Frequently Asked Questions

GENERAL

Yes, MX Exchange is a registered Digital Asset Exchange Operator under the Guidelines on Recognized Market, regulated by the Securities Commission Malaysia (SC).
The MX Wallet allows users to receive digital assets and store them in a safe environment. Upon successful KYC verification at Level 1, every user will have access to the MX Wallet.
  • Go to to sign-up 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 Account Level 0. To perform any transactions with MX Exchange, please upgrade your Account Level 0 to Account Level 1.

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

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

All wallet services are free; however, withdrawal transaction fees are charged upon withdrawal of digital assets or fiat currencies from the MX Wallet. 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.

It is a security system/process that requires two separate, distinct forms of identification in order to have access and to prevent unauthorized users from gaining access to an account. Activating of two factor authentication on your MX account is compulsory.
You are not allowed to change your e-mail address as it is registered as an identifier for your MX account. However, if your registered email account has been hacked or you are unable to log in, you may contact our customer support service for further assistance.
At the Sign In page, please proceed to click on 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 disclosed on our website. Please refer to Terms and Conditions, for further clarification.
No, as currently we are only accepting individuals as our customers.
No. Currently we are only onboarding Malaysians residing in Malaysia as our customers.
No. Currently we are only onboarding Malaysian nationals as our customers.
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 Account Level upgrade request 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 required to resubmit the Account Level upgrade request, for our further assessments and considerations.
As part of our KYC process, requesting for additional information / documents is needed to ascertain and verify user information. Without the additional information / documents, we may/will not be able to proceed with the application process and your application may/will be rejected.
NO. Each customer is allowed to have only one MX account. If we find that you have more than one MX account, we may be obliged to close the all accounts and your account may be suspended.
As part of the regulatory requirements under the relevant AML/CFT policies issued by the relevant authority agencies, we are obligated to identify all of our customers and verify their details.
You can only start trading and making fiat/digital asset deposit / withdrawal at Account Level 1 onwards. To upgrade from Account Level 0 to Account Level 1, please fill in the information required under Account Level 1 and submit the application to us. Please ensure that the information and documents submitted are true, accurate and clear to avoid any delay / rejection. We will process your Account Level upgrade request and notify you on the status of your application accordingly. Once your Account Level 1 upgrade request has been approved, you may request for upgrade to Account Level 2 and 3 consecutively, to enjoy higher fiat deposit and withdrawal limits.

NOTE: You are NOT allowed to skip any particular Account Level while upgrading as each Account Level requires verification and approval.

MYR DEPOSIT

Deposits must be made using a Malaysian bank account that is registered under the same person who owns the MX account and NOT from a body corporate; or friends; or family members; or any third party’s bank account.
  1. It may take up to 2 working days for your money to be reflected in your MX wallet.
  2. Deposits must be made via internet banking only.
  3. Minimum amount for each deposit is RM 0.01.
  4. Note: Working days shall mean a day (other than a Saturday, Sunday or public holiday) on which banks are open in Kuala Lumpur and Selangor for the transaction of businesses.

No. We only accept online transfer through internet banking from your own bank account(s) maintained with any local banks in Malaysia.
We require the unique reference ID assigned to you to verify the deposit request. Other means apart from internet banking such as cash deposit or cheques do not have the field for Reference ID. Reference ID is unique to each customer.
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.
There is a maximum monthly deposit limit amount for each Account Level. Please refer to our website under Customer Account Classification for details.
Follow the steps below:
  1. Login to your MX account.
  2. From the side MENU, select WALLETS > MYR Wallet > DEPOSIT.
  3. You are required to follow the instructions given before proceeding with deposit into your MX wallet.
  4. Enter the amount that you have deposited (must be within your Account Level limit).
  5. Select the bank-in date which matches the date in the proof of deposit.
  6. Upload the proof of deposit (ensure you input your reference ID while performing the deposit).
  7. Lastly, click on the SUBMIT button.

    As soon as we are able to confirm your deposit has been received, it will be credited into your MX wallet. You will receive a bubble notification in your MX account and email notification once your deposit request has been approved/rejected.

