Best Bitcoin and Crypto Trading Broker for Malaysia
Updated January 16, 2023
Do you want to get started with the best bitcoin and crypto trading broker? Understanding the cryptocurrency market will help you get a solid foundation. There are several crypto trading brokers since cryptocurrency is the future of finance. The first step to start cryptocurrency trading is finding a reputable broker. For a newbie, it’s never an easy task as you can find yourself in the wrong broker.
However, you don’t have to go through such a hectic process as we have compiled the best bitcoin and crypto trading brokers in the industry. Before mentioning the best trading brokers, let’s look at some fundamentals that would help you if you are a newbie in the industry.
What is a Cryptocurrency?
Where to buy and sell Bitcoin in Malaysia?
Traditional forex brokers offer several collections of investible securities. However, you are limited from trading bitcoin directly. Traders only have access to trade futures.
Currently, there are several crypto trading brokers, including traditional online brokers and specialized exchanges. In this section, we will explore the best 7 bitcoin and crypto trading brokers for your trading. These brokers have distinctive strengths and weaknesses. Therefore, it is essential to figure the broker that suits your trading.
How to Buy Bitcoin in Malaysia
Primarily, you have three methods if you want to buy and sell cryptocurrencies. You can buy the underlying asset, buy a bitcoin CFD or buy an exchange-traded fund. Let’s explore these methods.
Buy the underlying asset.
By far the easiest and commonest method to purchase bitcoin. Here, you buy the physical bitcoin through an online broker or exchange. The broker holds and secures the bitcoin in a digital wallet.
Buy Bitcoin CFD
The second method is to buy bitcoin using a contract for difference (CFD). With this, you don’t own the bitcoin. It is different from the previous method where you buy it. However, you are betting on the price direction and will receive a profit if it goes according to your anticipated direction. Here, you are speculating on the price movement of bitcoin.
Through an Exchange-traded Note
The last option is to buy using an exchange-traded note. This method is less common, but gradually gaining popularity. It is similar to exchange-traded funds (ETFs) as it mirrors the price of an asset it tracks.
What role does a Crypto Broker Play?
A crypto broker enables the selling and buying of digital currencies through mobile and desktop platforms. They are usually regulated in the country of operation. Therefore, before choosing a broker, ensure it is regulated. A cryptocurrency exchange is different from a broker. An exchange is a place trader’s meet to buy, sell or trade digital currencies through a cryptocurrency broker.
Assuming you have a cryptocurrency asset and want to sell it, you need a market to perform such trade. Here is where you need an exchange or marketplace. The broker helps create this marketplace for both buyers and sellers to trade efficiently. Therefore, a cryptocurrency exchange is a platform where traders buy, sell, and trade cryptocurrencies.
There are several types of exchanges, with some providing only crypto-to-crypto trade. However, others allow crossover currencies such as trading from fiat to crypto or crypto to fiat. With the popularity of the cryptocurrency industry spreading, it has given rise to more brokers and crypto exchanges.
6 Best Bitcoin and Cryptocurrency Trading Brokers
Coinbase – Best Bitcoin and Crypto Trading Platform Overall
Coinbase is a renowned crypto trading broker that offers several digital currencies, including Bitcoin, Litecoin, Bitcoin Cash, and Ethereum. By far, Coinbase is a popular cryptocurrency exchange that allows traders to invest directly using USD. It allows everyone to earn token rewards through several activities and interest on USDT. Besides this, it also offers a $5 bonus when you register.
Interestingly, Coinbase offers traders a hosted wallet along with excellent customer support. If you want a broker that places consideration for new traders, Coinbase is a great choice. Nevertheless, the cryptocurrency market is highly volatile and you might want to reconsider trading if you have high blood pressure. Coinbase has high liquidity on its platform, which can be something good.
Advantages of Coinbase
- A high selection of coins and tokens to invest in
- Easy to use interface
- Top-notch security and trustworthy platform
Disadvantages of Coinbase
- No control over private keys in a wallet
- High fees
- Slow to accept new cryptocurrencies or token
Robinhood – Best Online Bitcoin and Crypto Trading Broker
The cryptocurrency market can be complicated for a new trader. However, Robinhood simplifies everything as it offers a simple and easy-to-understand layout compared to other brokers. Although it has limited account types and trading options, it doesn’t lag as beginners can absolutely master the platform.
Interestingly, you can access account statements and tax documents through the Robinhood app. The registration process for new traders is swift and funding takes 10 minutes for the entire process to be completed. It also has an in-text explanation of how to place orders on the platform. Whether you are an amateur or a professional, the Robinhood platform is straightforward for you to understand.
