If you are looking to buy digital assets in Malaysia, you might also be in the market for a top crypto wallet. In simple terms, wallets allow you to store and manage your cryptocurrencies safely and securely.
This is often in addition to other features – such as exchange services and being able to send and receive tokens.
In this guide, we help you choose the best crypto wallet in Malaysia for your goals and trading objectives.
Below, you will find a list of the best crypto wallets in Malaysia for 2022:
You can find out more about the top crypto wallets listed above by reading our comprehensive reviews.
When choosing the best crypto wallet in Malaysia, you need to consider a number of factors.
This includes the number and type of cryptocurrencies supported, security features, user-friendliness, and whether or not you will have access to additional tools – such as token conversion.
After assessing the best providers in this space, we found that the top crypto wallets in Malaysia are those reviewed below.
The wallet offers support for hundreds of digital assets, including Bitcoin. Ethereum, Litecoin, and many more. This non-custodial storage option is perhaps the best Bitcoin wallet in Malaysia in terms of security as well as the features offered. With the Crypto.com DeFi Wallet, your private keys are encrypted locally on your device, so you are in full control of your funds.
Moreover, the wallet app lets you set up biometric verification and 2-factor authentication as additional protective measures. While the app is primarily a storage option for your digital assets, the Crypto.com DeFi Wallet also packs other tools. For instance, when sending crypto, this wallet allows you to choose the confirmation speed and network fees.
Furthermore, you do not need to set up a new wallet entirely. Instead, you can also import the crypto tokens you hold elsewhere to this wallet app. Additionally, Crypto.com facilitates the staking of DeFi tokens from within its wallet. You can earn interest on 35+ tokens without having to meet a lock-up term. Higher rates are paid on 1 and 3-month plans.
It is also possible to farm and swap your tokens, directly from your DeFi Wallet. This top-rated wallet integrates with the rest of the Crypto.com ecosystem. You can connect this wallet to the Crypto.com app in a few simple steps. Once you have done that, you can easily transfer digital assets seamlessly between the two wallets.
This way, you can buy digital coins using your debit/credit card through the Crypto.com app and move them to the DeFi Wallet for long-term storage. You can also use the Crypto.com app to take out an instant loan without credit checks. The Crypto.com DeFi Wallet also doubles up as a holding facility for NFTs.
Pros
Cons
Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.
If you are looking to trade crypto in Malaysia, then Capital.com is one of the best platforms to use. This provider gives you access to crypto CFDs – which are financial instruments that reflect the market value of a digital asset. For instance, if the value of Bitcoin increases by 10%, so will the price of a BTC CFD.
So, when you want to speculate on a cryptocurrency, you can trade CFDs, rather than having to purchase the digital asset. Since you won’t own any digital tokens, you do not have to concern yourself with obtaining a wallet. Another perk is that you can trade on both the bullish and bearish markets of cryptocurrency at Capital.com.
And crucially, the platform does not levy any commission on crypto CFD trades. Capital.com also supports multiple modes of payment – including debit/credit cards, e-wallets, and bank transfers. No matter which funding method you choose, there are no deposit fees involved.
Lastly, Capital.com is regulated by CySEC, FCA, ASIC, and NBRB and therefore complies with the guidelines of top financial authorities to offer you a safe trading environment.
Pros
Cons
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and can afford the risks.
Arguably, using the Binance wallet can make it a lot more convenient to take advantage of the platform’s features. However, this isn’t a non-custodial wallet like the other options reviewed so far. Meaning – Binance will be in control of your private keys and thus – will take custody of your digital assets.
To access your wallet, you can sign in to the Binance website or its mobile app. You can also add the Binance wallet as an extension to your web browser. However, you will only be able to store tokens built on the Binance Smart Chain and the Ethereum network. This extension is most suitable for performing transfers between these blockchains.
That being said, Binance also has a non-custodial option called Trust Wallet. This can be downloaded to your phone as an application. Trust Wallet can also be used to invest in cryptocurrencies or transfer them. This is perhaps the best Bitcoin wallet in Malaysia for accessing decentralized applications. Trust Wallet even lets you store NFTs.
Pros
Cons
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
Coinbase is known as perhaps the most popular cryptocurrency exchange in the world. Its list of services includes a self-custody wallet that you can download as an app. This free crypto wallet supports thousands of digital coins, including many ERC-20 tokens.
The Coinbase wallet is non-custodial and as such can be downloaded to your phone as an independent app. In other words, it puts you in full control of your digital assets, private keys, and data. Other than being one of the best Bitcoin wallets in Malaysia, Coinbase also lets you store and view NFTs via its application.
In terms of security, Coinbase incorporates Secure Element technology to protect your wallet through two-factor authentication. The app also lets you configure an auto-lock timeout for a period from one minute to an hour. During this time, the wallet can be reopened only using a biometric touch ID.
