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How to Buy Crypto with Bank Rakyat

How to Buy Crypto with Bank Rakyat

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February 11, 2023
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Summary: Unfortunately, Bank Rakyat does not allow its users to directly invest in cryptocurrencies through its banking platform. Not to worry, theres alternative methods to investing in cryptocurrencies with the funds in your Bank Rakyat account. Simply transfer your funds from Bank Rakyat to a secure cryptocurrency investing platform.

The best cryptocurrency exchange is Bybit, it is the largest futures trading platform globally and has over 10 million users. It is available to use in over 150 countries including Malaysia. Bybit also offers customer support in over 50 languages including Malay.

Table of Contents

Best Exchange in Malaysia

Platform Highlights

  • Instant Malaysian Ringgit (MYR) deposits via bank transfer or debit/credit card.
  • Buy and sell 700+ cryptos with futures and spot trading.
  • NFT Marketplace, IDO Launchpad & other features.
Bybit Malaysia
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Audited Proof of Reserves
Audited Proof of Reserves

How to Buy Bitcoin & Crypto with Bank Rakyat

The easiest and most affordable way to buy cryptocurrencies like Bitcoin with Bank Rakyat is through Bybit. On Bybit, users can deposit funds from Bank Rakyat via Bank Transfer, Credit/Debit Card, Maybank and Touch n Go. Follow the below guide to purchase Bitcoin with Bank Rakyat.

  1. Sign Up: Create an account on Bybit (Bybit does not require identity verification).
  2. Deposit RM: Go to the 'Buy Crypto' tab and deposit RM to Bybit from Bank Rakyat.
  3. Buy Bitcoin: Find 'Bitcoin' in the search bar, input the amount you want and tap 'Buy Bitcoin'.
How to Buy Bitcoin & Crypto with Bank Rakyat.
How to Buy Bitcoin & Crypto with Bank Rakyat.

Is it expensive to invest in cryptocurrencies?

Investing in cryptocurrencies can be a great way to diversify your portfolio and potentially profit from the burgeoning digital asset class. But before you dive in, it's important to understand the fees associated with buying and selling crypto. Firstly, buying cryptocurrency is not free. There are typically two sets of fees you need to pay when purchasing cryptocurrencies.

The first is a trading fee paid to the exchange. Trading fees typically range from 1% to 2%, so if you're buying $1,000 worth of crypto, you could end up paying $100 to $200 in fees. The second is the deposit fee, which varies on the method. Bybit offers free and instant deposits and offers zero fees to buy crypto, which means there are zero fees to buy crypto on Bybit.

Bybit Fees Schedule.
Bybit Fees Schedule.

Bank Rakyat Cryptocurrency Policy

Bank Rakyat does not currently have a formal policy on cryptocurrencies. However, the bank's website states that it does not accept deposits in virtual currencies. This is because it is a traditional banking platform and is yet to offer cryptocurrency investing features. It does however, allow its customers to buy cryptocurrencies with the funds in their Bank Rakyat account.

There is nothing stated in Bank Rakyats policies that would prohibit its users from investing in cryptocurrencies. Additionally, there have been zero reports of customers funds being frozen when transferring money to cryptocurrency exchanges. It is 100% safe and legal to transfer your funds from Bank Rakyat to a secure cryptocurrency investing platform.

What is Bank Rakyat

Bank Rakyat is a banking platform that serves as a one-stop financial solution for individuals and businesses. It was established in 1954 and is one of the oldest banks in Malaysia. It is a publicly listed company on the Bursa Malaysia stock exchange. The bank has a network of over 500 branches nationwide and employs more than 5,000 people.

It has received numerous awards and recognition for its products, services, and commitment to customer service. In 2019, Bank Rakyat was named the Best Islamic Bank in Malaysia by Global Finance magazine. The bank was also ranked first in the J.D. Power 2019 Malaysia Retail Banking Satisfaction Study for the second consecutive year.

Bank Rakyat platform.
Bank Rakyat

Final Thoughts

In conclusion, Bank Rakyat may not offer direct investment in cryptocurrencies, but users can still invest in the digital asset class by transferring funds to a secure cryptocurrency platform. Bybit is one of the best options for buying cryptocurrencies in Malaysia, as it offers a wide range of cryptos, easy deposit options and zero fees for buying crypto. It is 100% safe and legal to transfer funds from Bank Rakyat to Bybit. Despite Bank Rakyat's lack of a formal policy on cryptocurrencies, there have been no reports of any issues with transferring money to cryptocurrency exchanges.

Sara White

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.

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