Nevertheless, if you want advanced technical analysis tools, you might want to reconsider because Robinhood lags in this aspect. Furthermore, there are no wallet capabilities as well as limited altcoin selections. However, traders can trade securities such as cryptocurrencies, stocks, options, ETFs, and Fractional shares.
Advantage of Robinhood
- Free fee trading
- Simple and easy to understand the platform
- Best for individuals taxable account
Disadvantages of Robinhood
- Limited customer service
- No wallet capabilities
- No retirement account
Binance Malaysia – Largest Crypto Trading platform
Binance within the years has cemented itself as the largest crypto trading platform in terms of weekly website visits and trading volume. Founded in 2017, Binance has expanded to several countries, including Singapore, China, and Malta. It is a specialized trading platform that allows traders to buy and sell cryptos, including Ethereum, Bitcoin, and other smaller coins. Traders have access to over 70 cryptocurrencies on the platform.
You have access to newer coins, including Neo and Cardano. However, Binance is not a simple platform as it is one of the robust trading platforms in the industry. Although the mobile app is decent for a professional trader, it can be frustrating for newbies. It has a different platform for US residents that comes with limited tokens and coins to invest compared to its international version.
Furthermore, Binance Malaysia offers its unique wallet – Trust Wallet that supports over 160k assets and 40 blockchains. Currently, Binance has a solid review for its Android and iOS app. Nevertheless, it is not mandatory to use the Trust Wallet as you can choose any crypto wallet of your choice.
Advantage of Binance
- Low trading fees
- Wide-range currencies
- Fast transaction time
Disadvantage of Binance
- Limited customer support
- A limited coin for US citizens
- Sophisticated platform
Kraken – Highly Secured Crypto trading platform
If you want an original crypto trading platform with an excellent selection of tokens and coins to invest and trade, Kraken is the best option. It allows margin trading, which most crypto trading brokers avoid. Although the platform is not easy to use, it is a real exchange. It is among the few platforms you can trade risky coins and tokens, especially if you are a risky investor.
Kraken offers both margin and futures trading with staking rewards from 1.5 to 40 percent. Overall, it is a secured cryptocurrency exchange that supports over 60 crypto coins with advanced trading tools for experienced traders.
Advantage of Kraken
- Large collection of tokens and crypto to trade
- High level of security
- A reputable platform for trading crypto
Disadvantage of Kraken
- Difficulty with 2-factor authenticator
- A difficult platform for trading
- Poor customer service
AvaTrade – Best Low-cost crypto platform
AvaTrade is a multi-asset broker that offers trader access to several markets, including forex, indices, stocks, ETFs, CFDs, bonds, cryptocurrency, and commodities. Besides this, it also provides social trading, spread betting, and vanilla options trading for its numerous clients.
It has several trading platforms such as MetaTrader 4, Meta Trader 5, AvaTrade AvaOpions, and AvaTrade AvaTradeGo Mobile trading. However, it doesn’t have the cTrader trading platform. Its social copy trading allows traders to follow successful traders while learning how to trade. The AvaSocial platform is specifically designed to investigate financial instruments and new trading strategies they are not conversant with.
Overall, it is a good broker since it is regulated and offers several options to traders. AvaTrade has payment methods, including credit cards, bank transfers, PayPal, WebMoney, Payoneer, Skrill, UnionPay, and so on. Take advantage of its multifaceted platforms that include DupliTrade, ZuluTrade, MQL5, AvaTradeGo, Web Trader, MT4, and MT5.
Advantage of AvaTrade
- Easy and fast account opening
- Excellent research tools
- Free withdrawal and deposit options
- Excellent customer service
Disadvantage of AvaTrade
- High inactivity fee
- Does not hold a banking license
How to know if a crypto Trading broker is regulated in Malaysia
For any new trader, that is a major concern. Therefore, to avoid scams, there are some key things to check to know if a broker is regulated. Firstly, you need to check the broker’s name and the country it operates. Look for any appropriate regulators website and search for the broker’s name. If the name appears, it means they are regulated.
Do you want to get your crypto trading started?
Undoubtedly, digital currency is the future of finance. Notwithstanding its limited acceptability as a payment method and volatility, cryptocurrencies are increasingly used by several online platforms.
It could be a good investment opportunity plan, especially if you have an appetite for taking risks. What will be in 20 years can be something that will revolutionize your life? However, it begins with your decision today. The best bitcoin and crypto trading brokers contained here is a head start of your future journey.