Frequently Asked Questions

GENERAL

Yes, MX Exchange is a registered digital asset trading platform with Bank Negara Malaysia (Central Bank of Malaysia). We are also currently seeking to be licensed under the Securities Commission Malaysia (SC) as a Recognised Market Operator. As of now, we are permitted to continue operations for a transitional period from 1 March 2019 until such period as may be notified by the SC.
Digital currency is a type of currency available only in digital form, not in physical form such as banknotes and coins. Bitcoin is an example of a digital currency created in 2009 by Satoshi Nakamoto. It is a medium of exchange which uses peer-to-peer technology with no control from any government or organisation. Digital currency is also known as digital asset.
MX Wallet lets users receive digital currencies and store them in a safe environment. Upon successful KYC verification at Level 1, every user automatically gets access to the MX wallet.
  • Go to https://app.mx.exchange. (Click on Sign Up button on the home page).
  • Fill up the details required and follow the rest of the instructions.
  • Click sign up and we will be sending an email confirmation upon successful registration.

Please note that successful registration means you are now at KYC Level 0. To perform any transactions with MX Exchange, please upgrade your KYC Level 0 to KYC Level 1.

No. You are not allowed to perform any transactions without any KYC verification, including when you are at KYC Level 0 (or a registered user).

In order to perform any transactions, please request for KYC upgrade to KYC Level 1. Once your KYC Level 1 request is approved, you are now allowed to perform transactions within the specified monthly limit. A higher monthly limit is applicable when you request for KYC Level 2 and subsequently KYC Level 3, subject to approval.

All wallet services are free; however, withdrawal transaction fees are charged when withdrawal of digital currency or fiat currencies done through MX Global Account, meanwhile trade fees are charged for successful trading activity done via the platform.

For a full and updated list of the charges applied, please go to our Fees & Charges page.

Two-factor authentication is often referred to as two-step verification. It is a security process in which the user provides two authentication factors to verify they are who they say they are. At MX Global, you can opt for e-mail authentication or google authentication under the profile setting.
E-mail authentication can be configured in the profile setting. Upon activation of e-mail authentication for your preferred functions, you will receive a unique code via e-mail every time you access the preferred function.
Google Authenticator is an app for smartphones which can be downloaded for free in the stores/markets of the different smartphone manufacturers. After installing the authenticator app, you have to set up a new account. You press “Add Google Authenticator” in the profile of the MX Global wallet, and you receive a personal key that you enter (or scan the QR code) in order to link your MX Global account with the Google Authenticator.

Learn more about Google Authenticator here: https://support.google.com/accounts/answer/1066447?hl=eng

Please raise a ticket at our Support page and our team will assist you accordingly.
You are not allowed to change your e-mail address as it is registered as an identifier for your MX wallet.
After you have entered your email address in the Sign In page, you can click the Forgot Password tab.

You will then be guided by our step-by-step process to reset your password.

ACCOUNT OPENING

We have detailed out the eligibility requirements in our Terms and Conditions, as posted on our website. Please check our website if you want to know whether you are eligible to register with MX Exchange.
You can refer to our Customer Account Classification page.
No, a company / non-individual is not allowed to register as a customer with MX Exchange. Currently, our services are only available to individuals.

We will update you accordingly once we open registration to company / non-individual.

YES, subject to our internal policy requirements.
MX Exchange applies a stringent ‘Know Your Customer’ approach during the on-boarding process to comply with all the relevant laws and regulations. During our assessment, your KYC request / upgrade may be rejected due to the following reasons (list is non-exhaustive):
  • Inadequate / Inaccurate due diligence information
  • Unclear documents uploaded
  • Expired / Invalid supporting documents
  • You are from prohibited or restricted jurisdictions, etc.
  • We will also email you on our decision of your KYC application, so that you know exactly what went wrong.
YES, if you have fixed the issues that caused the rejection. You can then click SUBMIT again, for our further consideration. We apologise that not all appeals can be accepted due to regulatory requirements and is on a case-to-case basis.
As part of our KYC process, we sometimes require more information / document to ascertain and verify some information. Without the additional information / document, we may not be able to proceed with the application process and your application will be rejected.
NO. Each customer is allowed to have only one MX wallet. If we find that you have more than one MX wallet, we may be obliged to close the extra wallet and your account may be suspended.
As part of the regulatory requirements under the relevant AML/CFT documents issued by both BNM and the SC, we are obligated to identify all of our customers and verify their details.

In addition, by getting to know all of our customers, MX Exchange is able to offer you exciting news, deals, discounts or any new products, customised to your needs, in the future.

You can only start trading and making fiat/digital asset deposit / withdrawal at KYC Level 1 onwards. To upgrade from KYC Level 0 to KYC Level 1, please fill the information required under KYC Level 1 and submit the application to us. Please ensure that the information and documents you submitted are true, accurate and clear to avoid any delay / rejection. We will process your KYC upgrade request and notify you on the status of your application accordingly. Once you are onboarded to KYC Level 1, you may wish to upgrade to KYC Level 2 and 3 consecutively, to enjoy higher monthly fiat deposit and withdrawal limits. The process is exactly the same when you upgrade your MX wallet from KYC Level 0 to KYC Level 1.

