In this post, I am going to share tips and tricks when you want to sell Bitcoin in Malaysia through the Remitano Malaysia platform.
This sharing is based on my own experience using the platform back in 2017.
Before you read further, please take note that Remitano was reprimanded by Securities Commission Malaysia (SC) in April 2021. Thus, I transferred by Bitcoin to Luno Malaysia, a digital exchanged fully approved by SC. You may read about Luno in my Luno Malaysia review. Currently, Luno is also known as the best cypto exchange in Malaysia.
[Disclaimer: I am not a certified financial planner. My sharing is purely based on my own research and personal experience. To make the best financial decision that suits your own needs, you must conduct your own research and seek the advice of a certified financial planner if necessary]
Tips and tricks when you want to sell Bitcoin in Malaysia
Basically, I learned these tips and tricks based on my own experience when I sold my Bitcoin using the Remitano platform prior to 2021.
I believe these tips and tricks will benefit those who wish to sell Bitcoin in Malaysia:
1. Sell in a minimal amount
The first point is, do not sell your Bitcoin in huge amounts. Instead, separate it into a few minimal transactions.
So that, in case anything happened to a particular transaction, the amount lost is minimal.
When I mentioned anything, it can mean a lot of things. Such as a system down during a halfway transaction, a buyer fraud case, failure to log in, or your own internet connection problem.
But, do take note there’s a risk of Bitcoin price plummeting within minutes during the next transactions.
2. Check your potential buyers
Practice occasionally logging in to Remitano or your preferred Bitcoin exchange to check your potential buyers.
If possible, try to log in daily.
Have a look at the active buyers and sellers. This can somehow can eliminate the bad guys.
But, again, a genuine buyer yesterday does not mean a genuine buyer today especially if it involves a huge amount of Bitcoin.
A word of caution, there will always be someone who is always thinking of quick profit by clicking the dispute button even though there is no dispute.
These Bitcoin buyers hope that you will get panic and click the ‘I have received payment button’. Then he can run away with your Bitcoin.
3. Do not get panic
When a seller or buyer clicks dispute even though there is no dispute, do not get panic.
Get help by using the ‘chat’ button at the bottom right of the Remitano website.
Do not simply click any other button.
4. Be extra smart to avoid bad sellers or buyer
Among my trades, in one particular transaction, a buyer clicked the ‘dispute’ button.
And at the same time, he sent a message through Remitano that he needed more time to transfer the fund as he said he was driving.
He also requested for additional 10 minutes.
If this happened, never click the ‘I have received the payment‘ button. Because I don’t think this guy is genuine and he is not going to pay me.
By the way, I waited for him to transfer the payment. And Remitano support also requested him to transfer the payment because he exceeded the time allowed. But he failed to send proof of payment.
I chat with Remitano for support and finally, he canceled the trade.
Note: as a seller, I will not be able to cancel the trade. Only the buyer can cancel the trade. So, no matter what, stay calm.
When the buyer thinks that he won’t be able to cheat your Bitcoin away, he will cancel the trade and your Bitcoin will be returned to you.
5. Double-check your payment status
Do check and double-check whether you’ve received the payment before confirming that you’ve received the payment.
In another trade, a buyer said he had made a payment to me. But, I didn’t receive payment at all.
Again, this buyer clicked the ‘dispute’ button. I got help by chatting with the
Finally, this buyer canceled the trade and my frozen Bitcoin is transferred back to me.
Note: When a trade is active, Bitcoin is frozen for that particular trade. When the trade is successful, the Bitcoin will be transferred to the buyer. Else, it will be returned to the seller.
Final thoughts
In summary, you must ensure and double-check that you’ve confirmed received the payment before clicking the button ‘I have received payment’.
Because once you’ve clicked on ‘I have received payment’, no one will be able to help you to retrieve back your Bitcoin.
This is not only applicable to Remitano (note: referral link – I shall earn a small token at no cost to you when you sign up through this link) but to other Bitcoin exchanges as well.
(Take note that Remitano Malaysia is listed under the Securities Commission Malaysia investor’s alert list. And in April 2021, the Securities Commission (SC) reprimanded Remitano for operating a digital asset exchange without its approval.)
The disadvantage when I met these unlucky trades, I lost the opportunity to trade at my preferred Bitcoin price.
When I got stuck with the ‘dispute’ button, it made me angry too. I had to wait until the buyer cancels the trade, then I can choose to trade with a different buyer.
Again, anyone buying Bitcoin must be ready to lose it all.
If you think you can’t afford to lose it, perhaps Bitcoin is not suitable for you.
I hope my tips and tricks when selling Bitcoin in Malaysia above are able to guide those who wish to sell their Bitcoin or other cryptocurrencies on a peer-to-peer platform.
Lastly, if you are looking for a good crypto exchange in Malaysia, consider Luno Malaysia and use my Luno code <PAWHVW> to receive signup bonus of RM75 in Bitcoin.