BUYING BITCOIN/STEEM IN MALAYSIA - which platform would you recommend?
Important note:
All rewards from my latest post has been transfered to my dear friend @fucho80 as a support to his growing family (new baby is on the way and his wife is days away from giving birth).
Let's do it again. So hit the "upvote" button and resteem if you can. So I could reach more people and hopefully someone out there will be able to help me out with a few of the following questions.
INTRODUCTION
This is going to be my shortest post ever. Let me get straight to the point.
Some of you are aware that I used to live in South East Asia for past several years and Malaysia used to be my "home" for quite some time. I ended up building many awesome friendships and some of them have lasted till today.
The other day friend of mine asked me if I know a way of purchasing some small amount of BTC in Malaysia. He is a local, with a local bank account (CIMB). I promised to find out which platforms would allow him to purhcase bitcoin with MYR (Malaysian Ringgit) and that I will get back to him ASAP.
SHARE YOUR EXPERIENCE
I've already learned about the existance of sites like remitano.com or localbitcoins and Luno. However, I've also read some old comments that some of those platforms were not allowing deposits/withdrawals because of some regulatory issues.
Perhaps one of you, dear readers, have some experience with those exchanges and would be willing to share it with me. Which platform would you recommend for Malaysian citizens and which one would you suggest to avoid.
Which one does verifications smoothly and which one has the most attractive fees. Please share your knowledge and experience with me if possible.
Yours, Piotr
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There is no best way to "buy" BTC directly from exchange as at now, in Malaysia. However, for P2P trading, remitano is the way to go. I may be wrong, but I guess @coingecko @awesomianist will be more qualify to answer your questions.
As for steem, if you do not know, now #esteem app allow user to pay by credit card to purchase #estm points, and those points can be use to exchange with upvotes. In a way, it is still a fairly convenient way to buy Steem. Hope this help.
@crypto.piotr
Sharing my insights.
1) Legal Exchanges
As @davidke20 said, There is no direct way to buy BTC straight from any Malaysian Exchanges. As of now, there are only 3 exchanges that can legally sorta-operate in Malaysia with a Conditional License by the Malaysian Securities Commision. In short, there is (as of time of writing) no legal exchange in Malaysia
2) P2P markets
There's always Remitano, Localbitcoin, Paxful and a handful of other P2P type platforms out there. They are basically Craiglist of crypto so all the cautions are needed when dealing there.... as usual.
3) Private groups
There are also buy/sell groups existing (if you know where to look) that keeps to themselves, you'd have to rely on luck or REALLY knowing the who's who in the malaysian scene to get yourself into a good one. (I am not part of any such groups, only aware of their existence)
Verdict
Overall, if one is looking to buy in small amount one-off, the best way will be looking at P2P markets and choosing the best dealers with proven track record, there will be premiums but they way i see it that is the price of being able to buy without minimal chances of being scammed, it is still non-zero though.
I am getting ready to set up my own Malaysian exchange since the one I had in Thailand got caught up in some mess with the US SEC and folded.
I already asked for advice from many Malaysian friends, @crypto.piotr. The only place recommended by every one of them is remitano.com. I'm about halfway done with the set up and have asked questions on the site. they are quick to respond and have had good answers and help. So far, so good.
I loved your answer dear @fitinfun.
It is very accurate.
Please tag me once you do it. I am interested on trying it out and/or advising.
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Dear Piotr:
I guess this question is caused by the need to buy BTC with local currency. Since if you have a credit card or a dollar account, your geographic location would not matter much.
I regret not being able to provide answers, but I promise to investigate a little about this.
Your friend, Juan.
Hi friend @crypto.piotr , in that case I can't help you,
However, what he can do is publish on Steemit, and what he earns is transferred to other wallets such as binnace or bittrex that uses wallets and then with the steem buy the BTC.
Of course, another question is born later, how to change steem or btc to the local currency of Malaysia.
If I believe that some other friend here should know that answer.
I send you a big fraternal hug for you and your wife.
To change btc to the local currency in Malaysia, or anywhere is the world for that matter, binary btc atms are what are needed. A binary bitcoin atm allows you to buy btc for a fiat currency and also allows you to sell your bitcoin, or swap it to a fiat currency, using your mobile phone.
Use this website https://coinatmradar.com/country/129/bitcoin-atm-malaysia/
it helps because, it shows you where the locations of bitcoin atms are in any given country is any, and in which city, and the exact location the btc atm is located in. It also allows you to call ahead to see if the location of the bitcoin atm, which is usually a mall, store, or gas station, actually still HAS the bitcoin atm there, and you can call the store to ask if the atm is working before you get there to save time. (Some btc atms do breakdown, and need fixing)
The website also shows you the type of btc atm there, whether its binary, which allows for buying and selling of btc for cash, or if it is a stationary, one way btc atm, which is only for purchasing coins. It's best to learn about the different types of btc atms.
Fees at atms vary depending on the amount of coin purchased. The higher the amount purchased, the higher the fee. Some atms have a minimum amount you must buy, some have a maximum amount of transaction value done in a day, and some have no minimum deposit limit at all.
Be careful also, if you're in a country that is still wavering in the status of the legality of btc. Always be careful when purchasing coins, never send them to someone you dont trust totally, and use the mycelium wallet, or the blockchain wallet for best results.
Try not to use coinbase wallets, as some atms will have a sign warning you not to, but that's a topic for another post entirely.
Btc atms are the safest, they are private, near instant, and allow you to bypass online exchanges, which have so many rules and regulations based on country, linking banks, legality, verification of identity, etc.
I am not a fan of exchanges anymore because of the mobile world offering is way more attractive.
I know some people already received cards in Malaysia from Crypterium. My own card is on its way. And these allow you a multitude of things... I will make a post soon to give you some more intel.
Another one that is not yet available in Malaysia is Crypto.com. But when this one booms next year, it will be massive.
I have others but I don’t know if they can offer as much as these two and if they are available in Malaysia. Although it’s as continuous seeking exploratory area for me.
any update @forykw?
After my review, a few days later, they have announced that they had to change bank provider. So, everyone that had cards ordered was put on hold until the process completes (or alternatively you could get refunded).
I opted for waiting... and still waiting. No updates.
But I am also too much excited with Crypto.com at the moment to even bother with that one. Later I guess. For more details about Crypto.com check my latest post.
Hi Piotr,
I am not from Malasya but i think the better chance Is yo use Bittrex or Binance.
I strongly suggest yo use Dash wallet AND then translate it yo btc. That is because the los fee that dash wallet has.
Cheers and i send felicitations to @fucho80 for the baby.
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@elizacheng already answered you. If it all works for her it should work for you too.
Happy day 💕
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We are not able to use paypal in pur country