5 Places You Can Invest In Cryptocurrency In Malaysia
- By CompareHero.my
- January 3, 2022
Bitcoin fans and budding enthusiasts, we’re back with another crypto-flavoured article for you. We’ve previously covered some basics on cryptocurrency, the pros and cons of crypto, and receiving payments in crypto.
Related: If Someone Pays You In Cryptocurrencies, Should You Accept it?
In this article, we’ll be looking at some of the top and most lucrative crypto platforms you can give a go. Here, we list down the pros and cons of some of these platforms, so you can decide wisely before investing.
1. Luno
Fun fact: Luno is one of the few platforms that allows you to buy and sell in Ringgit Malaysia.
What’s also interesting is that up to June this year, it had achieved up to RM4.2 billion worth of transactions on its platform. According to Luno, their platform records RM15 million of daily bitcoin transactions in a single day.
And speaking of bitcoin, if you dabble in crypto, you’d know that it’s the most popular type of crypto. However, if you want to invest in other types of crypto as well, you can also buy and sell ethereum, ripple, litecoin and many more on Luno.
Pros:
- Good for beginners
- You can easily switch between crypto and fiat currencies (such as MYR) when trading
- Supports credit card and bank transfers
Cons:
- The liquidity offered is relatively low
- Higher fees compared to other platforms
- Presently, it does not support advanced trading tools
2. SINEGY
What’s pretty cool about SINEGY is that it’s a Malaysian brand. Founded in Malaysia in 2017, SINEGY currently offers two types of crypto on their platform: bitcoin and ethereum. Like Luno, SINEGY is also a good place to start for beginners.
It has a lot of perks but understandably, it also comes with some limitations.
Pros:
- No minimum deposit required
- 0.25% rebate for market makers
- Bitcoin withdrawal fees have been slashed to 0.05%
Cons:
- Only two crypto options for now
- No mobile app
3. Tokenize
Like SINEGY, Tokenize was also founded by a Malaysian. However, Tokenize is actually based in Singapore. Some other things that set these two apart is that Tokenize has more crypto options, a mobile app, and a referral & points system. One downside of Tokenize, however, is that there’s a minimum deposit amount of RM100.
In terms of security, Tokenize has quite a few measures set in place to ensure your digital assets are safe. IP whitelisting & 2-Factor authentication as well as a hybrid wallet mechanism with a multi-signature strategy are some of these precautions.
Pros:
- More crypto options (Bitcoin, Ethereum, Litecoin, Ripple)
- 0% market maker fee
- Has a referral & points system
Cons:
- Minimum deposit fee of RM100
- Withdrawal fee can be high
Important note: The three crypto platforms mentioned above are the only 3 regulated in Malaysia at the time of writing. As for the other two in this article, you are still free to trade on them, but be cautious as there are no laws applicable to them that can adequately protect you.
4. Kraken
Kraken has been around for a decade now and it’s based in the United States. Now because it’s not regulated in Malaysia, you obviously won’t be able to trade using the Ringgit. Instead, you can trade with other fiat currencies such as the American Dollars, British Pound, and the Australian Dollars, to name a few.
In summary, here’s the good and bad when it comes to Kraken.
Pros:
- Wide range of products
- Advanced trading platform with many tools
- Strong security
Cons:
- Might not be good for beginners
- High withdrawal fees
5. Huobi
Huobi isn’t a regulated crypto platform in Malaysia…for the most part. As of November 2020, there is just one state (or Federal Territory, rather) where Huobi is authorized to render its services: Labuan.
But hold on. This doesn’t mean that anyone outside of Labuan is totally banned from using Huobi. You still can trade on it, like with Kraken. However, as we mentioned, you won’t have any legal protection if something were to go wrong.
Pros:
- Has over 230 tradable assets
- Multilingual customer support
- Good for both beginners and experts
Cons:
- Not regulated for those outside of Labuan
- Signing up for an account can be quite tedious
- Low limits on your withdrawals
There are many, many cryptocurrency trading platforms out there besides the ones mentioned above, of course. Before parting with your money, be sure to read verified reviews and get advice from experts on which one might suit you best.
