19 Best Crypto Wallets in Malaysia 2024 – Safest Bitcoin Wallets Reviewed

Crypto adoption is rising throughout the world, and Malaysia is no exception. Moreover, Malaysia is often ranked highly in Asia, with as many as 23% of Malaysians owning or using crypto, ahead of countries like Indonesia, South Korea, and Australia. 

Using or simply holding any crypto necessitates the use of a wallet. However, you still need to worry about it covering a wide range of coins, offering top-notch security, providing added features like trading and staking, and more.

That’s why we aim to assist crypto investors in finding the best crypto wallet in Malaysia. Read through our list to find the right one for you and learn everything you need to know about crypto wallets. 

Top Cryptocurrency Wallets for Malaysian Traders

We’ve prepared detailed reviews for every best crypto wallet for Malaysian traders, but before we get into them, let’s take a short look at each and what makes it a great choice:

  1. Best Wallet – Non-custodial wallet with reduced fees with the $BEST token, and user insights.
  2. Zengo – Highly secure non-custodial cryptocurrency wallet app, comes with no keys or seed phrases.
  3. Exodus – Top cryptocurrency wallet for beginners. Offers a simple design and quality customer support.
  4. Ellipal – Top air-gapped cryptocurrency wallet, resembles a smartphone. Compatible with 10,000+ digital assets.
  5. Ledger Nano S Plus – Leading crypto hardware wallet for Malaysians. Store more than 5,500 digital assets. 
  6. Binance – Top crypto wallet offered by one of the best crypto exchanges. Access strong security and extensive crypto options.
  7. Bybit – Multi-utility custodial crypto wallet. Swap tokens, access IDOs, and earn passive income on 1,000+ cryptos.
  8. Trezor Model One – Highly secure Bitcoin hardware wallet. Trezor Suite works on desktops, browsers, and mobile phones. 
  9. Trezor Model T – Premium hardware wallet with a touchscreen interface, supporting 1000+ cryptos including NFTs.
  10. NGRAVEHigh-security air-gapped wallet with EAL7 rating. Built-in camera and fingerprint scanner.
  11. Blockstream Jade – Affordable, Bitcoin-focused hardware wallet at $64.99. Access air-gapped transactions via QR codes.
  12. BitBox02 – Swiss-made cryptocurrency wallet. Offers a unique OLED screen and touch sliders to easily confirm transactions.
  13. SafePalBudget-friendly, high-security wallet. Features an EAL5+ secure element chip and is priced at $50.
  14. SecuX – User-friendly wallet with a large touchscreen. Infineon EAL5+ secure element chip for military-grade security.
  15. Gate.io – Top software wallet in Malaysia with an NFT marketplace, DEX, and top-level security features
  16. Luno Wallet – Multi-signature hot wallet is fully licensed in Malaysia. Purchase cryptos with MYR.
  17. Mycelium – This is a mobile-only cryptocurrency wallet with top-notch security and privacy features. 
  18. MetaMask Great web3 crypto wallet with NFT and dApp support. Store more than 45,000 coins. 
  19. Lumi Wallet High-level encryption web wallet using advanced cryptography. Trade more than 1,200 tokens. 

Best Crypto Wallets in Malaysia Reviewed

Now that you know what our top picks are, how crypto wallets work, and why you need them, let’s go into detailed reviews of each one.

1. Best Wallet – Innovative Crypto Wallet in Malaysia With High Security, Simple Interface, and AI-Powered Assistant

Best Wallet has emerged as one of the best crypto wallets for Malaysia thanks to its robust security, multi-chain compatibility, unique features, and native token.

Best Wallet has only just launched but is promising to be more than just a digital asset storage system. It has enhanced features such as offering unique insights into new and trending cryptos and airdrops, a new feed, and $BEST can be used to earn staking benefits and get other benefits on the wallet.

best wallet 1

Unlike conventional single-chain wallets, Best Wallet’s multi-chain compatibility offers users broader flexibility and convenience, while it has a built-in DEX to enable trading for thousands of different tokens.

At the time of writing, Best Wallet is only offering traditional wallet functionality but in time it will add many unique features. This includes a news feed and custom insights into new and trending cryptos and airdrops, to help users get ahead of the competition. There’s also the Best Bot, an AI assistant providing users with real-time updates about market trends.

Best Wallet utilizes advanced cryptographic techniques, two-factor authentication, and biometric security features to create a secure user environment.

Pros

  • Multi-chain compatibility for seamless interaction with DeFi platforms.
  • AI-powered Best Bot for real-time market updates.
  • Advanced security features include cryptographic techniques, multi-factor authentication, and biometric security.
  • Integrated NFT gallery for managing, buying, selling, and trading NFTs.

Cons

  • Some features not yet live

Wallet type Non-custodial software wallet
Number of supported cryptos Thousands via DEX
Fee for buying Bitcoin Determined by third-party, Wert
Mobile app Yes
Features Multi-chain support, built-in DEX, enhanced security, NFT support, custom insights, $BEST token and airdrop

2. Zengo – Highly Secure Crypto Wallet App Without Private Keys

Zengo is a self-custodial software wallet that proclaims to have zero seed phrase vulnerability. This is mainly because it’s powered by MPC or Multi-Party Computation, a different field of cryptography that allows for private keys to be created by multiple parties without them revealing secrets to each other.

