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If you wish to join the NFT craze, it is very important that you locate NFT trading platforms. You can use these trading applications to trade digital assets, from art to music to virtual worlds, including the ability to buy and sell digital assets. Digitally, NFT’s trading platforms are similar to those of Amazon.

It is worth mentioning that there are various NFT trading platforms, and each of them has its purpose. As a result, when it comes to selecting an NFT trading platform, you should consider the following: What factors are important, and what are the best platforms to choose from? Please continue reading for more information.

Contents

Best NFT Trading Platforms Malaysia List 2022

  1. NFT Launchpad – Overall The Best Platform For Traders & Creators
  2. Binance NFT Marketplace – One of the Best Marketplaces To Buy NFTs In Malaysia
  3. Huobi – Best Crypto Exchange With The Most Altcoin Options
  4. OpenSea – The Best Platform With The Largest NFT Variety In Malaysia
  5. Axie Marketplace – An Innovative Platform In Malaysia To Buy NFTs
  6. Rarible – Excellent Choice For Malaysian Users

1. NFT Launchpad: Overall The Best Platform For Traders & Creators

You can now create, purchase, and sell non-fungible tokens through NFT Launchpad, a new marketplace for non-fungible token (NFT) transactions.

With a sincere passion and the ultimate goal of providing the most convenient, secure, and convenient platform for NFT enthusiasts, NFT LaunchPad was established in upstate New York in 2022. Thus far, Binance Smart Chain and Polygon have been integrated into the marketplace, and in the next stage of the launch, more chains will be added.

There is a unique platform that you can use to mint your own NFTs from many formats. It is known as StreamLine. For example, it is possible, using StreamLine, to mint NFTs from MP4 files. The number of NFTs you can create, the number of royalties you can set, and the rarity of your creations are all unlimited, and you can offer them either at auction or at a fixed rate – the choice is yours.

Trading and investing in NFTs are possible via NFT LaunchPad. NFTs can be purchased on this safe platform, including music, videos, and video games. Intending to become the number one platform for the NFT creators, investors, and traders, NFT Launchpad is one of the top NFT marketplaces that you can find online today.

NFT Launchpad fees

Fee Amount
Service fee No Service Fee
Inactivity fee Free
Withdrawal fee Free

Pros:

  • There are auction bids available
  • Connecting your cryptocurrency wallet is easy
  • No service fees are charged
  • Simple user interface
  • Find all recent Lucky Block NFT collections
  • Creator-focused
  • The Binance Smart Chain and Polygon (MATIC) blockchains are supported
  • Low gas fees are offered

Cons:

  • Accepts only WBNB for now

Your capital is at risk

2. Binance NFT Marketplace - One Of The Best Marketplaces To Buy NFTs In Malaysia

nft trading platformIt has been announced that Binance, one of the cryptocurrency exchange houses, is entering the cryptocurrency market through the development of NFT platforms as part of its efforts to gain access to the crypto sector. In addition, Binance held the first digital art auction on its NFT exchange platform on June 24, 2021, featuring works by Andy Warhol, the American artist who is credited with inspiring pop art, and Salvador Dali, the distinguished Spanish artist whose work "The Persistence of Memory" has been recognized internationally.

Some sections are devoted to gaming (sports and eSports), collectibles, entertainment, and art on the marketplace.

In the coming months, Binance will be launching two new auction events to introduce its NFT platforms: Genesis and the Mystery Box Series 1. In addition, there will be an exhibition called Genesis from June 29 to July 1, 2021, which features works by Warhol and Dali.

Binance's Smart chain allows this marketplace to function, along with the BEP-721 token (Binance's NFT token standard) and the BEP-721 tokens. As well as being compatible with Ethereum and Binance Smart Chain tokens, the platform is also working with Litecoin.

best nft trading platform

Whenever you transact on the Binance Smart Chain or Ethereum, the transaction execution fees are the same with NFT tokens. This is because Binance mints NFTs and trades them for Binance Coins (BNB) to cover the associated fees.

In Binance's NFT exchange platform, the exact fees it charges for each purchase or sale are not revealed. Nevertheless, in April 2021, the Binance NFT exchange platform reported that a 0.1% fee would be charged for posting artworks.

