Bitcoin, the pioneering cryptocurrency, has gained significant traction worldwide, including in Malaysia. Malaysia is a Southeast Asian country, which has taken a careful approach to cryptocurrency. Since Bitcoin and other cryptocurrencies are not legal in Malaysia, as more Malaysians seek to invest in digital assets, understanding how to buy Bitcoin safely and effectively is crucial. However, the Malaysian government has established a regulatory framework for cryptocurrencies, ensuring that exchanges operate within legal boundaries to promote innovation in the financial industry. This guide will walk you through the process of purchasing Bitcoin in Malaysia. Whether you are a novice or an experienced trader, this article will provide valuable insights and practical steps to help you navigate the exciting world of cryptocurrency in Malaysia.
Is it legal to purchase Bitcoin in Malaysia?
If you are curious to know about how to buy Bitcoin in Malaysia, you must know about the legal landscape of cryptocurrency in the country.
The good news is that the Malaysian government has not imposed any ban on purchasing and selling of cryptocurrency. There isn’t any regulatory control over cryptocurrency transactions. However, there isn’t any ban on Bitcoin, it is not considered legal tender, meaning no one can use these digital currencies as a form of payment within the country. You can’t purchase anything using Bitcoin or other cryptocurrencies.
If you want to buy Bitcoin in Malaysia, you must choose a reputable crypto exchange that runs within the regulatory framework. A reputable and legitimate exchange will ensure transparency and security.
To thwart fraudulent activities and ensure the legitimacy of the transactions, you have to submit your personal information during the registration process. Your details will be confidential with the platform and used only for regulatory purposes.
How to Buy Bitcoin in Malaysia?
You can buy Bitcoin in Malaysia using licensed cryptocurrency exchanges. It is crucial to ensure that you choose a reputable and licensed crypto exchange to ensure regulatory compliance. Always remember that since the crypto landscape and its regulations are rapidly changing, there is a possibility that some exchanges could pause their services in particular countries. Below are some platforms that you can use to buy Bitcoin in Malaysia.
- Binance
- Kraken
- Changelly
You can use any of these platforms. Let’s look at how to buy Bitcoin using the Binance exchange.
Binance
You can purchase Bitcoin in Malaysia using Binance, one of the largest cryptocurrency exchanges in the world. Binance offers a user-friendly interface and numerous trading options in a secure environment, appealing to both beginners and seasoned users. Apart from offering more than 350 different digital currencies for spot trading, Binance allows users to access a variety of products like staking, learn and earn programs, trading bots, options trading, and margin trading.
Now let’s look at the process of buying Bitcoin using Binance in Malaysia.
Create an account on Binance
Go to the official website of Binance or download the Binance app. Now you have to provide your email address and create a strong password. You will then receive a confirmation email. Click on the link to activate your Binance account.
Complete the Verification Process
You have to complete the KYC verification process to comply with regulatory requirements. Log into your account and click on the ‘Verify’ button. Provide your country of residence as Malaysia and enter your nationality, full name, date of birth, and any of your government ID document numbers. After submitting all the required documents, your account will be verified within 48 hours.
Use the ‘Buy Crypto’ Option
You can buy Bitcoin in two ways – using the spot market or the quick crypto buy option.
Click on the ‘Buy Crypto’ button and select the fiat currency you want to use, the cryptocurrency you want to buy, and the payment method. You can use Google Pay, or credit/debit cards as a payment method.
If you want to buy Bitcoin using the spot trading option, you have to deposit some funds into your Binance account. Deposit enough funds using the available methods. It is better to deposit in USDT.
Navigate to the Bitcoin Market
Click on the ‘Trade’ button and then tap ‘Spot’. Search for Bitcoin and select it along with the trading pair that suits your needs. For example, if you have USDT in your account, then choose the BTC/USDT trading pair.
Place Your Bitcoin Buy Order
Go to the buying and selling page on the trading page. There will be many order types you will see on the interface. Let’s go ahead with the market order. Now enter the amount of Bitcoin you want to buy in the appropriate field. Check the details again, including the price and quantity, and click on the ‘Buy Bitcoin’ button to place your order. Once your order has been completed, you will receive Bitcoin in your Binance account.
Conclusion
Since cryptocurrencies are not legal tender in Malaysia, learning how to buy Bitcoin may seem difficult at first. However, you can buy Bitcoin and other cryptocurrencies in Malaysia using the crypto exchanges we have described above. Apart from these exchanges, you can research and find many more. Always prioritize security, reputation, and legitimacy before choosing a crypto exchange. Since the crypto landscape is still evolving, regulatory compliance may vary in the long run. Always keep yourself updated on the developments happening in the crypto industry.