Finding the best crypto exchange and trading platform in Malaysia is very important for serious traders and investors alike. Our team of expert reviewers consisting of Carl and Christian has analyzed over 30 platforms and together they’ve boiled it down to a top list of the 5 best picks.
Together Carl and Christian have over 25 years of experience in financial institutions and blockchain technology with extensive experience in short-term trading platforms.
Top crypto exchange and trading platform Malaysia list
| Platform | Key Features | Fee | |
| 1. BYDFi | – Best crypto trading platform | 0.02% | Visit BYDFi |
| 2. Phemex | – Best crypto app | 0.05% | Visit Phemex |
| 3. BingX | – Best alternative | 0.06% | Visit BingX |
| 4. Bybit | – Best for options trading | 0.075% | Visit Bybit |
| 5. Binance | – Best for altcoin trading | 0.10% | Visit Binance |
(This article is not financial advice. Research before investing. Some links are affiliate links, earning us a commission without extra cost for you. Our content remains unbiased regardless of affiliates.)
Key takeaways
- BYDFi stands out as the best crypto trading platform in Malaysia and leads the pack with its exceptional features like low trading fees, high leverage options, and a user-friendly interface, making it the top choice for Malaysian traders.
- While BYDFi tops the list, other platforms like BingX, Phemex, Binance, and Bybit also offer unique features catering to various trading needs, from anonymity to altcoin trading.
- Across all platforms, a consistent emphasis on robust security measures and user-friendly interfaces highlights the importance of these factors in choosing the right crypto trading platform.
What is the best crypto exchange and trading platform in Malaysia?
While analyzing the platforms in our list, our experts have looked at these data points in particular:
- Fees
- Security and safety protocols
- KYC
- Registration process
- Payment methods
- Trading tools
- Supported cryptocurrencies
- User interface
- Support channels
1. BYDFi – Best crypto trading platform Malaysia
Rating: 9.9/10
Pros
- Low Trading Fees
- High Leverage Options
- User-Friendly Interface
- Wide Range of Cryptocurrencies
- Robust Security Measures
Cons
- Limited Educational Resources
- KYC Requirements
- Limited Fiat Currency Options
Overview
BYDFi, recognized as the best crypto trading platform in Malaysia, offers a seamless and efficient trading experience for Malaysian traders. It stands out for its ability to cater to the needs of traders who wish to trade cryptocurrencies using the Malaysian Ringgit.
This platform is particularly appealing for its user-friendly interface and comprehensive range of trading options, making it an ideal choice for both beginners and seasoned traders.
In a practical test conducted by crypto expert Carl, BYDFi’s efficiency was put to the test. Carl initiated his trading journey by depositing 5000 Ringgit using a credit card from Maybank, a crypto-friendly Malaysian bank. After completing the necessary KYC (Know Your Customer) documentation, he successfully deposited the funds.
Carl then strategically invested the 5000 Ringgit into Ethereum and Tron, dividing his investment equally between the two cryptocurrencies. He utilized the perpetual swaps contract feature on BYDFi, which provided him with a leverage of 1:100.
The average trading fee was remarkably low at 0.03%. The cost of these fees for his transactions was just 1.5 Ringgit, highlighting the platform’s cost-effectiveness. The feature that stood out the most was the platform’s leverage option, which allowed Carl to take significant position sizes, maximizing his trading potential.
BYDFi distinguishes itself with its unique blend of features that cater specifically to the Malaysian market. What truly sets it apart is its commitment to providing a trading platform that is not only efficient but also highly accessible to the local audience.
Additionally, the platform’s low fees and high leverage options make it an attractive option for traders looking to maximize their trading potential while minimizing costs.