Additionally, the Zengo wallet provides a built-in web3 firewall and a wallet recovery model for when things go wrong. The exciting part is that backup works with face-mapping, meaning the wallet uses your face to ensure you are the only person who can recover your funds. 

Zengo wallet

Zengo can store over 70 crypto assets, including Bitcoin, Ethereum, Dogecoin, Tether, Polygon, and Tezos. It also allows you to keep NFTs, DeFi apps, and dApps, making it one of the most comprehensive Malaysia crypto wallets

You can store, buy, sell, swap, and even earn interest from your crypto assets. Zengo lets you stake certain coins, notably Tezos, and make more than 5% interest.

Pros

  • MPC provides no seed phrase vulnerability
  • Staking yields more than 5% interest
  • Efficient wallet recovery model
  • 24/7 customer support via live chat
  • Great user experience

Cons

  • Complex pricing model
  • Lacks support for several popular coins

Wallet type Hot wallet
Number of supported cryptos 70+
Fee for buying Bitcoin 1.99% with bank transfer and 5.99% with credit card
Mobile app Yes
Features Staking, interest

3. Exodus – Best Crypto Wallet for Beginners

Exodus is an industry leader in non-custodial wallets. It’s ideal for beginners but suitable for advanced users, too, thanks to its comprehensive suite of features. 

It’s highly user-friendly and supports multiple devices. It features a mobile app for iOS and Android, a browser extension for Chrome and Brave, and a desktop platform for Mac, Windows, and Linux. 

Exodus is among the leading and most comprehensive crypto wallets on the market.

The wallet supports more than 260 cryptocurrencies, but it’s also capable of storing NFTs and supports DeFi apps. That’s because Exodus is a multichain web3 wallet. The app also lets you buy, sell, swap, and trade cryptocurrencies. 

Exodus uses top-notch security, but it still features closed-source software, meaning you have to trust Exodus that everything is secure. Thankfully, Exodus has teamed up with Trezor, allowing you to safely store your assets in cold storage with a Trezor device. This fact alone makes it one of the best Bitcoin wallets in Malaysia

Pros

  • User-friendly interface, suitable for beginners
  • Highly favorable user reviews
  • 24/7 customer support 
  • Cold storage through Trezor
  • Staking options
  • No fees for buying crypto

Cons

  • Closed source software
  • No embedded 2FA

Wallet type Hot wallet (cold storage with Trezor)
Number of supported cryptos 260+
Fee for buying Bitcoin None
Mobile app Yes
Features Staking, interest

4. Ellipal Wallet – Highly Secure Wallet Compatible With 1000+ Digital Assets

The Ellipal wallet is a highly secure hardware wallet for safe crypto storage. Its key feature is its air-gapped system, which means it doesn’t connect to the internet or any devices via USB, Bluetooth, WiFi, NFC, or cellular connections. This ensures your digital assets are safe from online threats.

The wallet is built with a solid aluminum alloy, making it resistant to dust, water, and tampering. It looks like a small smartphone with a large 4-inch touchscreen. Moreover, a 5-megapixel camera is included for scanning QR codes.

Ellipal Wallet

It’s compatible with over 1000 digital assets across almost 50 blockchains, making it suitable for many users. The Ellipal Titan works smoothly with the Ellipal mobile app, available for both Android and iOS, allowing for easy transactions, swaps, and purchases of various cryptos. The app also facilitates Web 3 integrations and NFT transactions.

The wallet uses two-factor authentication for security, including PIN and password options, gesture pins, and numeric passwords. It has an auto-self-destruct feature that resets the wallet if it detects tampering.

Pros

  • Completely air-gapped for security.
  • Resistant to physical damage.
  • Large touchscreen and camera.
  • Supports a wide variety of assets.

Cons

  • No direct internet or device connectivity.

Wallet type Hardware
Number of supported cryptos 1000+ across 50 blockchains
Fee for buying Bitcoin Depends on third-party providers
Mobile app Yes
Features Air-gapped, Durable Build, 5MP Camera for QR Scanning

5. Ledger Nano S Plus – Top Crypto Hardware Wallet for Malaysian Investors

Ledger Nano S Plus is a lightweight, entry-level hardware wallet made by Ledger, one of the most prominent hardware crypto wallet manufacturers. It’s one of the best crypto wallets overall, offering everything you need from a hardware wallet. 

It’s pretty affordable, usually priced around 370 MYR, compared to the 730 MYR you need to pay for the advanced Bitcoin hardware wallet, Ledger Nano X. 

Ledger Nano S is the more affordable Ledger wallet made for every type of user

Ledger Nano S is highly secure. Besides being a cold wallet, it uses a unique PIN, so your assets should remain safe even if the device is stolen. Naturally, you can also recover your crypto assets remotely in this case. 

Pros

  • Secure cold storage for all crypto assets
  • You can recover assets remotely when the device is lost or stolen
  • Cheaper than most other hardware wallets
  • Perfect for long-term investments
  • Easily pairs with more than 50 third-party wallets

Cons

  • Not as good as the more advanced Ledger wallets
  • Not suitable for daily use like trading

Wallet type Hardware wallet (cold storage)
Number of supported cryptos 5,000+
Fee for buying Bitcoin Commission built into the exchange rate
Mobile app Yes
Features Trading within the app

6. Binance – Popular Crypto Wallet With High Security And Ease Of Use

The Binance Wallet is a promising wallet known for its convenience, especially for everyday use. It integrates smoothly with the Binance platform, allowing users to trade and exchange cryptos easily. This integration benefits long-term investors and day traders, enabling them to react quickly to market fluctuations.

