This post is brought to you by Luno.
Cryptocurrency adoption has gained momentum among Malaysians for the past few years. According to Finder’s Cryptocurrency Adoption Index, an index that measures the adoption of cryptocurrencies worldwide through an ongoing survey of internet users in 26 countries, including Malaysia, about 3.1 million Malaysians own crypto as of August 2022 with Bitcoin standing at 35% ownership.
Malaysia also ranks 13th out of 26 countries for cryptocurrency adoption, showing that more Malaysians are looking into investing in cryptocurrency. If you are among those interested in cryptocurrency, there are a few things you must consider beforehand, especially when choosing the safest cryptocurrency exchange and the best cryptocurrency platform.
The easiest way to ensure your own safety as a cryptocurrency investor is by learning as much as possible about the basics of investment and the latest updates within the cryptocurrency sphere to make an informed decision when investing. That said, here are the five most important things to look out for when choosing the safest cryptocurrency exchange.
1. Identify digital asset exchanges that are registered and recognised by the Securities Commission Malaysia (SC)
As of 26 April 2022, the SC has updated its list of Registered and Recognised Market Operators (RMOs) to establish and operate digital asset exchanges in Malaysia. This list will be updated from time to time, and Malaysian investors are encouraged to refer to this list before deciding which safest cryptocurrency exchange to be on.
If the digital asset exchange has not been registered with and approved by the SC, you might be taking a risk if you use them. An approval by and registration with the SC indicates that the company has met the SC’s requirements for investor protection.
It never hurts to do multiple verifications before deciding on the safest cryptocurrency exchange to be on. Besides checking the SC’s list on RMOs, you can also do your due diligence by checking the Investor Alert List regularly which provides an updated list of unauthorised websites, investment products, companies and individuals that are not recognised or approved by the SC.
2. Check the security features of the digital asset exchange of your choice
To ensure you are using the safest cryptocurrency exchange in Malaysia, check out what they are offering in terms of security features and standards. For example, check if the exchange stores the users’ cryptocurrencies in multi-layered security, with a combination of hot and cold wallets, thus minimising the potential risks of your assets being stolen.
3. Find out whether the exchange complies with industry regulations
Compliance with industry regulations ensures that your assets do not fall into the wrong hands like terrorists, money launderers, or cybercriminals. Using a cryptocurrency exchange with high-level compliance adds another layer of security for you as a user. Therefore, what you can do is check out how an exchange complies with industry regulations.
4. Identify consumers’ safety features on the exchange of your choice
As a consumer, it is best to take extra precautions to ensure the safety of your assets. For example, select exchanges that allow two-factor authentication (2FA). Do be mindful that not all exchanges allow this kind of safety feature, so please remember to consider such features for your own security.
5. Read the exchange’s privacy policy thoroughly
It is a given that the safest cryptocurrency exchange should have a solid privacy policy, which is crucial for you as a consumer. For example, how does an exchange handle its consumers’ data with great care? Such information can be found on the exchange’s privacy policy page. Additionally, you could also get in touch with credible entities for your final confirmation before you proceed to invest in the safest cryptocurrency exchange in Malaysia.
Get on Luno, the leading, regulated, and best platform to invest in cryptocurrency safely in Malaysia
Whatever type of cryptocurrencies you choose to trade, starting your cryptocurrency investment on the safest cryptocurrency exchange platform is convenient and fast. If you’re wondering how to start investing in Bitcoin, Ethereum, Ripple, Litecoin, Bitcoin Cash, Chainlink, or Uniswap, you can start on Luno, which is the first cryptocurrency exchange to be approved by the SC in Malaysia.
By the way, for those of you who have friends or family members who have not signed up for an account with Luno, you can refer them to Luno and receive RM25 in Bitcoin! Here are the steps to invite your friends:
- Share your unique invite code to your friend from the Rewards Page
- Your friend signs up, deposits and buys RM250 in crypto from Luno’s Instant Buy or Sell
- You both get RM25 in free Bitcoin
Have a friend in Singapore? Well, you can refer them to Luno and enjoy SGD30 (~MYR90) in Bitcoin! The steps are similar, with the difference being the investment amount:
- Share your unique invite code to your friend from the Rewards Page
- Your friend signs up, deposits and buys SGD200 worth of cryptocurrency
- You both get SGD30 (~MYR90) worth of free Bitcoin
*Read more on the Terms & Conditions for Luno’s referral programme here: www.luno.com/en/legal/rewards-and-promotions
This article is for educational purposes only and you should not construe any such information as investment or financial advice. Investing in cryptocurrency is high risk and may result in the loss of capital as the value can fluctuate. We recommend individuals to consult with a licensed financial planner for detailed financial advice on whether cryptocurrency is a good investment option.
Read more on Luno’s Terms of Use and risks associated with cryptocurrencies here: www.luno.com/en/legal/terms