The majority of NFT trading platforms allow users to log in and pay with their credit cards and debit cards, and others allow users to pay with PayPal. For the same reason, we have classified Binance NFT as a debit card deposit-taking platform that is also integrated with Binance's exchange that we have classified it as such. A wire transfer and a debit card are two ways in which fiat currency can be deposited into the exchange account. PayPal, however, will not let you make deposits into the account. As a result, Binance's NFT trading platform in Malaysia is an excellent choice for those people seeking to purchase NFTs.

Binance fees

Fee Amount
Trading fee Commission, starting from 0.1%
Inactivity fee Free
Withdrawal fee 0.80 EUR (SEPA bank transfer)

Pros:

  • The charting platform includes a variety of technical indicators
  • Support for over 100 currency pairs
  • Attractive commission rates
  • Deposits are accepted in fiat currencies
  • As a result of the low fees, BNB users receive further discounts

Cons:

  • Customer service may take a long time to respond

Your capital is at risk

3. Huobi - Best Crypto Exchange With The Most Altcoin Options

Huobi holds the distinction of being one of the most important cryptocurrency exchanges globally, along with providing a wide range of online financial services. Huobi offers its customers a wide variety of cryptocurrencies and the opportunity to participate in the initial coin offerings, which means they can own some of the coins before it becomes mainstream.

Huobi is considered one of the world's largest exchanges by volume, and it accepts as many as 355 different types of cryptocurrencies as part of its trading platform. The platform is used by more than five million people across 130 countries, which means that it has a global reach of more than five million users. The Huobi exchange is ranked third among the top cryptocurrencies exchanges based on daily volumes derived from CoinMarketCap.

Huobi's most attractive quality is how easy it is to use. That is one of the reasons why its popularity grows every day. It has proved convenient for both new traders and seasoned traders alike, showing that it caters to both groups.

The cold storage room Huobi uses to hold its crypto funds is designed to ensure hackers will not be able to access Huobi's cryptocurrency funds. In addition, Huobi's security framework is designed to ensure bad actors cannot spread malicious software to Huobi's crypto funds.

Huobi fees:

Fee Amount
Crypto trading fee Commission, starting from 0.2%
Inactivity fee Free
Withdrawal fee 0.2%

Pros:

  • Highly configurable dashboard with smart and intuitive features
  • Trade more than 230 assets
  • Supports multiple platforms or exchanges at the same time
  • Leverage and margin trading
  • Provide high levels of security
  • Ensure client funds are protected
  • Multilingual customer service
  • An advanced mobile app

Cons:

  • Fiat currency deposits and withdrawals are not available
  • Limited withdrawals
  • Limited margin leverage

Your capital is at risk

4. OpenSea - The Best Platform With The Largest NFT Variety in Malaysia

nft digital art trading platformOn the OpenSea platform, tokens can be exchanged decentralized between users in a non-fungible form. Founded in 2017, CryptoKitties was created as a marketplace for CryptoKitties, but since it has been developed into a much more extensive platform with its market-leading trend of NFT platforms. The variety of digital assets you can choose from consists of art, domain names, gaming items, music, etc.

When it comes to buying and selling NFT, you will need to have an Ethereum wallet. NFT is a blockchain-based coin that runs on Ethereum. The OpenSea platform can be adapted to other blockchain platforms like Polygon (MATIC) and Klatyn (KLAY). There are 241 different kinds of payment methods, including stablecoins, that can be used to buy and sell items on this platform.

nft trading platform

OpenSea is a decentralized marketplace that enables users to buy and sell unique digital assets through smart contracts. On the NFT platform, as smart contracts protect NFT collectibles, this also protects the creator's work. The MetaMask web wallet3 is a web application that does not require an account in order to use it.

OpenSea uses the Ethereum blockchain and ERC721 and ERC1155 and open-source Ethereum to verify that NFT token collectors own the assets listed on OpenSea. Additionally, polygonal blockchains enable the company to trade at low costs and quickly. Because of this, OpenSea's NFT platforms are a great option to consider if you are looking to buy NFT.

OpenSea fees

Fee Amount
Trading fee 2.5% Commission
Inactivity fee Free
Withdrawal fee Free

Pros:

  • A competitive commission rate
  • NFT collectibles available in a wide range
  • Leading-edge security

Cons:

  • Payments can only be made with cryptocurrency
  • A crypto wallet must be used

Your money is at risk.