The wallet is also known for its strong security features. It uses two-factor authentication and universal two-factor authentication (U2F), improving the safety of user accounts. Most of the platform’s crypto assets are stored in cold storage, offering extra protection against online threats.

Binance Wallet

Binance further assures users with its SAFU (Secure Asset Fund for Users) fund, which reserves part of transaction fees for insurance, compensating users in case of a security breach.

Binance Wallet supports an extensive range of cryptos, a significant advantage for users with diverse portfolios. The initial setup might pose some challenges, but once completed, the wallet simplifies crypto management, making it a popular choice among many users.

Pros

  • Seamless integration with Binance exchange.
  • Robust security with 2FA and U2F.
  • Extensive range of supported cryptos.
  • SAFU fund for additional user protection.

Cons

  • Initial setup can be complex for new users.

Wallet type Software
Number of supported cryptos 500+
Fee for buying Bitcoin Varies with transaction
Mobile app Yes
Features Binance Integration, Strong Security, SAFU Insurance Fund

7. Bybit – Web3 Custodial Wallet Offers Swapping and Staking Options 

Bybit is a popular crypto exchange that also offers a custodial wallet to store all your digital assets. Since Bybit is a custodial wallet, the private keys are secured by the platform. 

This Web3 wallet acts as your gateway to the decentralized world. Users can get discounts on new cryptocurrency projects through Bybit’s IDO (Initial DEX Offering) function.

Bybit wallet homepage

Notably, Bybit supports seamless and secure multi-blockchain interaction. Investors can swap nearly 500 tokens across eight different bridges.

The wallet also has a DApp aggregator, giving you access to multiple new applications. Investors can generate passive income through the staking mechanism, which has a TVL (Total Value Locked) of more than $24 billion.  

Through the wallet, investors can connect to ApeX – a non-custodial multi-chain derivatives decentralized exchange. The fees for trading on Bybit start from 0.1% per transaction. 

Pros

  • Multi-blockchain interaction
  • Swap and stake cryptos
  • Access discounts on IDOs
  • Private keys protected by the platform
  • Advanced cryptographic management

Cons

  • Users do not have control over their private keys
  • Provides basic security features

Wallet type Custodial
Number of supported cryptos Thousands of cryptos
Fee for buying Bitcoin Starts from 0.1% per transaction
Mobile app Yes
Features Multi-blockchain interaction, staking mechanisms, gives access to IDOs

8. Trezor Model One – Highly Secure Bitcoin Hardware Wallet

Like Ledger, Trezor is a top-tier hardware manufacturer. The two are often considered the best Bitcoin hardware wallet makers today. 

The wallet is priced at around 320 MYR, slightly less expensive than the corresponding Ledger. Trezor Model One is a cheaper and less advanced Trezor model, perfect as a first step into the world of hardware wallets.

Trezor is one of the top hardware wallet companies in the world, on par with Ledger

Despite being a simpler model, it offers most of what you need. Security is still high, as all Trezor devices are RoHS and CE certified, and this one comes with two recovery seed cards in the box. You unlock the devices with a PIN of up to 50 digits long, plus you can add a passphrase for more security. 

The device stores almost 1,300 coins and tokens, allowing you to buy, sell, and trade them. As the screen is quite small, you’ll have to use the accompanying Trezor app that can be installed on desktop, Android, iOS, and even used through a browser. 

Pros

  • Cold storage and excellent security
  • Support for more than 1,200 coins and tokens
  • Inexpensive model
  • Ideal for long-term investors
  • PIN up to 50 numbers long

Cons

  • Unsuitable for short-term traders and daily use
  • Advanced version is much better

Wallet type Hardware wallet (cold storage)
Number of supported cryptos 1,200+
Fee for buying Bitcoin Varies based on transaction speed and other factors
Mobile app Yes
Features Trading within the app

9. Trezor Model T – Crypto Wallet With High-End Security And A Reliable Backup System

The Trezor Model T is Trezor’s flagship hardware wallet that offers high-end security for crypto storage. It came to market in February 2018 and is recognized for supporting various digital assets. 

The Model T can store the private keys of over 1000 cryptos, including NFTs on Ethereum, making it a versatile choice for diverse crypto portfolios​​​​.

Trezor Model T

A notable feature of the Trezor Model T is its large touchscreen (240×240 pixels). This touchscreen significantly improves the wallet’s usability, particularly for transferring coins, setting up PINs, or recovering wallets​​​​.

The device’s security features are top-notch, including reliable backup options, firmware verification for authenticity, and a customizable PIN for process protection. 

Its focus on Bitcoin, with unique features like Taproot support and the Shamir Backup system, makes it a compelling choice for Bitcoin enthusiasts.

Pros

  • Touchscreen for improved user interaction.
  • Supports over 1000 cryptos, including NFTs.
  • Advanced security features with Shamir Backup.
  • Durable and well-constructed design.

Cons

  • Relatively expensive. and lacks iOS compatibility.