Disclaimer: Neither CompareHero.my nor the content on it is intended as securities brokerage, investment, tax, accounting or legal advice, as an offer or solicitation of an offer to sell or buy, or as an endorsement, recommendation or sponsorship of any company, security or fund. The content on CompareHero.my is for general information purposes only and is not intended to be personalised investment advice or a solicitation for the purchase or sale of securities.
Compargo Malaysia Sdn. Bhd. and/or its affiliates cannot and do not assess, verify or guarantee the adequacy, accuracy or completeness of any information, the suitability or profitability of any particular investment, or the potential value of any investment or informational source. CompareHero.my may receive compensation from the brands or services mentioned on this website.
And if you’re still new to this whole thing, you can check out the article below for some crypto 101:
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Credit Card Past Promotions Terms and Conditions
- By CompareHero.my
- January 1, 2022
Contents
[2022] Past Credit Card Promotions Terms and Conditions
| Month | Standard Promotion | Flash Deal | Hero Giveaway |
| December | |||
| November | |||
| October | |||
| September | |||
| August | |||
| July | |||
| June | |||
| May | |||
| April | |||
| March | |||
| February | |||
| January |
[2021] Past Credit Card Promotions Terms and Conditions
| Month | Standard Promotion | Flash Deal | Hero Giveaway |
| December | |||
| November | |||
| October | N/A | ||
| September | |||
| August | N/A | ||
| July | |||
| June | |||
| May | |||
| April | |||
| March | |||
| February | N/A | ||
| January | N/A |
[2020] Past Credit Card Promotions Terms and Conditions
| Month | Standard Promotion | Flash Deal | Hero Giveaway |
| December | |||
| November | |||
| October | |||
| September | |||
| August | N/A | ||
| July | N/A | ||
| June | N/A | ||
| May | |||
| April | |||
| March | N/A | ||
| February | |||
| January |
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How do I calculate my Debt Service Ratio?
- By CompareHero.my
- December 28, 2021
Applying a loan is not easy and is, in fact, a very long and tedious process. When your loan goes for approval, your debt service ratio is a major consideration. It is a strong decisive factor and you need to make sure it’s good to prove to your loan officers that you have good credit worthiness. Every record from your credit history to your occupation is taken into consideration too.
But what is debt service ratio (DSR), and how it can affect the loan approval?
Contents
What is Debt Service Ratio?
If you have ever applied for a car, home, or personal loan, you will probably have heard the phrase ‘debt service ratio’ from the bank’s loan officers when they explain to you how the loan works.
What exactly does it mean? Debt Service Ratio, or DSR, is a calculation used by the bank to check whether you can repay the loan.
Your DSR is usually compared against the bank’s maximum allowable DSR limit. If your DSR is within the limit, you stand a higher chance to receive the loan. Normally, the lower the DSR, the better the chance that you can get a loan approved. Best advice is you should always maintain the DSR within 30-40% range.
Do take note that a DSR limit varies according to individuals and their respective levels of net income.
How is Debt Service Ratio calculated?
Total Monthly Commitments / Total Monthly Income X 100% = Debt Service Ratio
The information used to calculate your debt service ratio take the form of these useful documents.
- Monthly commitments
- Monthly income
- Payslip
- Property rental yields
- Personal loan instalment
- Car loan instalment
- Housing loan instalment
- PRS Withdrawals (for retirees)
- Credit card statements
These documents clarify and justify your current financial health and whether you are able to service a loan consistently. Take a look at the example below:
Let’s take a look at Joanne’s Financial Status:
Monthly Income: RM7,000
Currently has 3 loans: Personal Loan (RM1,000), Housing Loan (RM2,500), and Car Loan (RM500)
Total monthly commitment: RM4,000
Her debt service ratio would be calculated as:
RM4,000 / RM7,000 X 100% = 57.14%
With an income of RM7,000 monthly and a monthly commitment of RM4,000, Joanne has a debt ratio of 57.14%. As her monthly commitment is over 50%, she may find it challenging to get approved for loan even with a guarantor.
What can I do to improve my DSR?