5. Axie Marketplace - An Innovative Platform In Malaysia To Buy NFTs

best nft trading platformAs of February 2018, Axie Infinity has gained a great deal of popularity across a wide range of circles in the cryptocurrency ecosystem. In addition, it has been recently established that the game development team has set up a new resource called Axie Marketplace, which makes it easier for players to buy and sell items in the game.

Launched in 2018 by Sky Mavis, Axie Infinity is a blockchain-based game metaverse built on the Ethereum blockchain. Players can collect and raise a digital pet of their own named 'Axie' using blockchain technology in the game.

There are two kinds of non-fungible tokens: ERC-721-based tokens and NFTs (non-fungible tokens). The two kinds of non-fungible tokens differ from one another in terms of their functionality. It is necessary to purchase a minimum of three Axie NFTs on the Axie Market in order to play. To play. Additionally, you will need to set up a Ronin wallet along with an Ethereum wallet.

nft digital art trading platform

Xie Infinity consists of four major parts: a combat system, a farming system, a land system, and a market system. This game is played on a turn-based system with three axes on each side, with the objective always being to defeat the opposing side. As NFT Axies have a variety of properties that make them suitable for playing various roles in a game, they have a variety of uses.

The axes will be classified into various classes: animals, aquatic, planets, moons, stars, reptiles, insects, birds, or nuts. If you breed Axies, you can use them in battles or sell them.

In the Axie Infinity game, you can control price inflation by limiting the breeding of Axies, so each Axie NFT can only be bred a maximum of seven times. Additionally, you will be charged 0.002 ETH for each breeding of your Axie, and you can get an SLP token, which is an ERC-20 token.

Axie Marketplace fees

Fee Amount
Trading fee 4.25% Commission
Inactivity fee Free
Withdrawal fee Free

Pros:

  • Play to earn
  • Available on desktop and mobile
  • Create, collect, and raise your way through an expansive universe
  • It has the most successful video game based on NFT ever
  • It's possible to earn a significant amount of cryptocurrency

Cons:

  • You need three axes to play the game
  • Ethereum and Axie infinity are the only currencies accepted
  • Commission on sales on the marketplace

Your money is at risk.

6. Rarible - Excellent Choice For Malaysian Users

nft trading platformRarible is one of the largest markets for Non-Fungible Tokens (NFTs) founded in 2020. It seems that most companies are known for their seemingly endless supply of NFTs. You will be able to find almost any type of NFT you might be in need of here.

The unique aspect of Rarible is that it is an independent publishing company. This means that artists can create a market for their NFTs without having to pay additional commissions. There are many things that Uniswap has in common with Uniswap's status as one of the leading cryptocurrency exchanges. With UniSwap, you will be able to advertise your cryptocurrency for free, without having to worry about wasting time on tedious announcements. In a way, that is also true for Rarible as well, but in the context of NFTs.

NFT supplies have also become more diverse due to the automatic listing process. We have a whole range of collectibles, stickers, and digital art that you can find on Rarible.

best nft trading platform

There is no charge by Rarible for publishing, but you will have to pay a commission of 2.50%. The creator of an NFT is not obligated to charge a commission on sales of their product, but they may do so if they wish.

As a result, if you were to purchase an NFT on Rarible valued at USD 100, the cost would be USD 102.50 (assuming the creator did not charge himself a commission).

On some NFT marketplaces, payments and deposits can be made using credit or debit cards as well as PayPal.

Neither withdrawals nor deposits can be made using credit cards or debit cards, or via PayPal. Rarible, as a result of this requirement, requires ownership of the cryptocurrencies that it supports in order to be able to interact with it.

Rarible fees

Fee Amount
Trading fee 2.5% Commission
Inactivity fee Free
Withdrawal fee Free

Pros:

  • Active community
  • Easy-to-use
  • Minting new NFTs is easy
  • Collectibles can earn creators royalties when they are resold

Cons:

  • Ethereum is the only currency accepted
  • There is no mobile app
  • No guarantee that an NFT will sell or increase in value

Your money is at risk.

