Summary: Bank Rakyat doesn’t offer direct crypto trading, but customers can still fund regulated exchanges using MYR from their accounts or cards. This gives users a safe and legal way to invest in digital assets.
Bybit is a trusted option for Bank Rakyat users. It supports instant, zero-fee MYR deposits, offers a Malay-language interface, and gives access to over 1,000 cryptocurrencies at competitive fees.
- Free Malaysian Ringgit (MYR) deposits from Bank Rakyat via Bank Transfer, Debit or Credit Card.
- Buy, sell and trade 1000+ cryptocurrencies for low fees via spot and futures markets.
- Regulated and trusted exchange in Malaysia with over 20 million users.
Can I Buy Bitcoin with Bank Rakyat?
Yes, Bank Rakyat customers can buy Bitcoin and other cryptocurrencies by transferring MYR to regulated digital asset exchanges in Malaysia. While the bank doesn’t support crypto trading directly, it allows users to fund their accounts on licensed platforms that handle the transactions securely.
The bank’s role is limited to processing payments; it doesn’t handle or store digital assets. Investors must complete transactions on regulated crypto platforms.
To stay compliant, it's best to use exchanges approved by the Securities Commission Malaysia (SC) or operating under oversight from Bank Negara Malaysia. This ensures safety and legal protection.
How to Buy Crypto with Bank Rakyat
The easiest way for Bank Rakyat customers to buy crypto is by using a trusted exchange like Bybit. It supports MYR deposits through bank transfers, debit cards, and other local payment methods.
Bybit gives access to over 1,000 digital assets and provides a secure, SC-compliant platform for Malaysian users. It’s fast, reliable, and user-friendly; ideal for both new and experienced investors.
Here’s how to get started:
- Create an Account: Sign up on Bybit and complete the KYC verification process to secure your profile.
- Go to Buy Crypto: Choose ‘Fiat Deposit’ and select Malaysian Ringgit (MYR) as your payment currency.
- Choose a Deposit Method: Pick the most convenient option, like bank transfer, debit, or credit card.
- Buy Your Crypto: After your funds arrive, select a token and confirm the purchase. Your coins will appear instantly in your wallet.
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Bank Rakyat Cryptocurrency Policy
Bank Rakyat doesn’t offer crypto trading directly, but it allows customers to move MYR to licensed platforms that meet Malaysian regulatory standards. These platforms must be approved by the Securities Commission Malaysia (SC) or operate within guidelines set by Bank Negara Malaysia to ensure investor protection and compliance.
Bybit is a trusted choice for Bank Rakyat users. It follows SC policies, publishes regular proof-of-reserves, and guarantees that all user funds are backed 1:1.
Digital Asset Investing Fees
If you’re using Bank Rakyat to fund crypto purchases, it helps to understand the typical fees on your exchange. Here’s what to expect:
- Trading Fees: Bybit charges a flat 0.1% per trade. It's one of the lowest rates in the market.
- Deposit Fees: MYR deposits via FPX or bank transfer are completely free. No hidden or surprise charges.
- Withdrawal Fees: Vary by token. For Bitcoin, it’s usually around 0.0005 BTC, and you'll see the exact fee before confirming.
For Bank Rakyat users, Bybit is a strong choice. It's low-cost, transparent, and works seamlessly with MYR; all while staying compliant with Malaysian regulations.
What is Bank Rakyat?
Bank Rakyat is one of Malaysia’s most trusted Islamic banks, founded in 1954. It’s built around cooperative values and offers everything from savings and financing to business loans for SMEs.
What sets the bank apart is its commitment to Shariah-compliant banking; ethical, transparent, and tailored to the needs of its customers. It’s a go-to option for those looking for finance solutions that align with Islamic principles.
As digital services grow, Bank Rakyat also makes it easy for customers to transfer MYR to licensed crypto exchanges. It’s a practical bridge between traditional banking and the world of digital assets.
Best Alternative Crypto Exchanges for Bank Rakyat Users
While Bybit is the most recommended option for Bank Rakyat customers, several other platforms also support MYR and meet Malaysia’s regulatory standards.
Top alternatives include:
- Luno: A SC-approved Malaysian exchange with fast MYR deposits, local KYC, and a simple interface for new crypto investors.
- MX Global: A licensed homegrown platform offering secure MYR transfers, competitive fees, and regulatory alignment with the SC.
- Binance (via P2P): Although direct MYR deposits aren’t supported, Binance’s P2P marketplace allows users to trade securely with verified local sellers.
Each of these platforms offers Bank Rakyat users access to crypto in a compliant, user-friendly environment. Choose the one that fits your needs best.
Final Thoughts
Bank Rakyat might not offer crypto trading itself, but it makes it easy to access the market. Customers can safely transfer MYR to licensed exchanges and start investing in digital assets.
Bybit is a top choice for Bank Rakyat users. It offers low trading fees, strong asset security, and a wide range of tokens; all on a platform that supports Malay and works well for local users.
With extra features like staking, lending, and proof-of-reserves, Bybit gives investors both flexibility and peace of mind. It’s a solid match for Bank Rakyat customers ready to explore crypto responsibly.
I fell into crypto during the 2017 mania and have been around ever-since. I now write, research and publish my own reports on the digital asset ecosystem.
