Historically, Bitcoin has been rather difficult to buy in Malaysia as there used to be a large friction in getting a hand on this cryptocurrency. However, the process is easier now with a few changes starting in the year 2014. Here is some introduction on where to buy Bitcoin in Malaysia.
Luno, which was known previously as BitX, is one of the latest exchanges that offer Bitcoin trading services even though it is headquartered in Singapore. It is founded by Marcus Swanepoel back in January 2013. This company focuses on emerging markets like Malaysia, Singapore, Indonesia and South Africa. You may basically sign up for an account at Luno prior to be able to buy Bitcoin in Malaysia. One important advice is to always use a very strong password that you have not used on other channels so that it cannot be easily hacked. In addition, remember to run Malware scans for safety purpose. You will be given a limit of RM5000 if you do not give any identity verification. It is solely up to yourself whether to give a softcopy of your identity card or passport to verify yourself. You can skip this step if you do not reach the limit of RM5000.
In order to buy Bitcoin, you will need to first deposit some money into your Luno wallet. You need to click in the system and specify how much ringgit that you wish to deposit and then you will be given a reference number. You may deposit the money with your CIMB, Public Bank or Maybank using their account and reference number and then click on the button, which says that you have deposited the money. Once that is completed, you need to wait for a few hours for the Bitcoin to be delivered to your wallet. If you wish to withdraw the Bitcoin elsewhere, you just need to key in the wallet address of the targeted destination. It is highly recommended to always activate a 2 factor authentication (2FA) in any online exchange as a precaution step. As an example, make sure they send verification to your email before moving your funds. Another important advice for you is to avoid keeping all your money on online exchanges as you cannot be sure what will happen. Thus, always store your Bitcoin in your wallet when you are not using it.
Localbitcoins.com is also one platform to buy Bitcoin in Malaysia. Unlike the previous platform, Localbitcoins is not exchange but a marketplace whereby all buyers and sellers can meet either online or in person to trade Bitcoin. It is a useful platform for people to purchase their first ever Bitcoin without the hassle to go through certain procedures as required by exchanges. However, trading on Localbitcoins is consider more risky and should be extra careful in trading. It is advisable to but from traders with good ratings or reviews. In other words, Localbitcoins work differently from Luno as the former is a peer to peer way of trading, in which you buy directly from another person.
Similarly, you need to sign up an account with Localbitcoins and you will have to print certain codes out. Remember to keep a hardcopy and store them safely as you will be using the codes as an added safety purpose when logging in or withdrawing Bitcoin. Also, always sign up for a 2FA protection as mentioned above. Via Localbitcoins, you can buy Bitcoin from different individuals and each of them has different rates and reviews. Therefore, you need to spend some time to look at how many transactions that were made and most importantly, never miss to look at their reputation score. Select traders with good tracking record in order to be safe and you may start to transact with them by clicking buy if you are interested. Then, you have to bank in the money into that person’s bank account according to the stated instruction. Bear in mind that you will have to copy and paste the reference code provided when you are transferring money. Once this step is completed, you should notify that person and click the button saying that you have paid. If everything is in order, Bitcoin will be released to your wallet.
Another way to buy Bitcoin in Malaysia includes Remitano, a peer to peer Bitcoin marketplace similar to Localbitcoins. Remitano is incorporated in Seychelles with operations in the United States, Australia, China, Malaysia, Vietnam and Cambodia. One great advantage of trading via Remitano is an added level of protection, whereby a transaction will only be completed when a buyer made a Bitcoin purchase from a seller and the Bitcoin being transferred from the seller’s wallet to the buyer. It will be held by Remitano until the trade is completed smoothly without any dispute. In case of any dispute, Remitano’ support team will take immediate proper action based on evidences from both parties.
CoinBox, a Malaysia based Bitcoin exchange is also a platform to buy Bitcoin. It has started its operation since October 2014 under the name of Extra Trade Sdn Bhd stationed in KL Sentral. The company offers live chat agents for customers with any problems encountered. Do take note that there will be no trading fees but any withdrawals in Ringgit will be charged at 1% rate and Ringgit deposits are processed automatically in a relatively short time. As CoinBox operates daily including weekends and even public holidays, withdrawals can be processed several times a day.
Another platform to trade Bitcoin is Wirex, a London based startup market that allows its users to combine the speed and flexibility of Bitcoin with the acceptance of many major foreign currencies such as US Dollar, British Pound and Euro. Wirex was previously known as E-Coin, a leading Bitcoin debt card provider. Malaysians can buy Bitcoin via PayPal, bank transfer or Alternative Payment Methods. Other than the ability to buy and spend Bitcoin easily, this platform also integrates certain advanced mobile banking and instant remittance services.
CoinHako is actually the first Bitcoin startup in Asia, which was founded by Yusho Liu and Gerry Eng. Starting from Singapore; it has now expanded its operations to Malaysia. It is not complicated to trade Bitcoin via CoinHako as it only requires a few clicks to buy or sell Bitcoin. One thing to take note is that a 1.9% commission fee will be charged for each trade.
Buying Bitcoin in Malaysia is actually not as tough as it seems. All you need to do is do some research and be familiar with the methods available especially the one that you intend to use.