Best NFT Trading Platform - Fee Comparison

Platform Trading fee Inactivity fee Withdrawal fee
Binance Commission, starting from 0.1% Free 0.80 EUR (SEPA bank transfer)
Huobi Commission, starting from 0.2% Free 0.2%
OpenSea 2.5% Commission Free Free
Axie Marketplace 4.25% commission Free Free
Rarible 2.5% commission Free Free

What is an NFT?

Non-fungible tokens, or NFTs, are also known as NFTs. The world's first NFT artwork was sold by Christie's for $69.3 million in the world's first sale of NFT artwork: a collage of images created by digital artist Beeple.

Aside from facilitating trade on the Blockchain and offering unique, verifiable assets, NFTs also simplify the process of collecting and preserving artwork by simplifying collection and preservation process.

It may be confusing to the uninitiated, but digital versions of originals that are sold by artists, musicians, influencers, and investors have generated a lot of wealth. One of Twitter's most famous tweets, including Jack Dorsey's first tweet, a LeBron James dunk video clip, and a Nyan Cat GIF from almost a decade ago, has been viewed millions of times. The trading game CryptoKitties was one of the original NFTs, and it was hosted on the Ethereum network. In the game, you can purchase and sell virtual cats that are stored on the Blockchain.

nft digital art trading platform

Your capital is at risk

Among the non-fungible tokens available on the market, Bitcoin and Ethereum are backed by platforms, such as Blockchain. Unlike NFTs, these assets are exchangeable or replaceable with others of comparable value, as opposed to NFTs.

Due to this, no two NFT trading cards are the same, and they cannot be exchanged.

In the event that an asset becomes scarce among otherwise infinitely available assets, an authentication certificate is issued. Consider Pokémon cards, rare coins, and Jordans. Digital artworks which can be bought and sold through NFTs include GIFs, tweets, virtual trading cards, video game skins, and more.

How Can I Trade NFT?

You need to understand how to trade NFTs regardless of whether you're a collector or just interested in speculating on them. Though it may seem complex to outsiders, the process is relatively straightforward. Thus, we have laid out all the steps to easily follow them.

Step 1: Select a broker

Choosing a platform where you can trade NFTs is your very first step. While there are several such platforms, the platform you choose should meet your trading requirements. It is necessary to take into account the platform's fee structure, the non-trading fees such as withdrawal and deposit fees, the range of products that are available for purchase, and the general usability of the platform. You can choose from two NFT platforms: NFT marketplaces and cryptocurrency exchanges. There are advantages and disadvantages to each of them. While NFT marketplaces offer a larger variety of products, crypto exchanges have their crypto wallets that enable you to trade on NFTs without linking other crypto wallets or paying for transfer fees.

Despite low fees and a wide selection of products, some platforms are designed to make them difficult to navigate. Therefore, getting used to the platform and its navigation will take you several months. Furthermore, it is preferable if the platform you use has a mobile app to monitor and manage your positions when you are on the go. Additionally, you will be able to participate in NFT auctions even if you are not close to your computer.

Step 2: Create an account and connect it with your wallet

You need to create an account on the platform you will use to trade once you've identified the platform you'll use. Setting up an account is usually straightforward. A KYC process involves creating a new account and verifying it. Following this, you will have to decide what type of platform you want to use.

You will purchase cryptocurrencies on a crypto exchange once you have chosen one. These include Bitcoin and Ethereum. Once purchased, your cryptocurrency wallet will automatically store the coins. You can store multiple cryptocurrencies in your crypto wallet and use this to buy and sell NFTs through the platform.

In contrast, if you choose an NFT marketplace, you will also need a crypto wallet provider account to deposit your cryptocurrencies there. First, you will need to link this crypto wallet to your NFT marketplace account. Then, you can purchase and sell NFTs using this crypto wallet. Before you deposit your crypto into a wallet, you should check if it is compatible with whatever marketplace you are using.

It is essential to link your account to a crypto wallet, either on the platform or externally. To begin with, you will be debited and credited in cryptocurrency for the money you need to buy NFTs. In the meantime, the NFT will be stored and held in the crypto wallet itself when you choose to hold it.

Step 3: Identify an NFT trading strategy

Identifying an NFT trading strategy is the next step for you. We have discussed several trading strategies below that you can choose from.