Wallet type Hardware
Number of supported cryptos 1000+ (incl. NFTs)
Fee for buying Bitcoin Depends on third-party providers
Mobile app Yes
Features Touchscreen, Shamir Backup, Advanced Security

10. NGRAVE Wallet – Offers A Built-In Camera And Fingerprint Scanner For High Security, Supports 1000+ Cryptos

The NGRAVE wallet is a promising crypto wallet offering high security with its ‘EAL7 rating.’

The Belgium-based wallet differentiates itself in the market through its unique air-gapped design, which ensures that it never needs to physically connect to a computer or network, thereby improving security against potential online threats.​

NGRAVE Wallet

The wallet’s design is similar to a high-end smartphone, featuring a 4-inch color LCD touchscreen that improves the user experience in managing cryptos. It supports over 1,000 cryptos, including popular ones like Bitcoin and Ethereum, as well as ERC20 tokens and NFTs.

Its security is supported by a built-in camera and fingerprint scanner, adding layers of protection to its system.

The NGRAVE ZERO is expensive, priced at approximately $398.

Pros

  • Top-notch security with EAL7 rating.
  • Air-gapped for offline security.
  • Built-in camera and fingerprint scanner.
  • Supports a wide range of cryptos.

Cons

  • High price and no support for some blockchains.

Wallet type Hardware
Number of supported cryptos 1000+
Fee for buying Bitcoin Depends on third-party providers
Mobile app Yes, via the NGRAVE Liquid app
Features Air-gapped, EAL7 Security, Built-in Camera & Fingerprint Scanner

11. Blockstream Jade – User-Friendly Crypto Wallet With Advanced Security Options Like Spoof Wallets

The Blockstream Jade wallet is an emerging hardware wallet market focusing only on Bitcoin and Liquid Network assets. Priced affordably at $64.99, this compact, user-friendly device offers features that make it an appealing choice for crypto enthusiasts, particularly Bitcoin users.

Blockstream Jade is designed with a full-color 1.14-inch screen, ensuring easy navigation and secure address verification. It pairs with the Blockstream Green app, which provides an intuitive interface for managing assets and includes Tor integration for increased privacy.

Blockstream Jade Wallet

Thanks to an integrated camera, the wallet’s most unique feature is its fully air-gapped transaction capability. This allows users to scan QR codes directly, avoiding internet connectivity and increasing security.

Additionally, the Jade wallet includes multiple advanced security measures, including server-enforced PIN protection and the option to create multiple wallets, such as spoof wallets, further strengthening its defense against unauthorized access.

However, it’s important to note that the wallet primarily supports Bitcoin and Liquid Network assets, which may limit its appeal to users with diversified crypto portfolios. 

Pros

  • Affordable and compact design.
  • Air-gapped transactions via QR code.
  • Advanced security with spoof wallets.
  • Tor integration for improved privacy.

Cons

  • Limited to Bitcoin and Liquid Network assets.

Wallet type Hardware
Number of supported cryptos Limited (Bitcoin & Liquid Network assets)
Fee for buying Bitcoin Depends on third-party providers
Mobile app Yes
Features Air-gapped Transactions, Affordable, Advanced Security Options

12. BitBox02 – Easy To Use Wallet With An OLED Screen And A Highly Secure Chip

The BitBox02, developed by Swiss company Shift Crypto, is a unique hardware wallet combining security, simplicity, and innovation. It is priced at nearly $120 and offers a competitive price than other established wallets.

One of the unique features of the BitBox02 is its futuristic design, including an OLED screen and intuitive touch sliders that replace traditional buttons. This design adds to the device’s sleek look and increases user interaction. 

BitBox02 Wallet

The wallet is equipped with a USB-C connector, allowing for direct connection to most computers and mobile phone​​​​. The wallet uses a secure chip (ATECC608A) for cryptographic protection and is open-source.

The BitBox02 supports a range of cryptos, including Bitcoin, Ethereum, Litecoin, and over 1500 ERC-20 tokens. It’s designed for ease of use, with a simple setup process through the BitBoxApp. The device’s touch sensors provide a unique and interactive experience for entering passwords and confirming transactions​​​​.

Pros

  • Sleek design with OLED screen.
  • Secure chip for cryptographic protection.
  • Supports multiple cryptos.
  • User-friendly with touch sliders.

Cons

  • MicroSD backup might be less familiar to some users.

Wallet type Hardware
Number of supported cryptos Bitcoin, Ethereum, Litecoin, 1500+ ERC-20 tokens
Fee for buying Bitcoin Depends on third-party providers
Mobile app Yes
Features OLED Screen, Touch Sliders, Secure Chip (ATECC608A)

13. SafePal – Budget-Friendly Wallet With High Security And NFT Support

SafePal, supported by Binance Labs, is a budget-friendly hardware wallet priced at about $50. It’s recognized for balancing cost, security, and functionality, catering to a broad range of crypto users. 

The standout feature of SafePal S1 is its security. It includes an EAL5+ secure element chip, ensuring strong protection of digital assets.  

SafePal Wallet

Additionally, the wallet has a self-destruct feature for more security and supports two-factor authentication. It operates offline with an air-gapped signing mechanism, significantly reducing the risk of online threats.

Designed for simplicity, the wallet is user-friendly, especially for beginners. It integrates seamlessly with the SafePal app, aiding effective crypto asset management. It also includes an in-built decentralized exchange and enables direct Binance spot trading.