Features
- Support for Malaysian Ringgit
- Low Trading Fees
- High Leverage Options
- 400+ cryptocurrencies
- Robust Security
- Perpetual Swaps Contract
- Seamless Deposit and Withdrawal Process
- Mobile Trading
- Advanced Trading Tools
Fees
Here’s a breakdown of the most important fees:
| Fee Type | Amount |
| Trading Fee | 0.03% |
| Deposit Fee | Free |
| Withdrawal Fee | Variable |
| Perpetual Swap Fee | 0.03% |
| Leverage Fee | Based on position size |
2. Phemex – Best crypto app Malaysia
Rating: 9.8/10
Pros
- App features are advanced
- Low Fees
- Seamless Integration with Trading Tools
- Rapid Transaction Processing
- Customizable User Interface
Cons
- No Interest-Earning Products
- Complex for Beginners
- Limited Support for Some Countries
- No Native Token
Overview
Phemex, renowned as the best crypto app in Malaysia, offers Malaysian traders an efficient and secure platform for cryptocurrency trading on the go. In a practical test, crypto expert Christian deposited Ringgit 7000 into Phemex using a Bitcoin wallet. Remarkably, he completed this transaction after submitting the necessary KYC documents.
With this deposit, Christian purchased five altcoins under $1 each, including Dogecoin (DOGE), Basic Attention Token (BAT), Stellar (XLM), Tron (TRX), and VeChain (VET). The average trading fee was a modest 0.075%.
For his investment, the total fee amounted to approximately Ringgit 5.25. The standout feature for Christian was the platform’s user-friendly interface, which streamlined his trading experience.
Phemex distinguishes itself with its commitment to user privacy and security. The platform’s no KYC policy is particularly appealing, as it allows traders to engage in cryptocurrency transactions without disclosing personal information.
This feature, coupled with a robust security framework, ensures a secure and private trading environment, which is a rare find in the crypto exchange landscape.
Additionally, Phemex’s user-friendly interface simplifies the trading process, making it accessible to both novice and experienced traders. This combination of privacy, security, and ease of use is what makes Phemex stand out and why it was chosen for our blog post.
Features
- No KYC requirement.
- Low trading fees.
- Wide range of cryptocurrencies.
- User-friendly interface.
- Advanced security features.
- High-performance trading engine.
- Spot and derivatives trading options.
- Mobile app for trading on the go.
- 24/7 customer support.
- Quick and easy registration process.
Fees
- Trading Fees:075% for makers and takers.
- Withdrawal Fees: Varies based on the cryptocurrency.
- Deposit Fees: No fees for cryptocurrency deposits.
- Fiat Conversion Fees: Not applicable as fiat transactions are limited.
- Other Fees: May include fees for certain types of transactions or services.
3. BingX – Best alternative crypto exchange Malaysia
Rating: 9.7/10
Pros
- Innovative Copy-Trading Features
- Extensive Cryptocurrency Support
- Advanced Analytics for Traders
- High-Performance Trading Engine
- Multi-Language Support
Cons
- Complexity in Derivatives Trading
- Third-Party Services for Fiat Transactions
- Limited Physical Presence
Overview
BingX, the best alternative crypto exchange in Malaysia, offers a unique and innovative platform for Malaysian traders looking to dive into the world of cryptocurrencies. Established in Singapore and active since 2018 under its former name, Bingbon, BingX has rapidly evolved into a dynamic exchange, supporting over 350 cryptocurrencies and boasting a significant global user base. Its impressive 24-hour trading volume, which stood at USD 11.5 billion as of January 2023, highlights its prominence in the crypto market.
BingX distinguishes itself as a great crypto derivatives trading platform, while also accommodating spot trading, making it a versatile choice for various trading preferences.
A real-world test of BingX was conducted by crypto expert Carl, who deposited Ringgit 8000 using a debit card. After completing the necessary KYC documentation, Carl invested in PepeCoin and ADA through the spot market.
The average trading fee was remarkably low at 0.05%. For Carl’s transaction, this translated to a fee of just RM 4 (approximately USD 0.95), showcasing BingX’s competitive pricing.