Step 4: Choose an NFT that you wish to buy

You need to go to the NFT marketplace and select the NFT you wish to buy. An NFT can be purchased outright, or it can be auctioned. The only thing you have to do to purchase an NFT outright is clicked on the Buy button, follow the instructions, and confirm the transaction. Your crypto wallet will be debited for the purchase amount, and the NFT you purchased added to it. When the market is volatile, you should avoid trading NFTs because the fees are higher. A fee can sometimes be so high that you end up paying more in fees than you did for the NFT itself.

Risks of Trading NFTs

nft trading platform

Your capital is at risk

NFTs have generated a lot of buzz thanks to their sale of 69.3 million in March 2021. Despite this, the trading pattern of NFTs is causing controversy regarding their duration. NFTs carry a variety of risks. The tokens are not fungible and are part of the digital currency industry. Since they do not have common properties with other assets, it is hard to exchange them.

As well as music, domain names, artworks, and real estate, there are many other applications for non-fungible tokens. Consequently, it is expected that NFTs will grow over the next few years, but their potential risks must also be considered. Detailed information is presented in the following section on the risks and challenges involved in NFT trading.

Challenges and dangers of NFTs

As a new class of digital assets, non-fungible tokens pose a serious threat to the NFT trading ecosystem due to drastic value changes and insecurity. In addition to this, NFTs face a number of challenges:

  • Regulatory and legal obstacles
  • Value challenges
  • Fraud risks related to cybersecurity.
  • The anti-money laundering (AML) and counter-terrorism financing (CFT) challenges.
  • Maintaining smart contracts and minimizing risks.
  • Taking CFT into account as security.
  • The challenges of social and environmental governance (SEG)

Legal and Regulatory Challenges

There is no universally accepted definition of NFT trading platforms, which use specific traits to describe a wide range of assets. An NFT, for instance, has distinct properties, cannot be interchanged, and is not fungible. Nevertheless, regulatory approaches have been tailored to NFTs. For example, to provide a regulatory framework for NFTs in Europe, the European Commission has proposed the Markets in Crypto-assets (MICA) Regulation.

Due to changes in regulations in the EU and the UK, NFTs may be managed differently in the future. For example, a proposal to regulate crypto-asset markets, published by the European Union in September 2020, might include NFT trading sites in its plan to regulate the markets. Accordingly, it is highly likely that the UK's existing regulatory precedents will not cover NFTs. As a result, a case-by-case review of how NFTs are sold and marketed, as well as determining whether NFTs are regulated, could shed light on whether regulatory precedents could apply to them. MICA includes NFTs in the definition of crypto assets. This fact is interesting to note. Furthermore, although MICA has drafted a draft definition of crypto-assets, it does not specify whether trading NFT issuers are required to publish white papers or not.

It is possible that NFTs could be exempted from the promotion regime in the UK, under the concept of qualifying crypto assets, under FCA guidelines. In light of their characteristics, NFTs may be classified as e-money, security, or unregulated tokens when the circumstances for these categories apply.

Payment Services Act of Japan may apply to technology-based currencies (NFTs) if they can be used as means of payment or can be exchanged for cryptocurrencies. A non-financial product with a limited purpose, such as a trading card or in-game item, is not covered by the Payment Services Act. We cannot emphasize enough the importance of carefully examining and evaluating these types of NFTs on the basis of their functions and specifications. Furthermore, it is very important to examine the structure of the platform or application being used for NFT, as well as how it will be used.

Technological advancements in NFTs highlight the importance of assessing legal and regulatory risks when implementing them. NFTs will continue to grow and expand as long as they are adaptable to changing market demands. There is a problem currently with the definition of NFT, which is generally related to NFT. Moreover, NFTs are becoming increasingly diverse, and it is difficult to find a solid basis for compliance as they are becoming more and more diverse.

Valuation Challenges

It is also very important to note that there is a lack of information regarding the value of non-fungible tokens, which is another problem related to them. The value of NFTs is influenced not only by scarcity but also by perceptions of owners and buyers as well as distribution channels. NFT buyers are extremely difficult to predict regarding their personality and motivations. Therefore, prices of NFTs fluctuate over time based on the perceived value that buyers attribute to them.