You are not allowed to cancel any deposit request once you have clicked the ‘OK’ button. However, you may request for withdrawal once the deposit is reflected in your MX wallet.

We would advise you to confirm and re-check your details and supporting documents before clicking the ‘OK’ button.

If there are no issues found on your deposit request, we shall deposit your MX wallet by the 2nd working day from the date of your deposit request.

NOTE 1: Working days shall mean a day (other than a Saturday, Sunday or public holiday) on which banks are open in Kuala Lumpur and Selangor for the transaction of businesses.

NOTE 2: To ensure your deposit is credited into your MX wallet without any significant delay, please ensure the correct reference ID is keyed in and opt for the Instant Bank Fund Transfer (IBFT)/DuitNow mode of transfer which instantly credits the funds into our MX bank account. If you opt for other options such as Interbank 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, your deposit request may not be approved:
    1. Incorrect deposit reference

      1. This is a unique reference ID, which is prompted on your deposit screen once you click on the DEPOSIT button.

      2. If a deposit is made with an incorrect or missing deposit reference ID, we are unable to verify which customer has deposited the funds 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 made compulsory for you to key in the reference ID provided under Instructions when performing your funds transfer.

    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 party’ bank account.

      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

If your deposit is not reflected in your MX wallet after two working days (excluding weekends and public holidays), please send your deposit details at mx.exchange/supportdeposit for further assistance.

NOTE: Working days shall mean a day (other than a Saturday, Sunday or public holiday) on which banks are open in Kuala Lumpur and Selangor for the transaction of businesses.

No. We only accept fiat deposits in MYR for the time being. We will notify you if we allow fiat deposit in other currencies.
No. We only accept fiat deposits from your bank account in Malaysia for the time being. We will notify you if we allow fiat deposit from an overseas bank account.
No. However, we will consider the account as dormant and we may review the business relationship with the customer if the account is inactive i.e. no withdrawal, deposit and trade activity within 12 months.

MYR WITHDRAWAL

  1. Withdrawals can only be made to a beneficiary account registered with MX and that bank account must be registered under the same person who owns the MX wallet. You cannot withdraw money to a friend; or family members; or company; or any third party’s bank account.
  2. It may take up to 2 working days for your money to appear in your bank account.
  3. Minimum amount for each withdrawal is RM0.01 (including applicable withdrawal fee).

    NOTE: Working days shall mean a day (other than a Saturday, Sunday or public holiday) on which banks are open in Kuala Lumpur and Selangor for the transaction of businesses.

Please refer to our website on the Fees & Charges tab.
There is a maximum monthly withdrawal limit amount for each Account Level. Please refer to our website under Customer Account Classification for details.
Follow the steps below:
  1. Login to your MX account.
  2. From the side MENU, select WALLETS > MYR Wallet > WITHDRAW.
  3. Next, select your beneficiary account from the drop-down box. Please ensure that your bank account details are up-to-date and correct.
  4. Enter the amount that you want to withdraw. Ensure you have sufficient balance in your MX wallet for the withdrawal amount.
  5. Lastly, click on the WITHDRAW button.
  6. As soon as we are able to process your withdrawal request, you will receive a bubble notification in your MX account and email notification once your withdrawal request has been approved/rejected.

    Please note that we only process withdrawal in MYR to your bank account in Malaysia for the time being. Withdrawals in other currencies and to bank accounts outside Malaysia are strictly not allowed.

You are not allowed to cancel any withdrawal request once you have clicked the “CONFIRM” button.

We would advise you to confirm and re-check your request before clicking the ‘CONFIRM’ button.

To add your bank account, follow these steps:
  1. Go to MENU > BENEFICIARIES
  2. Then click NEW BENEFICIARY
  3. Click on the drop-down option and select a bank’s name, followed by your full name and bank account number.
  4. Click ADD BANK ACCOUNT

NOTE:

  1. Customer is only permitted to register one (1) beneficiary bank account only at any point of time.
  2. Customer may request to add the new beneficiary account for MX Global to perform KYC/Beneficiary check prior approval. Once a request for a change in beneficiary bank account is approved, the old beneficiary bank account listed will be automatically removed.
  3. Only bank accounts maintained with banks in Malaysia are allowed. You can only add bank accounts that are registered under your own name.
If your withdrawal is not reflected in your bank account after 2 working days, please send your withdrawal details to mx.exchange/support/account issue for further assistance.

