You’re not the only one thinking about buying cryptocurrencies for the first time in Malaysia. The local crypto industry is slowly picking up speed, so there’s no need to rush. You may take your time getting used to it. When you first start looking into digital assets, it might seem a lot like walking around a busy night market: there’s a lot to see, a lot of excitement, and some times when you might feel a little lost. But keep in mind that everything new, from investing to eating nasi lemak, seems hard until you do it yourself. Visit us!
The first step is to pick the correct platform for what you require. Every exchange is a little bit like your favorite mamak stall: some have precisely what you want, others don’t quite have it, and some seem out of reach. People like Luno and Tokenize because they follow Malaysian rules and let people deposit and withdraw money in ringgit. International platforms like Binance and Kraken reach more people around the world, but they don’t always make it straightforward to deposit or withdraw MYR. Choose an exchange where you can simply deposit and withdraw money using local bank transfers to make things easier for yourself.
Now that you’ve picked your exchange, it’s time to learn more about it. Don’t be swayed by coins with cool names or the latest trends. Prices of cryptocurrencies can change quickly and without warning, like a kampung cat chasing its own shadow. It could be tempting to take advise from your uncle’s friend or WhatsApp groups that claim to have “hot tips,” but the best thing to do is to learn for yourself. Find out what Bitcoin, Ethereum, and other coins do. CoinMarketCap and other websites like it give clear information in a short amount of time. Just five minutes a day can make a difference.
Another thing to be careful of is fees. They show up when you least expect them—when you deposit, buy, sell, or move your bitcoin to a wallet. Some exchanges say they don’t charge any fees or very modest fees, yet they do charge fees when you withdraw money. Before you do anything, always check the charge schedule to avoid any surprises.
It’s very important to protect your investment. Don’t keep a lot of crypto in exchange wallets for a long time because hackers are continually looking for ways to break in. For extra safety, think about acquiring a hardware wallet like a Ledger or Trezor. For smaller sums, you can also utilize a secure software wallet. Never forget your passwords and recovery phrases. Write them down and put them in a safe place where no one else can find them.
Starting small is the greatest idea. You don’t have to buy a whole Bitcoin to get started. Most exchanges let you start with as little as RM50. Think of your first investment as a fun day trip or a trip to Genting Highlands. It should be fun but not too dangerous for your money. Only put in money that you can afford to lose, and take your time. Learning and gaining experience takes time.
It’s also crucial to stay up to date. Rules and tax laws can change without warning, and sometimes they do so faster than rainstorms at night. The Securities Commission and Bank Negara Malaysia can change its rules at any time. To stay up to speed, you can read trustworthy finance blogs or join well-moderated Telegram channels that talk about Malaysian crypto news.
It doesn’t have to be scary or too hard to figure out how to use cryptocurrencies in Malaysia. Stay calm, pay attention, and don’t worry if you make a few mistakes along the way. Every mistake is just a chance to learn. If you’re patient and take the appropriate steps, you might find that crypto isn’t simply unpredictable, but also pleasantly rewarding.