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.
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.
Use Remitano.
It's the easiest. I have used all the above you mentioned.
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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Hello dear @crypto.piotr.
I really don't know that country, not the exchanges you mention. I just want to thank once again that humanitarian gesture to help my family, you will have a great reward brother, you can be sure of that.
When the boy is born I will take you to Poland, hahaha that's a joke!
Thanks with all my heart!
Your friend Fucho
@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
Is Localbitcoins not available in Malaysia?
Supposedly that one is P2P sot there is no such thing as "not being" available. As long there is someone in the country doing it... it's available. Anyone can do it. But it works like anything else... say if you have STEEM, and if I go to malaysia and I wish to borrow from you 10$US equivalent in local currency... I just send you via my STEEM account, X STEEM, ou give me the money, Done! Works with ANY currency.
Localbitcoin potentially allows the seller of btc to create their own fee per sale. So you might end up paying 1.5 times what the actual market cap is, and thus you would end up getting less coins.
This isn't typical, but it's like craigslist for btc, so users are setting to and agreeing to their own terms. A seller or vendor can also ask for verification based on the users intended method of payment, and they also as a noted disclaimer, reserve the right to deny you the sale of their btc, since you are swapping with a person, and not an actual exchange.
@crypto.piotr, check localbitcoins, it seems its possible in Malaysia.
I don't really know much but I just want to thank you @crypto.piotr because this post and the comments are helpful to me. I will keep following it and resteem as well so that more people will be able to see it.
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@crypto.piotr, Good to know about your Friendships brother. Hope that these connections will going to travel with you life long.
Hope that you will going to receive some effective suggestions regarding exchanges. Stay blessed.
When all else fails, I believe Local Bitcoins always is available. Just can be a whole big thing meeting someone in person. Also, never used it myself and probably not a good solution for very small amounts.
Don't know about Malaysia but I used Luno in 2017 in Ghana. I wasn't able to withdraw the amount and so I won't recommend that.
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I heard of Luno is pretty huge there with relatively low fees. Will be great if active folks from #teammalaysia can advise. Tagging them below :)
@bitrocker2020
@elizacheng
@joannewong
Many of us are using Remitano
Thanks for the tag @culgin
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"Friendship is what has value," my grandmother used to say.
For now, greetings and congratulations on your gesture.
Not able to help directly but if they're a close friend maybe you (or someone else) could buy BTC and send it to them. Then they can send you fiat which, I suppose is easier, e.g. with TransferWise.
Also @fitinfun very interesting project. Please keep us posted. Best of luck.
Well I wish I knew I could suggest. I will help out by resteeming.
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Hi Piotr,
One of my friend use remitano website to buy crytpo in Malaysia and he is quite happy with the experience. This is not an exchange and sellers and buyers are registered in the website. It's like a platform having buyer and seller together and we just neer to pick a high rated seller and and then deal. I heard that remitano works as mediator and ensure that transaction is successfully closed.
Your friend can try it and he can make the payment using bank account. It's available in Singapore as well but I didn't use because I use Indian exchange to buy.
Hope this information helps. If need more information about remitano or any query then I can help.
Thank you so much.
Hello Piotr,
Why not just suggest to your friend to create an account in Coinbase? I understand that this is not a Malaysian based company but, I think, as of now, its one of the legit sites.
Wherever i am i use my coins.ph mobile app to buy btc. I can deposit there philippine peso even from the western union and i can convert it to btc. Than binance😉
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My reply is not for this post but something else. All I really want to say to you is that I request to please stop sending memo to my wallet? Thank you.
Please stop sending me memos
I buy btc and other crypto at this wallet... https://platinum.crypto.com/r/wreerld9v2 It allows me to buy Singapore dollars and also Philppine peso.
I use credit card too. Less fee as well
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.
Hi @crypto.piotr,
are you aware that you are upvoting the posts by @steemengineteam?
The got the keys of ~2000 accounts, they produce 1-2 bot-generated posts a day and use the keys to upvote them.
You can counter this by either changing your upvote into a downvote everytime, or by changing your master key (e.g. on the steemit wallet).
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