- Reduce Your Debt! If you have debt from loans or unpaid debit cards, it is best you clear it up. One of the best ways to start is via the snowball method. Alternatively, you can also consolidate multiple repayments into one loan too, thereby simplifying your repayments into one; it saves on interest too.
- Minimize! Try to reduce the number of loans or credit cards in your name as much as possible. This is especially so if you are one who impulsively spends with a credit card.
- Always Pay On Time! Whenever your bills or credit card statements come, always pay it off 100%. What may seem like an unpaid small amount can stack up with the following months, resulting in a large debt monster.
Any other factors to assess my credit worthiness?
Yes, absolutely! CCRIS and CTOS reports can help bank to assess your credit worthiness.
CCRIS report shows your existing outstanding credit and application for credit that you made in the past 12 months, whether it was approved, pending, or rejected by the bank. CCRIS report also shows the capacity of borrowing that you took from the bank, such as sole proprietor, partnership, joint application or acting as guarantor.
CTOS report contains your full credit history, payment behavior, your CTOS score, directorship as well as business interest, litigation and bankruptcy. It is pretty much your credit health and score at a glance.
All being said, it is important to have some good debt to help build your credit score and also to have an excellent debt service ratio. This will make it easier for you when you are applying for financing plans or loans in the future.
Looking for a personal loan? Tap the link below to see the best personal loans in Malaysia!
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7 Sebab Tuntutan Takaful Anda Ditolak
- By CompareHero.my
- December 24, 2021
Antara sebab rakyat Malaysia dapatkan perlindungan Takaful ialah supaya anda dan keluarga dari dilindungi dari beban kos perubatan tinggi jika musibah melanda. Tetapi untuk dapatkan manfaat sepenuhnya dari pelan Takaful, anda harus memahami sebab utama tuntutan Takaful boleh ditolak.
Contents
7 Sebab Tuntutan Takaful Anda Ditolak
1. Anda tidak mengesahkan penyakit sedia ada
Dalam kontrak Takaful, anda perlu mengesahkan sekiranya anda ada menghidapi penyakit sewaktu memohon pelan Takaful tersebut. Ketahui bahawa pihak Takaful boleh mendapatkan laporan perubatan dari jabatan tuntutan yang akan melakukan siasatan sebaik sahaja tuntutan dibuat. Jika anda membuat tuntutan untuk penyakit yang sedia ada yang tidak diisytiharkan, tuntutan Takaful bakal ditolak. Oleh itu berlaku jujur dan dedahkan maklumat sebenar.
2. Anda tidak memahami terma dan syarat perlindungan Takaful
Perlindungan Takaful adalah berbeza antara syarikat Takaful. Oleh itu, anda disarankan untuk memahami terma dan syarat bagi pelan yang dimohon, terutamanya jenis penyakit dibawah tuntutan dan sebaliknya. Fahami juga perbezaan antara pelan perubatan dan pelan penyakit kritikal.
Bagi pelan perubatan, perlindungan adalah untuk situasi kecemasan yang memerlukan pesakit dimasukkan ke hospital. Pelan ini akan menanggung kos sepanjang pesakit di wad serta rawatan yang diperlukan. Pelan penyakit kritikal pula akan memberikan pemegang bayaran sekaligus berdasarkan peratus didalam kontrak jika pemegang pelan didiagnosis dengan penyakit kritikal.
Sebelum memohon mana pelan Takaful, pastikan anda dapatkan penjelasan dari ejen Takaful mengenai perlindungan yang ditawarkan oleh pelan tersebut.
3. Pelan Takaful anda telah luput
Anda mungkin terlupa untuk membuat bayaran bulanan, dan ini akan menyebabkan pelan tersebut luput. Oleh sebab itu, apabila anda ingin membuat tuntutan, ia akan ditolak kerana anda sudah tidak berada dibawah perlindungan Takaful tersebut. Untuk mengelakkan situasi ini berlaku, pastikan anda boleh dihubungi ejen Takaful kerana mereka bertanggungjawab untuk menghantar peringatan sekiranya pelan Takaful anda hampir luput. Pastikan nombor telefon serta maklumat lain anda dikemaskini seperti e-mel dan alamat supaya anda boleh dihubungi.