Pros

  • Budget-friendly pricing.
  • EAL5+ secure element chip.
  • Supports a large variety of tokens and NFTs.
  • Air-gapped signing mechanism.

Cons

  • Limited aesthetic appeal, functional design.

Wallet type Hardware
Number of supported cryptos 1000+ tokens & 20 blockchain types
Fee for buying Bitcoin Depends on third-party providers
Mobile app Yes
Features EAL5+ Secure Element Chip, Self-destruct Feature, Budget-Friendly

14. SecuX Wallet – Highly Secure Crypto Wallet Supporting 1000+ Tokens

SecuX is a user-friendly hardware wallet known for its security and ease of use. A key feature of the V20 is its large 2.8-inch color touchscreen, which is among the largest in hardware wallets, improving user interaction.

The V20’s chassis is made of polished aluminum, offering a premium feel and added durability compared to typical plastic wallets. It uses the Infineon SLE Solid Flash CC EAL5+ Secure Element chip for high security and safely stores PINs and private keys. 

SecuX Wallet

The wallet supports a broad range of cryptos, including major ones like Bitcoin, Ethereum, and Litecoin, plus over 1,000 ERC20 tokens.

It also offers Bluetooth 5 and USB Type-C connectivity, which is compatible with multiple operating systems. It includes a unique “Hidden Wallet” feature for extra privacy and security.

Shield BIO is designed for easy use on the go. Priced at $149, it can be connected to the SecuX mobile app or website for a cross-platform trading experience. The wallet also features a micro-scam alert for better security.

Pros

  • Large color touchscreen interface.
  • Military-grade security chip.
  • Bluetooth and USB Type-C connectivity.
  • Hidden Wallet feature for added security.

Cons

  • Higher price point compared to some alternatives.

Wallet type Hardware
Number of supported cryptos 1000+
Fee for buying Bitcoin Depends on third-party providers
Mobile app Yes
Features Large Touchscreen, Infineon EAL5+ Chip, Bluetooth 5 & USB Type-C Connectivity

15. Gate.io – Top software wallet in Malaysia with an NFT marketplace, DEX, and top-level security features

For Malaysian traders looking to combine the convenience of an exchange-hosted wallet with the benefits of decentralization and Web3, look no further than Gate.io Web3 Wallet. This wallet allows holders to access many of the advanced trading features of Gate.io, one of the world’s leading exchanges, while holding their assets in a self-custody wallet.

Gate.io supports over 1,700 cryptocurrencies, and holders of the wallet can access perpetual futures trading with leverage as high as 100x. Users can also access inscriptions, a new way of adding data to the blockchain.

gate.io web3 wallet

Inscriptions allow investors to essentially mint an NFT at little cost – even on the Bitcoin network. This new concept has opened up a whole new avenue of crypto, and Gate.io is at the forefront with a 44% share of the daily volume of inscription trading.

Gate.io also excels in passive earning options with wallet owners able to stake their crypto in liquidity pools, lend crypto assets, and cloud mine. The wallet has 2FA, cloud backup for multiple accounts, and data encryption to help secure your assets.

Pros

  • Wide range of trading options
  • Strong security with 2FA and cloud backup
  • Over 1,700 cryptos
  • NFT marketplace and DEX

Cons

  • Some trading features can be complex for new users.

Wallet type Software
Number of supported cryptos 1,700+
Fee for buying Bitcoin Network fee
Mobile app Yes
Features Futures, Staking, Yield Farming, NFT marketplace, DEX, launchpad program

16. Luno Wallet – Reputable and Licensed Malaysian Crypto Wallet

If you’re looking for the most popular Bitcoin wallet in Malaysia, you can hardly go wrong with Luno. The wallet is optimized for Malaysians and is one of the few crypto exchanges and wallets in the country with a license to operate here. 

Luno is a multi-signature hot wallet with deep freeze storage, holding most cryptocurrencies in a deep freeze state. In other words, the keys are generated and stored offsite and offline. Bitgo Custody and Fireblocks handle security. 

Luno is optimized for the Malaysian market and regulated by the SC.

Moreover, if you want to pay online with Bitcoin, there’s no need to worry, as Luno requires you to authorize every transaction. 

The app allows only around ten cryptos to ensure high security, as this is one of Luno’s cornerstones. You can store, buy, sell, and trade coins like Bitcoin, Ethereum, Bitcoin Cash, Litecoin, XRP, and Cardano. The important thing is that you can buy all of these using Malaysian ringgits. 

Pros

  • Regulated by Malaysia Securities Commission
  • All cryptos available for purchase with MYR
  • High security standards and advanced features
  • Multi-signature wallet, keys stored offline and offsite
  • Beginner-friendly trading

Cons

  • Limited features and cryptocurrencies
  • High transaction fees

Wallet type Hot wallet
Number of supported cryptos 10+
Fee for buying Bitcoin 2%
Mobile app Yes
Features Trading, saving with interest

17. Mycelium – Mobile-Only Online Bitcoin Wallet With Top-Notch Security and Privacy Features

Mycelium is a mobile-only hot wallet with a high focus on security. It’s non-custodial and fully supports the “not your keys, not your coins” mantra. Besides giving you complete control of your keys, Mycelium is separated from centralized exchanges, so you don’t have to worry about any issue that may occur on a CEX. 