Furthermore, Coinbase also lets you access the decentralized web from its wallet. This means that you can access DeFi liquidity pools to stake or borrow cryptocurrencies. You will also be able to swap digital assets on a decentralized exchange or join a DAO.
Pros
Cons
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
At the time of writing, Sinegy only allows you to access Bitcoin and Ethereum via its marketplace. Moreover, you also have the convenience of being able to buy cryptocurrencies directly using the Malaysian ringgit. On top of this, Sinegy doubles up as a cold storage solution for your digital assets.
To start using its wallet service, you will have to create an account on Sinegy and complete ID verification. The platform uses a combination of two-factor authentication, encrypted passwords, and other security protocols to ensure that your digital coins and funds are safe. Moreover, when using this exchange, you only have a pay 0.5% per slide.
And interestingly, if you are a market maker, you will be rewarded by a rebate system rather than being charged any fees. Sinegy also lets you deposit cryptocurrencies for free, whereas withdrawals are charged as per the network fee. Clearly, Sinegy stands out as one of the best Bitcoin wallets in Malaysia, especially for those who are looking for a native platform.
Pros
Cons
However, this is a custodial wallet and therefore, the platform will be able to access your digital assets. The wallet lets you buy, sell, send, and receive cryptocurrencies from within its interface. Moreover, Luno does not charge any fees to send or receive BTC tokens – making it one of the best Bitcoin wallets in Malaysia for those on a budget.
However, Luno falls short when it comes to the number of supported cryptocurrencies. In Malaysia, you can use this platform to access only five crypto markets. This includes Bitcoin, Ethereum, Ripple, Litecoin, and Bitcoin Cash.
That being said, it also comes with some other useful features such as interest accounts. You can deposit your crypto on this platform to earn up to 7.6% APY. It also has a crypto exchange where you can swap digital tokens at a commission of 0.50% – which you can bring down by increasing your trading volume.
Pros
Cons
This particular wallet from Ledger is compact and lightweight, making the experience of using a hardware device more convenient. Moreover, it supports over 5,500 cryptocurrencies and even lets you store NFTs. You can also combine the Nano X wallet with the Ledger Live app to unlock more features.
As a crypto hardware wallet, you can use Ledger Nano X by simply plugging the device into your computer, or connecting it to your mobile remotely. The device is compatible with macOS, Windows, Linux, Android, and iOS. On top of this, Nano X also comes with bluetooth connectivity, so you do not need to carry a cable around to link the wallet to your device.
Ledger Live is the proprietary app that you can use to access your cryptocurrencies via the Nano X wallet. To set your wallet up, you can connect it to a device and launch the Ledger Live app – set the pin code and note down the recovery phase. Once the setup process is complete, you will be able to buy cryptocurrencies, transfer tokens, or engage in staking directly within the app.
Pros
Cons
The table below summarizes the key points regarding the best crypto wallets in Malaysia that we discussed above.
We suggest that you research each of these platforms individually to decide on the best crypto wallet in Malaysia for your needs.
To put it simply, a crypto wallet is where you store your digital assets. However, these wallets do not actually hold your cryptocurrency.
Instead, the cryptocurrencies remain on the blockchain itself, and your wallet serves as the private key that you can use to access your tokens. Your private key is what proves your ownership of the digital currency that you buy, and allows you to make transactions on the blockchain.
Every wallet comes with a unique password, and only those who have this key can access your tokens. For this reason, it is of utmost importance that you keep your private keys safe.
While some wallets support only basic transactions such as sending and receiving cryptocurrencies, others also come with a full suite of additional features. For instance, the best crypto wallets in Malaysia allow you to earn interest on your holdings.
One of the best Bitcoin wallets in Malaysia, Crypto.com – lets you buy digital assets, stake them, and even supports NFT storage. At eToro, its leading crypto wallet allows you to buy, sell, and trade tokens at super-low fees.
You might already know that cryptocurrencies are hosted on the blockchain and are accessed via the internet. Therefore, when you invest in cryptocurrency, the security of your digital assets should be a top priority.
This is especially crucial if you are planning to hold your cryptocurrencies for the long term.
Let us look at it this way. When you use conventional fiat currencies, you do not always need a wallet to spend your cash or store any notes you hold. Nevertheless, they certainly help to keep your money secure and in one safe place.
Similarly, using a crypto wallet makes it easier for you to access all your digital tokens via a single app. Moreover, they also offer added security to protect your digital assets from falling into the wrong hands.
In essence, a crypto wallet provides a way for you to store your digital assets for long-term use. However, the answer to which is the best wallet for cryptocurrency also comes down to the convenience and the level of security that you seek.
These days, you have several different options when it comes to storing cryptocurrencies. If you are wondering which is the best crypto wallet in Malaysia – you should first know about the different types of options available.