4. Tuntutan anda melebihi jumlah perlindungan
Untuk pengetahuan anda, setiap pelan Takaful memiliki had tuntutan tahunan. Contohnya, pelan anda memiliki had sebanyak RM100,000 setahun. Jadi, setiap tahun, anda hanya boleh membuat tuntutan tidak melebihi dari jumlah tersebut. Tuntutan yang melebihi jumlah perlindungan tahunan akan ditolak. Jadi, sebelum memilih pelan Takaful, pastikan anda lihat pada had tahunan pelan tersebut. Ini kerana ramai yang hanya akan fokus ke jumlah tuntutan keseluruhan sepanjang hayat sahaja.
Walaupun anda telah berjaya memiliki pelan Takaful, biasanya ada tempoh menunggu sebelum tuntutan boleh dilakukan. Bergantung kepada polisi dan jenis tuntutan, tempoh menunggu ini ialah sekitar 1 bulan hingga 3 bulan. Oleh itu, jangan berlengah untuk dapatkan perlindungan insurans bagi anda dan keluarga. Kita tidak tahu bila musibah bakal menimpa.
6. Terlepas tempoh menghantar tuntutan
Sesetengah polisi Takaful juga akan menetapkan tarikh masa untuk menghantar tuntutan. Walaupun anda layak dan telah menyediakan dokumen sokongan secukupnya, tuntutan akan ditolak jika anda terlepas tarikh tersebut. Jangan berlengah untuk menghantar tuntutan. Biasanya, tempoh yang diberikan untuk anda lakukan tuntutan ialah 3 bulan dari tarikh rawatan. Namun seperti yang telah dimaklumkan, ianya berbeza bergantung kepada pelan Takaful oleh itu anda dinasihati untuk dapatkan semua maklumat ini dari syarikat Takaful tersebut.
7. Maklumat tidak lengkap
Walaupun kami sarankan anda untuk tidak berlengah, jangan pula tergesa-gesa untuk menghantar tuntutan! Silap-silap, anda akan terlepas bahagian penting yang perlu dilengkapkan. Ambil masa untuk baca dan memahami borang tuntutan sebelum ianya dihantar, berserta dengan dokumen sokongan secukupnya. Seeloknya, isi sendiri dan jangan bergantung kepada ejen Takaful anda untuk lakukan proses ini.
Langkah Perlu Diambil Jika Anda Dianiaya Syarikat Takaful
Seperti yang telah dibincangkan diatas, terdapat beberapa sebab tuntutan Takaful anda ditolak. Jika ianya atas sebab teknikal, anda boleh menghantar semula tuntutan. Namun, jika anda merasakan bahawa semua syarat tuntutan telah dipenuhi tetapi tuntutan anda masih lagi ditolak, anda boleh mendapatkan bantuan.
Anda boleh hubungi Ombudsman Perkhidmatan Kewangan (OPK) untuk mendapatkan khidmat mereka secara PERCUMA. OPK merupakan organisasi bukan keuntungan yang diselia oleh Bank Negara Malaysia. Sebagai salah satu alternatif untuk menyelesaikan pertikaian tuntutan dari pengguna di Malaysia, OPK akan bertindak sebagai orang tengah antara institusi kewangan dan pengguna. Dalam kes ini, anda boleh meminta pandangan dan bantuan mereka. Namun, sesetengah kes bukan dibawah bidang kuasa agensi ini. Berikut merupakan kes-kes dibawah bidang kuasa OPK:
| Tuntutan | Had Tuntutan |
| Produk dan servis dari bank (konvensional / Islamik) | RM100,000.00 |
| Kes penipuan melibatkan proses pembayaran , kad kredit, kad caj, ATM, atau cek | RM25,000.00 |
| Tuntutan insurans hayat / takaful keluarga | RM100,000.00 |
| Tuntutan insurans / takaful kebakaran atau kenderaan | RM200,000.00 |
| Tuntutan insurans / takaful kerosakan hartanah dari pihak ketiga | RM5,000.00 |
| Tuntutan-tuntutan insuran / takaful yang lain | RM100,000.00 |
Jangan lupa bahawa anda seharusnya menyimpan salinan semua dokumen yang anda hantar untuk tuntutan Takaful. Ini kerana biasanya anda akan diminta untuk menghantar resit dan dokumen asal. Oleh itu, jika anda mempunyai dokumen salinan ia akan berguna dan memudahkan anda sekiranya terdapat pertikaian yang berlaku untuk tuntutan anda.
