Best Crypto Exchanges in Malaysia

As the investment sector in Malaysia diversifies, including digital assets alongside traditional investments, these platforms facilitate the trading of leading cryptocurrencies such as Bitcoin and Ethereum. They operate under the oversight of the Securities Commission Malaysia (SC), ensuring all transactions are transparent and compliant.

These exchanges are not just trading marketplaces, they incorporate advanced features like staking, lending, and borrowing, showing Malaysia's ambition to be a global crypto hub. They are designed to cater to the varied needs of investors, from beginners to experienced traders.

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Best Cryptocurrency Exchanges in Malaysia

This overview highlights the top cryptocurrency exchanges in Malaysia, known for their multilingual support, stringent security measures, MYR deposit options, and extensive investment opportunities:

1. Bybit - Best Cryptocurrency Exchange in Malaysia
2. Kraken - Regularly Audited 1:1 Proof-of-Reserves
3. Luno - Most Popular Malaysian Crypto Exchange
4. Gate.io - Diverse Selection of 1700 Cryptocurrency
5. KuCoin - Good Option for High Staking Rewards

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1. Bybit

Bybit was established in 2018 and has quickly ascended to the top of cryptocurrency exchanges in Malaysia, boasting over 27 million users worldwide. It combines a robust trading infrastructure with a diverse suite of features and services tailored to enhance the trading experience, which include:

• Transparent Asset Holdings: Bybit regularly updates its asset reserves to show that all users’ funds are held on a 1:1 basis on the exchange and are registered with the SC in Malaysia.
• Extensive Cryptocurrency Portfolio: Traders have access to a broad selection of over 1100 cryptocurrencies, which can be traded on spot, futures, and options markets with up to 100x leverage.
• High-Performance Matching Engine: Capable of processing up to 100,000 transactions per second, Bybit ensures swift order execution without any delays.
• Unique Features: Aside from trading, there are staking services, crypto loans, an NFT marketplace, copy trading, a crypto debit card, and trading bots.
• Competitive Trading Fees: Bybit maintains a transparent and competitive fee structure, with maker and taker fees from 0.01%/0.06% which are among the most favorable in the market.

Bybit's combination of advanced security, diverse collection of cryptocurrencies, low fees, and transparent assets makes it the top choice for Malaysian traders.

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2. Kraken

Kraken is one of the oldest exchanges in the world that was founded in 2011 and has amassed over 10 million users. Boasting over 200 cryptocurrencies, it is revered for its commitment to transparency, known for its 1:1 proof-of-reserves audits and a suite of features designed for an optimal trading experience:

• Stringent Regulatory Adherence: Kraken is one of the few exchanges that maintain full compliance with legal and regulatory requirements in multiple jurisdictions, including the SC in Malaysia.
• Diverse Trading Instruments: Offering a wide range of trading options, including spot, futures, margin trading, and OTC desks, it caters to various investor needs.
• Regular External Audits: With cold storage of assets, rigorous internal controls, and regular external security audits, Kraken prioritizes the security of its users' funds above all.
• Expert Customer Support: Kraken's customer support team is staffed by seasoned professionals ready to assist with complex queries 24/7 in both English and Malay.
• Extensive Fiat Support: It supports multiple fiat currencies, including MYR, enabling easy local deposits and withdrawals, thereby facilitating global trading activities.

Kraken's adherence to regulatory standards, comprehensive trading options, and local payment methods are great for serious traders.

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3. Luno

Founded in 2013, Luno has grown to become Malaysia's most popular exchange, with a user base of over 12 million. As a local platform, it provides a multilingual interface available in Malay and English and has live customer support in the language, making crypto accessible to everyone. Here are some of its offerings:

• Dedicated Local Support: Luno offers dedicated support for Malaysian users, including local language support and community engagement through online social media, such as Discord and Telegram.
• Regulatory Compliance in Malaysia: Fully compliant with Malaysian regulations and registered with the Securities Commission Malaysia, Luno provides a secure and reliable platform for local traders.
• Instant MYR Deposits and Withdrawals: Luno's integration with local banks allows for instant Ringgit deposits and withdrawals.
• Curated Cryptocurrency Selection: Luno carefully selects its cryptocurrency offerings to include the 40 most popular and reliable options, ensuring quality over quantity for its users.
• Intuitive Mobile App Experience: The Luno mobile app is highly rated and provides a comprehensive trading experience, with advanced features like price alerts and detailed crypto market analysis.

Luno's focus on localization, regulatory compliance, and seamless mobile trading experience makes it the preferred choice for Malaysian crypto enthusiasts.

