Bitcoin - the most famous cryptocurrency is taking over the world and Malaysia is no exception.
As per a popular bitcoin trade site, Coin Dance, Malaysia bitcoin day to day exchange esteem had risen 500% to RM2.3 million as at September 2017 from just RM393,000 every year prior, showing more Malaysians are exchanging and trading in the money.
Banks around the world are starting to accept Bitcoin as legal tender and countries adopting Bitcoin as their main currency is huge for the crypto world.
So when the rise of Bitcoins is this extreme, don't you think this is a good time to invest in them? But, even if you do want to, how and where do you start? And which platform do you trust and invest in? Is there any platform that is based in Malaysia that I can invest in?
Buying Bitcoin can be really stressful at times. But don't you worry, we've made it simple just for you! Let's get started, shall we? Here's our tips of "How to invest in Bitcoin in Malaysia" :
Step 1 - Choose where to buy: A cryptocurrency exchange is a website that permits you to trade (buy and sell) cryptocurrencies. They also operate almost the same as stock exchange platforms with the only things differing them being fees, features, payment methods, security etc.
Some popular cryptocurrency exchange platforms that accept Malaysian currency are Binance, KuCoin , and Crypto.com.
Binance used to be the go to exchange however due to the legality of Bitcoin in Malaysia Binance had to cease its operation in the country.
But you know what's better than an exchange accepting Malaysian currency?
A platform based in Malaysia! Yup, that's right! Here is our recommendation that you will love!
Similar but different from an online exchange, Bitcoin2u is an offline exchange platform where you can buy and sell Bitcoin or any other cryptocurrency via cash. And the best part?
It is based in Kuala Lumpur, Malaysia! Salam sejahtera to our Malaysian friends!
So how do you trust us?
Well, Bitcoin2u has been providing cryptocurrency services in Malaysia since 2016 using a unique face to face meet up service. This way you can trade bitcoin safe and securely with the help of our trusted agents. No more online crypto scams!
We started out as the genius of a Malaysian trader to create awareness as well as a stepping stone for our fellow Malaysians to conveniently explore and start their financial journey in the crypto world.
Why Bitcoin2u you ask?
Bitcoin2u provides some amazing services that people swear by! Here are a few:
● ATM Services: Now buying and selling Bitcoins has become easier than ever. With Bitcoin ATM service, you can buy and sell your Bitcoins by cash payments or other payment methods.
Also, the best part? No requirement to fill those long boring forms.
● Bitcoin2u: Yup, we've got a service that does justice to its our name. What is this service you may ask?
Well with Bitcoin2u service we bring your Bitcoin directly to you. The most work you have to do is sit back on your sofa, enjoying your favourite show as we arrange a friendly agent just for you.
This is just the tip of the iceberg. We've got even more ways in which we can serve you: Some of our features also provide you with international payments.
You can make international crypto transfers, no matter where you are within just a few minutes!
Bitcoin2u also offers top up of e-wallets such as Touch&Go, Boost etc which allows you to pay with crypto at various participating merchants in Malaysia.
So you've chosen a platform or exchange to invest in, now what?
Step 2 - Create an account: Once you have examined thoroughly and selected a platform that you are interested in, you can create an account by signing up.
You will need to fill in some information and verify your identity, which is also known as KYC( Know Your Customer), which is a legal requirement of most Malaysian exchange platforms.
This will hardly take you 5 minutes! Once approved, you have to deposit money into your account in order to buy any Bitcoin.
Step 3 - Funding your account: To buy Bitcoin, you will first have to deposit funds i.e. money into your account or link you credit/debit card.
● Deposit of funds: Depositing funds (money) into you account is the cheapest way to buy Bitcoin. The only downside is that you might end up waiting for a few days for the funds to arrive. Though this totally depends on your bank.
● Buying with credit card: Buying Bitcoin with a credit card is a convenient way. But there is a downside to buying Bitcoin with a credit card that it charges you with higher fees.
● Buying with debit card: This is the best way of buying Bitcoin if you are using a card. Buying Bitcoin with a debit card is the same as credit card but debit card purchases have much better fees.
Step 4 - Buy Bitcoin: Finally the part we all were waiting for. Buying Bitcoin! But first the most important thing you should know is that you don't have to buy the whole bitcoin, you can also buy as little as a few Malaysian ringgit's worth, and maybe even less if you want.
There are two common methods in Malaysia to buy Bitcoin on exchanges
● Instant buy
● Spot market
1. Instant Buy: An instant buy is commonly finished with a credit card, yet should likewise be possible with fiat or crypto currently in your trade account.
Credit card purchases will quite often have the most elevated expenses and are at market cost, meaning you are actually paying more than you would in fees.
2. Spot Market: The spot market is often seen as under a 'Trade", "Exchange" or "Spot" heading. Not at all like an instant buy, the spot market permits traders to set preferable prices for a buy or sell.
There are various kinds of exchanges that you can make on a spot market page. You can make a market request, which resembles an instant buy/sell, however it has lower fees and you can get more crypto for your buck!
And….that's it! Now you are equipped with the knowledge of how to buy Bitcoin and put another diamond in that amazing investment portfolio of yours.
Good luck and happy investing!