What stood out most during this test was BingX’s user-friendly interface and the seamless process of depositing and trading, making it an excellent choice for both novice and experienced traders.
BingX stands out for its exceptional blend of innovative features and user-centric design. What particularly impresses us is its pioneering approach to copy-trading. Unlike other platforms where this feature feels like an afterthought, BingX has developed a sophisticated and intuitive copy-trading system that genuinely adds value for both novice and experienced traders.
This feature not only demystifies the trading process for beginners but also offers a strategic advantage to seasoned traders looking to diversify their trading strategies. The platform’s commitment to user experience, evident in its intuitive interface and robust customer support, further solidifies its position as a top choice for crypto trading in Malaysia.
Features
- Derivatives and Spot Trading
- Copy-Trading System
- 24/7 Customer Support
- Fiat Currency Support
- Perpetual Swap Feature
- Mobile App Availability
- Affiliate Program
- High Trading Volume
- Tiered Authentication System
- Educational Resources
Fees
| Fee Type | Amount |
| Trading Fee (Takers) | 0.05% per order |
| Trading Fee (Makers) | 0.02% per order |
| Withdrawal Fee | Network fees only (varies) |
| Deposit Fee | No charge |
4. Bybit – Best exchange for options trading in Malaysia
Rating: 9.6/10
Pros
- High Leverage Options
- Advanced Trading Tools
- Risk-Free Test Environment
- Educational Resources
- Impressive Transaction Capacity
Cons
- Geographical Restrictions
- High Risk in Derivatives
- Not Suited for Spot Trading
Overview
Bybit stands out as the best crypto options trading exchange in Malaysia, offering a unique platform for Malaysian traders interested in crypto options. This derivatives exchange is known for its advanced trading tools and top-notch security, making it a go-to choice for those looking to engage in sophisticated crypto trading strategies.
During a test conducted by crypto expert Carl, Bybit demonstrated its efficiency and user-friendliness as long as it’s speed. Many consider it to be a fast crypto trading platform compared to its competitors. Carl began by depositing Ringgit 10,000 using a credit card, after completing the necessary KYC documents.
He then engaged in trading using two advanced options strategies: the Iron Condor and the Straddle strategy. These strategies are known for their potential to manage risk and capitalize on market volatility.
With an average trading fee of 0.075% for options contracts, the cost of the fees amounted to approximately Ringgit 7.50 per trade. What stood out most was Bybit’s seamless trading experience and the platform’s ability to handle complex strategies with ease.
Bybit’s unique appeal lies in its combination of high leverage options and advanced trading tools, which are not commonly found on other platforms. This makes it an ideal choice for experienced traders in Malaysia looking for a platform that can handle complex trading strategies and offer significant potential rewards.
The platform’s commitment to security, evident in its cold storage of client funds and two-factor authentication, adds a layer of trust and reliability.
Features
- Up to 100x Leverage on Crypto Trades
- Advanced Charting Tools with Extra Features
- Risk-Free Testnet for Strategy Testing
- Comprehensive Educational Resources
- High-Speed Transaction Processing
- No KYC Requirements for Account Opening
- Short-Term Insurance Against Losses
- Diverse Order Types (Limit, Market, Conditional)
- Cold Storage for Client Funds
- Two-Factor Authentication for Enhanced Security
Fees
| Contract Type | Highest Leverage | Maker’s Rebate | Taker’s Fee |
| BTC/USD | 100x | -0.025% | 0.075% |
| ETH/USD | 50x | -0.025% | 0.075% |
| XRP/USD | 50x | -0.025% | 0.075% |
| EOS/USD | 50x | -0.025% | 0.075% |
5. Binance – Best altcoin trading platform Malaysia
Rating: 9.5/10
Pros
- Low Fees
- Passive Income Opportunities
- Extensive Cryptocurrency Selection
- Advanced Trading Tools
- Diverse Deposit Options
Cons
- Complexity for Beginners:
- Regulatory Challenges
- Limited U.S. Availability
- Risk of High Leverage
Overview
Binance, recognized as the best altcoin exchange in Malaysia, offers Malaysian traders an unparalleled experience in the cryptocurrency market. This platform stands out for its extensive range of altcoins, making it an ideal choice for those looking to diversify their crypto portfolio beyond the mainstream options.