Depending on the regulation in both the EU and the UK, NFTs may be managed differently in the future. The European Union proposed regulations for crypto-asset markets in September 2020, which could be applied to the trading of NFTs in the future. There is a high probability of NFTs being excluded from the existing regulatory precedents in the UK. Until then, a case-by-case analysis of how NFTs are sold or marketed, as well as how their regulatory status is determined, may help in determining whether regulatory precedents apply to NFTs. The inclusion of NFTs in the definition of crypto assets by MICA is an interesting point. The draft of MICA's crypto-asset definition also doesn't stipulate whether or not trading NFT issuers should publish white papers on their products.

By considering the concept of qualifying crypto assets, FCA guidelines suggest that NFTs may not fall under the UK promotion regime. Depending on the characteristics of NFTs, they may be considered e-money, securities, or unregulated tokens depending on the regulatory requirements.

Evaluation Challenges

NFTs present another significant risk and challenge due to uncertainty regarding their value. Scarcity is not the only factor influencing NFT valuation. Owners, buyers, and distribution channels are also important. NFT buyers are extremely difficult to predict in terms of their identity and the factors driving their purchases. As a result, NFTs are priced according to how buyers perceive their value, so they fluctuate.

Intellectual Property Rights

Next on the list of risks and challenges are the intellectual property issues of NFT. It is important to consider who owns an NFT. When purchasing an NFT, it is important to determine whether the seller owns it. Some people have photographed NFTs and made replicas. There is no right to reproduce an NFT. A smart contract's metadata clearly outlines the terms and conditions of the NFT.

The intellectual property rights risks and challenges associated with NFTs suggest that buyers are the sole owners and can only display them. The limitations of NFT exchange platforms are due to the service users must follow. Traditional laws do not apply to decentralized blockchain technology, but it is essential to dispel misconceptions about this issue. Publicity is one of many important IP rights that should be considered, including copyright, trademarks, and patents.

Cyber Security and Fraud Risks

With the increase in the use of NFTs and the growth of the digital world, cybersecurity and fraud risks have increased significantly. Replicas of NFT stores with identical logos and content pose the same risk. As far as cybersecurity risks and challenges are concerned, fake NFT stores are also noteworthy. Fake NFT stores may sell NFTs that do not exist. Moreover, consumers must be aware that artists are being copied and NFTs are being counterfeited.

The false NFTs can be sold in the name of NFT artists who can impersonate them. Cybersecurity and fraud also pose major risks and challenges associated with non-fungible tokens, in addition to copyright theft, replication of popular NFTs, and airdrops and giveaways. Additionally, keep an eye out for social media scams to promote NFTs.

NFT Trading Strategy

best nft trading platform

Your capital is at risk

Making huge profits has always been the goal of trading NFTs. However, you have several options for achieving your goal, and we have put together five strategies to help you make smart investment decisions:

Buy the Floor

Non-fungible tokens are still popular, and they will likely endure. In this situation, it might be a good idea to purchase NFTs at the floor price. On the NFT market, non-fungible tokens have a floor price representing the lowest price and category.

NFTs should be selected if they are in a category of interest to you and not just due to their low price. For example, in one case, you might choose rare NFTs over others and choose the tokens within that category that have a floor price.

You will be positioned for great growth if the token becomes more popular in the future. As the token grows, you buy floors to take your place at the front of the queue.

Search for NFT’s Google Trends

You can determine whether a niche is still hot by checking Google trends, regardless of your experience with NFTs.

A 0 to 100 represents the number of searches for a given word. Google trends indicate the public's opinion on a given topic. The high ratings indicate that many collectors are interested in NFT collectibles, which indicates a good time to invest.

The few searches for NFT-related keywords indicate that you should tread carefully since fewer people are interested in the market.

Buy NFT Collectibles With Few Sellers

NFT collectibles are always difficult to sell if multiple people are selling them simultaneously unless you are willing to sell for a relatively low price. This could result in a lower profit margin.

When selling an NFT, consider the prices that sellers have already listed for their NFTs versus recent sales.

Look for gaps between the listed sale prices if the seller is not impatient to sell at any particular price. Due to close prices, the sellers may reduce their prices quickly if you lower your purchase price. The asset may depreciate even more if you do that.

