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How to Buy Crypto with Bank Rakyat in Malaysia

Last updated on December 1, 2023

Quick Summary: While Bank Rakyat does not offer cryptocurrency trading through its own platform, you can make use of your account to purchase crypto through a third-party exchange.

There are a lot of Malaysia cryptocurrency exchanges to pick from, but we suggest using the eToro exchange.

They offer the majority of most well-known cryptocurrencies and are simple to use. They have lots of advanced features but are also great for beginners.

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Bank Rakyat Homepage

As mentioned in my quick summary, like most Malaysia banks, Bank Rakyat doesn’t allow users to trade cryptocurrency directly on their platform, due to the complexities with setting up a cryptocurrency trading platform and comes with regulations and extra work for the banks.

Thankfully there are many crypto exchanges to pick from that allow you to buy Bitcoin and other cryptocurrencies.

Once you’ve signed up to a crypto exchange (in our example I’ll be using eToro as it’s a highly trusted and global exchange), you can easily move money from your bank account to the trading platform., and exchange it for a variety of cryptocurrencies.

How to buy crypto or bitcoin with iRakyat

Let’s get started! Just follow our 4 quick steps.

1. Pick a cryptocurrency exchange

As mentioned above, I’ll be using eToro for this guide as they are a widely used exchange and have a huge range of cryptocurrencies to choose from. It’s also one of the best exchanges for beginners and allows more advanced features when you get more comfortable with trading.

The steps in this guide should be similar for most trusted crypto exchanges, so feel free to use whichever you end up going with.

Let’s get started!

2. Create account with the trading platform

You’ll first need to create an account if you haven’t already, you can do using this quick link below.

Sign Up With eToro

Once you’ve filled out the basic information you’ll be asked for KYC (Know Your Customer) information, this is normal for crypto exchanges to stop any bad activity. This will often be called the “verification” process.

3. Fund your account

Next, you’ll need to add funds to your account using any of their deposit methods. For eToro there are many options such as bank transfer, PayPal, credit/debit card, and many more.

4. Buy crypto

Lastly, you’ll need to go to the “trade” section, this will differ for each exchange but it will usually have some variation of this.

It’s that easy! You’ve now got the tools to buy your first cryptocurrency with Bank Rakyat.

Buy Crypto With eToro

About Bank Rakyat

Bank Rakyat was established on 28 September 1954 in accordance with the Cooperative Ordinance 1948 (known as the Cooperative Societies Act 1993). In the present, Bank Rakyat is the largest Islamic cooperative banking institution in Malaysia with assets that total RM115.06 billion as of the end of December 2021.

The change in 2002 that transformed the Bank from a traditional banking system to one that was a system built on Syariah has allowed the Bank to earn impressive profit every year. In the fiscal year that ended close to the date of December 31, 2021, they’ve earned the pre-zakat and pre-tax profit that was RM1.63 billion.

They are continuing to expand their range of products and customer services that are diverse and new. The services and products include commercial finance, savings and investments as well as other products of financial planning to meet the diverse needs of the wide range of customers in the modern world.

Effective delivery channels continue to be developed and improved continuously. They maintain an image of professionalism and trust to ensure they are on sound foundation to be Your Bank of Choice.

They have been recognized as an industry leader as well as an outstanding cooperative organisation in Malaysia and internationally.

The agency is part that is part of the Ministry of Entrepreneur Development and Cooperatives (KUSKOP) They will support its mission Ministry to build cooperation as the principal driver of economic growth for the country, through all the steps and efforts they have planned.

As of now, they have branches of 148 that have more than 983 automatic machine for teller (ATMs) along with cash depositors (CDM) as well as 126 Ar-Rahnu’s X’Change branches across the.