In a practical test conducted by crypto expert Christian, Binance’s efficiency and user-friendliness were put to the test. Christian initiated his journey on Binance by depositing RM 9,000 using a credit card, benefiting from the platform’s instant deposit feature.
He strategically traded eight popular altcoins, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Dogecoin (DOGE), and Cardano (ADA), employing breakout strategies in the spot trading contract.
With an average trading fee of just 0.10%, the cost incurred in fees was minimal, highlighting Binance’s commitment to affordability. The standout feature for Christian was the platform’s seamless integration of diverse trading tools, enhancing his trading experience.
Binance distinguishes itself with its commitment to innovation and user empowerment. The platform’s ability to offer a vast array of cryptocurrencies, including emerging altcoins, sets it apart from its competitors.
This feature not only caters to the diverse interests of traders but also provides opportunities to explore and invest in lesser-known cryptocurrencies, potentially leading to high returns. The platform’s user-centric approach, combined with its advanced trading tools, makes it a top choice for both seasoned and aspiring traders in Malaysia.
Features
- Low trading fees.
- Passive income opportunities through crypto assets.
- Access to a broad range of over 350 cryptocurrencies.
- Advanced trading tools and interfaces.
- Multiple deposit methods including fiat-to-crypto options.
- Limit order functionality for precise trading.
- Availability of crypto derivative products.
- Peer-to-peer trading support.
- Non-fungible token (NFT) trading options.
- Comprehensive tax reporting tool.
Fees
| Fee Type | Amount |
| Highest Spot Trading Fee | 0.1% |
| Maker/Taker Fee | 0.1% / 0.1% (Varies with VIP level) |
| Deposit Fees | Varies by method |
| Withdrawal Fees | Depends on currency and method |
Pros and cons of buying crypto
Below are the benefits and drawbacks of investing in crypto that stand out to me from a professional point of view:
Pros:
- Diversification of Investment Portfolio
- High Potential Returns
- Accessibility and Inclusivity
- Innovation and Future Potential
- Decentralization
Cons:
- Market Volatility
- Regulatory Uncertainty
- Security Risks
- Limited Use as Currency
- Environmental Concerns
What is a Malaysian crypto exchange?
A Malaysian crypto exchange is an online platform where individuals in Malaysia can buy, sell, and trade cryptocurrencies like Bitcoin, Ethereum, and many others. These exchanges are tailored to meet the specific needs and regulations of the Malaysian market, ensuring a secure and user-friendly experience for local investors.
From my experience as a crypto enthusiast and investor, I’ve observed that Malaysian crypto exchanges stand out due to their adherence to local financial regulations, which is crucial for ensuring user safety and trust.
Malaysian exchanges offer a variety of features, including easy-to-use interfaces, local payment methods like bank transfers, and customer support in local languages, making them accessible even to beginners.
How to choose crypto exchange in Malaysia
Selecting the right crypto exchange in Malaysia involves considering several key factors:
- Security: Prioritize exchanges with robust security measures like two-factor authentication and insurance against hacks.
- User Experience: Choose platforms that are user-friendly, especially if you’re a beginner. Easy navigation and reliable customer support are essential.
- Fees: Compare fee structures. Look for low transaction and withdrawal fees to maximize your returns.
- Cryptocurrency Variety: A good exchange offers a wide range of cryptocurrencies, allowing for diversification in your investments.
- Regulatory Compliance: Ensure the exchange complies with Malaysian financial regulations for added security and legitimacy.
- Performance and Reliability: Consider the exchange’s transaction speed, uptime, and overall reliability.