Even though it’s mobile-only, the wallet is recoverable with only your seed phrase, so you don’t have to worry about something happening to your smartphone. With these security features, it’s one of the most secure Bitcoin wallets for Android devices. 

Mycelium is a mobile-only wallet that makes online shopping easy

Moreover, Mycelium is one of the top crypto wallets in Malaysia when it comes to privacy. It doesn’t require personal details, so you can effectively stay anonymous. 

Despite being highly secure and offering hardware storage support, Mycelium can still be problematic for some as it’s mobile-only. You cannot use it on a desktop or some other device. 

Besides being a Bitcoin account, the wallet supports Ethereum, Tether USD, Binance USD, Huobi Token, Zero X, and other ERC-20 tokens

Pros

  • Very high security
  • No personal information required
  • Hardware storage support
  • Simplified payment verification
  • No CEX exposure
  • Excellent track record

Cons

  • Mobile-only
  • Limited selection of coins
  • Not suitable for beginners

Wallet type Hot wallet (cold storage support)
Number of supported cryptos 90+
Fee for buying Bitcoin Varies from $0.25 to $8
Mobile app Yes
Features Trading only

18. MetaMask – Great Web3 Malaysia Crypto Wallet With NFT and dApp Support

MetaMask is one of the most popular Web3 wallets (more than 30 million users). It’s the go-to option for people looking to enter the token and NFT space. 

The app offers a full suite of crypto wallet features, letting you buy, send, store, and swap tokens. It’s one of the top Ethereum wallets due to its full support of Ethereum, ERC-20 tokens, and Ethereum-based decentralized apps. 

MetaMask is a trusted option for people wanting to enter the blockchain and Ethereum sphere

The wallet is simple to install and use, as it was made with beginners in mind. However, that doesn’t mean that security is low. It’s non-custodial, so the private keys are entirely yours, and the company doesn’t store any of your personal data on its servers. It is up to you to protect your seed phrase, which MetaMask warns you about during the wallet creation process. 

MetaMask is not one of the best crypto hardware wallets, but it has cold storage support. It’s compatible with several hardware wallet companies, including Ledger, Trezor, Keystone, Lattice, and AirGap Vault. 

Pros

  • Allows storage of any ERC-20 token
  • High security, non-custodial wallet
  • Full support for Ethereum-based tokens and apps
  • Easy to set up and use
  • Very favorable user reviews

Cons

  • Doesn’t allow BTC storage
  • No desktop app

Wallet type Hot wallet (cold storage support)
Number of supported cryptos 500,000+ (all ERC-20 Ethereum-based tokens)
Fee for buying Bitcoin N/A
Mobile app Yes
Features Staking, interest

19. Lumi Wallet – High-Level Encryption Web Wallet Using Advanced Cryptography

Lumi Wallet is the most popular Bitcoin wallet in Malaysia among users looking for high-end encryption and advanced cryptography. It’s fully non-custodial, allowing users to keep control of their keys. 

Lumi offers high anonymity, as transactions are always private. You get a different address every time you make a transaction. Plus, registration is not required, nor are any personal details when setting up the wallet.

Lumi lets you store over 1,200 cryptos, including Bitcoin, Ethereum, and Dogecoin

The wallet enables you to store more than 1,200 cryptocurrencies, allowing you to buy them with a credit card or Apple Pay. You can also exchange several cryptos under fixed rates without fees. However, bear in mind that most other fees are higher than usual. 

Pros

  • High-end security and privacy
  • Anonymous transactions
  • No registration or personal details
  • Open-source code
  • Real-time market monitoring

Cons

  • High fees in many cases
  • Users report bugs in the mobile app

Wallet type Hot wallet
Number of supported cryptos 1,200+
Fee for buying Bitcoin 1%
Mobile app Yes
Features Trading, market analysis

What Is a Cryptocurrency Wallet?

A crypto wallet is a digital application that can be installed on your phone, desktop, laptop, or through dedicated hardware. You use it to access your crypto assets.

A typical crypto wallet lets you:

  • Store crypto
  • Send crypto 
  • Receive crypto

Some crypto wallets have added functions like buying, selling, trading, exchanging, and staking cryptocurrencies. Others are Web3-based, meaning they can integrate with dApps and store NFTs.

Malaysia crypto wallets are just applications that effectively work as mediums for easy access to cryptocurrencies. However, the coins are within a unique address that operates on the blockchain. 

Even though it doesn’t store crypto directly, a crypto wallet is necessary for the modern age, as long as you need to do more than hold specific crypto assets. 

Most crypto wallets can store a few dozen or even thousands of cryptocurrencies, while others are more focused, like Malaysia Bitcoin wallets, that allow Malaysians to store only bitcoins. 

The most crucial function of any crypto wallet is to store cryptocurrencies safely, which is why the quality and diversity of security features and options should matter the most when looking for the best crypto wallets in Malaysia

Why You Need a Crypto Wallet

One sentence effectively describes the need for crypto wallets — just as we use banks to store and keep our fiat money safe, we use crypto wallets to store our crypto assets securely. For instance, if you use it to store BTC, it’s effectively your Bitcoin account.

However, that’s not the whole picture. Crypto wallets can come in many shapes and sizes with more or fewer features. On top of that, they are typically fully decentralized, unlike banks. 

