Bitcoin is one of the forms of cryptocurrencies and it is not any different in Malaysia. Entering into any form of the money market is very easy. All you need is money and the readiness to invest. But is that sufficient?
What are required to trade cryptocurrency
For starters, you need to know what is required. 2 very important things that you must consider are:
- A cryptocurrency wallet
- A reliable exchange
The process of trading Cryptocurrency in Malaysia
The process to start investing into cryptocurrencies in Malaysia is quite straightforward. You can do so by:
- Registering (or opening) an account with the exchange with your email address
- Register your 2FA or Two Factor Authentiction as this is the most secure method as of 2018. It’s best to register your mobile number with the exchange as well.
- Then, you can start to deposit your cryptocurrency into the exchange and be sure to double check your hash address(Cryptocurrency address). Keep in mind that none of any cryptocurrency addresses can be identical in any way.
- Then you can choose to buy or sell the cryptocurrency in the exchanges
All these processes is quite easy to follow but you must learn more about them because it deals with your money. This includes knowing the:
- Source of exchange
- Can you access your account at any time and place?
- How secure is the platform in terms of technology and management?
- Deposit Rate and Buy/Sell commission rate
List of Cryptocurrency Exchanges in Malaysia
While Malaysia has yet to recognize cryptocurrencies to be legal tender, there is a list of exchanges that are registered with the central bank of the country. This does not represent any endorsement of any kind as yet.
- Add Token – Available for trading Bitcoin, Ripple, DASH and others through http://www.addwill.co
- Blockchains.my – This exchange is available through bcmy.io where it lists Bitcoin, Ethereum and Bitocoin Cash among the cryptocurrencies tradable
- BXM – Perhaps one of the local players in the exchange market. Available at www.exchangemalaysia.io with Bitcoin and Ethereum tradable here
- B4U EXC – A locally registered exchange accessible via www.b4uwallet.com
- Belfrics – You can trade Bitcoin, Ether, Ripple, Bitcoin Cash, Litecoin and Berlium tokens (BET) here through malaysia.belfrics.com
- Chako Global – The website is www.coinhako.com where you can trade Ethereum and Bitcoin
- Coins.my – Arbor Digital is the operator available at coins.my where you can trade Bitcoin and Ethereum
- Luno – One of the very established exchanges in Malaysia where you can trade Bitcoin, Ethereum and Bitocin Cash via www.luno.com/en
- Mumain – You can trade Ethereum and Bitcoin on this exchange via mumian.io
- Nu Money – Registered with BNM under Numex Sdn Bhd and available through www.numoney.my/my, you can trade mainly Etheruem here
- Openbit – Through openbit.com.my, you can trade Bitcoin Cash, Bitcoin and Ether here
- Ourcoin – This exchange is available at openbit.com.my and you can generally trade Bitcoins here
- Overswitch – Operated by Peer Direct, the exchange lets you trade Nitro, Bitcoin Cash, Ether and Bitcoin via overswitch.io
- PINKexc – Available at pinkexc.com, you can trade Dogegoin, Litecoin, Dashcoin, Bitcoin and Ethereum here
- Tokenize – You can trade Litecoin, Bitoin, Ether and Bitcoin Cash here via tokenize.exchange/#/
Investing in cryptocurrencies
There are a few things that you must know if you plan to invest in the cryptocurrency market. Here are some of them:
- The cryptocurrency exchange is not involved or play any part of your local bourse. This means that it is not part of Bursa Malaysia. There are many exchanges that are available and while some of the dynamics are similar, they are definitely not the same as the common stock exchange.
- The market where cryptocurrency is traded is one of the most volatile ones you can imagine. In other words, you can strike it rich or lose it all within minutes.
- Use strategies when investing in cryptocurrencies. Plan your investment and decide only once you are sure
- There are other names in this market which means it is not just about BTC and ETH
- Find (and read up) about reliable platforms and wallets
What about cryptocurrency mining?
Mining your own cryptocurrency is one of the ways to invest in this market. However, you will need a lot of computer power (and powerful ones) to do so. Look at it as building your own rig and then mining for the currency. Read all about bitcoin mining and find out more. Choose only coins that are very established if you are starting out. This could be Ethereum or ETH and the most notable one, Bitcoin or BTC
Cryptocurrencies in Malaysia
You will need to know that at the moment, cryptocurrencies are still not legal tender in Malaysia. one of the best ways to get Bitcoin is to mine your own. In fact, you will require to do your homework before investing in cryptocurrencies. As many would tell you, China has the largest group of miners. However, if you prefer to buy and trade cryptocurrencies, you can choose among the many exchanges that are available. In Malaysia, consider the following:
- Find the sellers of Bitcoin through exchanges like Remitano and Localbitcoins.
- Trading platforms like Huobi, Binance and Plus500