NOTE: You are NOT allowed to skip any KYC level while upgrading as each KYC level requires verification and approval.

MYR DEPOSIT

There is a few basic deposit information you would need to know before performing any deposit request:
  1. Deposit can be made using a bank account in Malaysia that belongs to the same person who owns the MX wallet and NOT from company; or friends; or family members; or any third party’s bank account.
  2. It may take up to 3 working days or more for your money to show in your MX wallet under certain circumstances.
  3. Deposits must be made via internet banking only.
  4. Minimum amount for each deposit is RM10.00.
No. We only accept bank wires (internet banking) from your own accounts maintained with banks in Malaysia. We then require you to take the image of the transaction receipt as proof of payment and upload in the MYR Deposit in our Support page.
Our finance team requires reference ID before we can credit our customer’s wallet. Other means apart from internet banking such as cash deposit or cheques do not have the field for Reference ID. Reference ID is proof that the deposit is made by yourself and not others.
No. There are no fees charged for fiat deposit into your MX wallet by us. However, your account holding bank may impose fees for such transactions.
You first need to check which KYC level you are currently at. If you are at KYC Level 0, you are not allowed to perform any fiat deposit. You must upgrade your KYC level 0 to KYC Level 1 to perform fiat deposit.

Fiat deposit is allowed if you are at KYC level 1, 2 or 3 within the specified limit for each KYC level.

Depositing money into your MX wallet is easy. Follow these steps below:

  1. Open MX website.
  2. From the MENU, select WALLETS > MYR Wallet > DEPOSIT.
  3. You are required to follow the instructions given before proceeding with deposit into MX wallet.
  4. Enter the amount correctly that you have deposited.
  5. Upload the proof of payment which has the reference ID.
  6. Lastly, click on the SUBMIT button.

As soon as we receive your money and credit your MX wallet, we will send you a notification email and you will be able to trade in our exchange.

You are not allowed to cancel any deposit request once you have clicked the ‘Submit’ button.

We would advise you to confirm and re-check your details and supporting documents before clicking the ‘Submit’ button to avoid such cancellation or other issues that may arise.

We shall deposit your MX wallet on the next working day after your deposit placement, if we found no problems with your deposit requests.

NOTE: To ensure your deposit is credited FAST into your MX wallet, please ensure to use the correct reference ID and also use the Instant Bank Fund Transfer (IBFT) which instantly credits the funds into our MX bank account. If you opt for other options such as IBG/GIRO, your bank may take several days to credit our MX bank account, subject to the policy of the bank you use, thus delaying the crediting of funds into your MX wallet.

For any of the reasons below, our system may not recognize your deposit.
    1. Incorrect deposit reference

      1. This is a unique reference ID, the combination of your ID and email which is prompted on your deposit screen once you click on the SUBMIT button.

      2. If a deposit is made with an incorrect or missing deposit reference ID, there is no way for our finance team to know which of our customer who has deposited the funds. Therefore, we are unable to identify which funds belong to who and we will not credit the customer’s MX wallet until we can ascertain and positively identify the correct customer.

      3. For this reason, it is recommended to use the reference ID provided in reference fields when adding MX Global Sdn Bhd as the beneficiary name.

    1. Using someone else’s bank account

      1. We do not accept fiat deposits into your MX wallet transferred from a friend or family member or any third parties’ bank accounts.

      2. Therefore, please use only your own bank account to perform fiat deposit into your MX wallet.

    1. The funds are deposited using other channels besides internet banking.

Help us find your deposit

If your deposit is not reflecting in your MX wallet after three working days (excluding weekends and public holidays), please send us your details at https://mx.exchange/support/#1553506784349-b60d2291-c964. Our team can only assist you from the details provided to us.

  1. There is RM10 minimum amount for each deposit.
  2. There is a maximum monthly deposit limit amount for each level. Please refer to our website under Customer Account Classification for details.
No. We only accept MYR for the time being. We will keep you updated if we allow fiat deposit in other currencies.
No. We only accept fiat deposits from your bank account in Malaysia. Therefore, you must open a bank account in Malaysia if you do not have one. We will keep you updated if we allow fiat deposit from an overseas bank account.
No. However, we may review the business relationship if the wallet turns inactive ie. no transaction activities within 12 months.

MYR WITHDRAWAL

There is a few basic withdrawal information you should know before you initiate the withdrawal request:
  1. Withdrawals must be made to a bank account that belongs to the same person who owns the MX wallet.
  2. You cannot withdraw money to a friend; or family members; or company; or any third party’s bank account. Such request will be REJECTED.
  3. It can take up to 3-4 working days for your money to appear in your bank account under certain circumstances.
Please refer to our website on the Fees & Charges tab.
Yes. Please refer to our website under Customer Account Classification for details.
Next, select your bank account in the drop-down box. Please ensure that your bank account details are up-to-date and correct.Withdraw money from your MX wallet is easy. Follow these steps below:
  1. Open MX website.
  2. Select WALLETS from the side menu and then click WITHDRAW tab.
  3. Next, select your bank account in the drop-down box. Please ensure that your bank account details are up-to-date and correct.
  4. Then you need to enter the amount you want to withdraw.
  5. Lastly, click on WITHDRAWAL to submit your request.
  6. Once you have submitted the request, we will send you an email of notification after we have released your money.