With that out of the way, here’s an overview of all the most important reasons for using Malaysia crypto wallets:

  • Access crypto — The best Bitcoin wallets in Malaysia let you view your digital funds balance through a dedicated dashboard, like an online bank or e-wallet. 
  • Store crypto — As stated, the main reason for having a crypto wallet is to store crypto funds. You’re not required to have a software or hardware wallet, as you can always use a paper to write down your address, but you won’t be able to access and view your funds easily.
  • Send crypto — Sending any amount of any cryptocurrency is effortless with a good crypto wallet app. You can move the funds to any other address. This also includes paying for goods and services provided by companies that accept crypto. 
  • Receive crypto — Just as you can send cryptocurrencies, others can send them to you. Their location in the world doesn’t matter, nor does the size of the transaction, at least with most cryptocurrencies used today. 
  • Secure storage — The best way to keep your assets safe is to use a hardware wallet or another highly encrypted wallet app. Without a wallet, you’ll have to write down your address or store it on a device, and either method isn’t very secure. 
  • Trading — The best crypto wallet for Malaysian traders, lets you trade various cryptocurrencies, swapping them for other coins or even fiat currencies. 
  • Gain easy access to the web3 economy — Web3 crypto wallets, like MetaMask, can store thousands of tokens and NFTs and connect with any decentralized application. 

How Do Crypto Wallets Work?

A crypto wallet doesn’t store your coins but provides access to them. It does that with the help of your private keys stored on the public blockchain of the cryptocurrency you’re holding. 

The keys enable you to view your assets on the blockchain address, and it allows you to use your crypto in the way it’s commonly used — storing, sending, and receiving. 

Wallets are software applications that use an internet connection to access and interact with the blockchain on your behalf. 

As cryptocurrencies are decentralized, they are not stored anywhere. They are just bits of data found on every device that keeps data from the blockchain. The crypto wallet uses your private keys to see all that data and show the amount of crypto you have through a simple interface. 

In other words, Malaysia Bitcoin wallets make accessing and using your crypto assets easier. 

These apps use the same keys and data to complete all other actions you can perform with your crypto, including sending, receiving, trading, swapping, and even staking if that option is included in the code architecture of the cryptocurrency in question. 

Lastly, it’s essential to understand what these keys are. They are long strings of random, highly unpredictable characters, which ensures no key is the same and makes breaking it highly improbable.

There are two types of keys in the crypto world:

  • Public key — Shared publicly on the blockchain, allowing others to send crypto to you. It’s much like a bank account number. 
  • Private key — As the name suggests, this key is private and used to prove ownership and gain access to the corresponding public key and the crypto assets stored on the address. In other words, it’s like the PIN or password for a bank account. 

The two keys go in pairs and allow you to complete transactions using the assets on the address corresponding to the key pair. Together, they encrypt and decrypt data on the blockchain. 

A crypto wallet must use both, but it’s important to note that private key storage is always handled with much more care. Many wallets (non-custodial) even opt to give the user full access to their keys and thus pass their security down to the user. We’ll explain this further in the safety section of our guide on the best crypto wallets in Malaysia

Types of Crypto Wallets

In general, crypto wallets are divided into two groups based on the kind of storage they offer — hot (software-based) and cold (hardware-based) wallets. The former are connected to the internet, making constant use of crypto easier and more convenient, while the latter keep your assets offline, which is a lot safer but less convenient.

As for the actual types, you can divide all crypto wallets into software, hardware, and paper wallets. Software wallets are hot, while hardware and paper wallets are cold. Let’s take a closer look at each category. 

Software Wallets

Software wallets are arguably the most popular. Still, since they only provide hot storage, they often need to be combined with cold wallets or cold storage capabilities for increased security, especially for long-term investors with large portfolios. 

Software wallets are, as the name suggests, software-based, and they can be divided into three groups:

  • Desktop wallets — Installable software made for operating systems like Windows, MacOS, and Linux. They are as secure as your computer, so it’s vital to keep your device updated and protected by robust anti-virus and anti-malware systems. Good examples are Exodus and Electrum, a very popular online Bitcoin wallet
  • Mobile wallets — These are mobile apps like all others. They are very convenient, allow QR codes, and are ideal for everyday use, but can be vulnerable to malware. Proper security features and encryption are crucial here. An example of a mobile wallet is Mycelium.
  • Web wallets — Web wallets are used through internet browsers. They are typically centralized and are vulnerable to DDOS attacks. It’s thus crucial to use products that store private keys locally on your device or those owned by reputable companies. Good examples include MetaMask and OKX Wallet, part of one of the top decentralized exchanges on the market. 

Remember that some specific wallets can belong to several of these groups. For example, Exodus is a desktop and a mobile wallet with dedicated software for both device types. 

Hardware Wallets

A crypto hardware wallet is a piece of hardware that acts solely as a crypto wallet. They provide cold storage and look like USBs with small screens and side buttons. 

A typical Bitcoin hardware wallet doesn’t work independently, as it doesn’t have a battery, so it has to be connected to a PC, just like a regular USB stick. However, some have smaller batteries, allowing you to access your assets and use the device for a few hours. They usually have more accessible screens. 

