Note! Your Bitcoin will be in your wallet between a few minutes and a few hours. We do our best to deliver your BTC to you as quickly as possible, but there sometimes can be delays due to one of the following factors:
- Overloaded blockchain
- Bitcoin updates
- DDoS attack on the exchange
That’s it – your BTC should be in your wallet shortly.
What Is Bitcoin?
Bitcoin is a revolutionary form of digital money - the first cryptocurrency to have ever existed. The concept of the Bitcoin network was created and implemented in 2009 by an anonymous person or group of people under the name Satoshi Nakamoto.
BTC is completely transparent and immutable. “ No one, not a government, not Satoshi themselves, can change that now that it’s been released,” said the paper. After more than a decade on the market, BTC grew into a full-on payment system and paved the way for many other peer-to-peer networks and cryptocurrencies.
Is Bitcoin Legal in Malaysia?
Cryptocurrency falls within Section 73 of the Contracts Act 1950, essentially making it a commodity. So, it’s not recognized as an official tender or regulated by the Central Bank, but you can still legally buy and sell BTC.
The legal status of Bitcoin has been determined by the Malaysian Securities Commission, which also provides guidelines for all other digital currencies.
Best exchanges to buy Bitcoin in Malaysia
- Changelly is a popular cryptocurrency exchange that allows users to easily convert between different digital assets. The platform has been designed to be user-friendly and is one of the easiest ways to buy, sell, or exchange cryptocurrencies. In addition to being easy to use, Changelly is also known for its competitive rates and fast transaction times. It is one of the most popular exchanges available and has built up a large user base over the years.
- Luno is one of the most popular cryptocurrency exchanges in Malaysia, and for good reason. It offers a user-friendly platform with a wide range of features that makes it ideal for both new and experienced traders. One of the best things about Luno is that it allows you to buy Bitcoin using a variety of payment methods, including bank transfer, credit/debit card, and even PayPal. Another great thing about Luno is that it's very easy to use. The platform has a sleek and intuitive interface that makes it easy to navigate. Plus, it offers a handy mobile app that lets you trade on the go.
- SatoWallet. If you're looking for a cryptocurrency exchange that's geared towards security and privacy, then you should definitely check out SatoWallet. The platform offers a host of features that make it one of the most secure exchanges in Malaysia. For starters, all of your data is stored offline in cold storage. Plus, the platform uses 2-factor authentication to further protect your account. In terms of fees, SatoWallet charges a flat fee of 0.5% for all trades. However, if you're looking to trade large amounts of Bitcoin, then you may be able to get a better rate.
- P2P Exchange. If you're looking for a more decentralized way to buy Bitcoin in Malaysia, then you should definitely check out a P2P exchange. P2P exchanges connect buyers and sellers directly, without the need for a central authority. This means that you can trade Bitcoin without having to worry about the security of your funds. One of the best P2P exchanges in Malaysia is LocalBitcoins. The platform is very user-friendly and offers a wide range of payment methods, including bank transfer, cash deposit, and even PayPal.
- Binance is one of the world's largest cryptocurrency exchanges and is available in over 180 countries, including Malaysia. The platform offers a wide range of features that make it ideal for both new and experienced traders. For example, it has a highly advanced trading interface that lets you trade a variety of cryptocurrencies. Plus, it offers low fees, which is great if you're looking to trade large amounts of Bitcoin.
- Coinbase. If you're looking for a trustworthy and user-friendly platform to buy Bitcoin in Malaysia, then you should definitely check out Coinbase. The platform is one of the most popular exchanges in the world and offers a wide range of features that make it ideal for both new and experienced traders. For example, it has a very user-friendly interface that makes it easy to navigate. Plus, it offers support for a wide range of payment methods, including bank transfer, credit/debit card, and even PayPal.
Best ways to buy Bitcoin in Malaysia
How to buy Bitcoin with PayPal in Malaysia
If you're looking to buy Bitcoin with PayPal in Malaysia, there are a few things you need to know. First, PayPal isn't available as a payment method on all cryptocurrency exchanges. Second, even if an exchange does accept PayPal, they may not allow you to buy Bitcoin with it. And third, there may be fees associated with using PayPal to purchase Bitcoin.
To find an exchange that accepts PayPal as a payment method, you can check out our list of exchanges that accept PayPal. Once you've found an exchange that accepts PayPal, you'll need to create an account and verify your identity. Once your account is verified, you'll be able to deposit funds into it using PayPal.
Once you have funds in your account, you'll be able to start buying Bitcoin. When placing an order, you'll need to specify how much Bitcoin you want to buy and the price you're willing to pay. Once your order is filled, the Bitcoin will be sent to your account.
Keep in mind that there may be fees associated with using PayPal to buy Bitcoin. However, these fees are generally lower than the fees associated with other payment methods.
How to buy Bitcoin from ATM in Malaysia
Bitcoin ATMs are a quick and easy way to buy bitcoins and they're also private. However, there are a few things to keep in mind when using a Bitcoin ATM.