    Please ensure that your bank account is linked to your MX wallet. Also, please note that we only perform withdrawal in MYR to your bank account in Malaysia for the time being. Withdrawals in other currencies and to banks outside Malaysia are strictly not allowed.

Under normal circumstances, it would take up to 3-4 working days (excluding weekends and public holidays) or earlier.

Your request is considered successful when we deduct your MX wallet of which you will receive a bubble notification in your MX account. At this time, the funds have been successfully released to your registered bank account.

Help us find your withdrawal

If your withdrawal is not reflected in your MX wallet after 3-4 business days (excluding weekends and public holidays), please send us your details to https://mx.exchange/support/#1553506784349-b60d2291-c964. Our team can only assist you from the details provided to us.

You are NOT ALLOWED to cancel any withdrawal request, once it is submitted.
To add your bank account, follow these steps:
  1. Go to MENU > BENEFICIARIES
  2. Then click NEW BENEFICIARY
  3. Click on the drop-down and select a bank’s name, followed by your name and bank account number.
  4. Click ADD BANK ACCOUNT

NOTE: Only bank accounts maintained with banks in Malaysia are allowed. You can only add bank accounts that are in your own name.

No. We only accept and process withdrawal request to bank accounts in Malaysia under your own name. We will keep you updated if we allow fiat withdrawal to an overseas bank account.
No. We only accept and process withdrawal request in MYR currency. We will keep you updated if we allow fiat withdrawals for currencies other than MYR.
Yes, you can, so long as the foreign bank has a local branch in Malaysia.
No. We only accept and process withdrawals to your account of any banks with branches in Malaysia.

TRADING

Step 1 – Sign Up to MX Global wallet (you can visit our sign-up page to create an account with MX Global).
Step 2 - Verify your identity (kindly follow our detailed guide to have your details verified).
Step 3 – Deposit money into your MX wallet (login to MX account and follow the deposit steps and fill up the required details.
Step 4 – Buy digital currency through your MX wallet. Alternatively, you can go to ‘Wallet’ and click on ‘buy’ or ‘sell’ on your preferred digital currency then enter specific amount and reason to trade.
MX Global is an exchange software which automatically matches and executes orders. Being able to cancel an executed order means to conflict with the safe execution of trades. Giving the opportunity to cancel or revert executed trades endangers the safety of trades. We enable safe trades that cannot be reverted, giving our users full security.

Therefore, please make sure the order that you are placing is the order that you want to trade.

Check your current orders and select “Cancel Order”. The order shall then be removed from the exchange.
Yes! We decided to enable the placing of orders that actually are not covered by available balance. Those orders will have the status “paused” and will be transformed to “open”, executable orders as soon as balance is available. This enables our users to place a chain of currently not executable orders that will be matched one after another when the first order could be successfully matched and gave the necessary balance.
A taker fee is charged when you remove liquidity from our order book by placing any order that is executed against an order of the order book. You can refer to our website under Fees & Charges for details of the fees.
The transaction fee is paid directly to the Bitcoin network, to support the work of the network. It is 0.0001 BTC and is necessary if transactions < 0.01 BTC are processed and if Bitcoin are reused within a short period. As MX Global uses a hot wallet, we cannot be sure that Bitcoin remain untouched long enough to allow a reuse without transaction fee. This is why we require a transaction fee for every transaction

ACCOUNT CLOSURE

We will be very sad if you choose to close your MX wallet. We wish that you remain as our customer and have a second thought about your decision.

However, if you still decide to close your MX wallet, you can do so by sending us your details at https://mx.exchange/support/#1553506784349-b60d2291-c964. Under the Message section, please include the reason for account closure. This would help us to improve our service in the future.

If you have any balance in your MX wallet, we will transfer your fiat into your designated bank account provided earlier to us, after deducting all the charges incurred due to closure of wallet.

For digital asset balance, you have to zeroise all your digital asset by selling or transferring out to other active wallets outside of MX Exchange.

Throughout the process, our team will assist you accordingly.

Please note that we would always welcome you to be our customer again if you change your mind along the process or even after you have already closed your account.

If you have any balance in your MX wallet, we will transfer your fiat into your designated bank account provided earlier to us, after deducting all the charges incurred due to closure of wallet.

For digital asset balance, you have to zeroize all your digital asset by selling or transferring out to other active wallets outside of MX Exchange.

SUPPORT

Please go to MX Global Support page and raise a ticket accordingly for our immediate action.
MX Global Support page is where you can raise your queries or concerns by raising tickets to us at https://mx.exchange/support/ or when you require any assistance from us. Just tell us! Our team members will reach out to you within 48 hours
For tracking purposes, it is advisable for customer to lodge their complaint through our website. Kindly click to this link: https://mx.exchange/support/ and follow the instructions.