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Best Crypto Exchange in Malaysia (2024)

Are you looking for the best crypto exchange in Malaysia?

In this post, I’ll share the best crypto exchange to suit your crypto needs in Malaysia – be it a beginner, or an experienced trader.

Table of Contents

[Disclaimer: I am not a certified financial planner. My sharing is purely based on my own research and personal experience and is intended as educational material. In order 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.]

Criteria of the best crypto exchange in Malaysia

Before we dive further, let us go through the list of things to consider when you are looking for a good crypto platform.

Then, we can evaluate which crypto platforms in Malaysia that fit these criteria.

For that, here is a list of things worth considering when you are looking for the best crypto exchange in Malaysia:

1. Securities Commission Malaysia (SC) Approved

First is whether the crypto exchange is fully approved by Securities Commission Malaysia (SC).

This is important as SC has the right to reprimand crypto platforms that have not registered with the authority to conduct businesses in the country.

I am sure you want to avoid situations where you can’t access or log in to your crypto account. Failing to access or log in to your account could result in losing your crypto investment and hard-earned money.

It is best to only liaise with SC-approved digital asset exchanges.

Thus, the best crypto exchange in Malaysia should be legit and fully licensed to operate in the country.

2. High Security

Next, consider how secure is the crypto exchange.

Security is of utmost importance when dealing with cryptocurrency due to its digital nature and the potential for hacking and fraud.

Crypto owners are always on the look for the most secure crypto exchange.

Thus, a good exchange should employ robust security measures to protect users’ funds and data.

Some examples of strong security measures are as below:

  • Proper KYC process during registration
  • Multiple layers of account log-in authorization (email verification, password, Two-factor Authentication (2FA))
  • Additional personal pin code to confirm a transaction
  • Proper storing of customer personal information
  • Deep freeze crypto storage
  • Regular security audits
  • Screening of staff before employment

Most top crypto exchanges published their security measure on their websites. Make sure you check them out.

If needed, you can always ask for more information from the digital exchange provider.

3. Reputation, trustworthiness and transparency

Luno reviews on Trustpilot showing a rating of 3.8.
Luno reviews on Trustpilot

Research the exchange’s reputation and user reviews to gauge its reliability and trustworthiness.

You may consider gathering information from:

  • user reviews on reliable review websites such as Trustpilot
  • crypto forums
  • feedback on social media platforms

A good crypto exchange should have been operating for a while without any major security breaches or customer complaints.

On top of that, being transparent such as making the platform’s proof of reserves (PoR) reports shows a sign of a reliable crypto exchange.

4. Ease of use

For the majority of the population, cryptocurrency is still considered a new thing. Many find it hard to understand crypto and how it works.

Thus, ease of use is important.

A good crypto platform should have an intuitive and user-friendly interface, making it easy for both beginners and experienced traders to navigate and execute trades.

Among the features of a good crypto exchange are:

  • Easy to register for an account and navigate around
  • Clear instructions to make deposits, withdrawals, buying or selling cryptocurrencies
  • Clear charts, order book information, and trading options

In other words, look for a crypto exchange that is well-designed and intuitive user interface (UI) and user experience (UX) for both beginners and experienced traders.

5. Payment options

The process of depositing and withdrawing funds should be smooth and hassle-free. Delays or difficulties in accessing your funds can be frustrating and detrimental to crypto trading activities.

Ensure the exchange supports deposit and withdrawal methods that are convenient for you, such as:

  • Instant deposits
  • Bank transfers
  • eWallets

And check if the crypto wallet accepts local currency or cryptocurrency deposits.

6. Reasonable fees and costs

Crypto exchanges charge fees for trading and other services.

As fees impact crypto investments, it is understandable that crypto users are always on the look for crypto exchanges with the lowest fees.

A good crypto exchange should impose reasonable fees for its transactions.

Crypto exchanges around the world have multiple types of fees such as:

  • Instant buy fees
  • Trading fees (maker fees, taker fees)
  • Sending crypto fees
  • Fiat withdrawal fees

And these fees should be made clear before the user confirm the transaction.

As a crypto user, you should look for an exchange with transparent fee structures and competitive rates, without sacrificing the overall quality of the exchange’s services

7. Excellent customer support

Popular crypto exchanges always come with highly responsive customer support teams that may consist of:

  • Local support (location-based)
  • Human customer service agent answering inquiries or handling complaints
  • Chatbots
  • Support through official social media accounts such as Facebook or Twitter

Some great crypto exchanges also provide self-help customer support such as:

  • Helpful and reliable self-help articles, guides or frequently asked questions (FAQ)
  • Submission of inquiries or complaint tickets online

The key point here is a good crypto exchange must come with reliable customer support.

8. Availability of supported cryptocurrencies

A good exchange should provide access to a wide range of cryptocurrencies, including popular ones like Bitcoin (BTC), Ethereum (ETH), and others, as well as up-and-coming altcoins.

This allows users to diversify their portfolios and explore new investment or trading opportunities.

9. Deep liquidity

High trading volume and a large number of active participants are essential for a smooth trading experience.

An exchange with deep liquidity ensures that you can easily buy or sell cryptocurrencies at fair market prices without significant price slippage.