First, you'll need to find a Bitcoin ATM. There are a few different ways to do this, but the easiest is probably to use a service like CoinATMRadar. This website will show you a map of all the nearby ATMs, as well as the type of machines they are.
Next, you'll need to have a Bitcoin wallet set up. Again, there are a few different options here, but we recommend using Coinbase or Blockchain.info. Once you have your wallet set up, you'll need to generate a QR code that you can use to send your bitcoins to the ATM.
Finally, you'll need to actually go to the ATM and follow the instructions. Most machines will require you to insert cash, but some will also allow you to pay with a debit card. Once you've inserted your cash or card, the machine will give you a receipt with a QR code on it. You'll then need to scan this QR code with your Bitcoin wallet in order to send the funds.
And that's it! You should now have your bitcoins in hand. Just remember that Bitcoin ATMs are not always available, so it's always a good idea to have another way to buy bitcoins as well.
How to buy Bitcoin with cash in Malaysia
Assuming you already have a Bitcoin wallet set up, you can now purchase Bitcoin using cash in Malaysia. There are a few different options available:
Use a Bitcoin ATM
Bitcoin ATMs are becoming increasingly popular in Malaysia. You can use them to buy Bitcoin using cash, and then store the coins in your own wallet.
To find a Bitcoin ATM near you, check out CoinATMRadar. Once you've found one, simply insert your cash and follow the instructions on screen to purchase Bitcoin.
Buy Bitcoin online from a Malaysian exchange
Another option is to buy Bitcoin online from a Malaysian exchange such as Luno or LocalBitcoins. Both of these platforms allow you to buy Bitcoin using your local currency (MYR).
To do this, simply create an account on the platform of your choice, deposit MYR into your account, and then use it to buy Bitcoin. Once you've bought Bitcoin, you can store it in your own wallet or leave it on the exchange.
Meet up with someone in person to buy Bitcoin
If you know someone who already has Bitcoin and is willing to sell some to you, you can arrange a meeting in person to trade cash for Bitcoin.
LocalBitcoins is a good platform to use for finding people near you who are willing to trade Bitcoin for cash. Simply create an account, find a seller that's nearby, and arrange a meeting place and time.
Once you've met up and traded cash for Bitcoin, make sure to transfer the coins into your own wallet for safekeeping.
So there you have it! Those are three ways to buy Bitcoin using cash in Malaysia. Just remember to always take security precautions when buying or selling Bitcoin, and always store your coins in a safe place.
How to buy Bitcoin with bank account in Malaysia
If you're looking to buy Bitcoin with a Malaysian bank account, there are a few options available to you. One option is to use an online exchange that supports Malaysian bank accounts, such as Luno or Bitx. Another option is to use a peer-to-peer trading platform such as LocalBitcoins. Finally, you could also try contacting a Bitcoin broker in Malaysia directly to see if they can help you out. Whichever option you choose, make sure you do your research before sending any money!
How to buy Bitcoin with prepaid card
If you're looking to buy Bitcoin with a prepaid card, there are a few options available. The most popular option is probably Coinbase, which allows you to buy Bitcoin with a Visa or Mastercard prepaid card. Another option is Bitpanda, which also supports other cryptocurrencies such as Ethereum and Litecoin.
How to buy Bitcoin with Credit or Debit card
If you're looking to buy Bitcoin with a credit or debit card, there are a few things you'll need to keep in mind. Here are a few steps to help you get started:
- Find a reputable Bitcoin exchange. There are many different exchanges out there, so it's important to find one that is trustworthy and offers good rates.
- Create an account on the exchange. This will usually involve providing some personal information, as well as setting up a payment method.
- Buy Bitcoin! Once you've found a good exchange and set up an account, you'll be able to buy Bitcoin using your credit or debit card.
- Store your Bitcoin safely. Once you've bought Bitcoin, it's important to store it in a safe place. This could be a paper wallet, a software wallet, or even a hardware wallet.
Following these steps should help you get started with buying Bitcoin using a credit or debit card. Remember to carefully research any exchange you use and always store your Bitcoin in a safe place!
Can Foreigners Get Bitcoin in Malaysia?
Yes, no problem at all! Anyone can buy Bitcoin whether they are a Malaysian national or just visiting. That is precisely the premise of crypto - creating a borderless payment system that anyone can take advantage of. Our service is available for anyone interested in cryptocurrencies.
How Is the Price of Bitcoin Determined?
There is no central body setting the price of BTC, so pay attention to market conditions and participants.
The main factor is supply and demand. But since the supply of Bitcoin is inelastic, the price mostly depends on the demand - how many people want to buy Bitcoin right now. The cryptocurrency market is also highly speculative (compared to traditional markets like commodities), which also changes the price and causes intense volatility.
Can I Buy Less Than 1 Bitcoin?
Yes, you can buy a fraction of a bitcoin. For this, simply enter the fractional amount on the Changelly exchange, the system will automatically calculate its worth in your chosen fiat currency and show who is selling the amount you need.
No one is expecting you to afford an entire bitcoin, which is worth over 257,000 RM.
What Are the Taxes to Purchase Bitcoin?