NOTE: Working days shall mean a day (other than a Saturday, Sunday or public holiday) on which banks are open in Kuala Lumpur and Selangor for the transaction of businesses.

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

TRADING

Step 1: Sign Up for an 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 information verified)..
Step 3: Deposit fiat into your MX wallet (login to your MX account and follow the instructions given).
Step 4: Buy digital currency/asset through MX Exchange.
No, unless there is a technical error for the order that has been executed and the amount of digital asset or fiat currency credited is incorrect.
Check your current open orders and select “Stop”. The order will then be removed from the order book.
A taker fee is charged when you remove liquidity from our order book by placing an order that is executed against an open order on the order book. You can refer to our website under Fees & Charges for details of the fees.
MX Global allows two order types: Fill-And-Kill Order & Limit Order

  1. A Fill-And-Kill (FAK) Order (buy or sell) will be executed immediately either partially or fully upon posting, against the resting limit orders within the orderbook at the best current available price. In the absence of liquidity, no FAK order will be placed in the queue within the orderbook. Client can only specify the amount of Supported Digital Asset to sell for sell orders or to buy for buy orders without having to specify a price for the order.
  2. A Limit Order (buy or sell) will be executed if the order matches the limit price set by the Client. A limit order is an order to buy or sell a given amount of Supported Digital Asset at a given price. A “buy” order will only be executed at the limit price (or lower), while a “sell” order will only be executed at the limit price (or higher). The order will remain active until it is either filled or cancelled. Limit orders can be partially filled.
  3. If the order has a partial match, the portion where a match available will be executed, where the remaining portion will be placed as a resting order on the orderbook until it is cancelled by the Client or matched, whichever comes first.

    Kindly refer to Trading Rulebook, for further illustration on these two order types offered on MX Exchange.

MX is taking a preventive approach to discourage disorderly markets; and to allow its Client(s) to reassess their strategies and positions and make investment decisions during sudden price volatility caused by rapid price movements by having a circuit breaker mechanism in place.

A Circuit Breaker is a term used for a market-wide approach to manage downward/upward movement of the market price by halting trading temporarily in the market during normal trading hours, during which time information is disseminated to all market participants.

Activating a Circuit Breaker provides the opportunity for information dissemination to all market participants, including investors, to make well-considered investment decisions.

Conditions for Activation The execution of order which causes the market price to fall outside of the price fluctuation threshold and this applies to all trading pairs independently
Trading Pairs which the circuit breaker applies
  • BTC/MYR
  • ETH/MYR
Suspension Period 1 hours
Public information to be displayed
  • BTC/MYR
  • ETH/MYR

  1. The Circuit Breaker will be activated and will halt the current market trading automatically once the market price fall outside of the Price Fluctuation Threshold and an email notification regarding the event will be sent to all Client(s).
  2. During the Suspension Period:
    1. MX Client(s) are not ALLOWED to place FAK orders or limit orders.
    2. MX Client(s) can cancel their existing open orders manually.
    3. MX Client(s) orders will remain on the orderbook until the orders are matched and executed if users choose not to cancel their orders.
    4. Once the Suspension Period ends (1 hour), MX users will be able to resume their normal trading activities.

      Any opportunity losses, including those due to the introduction of the circuit breaker system, are under no circumstances the responsibility of MX Exchange.

ACCOUNT CLOSURE

You can do so by sending us your details at https://mx.exchange/support/accountclosure. Under the Message section, please include the reason for account closure. This would help us to improve our services in the future.

Our team will assist you accordingly throughout the process

Please note that we would always welcome you back as our customer again if you change your mind along the process or even after your account has been closed

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 the applicable withdrawal fees.

For digital asset balances in your MX wallet, you have to withdraw all your digital assets by transferring out to other active wallets outside of MX Exchange

SUPPORT

You may reach out to our customer support team at +603 77321870 or +603 77328307 or 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 1 hour.