank's primary mission is to cater to the financial needs of its members through cooperative principles. Its products range from personal banking solutions such as savings accounts, personal loans, and credit cards, to business banking solutions including trade financing and SME loans.
A leader in Islamic banking, Bank Rakyat's services are structured on Shariah principles. The bank has earned a reputation for reliability, trust, and competitive offerings through a dedicated commitment to customer satisfaction. The institution's growth over the years is a testament to its adaptability and customer-focused approach. For those seeking an ethical, member-centric bank in Malaysia that aligns with Islamic principles, Bank Rakyat is an excellent choice.
Final Thoughts
To encapsulate, Bank Rakyat might not provide immediate access to cryptocurrency services, but it does facilitate its customers to engage with the digital currency world through certified platforms such as Bybit. This alliance permits Bank Rakyat clients to securely and proficiently venture into a wide range of digital assets, satisfying the growing appetite for crypto investments.
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.