The Malaysian government didn’t update the tax framework for digital currencies. If you’re an individual, there is no capital gains tax for cryptocurrency investments and capital assets. If you use BTC for casual online purchases, there is also no tax.
If you’re a company making a profit from trading Bitcoin, the gains are subject to corporate income tax.
Where Can I Store Bitcoin?
There are two options: online and offline wallets. Online BTC wallets are the most popular choice - these services store your private keys on a server, which are constantly online and controlled by a third party. Offline wallets are physical devices that never get connected to the Internet.
In any case, it’s not advised to keep your funds on crypto exchanges. While they’re safe to trade on, always move your bitcoins from a trading account to a wallet.
Which Bitcoin Wallet Can I Use in Malaysia?
There are many different types of Bitcoin wallets available to users in Malaysia. Some of the most popular include:
- Coinbase: Coinbase is one of the most popular Bitcoin wallets available. It offers users a secure place to store their coins, as well as a platform to buy and sell them.
- Blockchain Wallet: Blockchain Wallet is another popular choice for those looking for a secure place to store their Bitcoins. It also allows users to buy and sell their coins, and even exchange them with other currencies.
- Exodus: Exodus is a desktop wallet that provides users with a secure place to store their Bitcoins, as well as an easy way to send and receive them.
- Jaxx: Jaxx is a popular mobile wallet that allows users to store, send, and receive Bitcoins on the go.
- Mycelium: Mycelium is a popular choice for those looking for a secure and user-friendly Bitcoin wallet.
These are just some of the many different types of Bitcoin wallets available to users in Malaysia. There are also numerous online and offline wallets available, so be sure to do your research before choosing one that best suits your needs.
Who Accepts Bitcoin in Malaysia?
The Malaysian government has been pretty open-minded about cryptocurrency. In 2014, the country’s central bank issued guidelines on how Bitcoin could be traded and taxed. And in November 2017, the prime minister announced that the government was considering launching its own cryptocurrency.
So it’s no surprise that there are a number of businesses in Malaysia that accept Bitcoin. These include restaurants, cafes, bars, shops, and even a few hotels.
If you’re looking to spend your Bitcoin in Malaysia, here are some places where you can do so:
The Cornershop Cafe
This trendy cafe in Kuala Lumpur is one of the first businesses in Malaysia to accept Bitcoin. The cafe has a relaxed, hipster vibe and is popular with digital nomads and tech-savvy young professionals.
The Little Things Coffee & Gifts
The Little Things is another cafe in Kuala Lumpur that welcomes Bitcoin payments. This cute spot is perfect for coffee lovers, with a range of specialty coffees on offer. They also sell locally made arts and crafts, making it the perfect place to pick up a souvenir or gift.
This craft beer bar in Johor Bahru is a great place to relax and unwind after a long day. As well as serving up a range of local and international beers, they also accept Bitcoin payments. So you can enjoy a cold one without having to worry about currency conversion fees.
The Mine Bitcoin Cafe
The Mine is a unique cafe in Kuala Lumpur that’s themed around cryptocurrency. As well as serving coffee and light snacks, they also offer Bitcoin mining services. So you can earn some extra cash while you enjoy your caffeine fix.
Tune Hotel KLIA2
If you’re looking for a place to stay in Kuala Lumpur, the Tune Hotel KLIA2 is a great option. This budget hotel chain accepts Bitcoin payments, making it easy to book your room without having to convert your currency.
Bersama Limousine Service
For those times when you need to make a grand entrance, Bersama Limousine Service is the perfect solution. This luxury car service accepts Bitcoin, making it easy to pay for your journey without having to worry about currency conversion fees.
This popular gaming cafe in Kuala Lumpur is a great place to unwind and enjoy some downtime. They have a range of PC and console games on offer, as well as accepting Bitcoin payments. So you can top up your gaming account without having to worry about currency conversion fees.
PichaEats is a social enterprise that delivers meals from refugee chefs to homes and offices around Kuala Lumpur. As well as being a great cause, they also accept Bitcoin payments. So you can enjoy a delicious meal and support a good cause at the same time.
KLOOK is a popular travel booking website that offers activities, tours, and attractions in destinations around the world. And they accept Bitcoin payments, making it easy to book your next adventure without having to worry about currency conversion fees.
Harvey World Travel
Harvey World Travel is a leading travel agency in Malaysia, with over 60 branches around the country. They offer a range of services, including flights, hotels, and tour packages. And they accept Bitcoin payments, making it easy to pay for your next trip without having to convert your currency.
These are just a few of the businesses in Malaysia that accept Bitcoin. So whether you’re looking for a place to eat, drink, or stay, you’ll be able to find somewhere that suits your needs.
How to Cash Out Bitcoin in Malaysia?
On Changelly, you can easily sell Bitcoin for USD (or another currency of your choice). Just go to the main page, navigate to the Sell window, and follow the instructions. In a few simple steps, you’ll convert crypto to a fiat currency and move it to your bank account. Then, go to your local ATM and cash out the money like you usually would.