The main benefit of these wallets is the type of storage they provide, so as long as they are not connected to the internet, they are 100% secure, provided you store them safely. If you lose or break them, your crypto is gone.

While highly secure, they are not user-friendly and make everyday crypto trading next to impossible. You have to combine them with mobile or desktop apps, which is why the best crypto hardware wallets come with accompanying applications. 

Despite these downsides, keeping considerable amounts of crypto on them is always advisable, as that’s the safest option. 

Hardware wallets need to be purchased and usually cost between 300 and 700 MYR, and the best examples of hardware wallets are Ledger and Trezor devices. 

Paper Wallets

Paper wallets are cold storage wallets that work precisely as their name suggests. Even though it might sound strange, you can always physically print out your address and private key and use them to complete transactions. You can also print out QR codes to make things a bit easier. 

These wallets were popular around 2010 but eventually fell out of favor due to their complexity. Plus, various Bitcoin hardware wallet options became widely available and grew more popular as exchanges enabled users to print out their keys easily.

Today, there are two ways to create a paper wallet:

  • Manually, where you use analog random number selection with the help of simple dice. However, this is very time-consuming.
  • With the help of a private key generator that creates a random sequence for you. It’s best to use one that’s not web-based for safety concerns. 

It’s important to note that paper wallets are not as safe as the best crypto hardware wallets (you can lose or destroy the paper) and are not nearly as convenient as software wallets. Due to that, it’s best to avoid this wallet type.

How to Pick the Best Crypto Wallet in Malaysia for You

Let’s review the factors that you need to look into when picking the right wallet for your needs:

  • Reputation and user feedback — Overall reputation is vital, and it’s best gauged through online reviews and user feedback. You can check the ratings on app stores and other sites to see what people think. 
  • Licensing — Every Malaysia Bitcoin wallet needs to be appropriately licensed. 
  • Security — Security features and options matter the most with wallets. Hardware wallets are the best because they offer cold storage, but hot wallets can be safe as well if they are reputable, non-custodial, or have other advanced security features and login methods. 
  • Privacy — If you care about staying private, you must look for wallets with anonymous transactions, no registration requirements, and other features.
  • Supported coins — The best Bitcoin app doesn’t only support Bitcoin but a variety of other coins. Look for wallets that support many coins and tokens, or at least those you want to invest in. 
  • Fees — The wallet will have fees if it has trading and swapping features. You need to look into these to ensure they are not too high compared to the competition. 
  • Advanced features — If you want to do more than simple storage, you need a wallet with added features like trading, staking, buying, selling, swapping, and more. 

Are Malaysia Bitcoin Wallets Safe? How to Stay Secure With Crypto Wallets

We already discussed what private keys are, and when it comes to safety within crypto wallets, it’s vital to know who keeps them safe and how. According to this classification, wallets can be divided into two types:

  • Custodial wallets — Private keys are kept safe by the company that manufactures the wallet. Many consider these less secure, but it boils down to the type of user you are and how trustworthy that company is. If you can’t trust the company and are certain you can keep the private keys safe, you won’t find these wallets suitable. However, if the company is reputable, a high-quality custodial wallet is the way to go.
  • Non-custodial wallets — Users keep control of their private keys and are fully responsible for their safety and, thus, their funds. This option is more secure but often less user-friendly and unsuitable for beginners. If you’re an advanced user who wants to keep full control over your crypto funds and you know how to keep your keys secure, it’s best to choose a non-custodial wallet.

Most hot wallets are custodial, especially web-based ones. If you decide to get this type of wallet, you need to be aware that you are not in full control of your assets, which is why you need to trust the company behind your wallet to stay on your side and keep the keys and assets safe. 

However, even if you chose a non-custodial wallet, you still need to worry about safety on your end. You want the wallet to have advanced security measures like cold storage options, proper regulation and certifications, advanced encryption options, proper data protection, high privacy options, and regular software updates. 

Security features like complex passwords, 2FA, passkeys, or biometric authentication options are also crucial. You want logging into the wallet to be complex and secure to ensure no one can enter the app. 

A backup or recovery mechanism is also a good security feature, especially with non-custodial, mobile, and hardware wallets. 

Lastly, it’s worth mentioning that multisig wallets are always a good option. They need more than one private key signature for transaction authorization. They are ideal for big investors, corporations, hedge funds, and others. Keys can be given to different people, so no single person has access to all of them. 

Conclusion

A crypto wallet is practically required if you want to do anything with your cryptocurrencies. However, as the top options in Malaysia are highly secure and allow you to do a lot with your assets, even stake them and earn interest, you’ll benefit highly from getting one. 

As you’ve seen, there are several great options, and if you’re unsure of which one is right for you, you cannot go wrong with our top pick — Best Wallet.

It’s the best crypto wallet for Malaysian traders for a reason. It comes with an entire Web3 ecosystem and supports thousands of cryptos. Users can also trade tokens straight from the wallet itself. 

FAQs

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Michael Graw
Crypto Expert
Michael Graw
Crypto Expert

Michael Graw is an experienced writer in the business and B2B tech fields. His articles can be found on Business Insider, Entrepreneur, Tom’s Guide, and TechRadar, and cover everything from corporate finance to crypto and international tech regulation. A prolific copywriter and entrepreneur, Michael has worked with a wide range of SaaS and tech companies and has his finger firmly on the pulse of B2B tech and finance.