These include software applications, hardware devices, and even a simple piece of paper. In this section, we take a look at the different types of crypto wallets and their core features.
Software crypto wallets are perhaps the easiest to use as they can be downloaded as applications. These let you connect to the blockchain network, either through your mobile phone or your computer.
Depending on the provider, software wallets can be custodial or non-custodial. For instance, Crypto.com offers a non-custodial mobile wallet, whereas Binance serves as a custodial storage solution for your digital assets.
These wallets are protected by the password you assign to them. Moreover, some wallets also let you set up 2FA to add to the security of the application.
Hardware wallets take security to the next level by storing your cryptocurrencies on a physical device. These can be connected to your computer or a phone, via USB or bluetooth.
The best Bitcoin wallet in Malaysia from the hardware space is perhaps the Ledger Nano X.
As we noted earlier, the key advantage of using a hardware wallet is that these offer the highest level of security. However, you will be responsible for the safekeeping of your private keys. In case you misplace them, you will also lose access to your wallet.
Paper wallets can be viewed as another type of hardware storage option. Essentially, paper wallets are a printout of your private keys – which can be in the form of a string of characters and/or scannable QR codes.
However, this means that you need to be careful to protect the physical document. Moreover, it can also be a hassle to import the private key every time you want to make a transfer.
This is why paper wallets are not that common these days, especially when you have simple and safe options like the top choices we reviewed earlier in this guide.
The process of setting up a crypto wallet depends on the specific provider you opt for. That being said, most wallets require you to create a PIN and note down the backup passphrase.
To offer you some clarity, here we present a breakdown of how to get a Bitcoin wallet in Malaysia via Crypto.com.
Although it is not necessary that you should have a Crypto.com account in order to set up a wallet, pairing the two gives you the best user experience and access to all investment and trading features.
So, the first port of call is to download the Crypto.com app and sign up as a new user.
To create an account, you will have to enter your email address and set a password. Crypto.com will then send you a confirmation email before creating your account.
You will also have to verify your phone number before proceeding.
Next, you will have to go through a verification process. This requires you to provide your full legal name and upload some ID. Crypto.com lets you attach a national ID card, passport, or driver’s license as a supporting document.
Next, you can visit the App Store or Google Play to download the Crypto.com DeFi Wallet to your phone. You can then proceed with the wallet setup process.
To create a new wallet, you will first have to:
You should write this down in a safe place, in case you need to need it.
Once again, remember that if you lose your passcode and private keys, there will be no way to regain access to your digital assets. As this is a non-custodial wallet, Crypto.com will not have a copy of your private keys.
If you do not want to set up a new wallet, you can also connect your DeFi Wallet to Crypto.com.
These are the steps you can follow to do this:
Once the applications are connected, you will be able to transfer cryptocurrencies between the two. It is also possible to disconnect your Crypto.com app from the DeFi Wallet, whenever needed.
Alternatively, Crypto.com also allows you to import the digital assets you have stored on other applications such as Ledger or MetaMask.
And that’s the process complete – you can now use your Crypto.com DeFi Wallet to send, buy, sell, or stake digital coins.
Making use of a crypto wallet should be a priority for investors looking to HODL their digital assets. This guide has provided you with everything you need to know in order to choose the best Bitcoin wallet in Malaysia.
Based on our market research, the best crypto wallet in Malaysia is offered by Crypto.com.
It comes in the form of a software wallet app for iOS and Android and is thus easy and convenient to use. Moreover, the Crypto.com DeFi Wallet is non-custodial – which allows you to take full control of your password and private keys.
Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.
There are several crypto platforms that offer wallet services in Malaysia. Some of the best Bitcoin wallets in Malaysia include Crypto.com, Binance, Coinbase, Sinegy, and Leder Nano X.
Yes, Coinbase offers a crypto wallet to Malaysians. However, we found that Crypto.com is the overall best crypto wallet in Malaysia for newbies.
Our top pick for the best crypto wallet in Malaysia is Crypto.com. It is non-custodial and lets you swap and stake cryptocurrencies from within the wallet app. You can also use the Crypto.com DeFi Wallet to store NFTs.
A cold crypto wallet stores digital tokens offline, meaning they are not linked to a server. This reduces the risk of your assets being hacked remotely.
The popular cryptocurrency broker eToro comes with an in-built custodial wallet that you can use to store your digital tokens for free.
This article was written for Business 2 Community by Kane Pepi.
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Kane Pepi is an experienced financial and cryptocurrency writer with over 2,000+ published articles, guides, and market insights in the public domain. Expert niche subjects include asset valuation and analysis, portfolio management, and the prevention of financial crime. Kane is particularly skilled in explaining complex financial topics in a user-friendly… View full profile ›
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