- Pros and Cons: Weigh the advantages and disadvantages based on your trading needs and preferences.
Is Malaysia a crypto-friendly country?
Malaysia presents a fascinating case in the world of cryptocurrencies. While it’s not the most liberal market, it’s certainly not the most restrictive either, striking a balance that could be termed ‘cautiously crypto-friendly’. The Malaysian government, recognizing the potential of blockchain technology and digital currencies, has taken steps to regulate the sector rather than imposing outright bans.
The Securities Commission of Malaysia oversees the regulation of digital assets, ensuring a structured and legal framework for crypto exchanges and trading platforms. This approach demonstrates Malaysia’s commitment to nurturing a safe and regulated environment for crypto enthusiasts and investors.
How to buy crypto in Malaysia
Purchasing cryptocurrency in Malaysia is simple if you follow these steps:
- Select a Reputable Exchange
- Register and Verify
- Deposit Funds
- Buy Cryptocurrency
- Consider Secure Storage
- Stay Informed and Cautious
How we review and rate crypto exchanges
Malaysia Crypto Exchange Review Summary:
- Expert Analysis: Our knowledgeable team rigorously evaluates each platform’s features, security, and reliability.
- Hands-On Testing: We test platforms firsthand, focusing on user interface, transactions, and support.
- Performance Metrics: We assess transaction fees, speed, cryptocurrency variety, and liquidity.
- Unique Features: We spotlight each exchange’s distinct security measures and user tools.
- Comparative Overview: We provide a pros and cons comparison, tailored for various user types.
- Evolutionary Perspective: We track platform developments, highlighting innovations.
- Decision-Making Factors: We focus on key aspects like security and usability for informed choices.
- Independent Analysis: Our unbiased reviews are based on actual user experiences.
- Additional Resources: We offer helpful links and alternative platform options.
- Best Picks: Our top recommendations are supported by evidence and personal testing.
Our streamlined approach ensures that our reviews are not only informative but also directly aligned with what users care about most in the world of cryptocurrency trading.
FAQ
Is Binance legal in Malaysia?
Binance is not officially recognized by the Malaysian Securities Commission and should be used with caution.
Is crypto taxable in Malaysia?
In Malaysia, cryptocurrency transactions are subject to income tax if they are considered revenue in nature, but not subject to GST.
Is Bybit legal in Malaysia?
Bybit is not officially recognized by the Malaysian Securities Commission, so while it’s accessible, users should proceed with caution and awareness of regulatory risks.
Conclusion
BYDFi not only ranks as the best crypto exchange and trading platform in Malaysia but also excels in several key areas. Its standout features include an exceptionally low trading fee of just 0.03%, high leverage options up to 1:100, and a diverse range of over 400 cryptocurrencies.
The platform’s commitment to user-friendliness is evident in its intuitive interface, which simplifies the trading process for both beginners and experienced traders.
It’s also worth noting that while BYDFi leads the pack, other platforms like BingX, Phemex, Binance, and Bybit each have their unique strengths. For instance, Phemex is recognized as the best crypto app thanks to its advanced features.
BingX, with its innovative copy-trading features and extensive cryptocurrency support, is an excellent alternative for those seeking a different trading experience. Bybit’s specialization in options trading and Binance’s extensive range of altcoins cater to specific trading preferences.
If you are looking for platforms beyond Malaysia, check out our other recommendations:
- Crypto trading platforms in Canada
- Crypto exchange in Europe
- Swiss crypto exchange
- Mexican crypto exchange
- Swedish crypto exchange
- Norwegian crypto exchange
- Crypto exchange in Ireland
- Crypto exchange in Japan
About the authors
This comprehensive review of the top crypto exchanges and trading platforms in Malaysia is brought to you by a team of seasoned experts in the field of finance and blockchain technology.
Carl and Christian who collectively boast over 25 years of experience in financial institutions and blockchain technology, have meticulously analyzed and tested each platform to provide you with reliable and insightful information.