So, deep liquidity is a sign of a good exchange.

10. Trading features

A high-quality crypto exchange should equip experienced traders with advanced trading features, such as:

  • Various trading pairs
  • Multiple selections of orders such as market orders, limit orders, stop-limit orders
  • Advanced trading tools, charts, and technical indicators
  • Market Analysis features
  • Trading application programming interface (APIs)
  • Margin trading
  • Futures contracts

These trading features are crucial to facilitate crypto traders in making informed trading decisions and maximizing profits.

11. Reliable mobile apps

Popular crypto exchanges usually come with mobile apps to facilitate investing and trading on the go.

A good crypto exchange should have a well-designed and functional mobile app with the same features as the web platform.

12. Speed and performance

A reliable and fast platform is essential for executing trades without delays, especially during times of high market volatility.

Look for an exchange with high transaction speed and stable performance.

13. Attractive referral program

Popular and top crypto exchanges are well-known for their attractive referral program.

One example is Luno’s referral program that offers Luno promo code with up to RM75 in free Bitcoin for both referral and referee. The Bitcoin rewards are a great incentive for both new and existing users.

So, a good crypto exchange should offer an attractive referral program.

14. Innovation and development

Consider exchanges that actively work on improving their services, adding new features, and staying up-to-date with the latest developments in the crypto space.

15. Educational resources

An exchange that provides educational resources such as tutorials, guides, and market analysis can be very helpful.

These are essential in assisting both new and advanced crypto users in making informed financial decisions.

16. Insurance fund

Some exchanges offer insurance coverage in case of security breaches or hacks. This added layer of protection can be beneficial for peace of mind

Other features of a good crypto exchange

Below are other helpful features of a high-quality crypto platform:

  1. Low minimum deposits and crypto purchases encourage new users to try crypto investing.
  2. Crypto price alerts send notifications to you when the crypto prices reach your desired price.
  3. Auto invest feature so you can take advantage of the dollar-cost averaging (DCA) concept for your crypto investment.
  4. Simple crypto wallet with easy access to crypto portfolios and statements for record-keeping and tax reporting.

Best crypto exchange in Malaysia

Luno Malaysia as the best crypto exchange in Malaysia.
Luno Malaysia

Based on the criteria above, at the moment, in my opinion, Luno Malaysia fits nicely as the best crypto exchange in Malaysia.

Below are the reasons why Luno is the best crypto platform in Malaysia:

  • Approved by SC
  • Deep freeze storage and hot wallet
  • Good user reviews with availability in more than 40 countries
  • User-friendly web-based and mobile app
  • Reasonable payment options, fees and cost
  • Ethereum staking services
  • Helpful customer support team
  • Support 11 cryptocurrencies
  • Various trading features with deep liquidity
  • Continuous innovation and development
  • Attractive referral program

You may read further about the crypto platform in my other post, Luno Malaysia review.

According to this article, Luno has experienced substantial growth in Malaysia, with over 800,000 users.

Anyway, as the crypto market moves fast, anything can happen in the crypto industry. A new crypto exchange could emerge or existing crypto exchanges could be revamped into a much better exchange to meet demanding and growing crypto users in Malaysia.

Best crypto exchange for beginners in Malaysia

Luno Malaysia as the best crypto exchange for newbie in Malaysia.
Buy Bitcoin through Luno’s Instant Buy

If you are new to crypto and are looking for the best crypto exchange in Malaysia, I trust you will find Luno Malaysia easy to use.

Here is Luno Malaysia features that I find helpful for someone new to cryptocurrency:

  • User-friendly interface for both web-based and mobile app
  • Minimum deposit of RM10 and crypto purchase from RM1
  • Instant buy and sell features
  • Auto-invest and Multi-buy features
  • Ethereum staking services
  • Reliable customer support
  • Learning hub that packed with basic and advanced crypto knowledge

With that said, at the moment, the best crypto exchange for newbies in Malaysia is Luno Malaysia.

Best crypto trading platform in Malaysia

Luno Exchange is the best crypto trading platform in Malaysia.
Luno Exchange

In my personal opinion, Luno is also the best local crypto exchange for trading in Malaysia.

Below are the reasons:

  • Fully approved by SC
  • Attractive trading fees structure (between 0% to 0.60%)
  • Support 11 cryptocurrencies pairs
  • Various trading features such as charting tools, technical indicators, market analysis, market order, limit order and stop-limit orders
  • Deep liquidity with many active participants
  • Support trading APIs

You may take a quick look at the Luno Exchange website.

Final thoughts

In my opinion, as of the time of writing, the best crypto exchange in Malaysia is Luno.

It is fair to say that many international crypto exchanges offer more features (such as crypto savings, various crypto staking services, and margin trading) with lower fees. Unfortunately, these exchanges are not registered with SC.

Although you may gain access to some of these exchanges, make sure you know the risks you are taking before making deposits.

Since every country is different in terms of crypto regulations, I believe it’s best to adhere to local regulatory requirements and ensure compliance.

As mentioned earlier, the best crypto exchange in Malaysia could change from time to time. When that happened, I shall update this post.

Lastly, if you are not using Luno yet, register for Luno today and redeem RM75 in free Bitcoin through my Luno referral code <PAWHVW>.

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