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Cryptocurrency Exchange Malaysia

Ever wanted to join the trend of cryptocurrency exchange Malaysia? Luckily, engaging in such shouldn’t be a hassle. 5Pay offers a lot of payment solutions for industries, especially in cryptocurrency. We at 5Pay have built innovative technology in storing and exchanging cryptocurrency, and we are already serving over 500 platforms worldwide.   

What is Cryptocurrency?

Cryptocurrency is another type of currency that does not require a third party to verify the transaction. While money transfer is done and guaranteed by banks, cryptocurrency is verified by millions of computers that have already reached a shared consensus. Theoretically, cryptocurrency is safer than transactions via regular money transfer. 

The technology that enables cryptocurrency to work is blockchain technology. Blockchains are distributed ledgers that are secured by cryptography. Blockchains are also public databases where people around the world can view. 

Cryptocurrency transactions are recorded in a “block.” This block is connected with other blocks of information in a chain. Data is copied among different computers worldwide, parting away from the usual practice of viewing them in a single centralized server.

Malaysian automatically associate cryptocurrency with BitCoin. However, there are several kinds of cryptocurrency. There are more than a thousand cryptocurrencies available on the internet, and the numbers continue to rise. 

Are cryptocurrencies legal in Malaysia?

In most countries, especially Malaysia, cryptocurrency is not considered legal tender. Legal tender is defined as money that comes in coins, bills, or banknotes, which are accepted if offered for payment of debt. Cryptocurrency, not being legal tender, does not necessarily mean that it is illegal. Malaysian laws have not recognized cryptocurrency as a medium of payment.

The Malaysian Government added that it will not prohibit cryptocurrency in the country. The Ministry of Finance said that the government does not intend to stop any innovation perceived as beneficial to the public. The Malaysian Government, however, regulates the platforms for trading and transacting cryptocurrency and other digital currencies. 

While cryptocurrencies are not banned, banks in Malaysia advised their customers to remain vigilant on the risks of using cryptocurrency.

What Makes A Great Cryptocurrency Exchange?

While cryptocurrency is not relatively new to the digital world, you still need to research. You need to consider the elements below to choose the best cryptocurrency exchange:

Exchange Rates

Exchange rates in any type of currency fluctuate rapidly, and it is volatile depending on the currency and cryptocurrency being exchanged. Before you place your first order or exchange, make sure to ask about their exchange rates first.

Reputation

Read reviews about cryptocurrencies on trusted websites. You can also check cryptocurrency forums to find out other traders’ experiences. 

Choose an exchange that keeps your funds or digital assets safe from being hacked. Make sure that it has a “cold storage” facility to reduce the chances of theft.

Payment Methods

You also need to check what fees you need to pay and the payment methods they offer. Look for a cryptocurrency exchange that offers different payment methods for your convenience. However, fees will depend on what exchange you will use.

ID Verification

Exchange ID verification takes a couple of days before your account will be activated. Some exchanges that accept credit or debit cards may ask you to pay higher fees because of the risk of fraud or theft. 

How to Start Trading with 5Pay Cryptocurrency Exchange Malaysia?

If you want to get into cryptocurrency the easy way, read these simple steps by 5Pay to get you started!

  1.  Log in to your cryptocurrency e-wallet.
  2. Create a payment order from your favorite website or app. Choose what cryptocurrency you want to exchange your money for, then proceed to checkout. 
  3. Make payment by choosing 5Pay as your payment method. You can make payments thru FPX, ATM deposit machine, local deposit, or third-party transfer to add money to your 5Pay wallet.
  4. Pay cryptocurrency using the money you have in your 5Pay wallet, and wait for confirmation from the blockchain network.
  5. Once the blockchain approves your payment, 5Pay shall send a notification to your merchant’s website or app, and it will auto-credit the cryptocurrency to your account.

Cryptocurrency exchange via 5Pay is as easy as 1, 2, 3! Plus, sending cryptocurrency across borders through 5Pay does not require any extra fees and limitations for international transfers. The payout here in 5Pay is trackless, fast, and unlimited!

What are the required documents for verification?

Before you engage in cryptocurrency, there are documents required for verification. You both need documents for your proof of identity and proof of residence.

For proof of identity, present any one of the following:

  • National ID
  • Passport
  • Driver’s License 

Note, however, that non-Malaysian users are required to present their passports.

For proof of residence, present a scanned copy of any of the following:

  • Credit card or bank statement
  • Mobile phone bill
  • Water, electricity, or internet bill

The scanned copy of the documents must indicate your name, the address you used to sign up, and the date must not be older than three months.

How Do I Deposit Or Withdraw Malaysian Ringgit (MYR)?

Do you have enough money to buy cryptocurrency, but don’t know how to deposit it? Here’s how to use 5Pay:

Deposit

  1. Log in to your e-banking system.
  2. Input your bank account details in your 5Pay account. Your bank account details are needed should you wish to deposit or withdraw, and it is a requirement since third-party transactions are prohibited.
  3. Go over the “deposit” tab, and make sure that the currency you chose is Malaysian Ringgit.
  4. Type the amount you wish to deposit into the “amount” box and choose the bank you will use to transfer your funds.
  5. Once you’re done, click “submit” at the end. You will get confirmation if the deposit is successful. 

If you want to withdraw your Malaysian Ringgit from 5Pay, here’s what you need to do:

Withdrawal

  1. In your 5Pay account, click the “Withdrawal” tab.
  2. Under the Withdrawal tab, make sure that the currency is in Malaysian Ringgit.
  3. Type the amount you want to withdraw under the “amount” tab and choose the bank you want to withdraw your funds to.
  4. Once completed, you will receive confirmation that your transaction is successful.

Final Words

The cryptocurrency exchange is booming across the world. It became accessible to everyone who wants to try a different mode of investing their money. While this digital currency is volatile, you must choose a reliable platform for securing cryptocurrencies.