Disclaimer. Before proceeding , please understand that trading any Cryptocurrencies is high risk activity. This article is not a financial advice , please do your own due diligence before deciding to invest or trade on any Cryptocurrencies.
This article is written as a rough guide specifically for Malaysian or Singaporean Binance users, or anyone who are keen to learn about Binance from a foreign country. Binance is one of the largest crypto exchange in the world , founded by CEO , Changpeng Zhao that is based in Seychelles. If you do not have any account yet, you can register through our affiliate link here . Do take note that, Binance app can also be downloaded directly from Appstore & Playstore. First of all, Binance is not allowed to operate in Malaysia nor it does not have any branches here . Crypto trading , investment is high risks. Please do your own due diligence wisely.
Is Bitcoin legal in Malaysia?
Bitcoin is not illegal in Malaysia but it is not recognized as legal tender currency. However cryptocurrency falls under “The contract act 1950” and is traded as commodity or securities. Binance is not listed on Google PlayStore. You cannot download Binance from Google Playstore however you can download the APK directly from Binance website here.
Can you still use Binance from Malaysia?
Absolutely, only P2P and banking operations is not available. Bypass your Internet by using 220.127.116.11 , register Binance here and download directly from Binance website https://www.binance.com/en/download
Here’s a guide on how to download Binance from official Binance website. Please only download official APK from Binance
Huobi is also a great choice for buying crypto as it is the 2nd largest exchange in the world. You can read all about it here
Binance vs Luno
Binance is not regulated in Malaysia, however if you are keen on the only regulated exchange you can try LUNO Feel free to use our affiliate link. We have both Luno & Binance, from our experience Luno is more suitable for long term holding investment due to high fees, while you can use Binance for long or even short term trading due to its low service fees and access to plenty of other Cryptos. Take note that you only have access to a few cryptos with LUNO.
LUNO app is very basic and it lacks of pro features. It would be nice if you can stake and earn money passively with your crypto.
- Regulated by Security commissions Malaysia
- Easy deposit/withdrawal via online banking
- 2% service charge for any single transaction. Imagine losing 4% just buying and selling single crypto
- Access to only a few major crypto , stable coins
- Lacks of pro advance features (Staking, earning _
- 0.1% service charge
- Access to thousand of cryptos
- Largest exchange in the world.
- Unregulated in Malaysia
- Tricky deposit & withdrawal.
Once you have installed Binance app , you switch between Lite and Pro. Lite gives a very simplistic way of buying selling Cryptos while Pro gives you more flexibility and advance access
How to fund Binance from Malaysia ?
Typically you will want to buy USDT (Thether ) or BUSD , crypto which is pegged 1USD to 1 TETHER. You can also buy other cryptos directly from Binance. But , usually experience traders will buy USDT to protect themselves from any cryptocurrency movements
You can actually buy XRP (Ripple) from Luno and transfer it to Binance as this has the lowest transfer fees.
Credit Card / Debit card
The easiest way to fund Binance is through Credit Card. But do take note that you will be charged hefty processing fees from both sides. Do take note that Credit Card will be categorizing the charges as Cash advance thus they may charge around RM20 – RM30 ringgit extra with daily interest rates. However the benefit of using credit card is you may get better BUSD or USDT rate. Please settle whatever you have paid using your credit as soon as possible to avoid daily interest as these transactions are considered cash advance
P2P is a great and low cost way to to fund your account. you will need to use the p2p function and use your local banking ,eg Maybank to pay to seller of cryptos. There are risks such as Seller not releasing the cryptos. Thus, select good rating seller when using P2P with a lot of transactions
*Fun facts , do you know that there are Malaysians doing full time business selling USDT at Binance P2P ?
Bigpay is a wallet which you can use to fund your Binance wallet safely. If you use Bigpay to fund from Mastercard, the charges is minimal
Bank Deposit (SWIFT)
Binance do support bank deposit to their account in Seychelles, but we do not recommend this way as it is extremely slow.
How to cash out or withdraw money from Binance
You can use almost the same way to withdraw from Binance as you deposit. However some functions are only available on the web version
Easiest way to sell any cryptos. The function is already built inside Binance. Please change your currency to PGK , Papua New Guinea Kina and you should be able to use P2P function to trade with Malaysians.
Bank Withdraw (SWIFT)
This function is supported however with a hefty 25$ to 30$ fees. Please do not use the Deposit by Silvergate Bank. Our funds are still stuck there for months until we are finally able to covert it to BUSD.
Covert all your USDT to cryptos to XRP , then transfer to LUNO , with lowest charges. At Luno , everything will be monitored by LHDN Malaysia as this exchange is regulated by Security Comissions Malaysia.
Types of account in Binance and services offered
Basic way of buying and selling cryptos. You own 100% of the coins.
Leveraged ways of buying cryptos. Always becareful not to trade what you do not own
Futures (coins , coinsM , options)
Leveraged or non leveraged trading with margins. Always becareful not to trade what you do not own
Put your cryptos into fixed deposit and earn interest from it.
How to earn with your Crypto?
Never leave your cryptos idle without doing anything. Always Stake your crypto with the Earn features. Interest can reach as high as 100% p.a. but always becareful with crypto price movement , especially with “shit coins” that pays extraordinary high interest rates. Some stable coins such as BUSD can also be staked with high returns.
1. Is Binance available in Malaysia ? Does Binance have any branches or offices in Malaysia yet.
There are no official office. But you can still use Binance app over the Internet. There are no Binance Malaysia customer srevice.
2. Does Binance have license to operate in Malaysia?
No. Binance is no way regulated or permitted to operate in Malaysia, Please use Binance on your own due diligence. If you are seeking regulated exchange you can try Luno. Luno is good ,however the service charge may be quite hefty. Also there are lack of advance features with Luno
3. How much is Binance charges ?
Typically 0.01% , probably very small compared to what Luno is charging 2% per transaction
4. Is Binance legal in malaysia?
No. it is not recognized by Bank Negera nor Security Commissions. 5. Is Binance Safe to use?
5. Is Binance safe to use ?
Yes. Binance is 100% safe to use. Binance is the largest Crypto exchange in the world. You can enable 2FA in your account