In our series of articles on how to buy bitcoin in Asia, we will first take a look at how to buy bitcoin in Malaysia. Bitcoin has historically been rather difficult to obtain in Malaysia and there was large friction in getting hold of this cryptocurrency. This article will give a high-level introduction on where you can buy bitcoin in Malaysia.
Blokmy is one of Malaysia's latest digital currency exchange. It has a focus on security, speed and liquidity. The platform is built by ex-banking developers and digital currency experts that have extensive experience in securing enterprise level financial projects. The vast majority of Blokmy's digital assets are stored in offline cold storage with multi-sig. Blokmy has deep liquidity with reserves and access to global markets. Blokmy charges 0% fees for makers and 0.5% fees for takers. Ringgit deposits are confirmed almost instantly, withdrawals are processed several times a day including public holidays and there is 24/7 customer support.
Remitano is a peer-to-peer Bitcoin marketplace where users can buy or sell bitcoin with each others. Remitano is incorporated in Seychelles and is operational in the United States, Australia, Malaysia, Nigeria, Vietnam, Cambodia and China. Remitano provides an added level of protection by acting as an escrow for each trade. When a buyer wants to purchase bitcoin from a seller, the bitcoin is transferred from the seller's wallet and is held by Remitano until the trade is completed. If there is any dispute, Remitano's support team will mediate based on evidences provided by each side.
Localbitcoins is not an exchange but a marketplace where buyers and sellers can meet online or in person to trade bitcoin. Its importance as a place to buy bitcoin should not be misplaced. It is useful as a place for people to purchase their first bitcoin without going through much KYC (Know-Your-Customer) procedures as customarily required by exchanges. Trading on Localbitcoins is generally more risky so be careful and only buy from traders with good reviews.
CoinHako is the first Bitcoin startup in Asia to be picked by Silicon Valley-based incubator Boost VC. Founded by Yusho Liu and Gerry Eng, CoinHako has been called “the best company coming out of Singapore” by Adam Draper, CEO of Boost VC. Recently, CoinHako expanded their operations to Malaysia. CoinHako is a bitcoin broker and makes it really simple to trade bitcoins with only a few clicks to buy or sell bitcoins. There is no bid/ask spread or order matching to manage on CoinHako. CoinHako charges a 1.9% commission fee for each trade. Use the COINGECKO promo code to get discounted trading fees of 0.7%.
Luno (previously known as BitX) is one of the latest exchanges to offer bitcoin trading services despite having its headquarters in Singapore. Founded by Marcus Swanepoel in January 2013, Luno focuses on emerging markets such as Singapore, Malaysia, Indonesia, Nigeria and South Africa. In July 2015, Luno raised a US$4 million Series A funding round from Naspers, a South African media conglomerate and Digital Currency Group. In December 2015, Luno raised a further funding round from Venturra Capital, a South East Asian focused VC firm. Luno also has slick iOS and Android apps for users.