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How to Buy Crypto with MBSB Bank Berhad in Malaysia

Last updated on November 12, 2023

Quick Summary: While MBSB Bank Berhad 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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MBSB Bank Berhad Homepage

As mentioned in my quick summary, like most Malaysia banks, MBSB Bank Berhad 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.

There are a large number of cryptocurrency trading platforms that you can use to buy Bitcoin and other cryptocurrencies.

Next you’ll want to sign up to an exchange (for this short guide I’ll use eToro as it’s a global and widely used exchange) and deposit funds so you can start trading crypto.

How to buy crypto or bitcoin with MBSB Online

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 cryptocurrency

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 MBSB Bank Berhad.

Buy Crypto With eToro

About MBSB Bank Berhad

MBSB Bank Berhad (MBSB Bank) A full-fledged Islamic Bank in Malaysia provides banks that are shariah compliant for customers who are retail, SME and corporate customers.

MBSB Bank Berhad has been granted a license from Bank Negara Malaysia to undertake Islamic Banking business. MBSB Bank is regulated and controlled by Bank Negara Malaysia under the Islamic Financial Services Act, 2013.

On the 6th of November, 2017 MBSB signed an Share and Purchase Agreement with those who own shares in Asian Finance Bank Berhad (“AFB/Vendors”) in connection with the proposed merger from MBSB of the entirety of the equity stake in AFB in exchange for an aggregate purchase amount in the amount of RM644,952,807.66 to be paid by the payment of cash equivalent to RM396,894,036.26 and the issue of 225,507,974 Consideration Shares at an issue cost that is RM1.10 for each Consideration Share (“the acquisition”).

The acquisition was approved by the shareholders of MBSB on January 23, 2018. The shareholders also endorsed to transfer Shariah Compliant assets and liabilities in MBSB to AFB through the Member’s Scheme of arrangement.

AFB was undergoing a rebranding effort and on April 2, 2018 the company changed their name MBSB Bank Berhad.

In addition to its extensive listing of products for financing, MBSB Bank, through its digital capabilities, expands its distribution channels via online services like virtual branch and mobile banking.

In parallel, MBSB Bank aims to create positive and sustainable impacts on the economy, the community and the natural environment by incorporating United Nations Sustainable Development Goals (UNSDG) throughout its business and also providing environmentally friendly financial services to its clients.

As time goes on the bank is poised to complete its most significant milestone and become completely mature Islamic bank by 2025, also known as its known as Journey25 (J25).