How to buy Bitcoin in Malaysia?

In the past, it was difficult to buy Bitcoin in Malaysia, and the locals had a bad impression of Bitcoin as a cryptocurrency. However, with the recent establishment of some Bitcoin exchanges in Malaysia, it is now much easier to buy Bitcoin in Malaysia. This article will explain in detail how to buy Bitcoin in Malaysia.

1. BitX Malaysia

Although BitX Malaysia is a relatively new Bitcoin exchange in Malaysia, it is one of the better exchanges there. BitX is a Bitcoin exchange targeting emerging markets. It raised $824,000 in seed funding in August 2014 and has also established its own exchanges in South Africa, Kenya and Namibia. This year, BitX has ushered in another bumper year for the platform. In early July, BitX entered Nigeria. On July 21, BitX completed another $4 million in Series A financing.

2. btc.my

btc.my was founded by Arsyan Isnail0 through his 1337 Technology Co., Ltd. Arsyan is also the founder of cryptomarket.my. Other projects Arsyan has created include a bitcoin point of sale terminal, bitcoin scratch cards and a bitcoin payment system for the Malaysian market. One of btc.my’s clients is Nasi Dagang Capital in Damansara Uptown, which accepts bitcoin payments through the bitcoin point of sale terminal. According to Arsyan, the biggest challenge in promoting bitcoin in Malaysia is that people have difficulty understanding the design concept of bitcoin.

3. Localbitcoins.com

Localbitcoins is not a trading platform but a marketplace where traders can trade Bitcoin online or in person. For those who don't know much about Bitcoin, Localbitcoins is a very good platform to buy Bitcoin, and people don't need to go through the identity verification (KYC) procedures required by general exchanges. However, because of this, trading Bitcoin on Localbitcoins is risky, and users must be cautious and it is recommended to buy only from reputable traders.

Conclusion

These are the three main websites for buying Bitcoin in Malaysia. There are also some transactions that take place in private chats or smart chat groups that require invitations, where miners often sell Bitcoin. We hope to see more Bitcoin exchanges open in Malaysia to create a more vibrant Bitcoin ecosystem for Malaysia.