Anda juga dinasihatkan untuk memeriksa polisi insurans anda bagi memastikan ianya kekal relevan. Pertukaran polisi mungkin perlu dibuat berdasarkan kehidupan semasa (telah berkahwin, memiliki anak) agar perlindungan yang diberi mencukupi.
Ingin jimat lebih wang untuk perbelanjaan harian anda? Bandingkan dan mohon untuk kad kredit rebat tunai terbaik di Malaysia.
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Car Damaged In Floods? What You Need To Know About Claiming Insurance
- By CompareHero.my
- December 23, 2021
It goes without saying that the recent floods in Malaysia have been one of the worst in years. The devastation has been immense—tens and thousands of people have been displaced and lost their property. If you’d like to relieve these victims in some way, here are some things you can consider doing for them:
Related: Want To Help #MalaysiaBanjir Victims? Here’s What You Can Do
Speaking of property and devastation, those affected by their floods will need compensation for whatever they have lost. Now, if you already have car insurance, you’re going to proceed to make a claim for the damage caused to your car.
However, there is one important part that your car insurance policy needs to have before you can make a claim.
Ensure you have special perils coverage
Car insurance is mandatory for you to have if you own a vehicle in Malaysia. And PSA, even though the government has given an extension of time for people to renew their driving license and road tax during the MCO, the same does not apply to car insurance.
Related: Unlike Some Leeway For Road Tax, You Must Have A Valid Car Insurance During The MCO
Specifically, comprehensive car insurance (as opposed to a third-party one) is extremely vital to have. You will be protected against accidents caused by you OR another person, theft, natural disasters, and so on.
But when it comes to natural disasters, you will need to purchase an add-on known as special perils together with your policy. As the name suggests, special perils is meant to cover unexpected events such as floods, landslides and thunderstorms.
Unfortunately, if you didn’t already have this in your policy, you will not be able to claim insurance for damages caused by floods. Not sure if your policy has it in the first place? Do get in touch with your insurance agent to find out. If your car insurance lacks this crucial add-on, now’s the time to include it in your plan.
How to make an insurance claim
So, let’s say that you do have special perils included in your insurance policy. You can now proceed to make a claim. Here are some helpful tips for you as you begin the process:
- Do not start your car as soon as you find it. Don’t wash or clean it immediately either. You’ll need to show the damage as it is.
- Take lots of pictures and videos. This is vital for your claim to go through.
- Once you have sufficient proof of the damage, call your insurance hotline. These are the hotlines for the main insurance companies in Malaysia:
- Zurich : 1-300-88-6222
- Etiqa : 1-300-13-8888
- Alliance : 1-800-22-5542
- AXA Affin : 03-7989-0310
- Berjaya Sompo : 1-800-18-8033
- AM General : 1800-88-6333
- Kurnia : 1-800-88-3833
- Pacific & Orient Insurance : 1 -800-88-2121
- RHB : 1-300-220-007
- Lonpac : 03-2262 8666
- Tune : 1-800-22-8863
- Liberty : 1-800-88-5005 / 8990
- Takaful Ikhlas : 1-800-88-1186
- Takaful Malaysia:1-800-888-788
- Your insurance company will then arrange your car to be transported for repair.
- Your car will have to be repaired by a workshop that’s on the insurance company’s panel.
- Once your car is repaired, that sum will be covered by the insurance company.
And that’s pretty much what you need to know about claiming your insurance if a flood has wrecked your car. If you found this information helpful, be sure to share it around!
Looking for a comprehensive car insurance that’s suited to your budget and requirements? Tap the button below to see the best car insurance deals in Malaysia!
