For people who don’t know what is Binance, Binance is a cryptocurrency trading platform.

From what I have found online:
1. Binance has low transaction fee
2. Binance has way more crypto to buy and at a lower rate
3. Binance is easy to register for an account

But
1. Binance can’t let u withdraw fiat currency, only crypto can be withdrawn

The above points are what I have gathered after doing some searching

The problem is that I’m still at lost on how to withdraw funds into usd/myr

I have heard about some intermediate application to transfer funds from btc to usd/myr like TransferWise and other application. But I’m still not sure how is the process and how’s the rate of exchange.

ok.

locals prefer Luno

Transfer to xrp and send to luno, then withdraw?

Coz xrp have very2 low fees

They don't really have a fiat on-ramp for MYR but I think you can still use a credit card and that would only be purchases.

To buy and sell in MYR, you can use the P2P function there but that would of course be subject to whether there are enough willing sellers.

This post has been edited by Travis_Bickle: Jan 31 2021, 02:36 PM

robinhood

funds are safu

You can use P2P function on binance to withdraw cash (RM). The binance P2P is free at the moment and the ask /bid prices of the sellers /buyers are very competitive. I find it most convenient to move money between MY and SGD or any other currencies. It's like bank wire on steroids - faster and cheaper.

The cheapest way I find is to sell your crypto on the spot market into USDT and then sell your usdt on their P2P platform. Buyers will bank MYR directly into your Malaysian bank account

yeah im opening luno account too but the options are too little

thats y im considering using binance as side

dont think xrp is available in malaysia, app store search came up nothing

yea credit card deposit is possible but the rate im not sure how high is it, if its too high it isnt worth for big sum

Think of Binance as a casino more than an exchange.

To play there you need to buy USDT/BTC (casino chips) then trade until rich or bankrupt. Then to cash out, you need to send that to a regulated exchange and change for "real" fiat money.

Can become rich or poor as long as the casino still standing. But if the casino suddenly tutup while you are still inside (mtgox, quadriga, many more) then don't cry father cry mother, you knew the risks going into the casino.

Good luck TS, don't get addicted to gambling ya... everything has a price.

do note that binance is a centralized exchange, there are other safer decentralized exchanges out there, but binance have the most coins to trade

havent u heard of localbitcoins and other p2p platforms?

sounds pretty good to me, is it trustable for most p2p transactions? like would they take ur cryto/usdt and without deposit the money into ur account??

I mean convert the coin to xrp coin and send it to luno, then withdraw

just sell with the P2P function.

simple.

good to see new blood.

yup, thats the easiest.

ts mau gamble 15 usd je, nak untung wang nasi lemak besok

trying to join meme crypto, just for fun lol, if go up got profit then happy, if go down just go off for a few days or weeks or stop playing, but yea probably for the fun and giggles