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4. Gate.io

Gate.io is a leading global exchange serving over 14 million users in Malaysia and 190 other countries. Launched in 2013, it was one of the first investment platforms to pop up in the country. Popular for its extensive selection of 1700+ cryptocurrencies and innovative trading features, Gate.io provides a wide range of services and products, including:

• Unparalleled Crypto Variety: Gate.io hosts an impressive collection of over 1700 cryptocurrencies and tokens, including rare and newer assets, catering to niche markets and speculative traders.
• Staking Services: Equipped with advanced staking options, lending and borrowing services, and a range of earning products, Gate.io caters to the needs of yield farmers seeking high returns with APY up to 120% available.
• Innovative Financial Products: It. offers unique financial products such as cryptocurrency loans, margin trading, and periodic investment plans, allowing users to maximize their investment strategies.
• Competitive Investment Fees: Known for its high liquidity across various trading pairs, it provides tight spreads and low fees from 0.1% for spot markets.
• Community and Social Trading Features: Gate.io fosters a strong community with features like copy trading and interactive forums, enabling users to share insights and strategies.

Gate.io's expansive cryptocurrency offerings, advanced trading tools, and features position it as a comprehensive platform for diverse trading needs.

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5. KuCoin

Since its inception in 2017, KuCoin has rapidly grown, amassing over 30 million users worldwide. KuCoin is celebrated for its lucrative staking rewards, lending and borrowing services, and feature-rich platform. It is a global exchange that can be used in Malay and provides useful offerings, such as:

• Competitive Staking Programs: KuCoin's staking platform, "Pool-X," offers high-yield staking rewards for hundreds of cryptocurrencies, appealing to users looking to earn passive income.
• KuCoin Shares (KCS) Ecosystem: Holders of KuCoin's native token, KCS, enjoy benefits such as trading fee discounts, participation in token sales, and a share of the exchange's daily revenue.
• Cryptocurrency Loans: The platform provides both lending and borrowing services, allowing users to lend their tokens to the exchange and earn a yield, or borrow assets and pay a small fee.
• Spotlight Token Launch Platform: KuCoin Spotlight helps users discover and invest in early-stage crypto projects, offering a curated selection of investment opportunities.
• Low Fee Schedule: Start trading with low fees starting from 0.1% for spot markets and a 0.02% maker and 0.07% taker fee on futures contracts.

KuCoin's focus on rewarding its users through staking, its unique KCS ecosystem, and its commitment to security make it an attractive platform for Malaysian cryptocurrency investors.

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What is a Cryptocurrency Exchange?

Cryptocurrency exchanges in Malaysia act as crucial online hubs for buying and selling digital currencies, such as Bitcoin or Ethereum. They simplify the process for beginners and offer advanced tools for experienced investors to analyze the market and make informed trading decisions.

Malaysian traders prefer exchanges that allow transactions in Malaysian Ringgit (MYR) and provide a variety of payment methods like local bank transfers and Grab Pay for smooth transactions.

When choosing a platform, factors to consider include fees, security measures, whether the exchange holds the funds (custodial services), the quality of customer service, the range of cryptocurrencies offered, and the terms of service. Evaluating these aspects helps ensure the platform fits the investor's needs and trading approach.

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Who Regulates Crypto Exchanges in Malaysia?

The Securities Commission Malaysia (SC) regulates cryptocurrency exchanges in the country, ensuring they comply with stringent regulations, especially concerning Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF). This oversight aims to protect investors, maintain the market's integrity, and prevent financial crimes.

The SC sets out regulatory guidelines and standards for the crypto sector, including approving exchanges and conducting ongoing surveillance. Platforms are required to implement strict customer verification processes to reduce the risk of financial crimes. Malaysia is committed to creating a safe and reliable environment for cryptocurrency trading through such regulatory efforts.

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Our Methodology

At StacksOnChain, we've adopted a meticulous editorial policy to identify the best exchanges in Malaysia's cryptocurrency market. Our objective is to offer unbiased, in-depth analyses to support your investment decisions, backed by a strong dedication to editorial integrity. Our assessment compares Malaysia's 21 digital asset exchanges, incorporating genuine user feedback, firsthand testing, platform updates, and expert opinions.

Our goal is to spotlight the top five trading platforms in Malaysia, showcasing the best options that match your investment objectives. This method ensures our recommendations are transparent and dependable, helping you find the perfect exchange with ease.

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Closing Thoughts

To conclude, our comprehensive review of Malaysia's leading cryptocurrency exchanges, particularly those accepting MYR deposits, has identified the top five platforms known for their exceptional service, security, and user experience. These include Bybit, Kraken, Luno, Gate.io, and KuCoin, which are redefining how Malaysians engage with digital currencies.