Value Strategy

Purchasing NFTs considered highly valuable is a wise decision. Use a tool like a Rarity to find out what NFTs are valuable. The tool is used to identify NFTs that are valuable since these projects are compared to find out how rare they are.

The CryptoPunks in the picture below is considered more valuable because they share similar features to other punks in the collection, even though 10,000 CryptoPunks are being sold at high prices.

Buy the Ceiling

The demand for ceiling NFTs is high, they are expensive, and they are extremely rare. Traders with large sums of cash usually invest in such products. Popular figures, such as celebrities or influencers, are also getting involved with these NFTs.

A ceiling NFT is expensive and can only be afforded by a few people, but it may be a good investment. Unfortunately, traders who have lost favor may suffer huge losses since they will sell for low prices when their popularity diminishes.

Are NFTs Regulated in Malaysia?

The trading of NFTs is not regulated right now. There is a possibility that they may be regulated someday. Still, so far regulatory agencies have been unable to regulate NFT trading due to the vastness and lack of access to blockchain technology. However, a few countries have agencies regulating particular NFT markets and exchanges.

How to Get Started with an NFT Trading Platform – Binance NFT

Step 1: Open an Account

What are the steps to opening a Binance account?

  • On the Binance home page, click on the 'Register' button.
  • Enter your email address and choose a secure password. You can now enter any referral codes your friends have given you.
  • By providing your email address or mobile phone number, you will verify your account.

nft digital art trading platform

Your capital is at risk

Step 2: Complete Verification Process

When your identity has been verified, you are ready to continue.

Know Your Customer (KYC) standards prevent identity fraud, money laundering, and terrorism financing. To improve account security, it may be necessary to increase your Level of Identity Verification depending on your region.

nft trading platform

Step 3: Deposit Funds

The Binance account has been created; let's buy some cryptocurrencies. Two options are available:

Debit or credit card: this is the easiest way to buy cryptocurrencies.
If you are still on the Binance welcome page, click [Buy crypto with a credit card]. Then, by hovering over [Buy Crypto], you can choose [Credit/Debit Card].

Once the process is complete, the purchased crypto will be credited to your [Fiat and Spot] wallets. In most cases, opening an account and getting to this point takes less than a minute.

You can transfer fiat currency from your bank account to your Fiat and Spot wallet and use it on the exchange.
A third way to buy crypto from another user is through peer-to-peer trading. P2P trading involves transferring funds into your [Fiat and Spot] wallet.

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Step 4: Trade Altcoins

If you have BNB, BUSD, or ETH in your spot wallet, you can trade NFTs on Binance.com.

Conclusion

To purchase NFTs through an NFT marketplace instead of a crypto exchange, you must link your NFT marketplace account to your crypto wallet. eToro is a crypto wallet that is good for this purpose. The first and perhaps most important reason we would choose eToro is that it is highly regulated. A strong regulatory framework will guarantee the safety of your funds and the fairness and transparency of your trades. In addition to allowing free deposits into your account, eToro is much cheaper than other platforms that charge much greater deposit fees.

In addition to this, at eToro, you can access not only cryptocurrency-related markets but also thousands of stocks and ETFs that you can buy and own outright. The best part is that there is no commission to pay. Besides forex, commodities, and indices, CFD trading instruments are also available. Furthermore, the application allows you to copy trade so that you can benefit from the expertise of others who are more experienced in cryptocurrency trading.

eToro – Buy Cryptocurrencies to Acquire NFTs in Malaysia

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67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

FAQ

Which are the best NFTs to trade?

The most valuable companies appear first and in descending order by market capitalization. Theta, Decentraland, Enjin, Chiliz, Cryptokitties, or Cryptopunkers.

What are the best NFTs trading platforms in Malaysia?

They're OpenSea, Binance, Axie Marketplace, or OpenSea.

Do I need a crypto wallet to trade NFTs?

To buy digital assets on the NFT marketplace, you must fund a crypto wallet. Like digital wallets on e-commerce platforms, crypto wallets store cryptocurrencies and allow purchases of NFTs. The crypto required to purchase a targeted NFT must be deposited into your wallet.

Are NFTs legal in Malaysia?

NFTs are not currently regulated for trading in Malaysia. Regulation may come someday. The lack of access to blockchain technology and the vast scope of NFT trading have prevented regulatory agencies from regulating them. Nevertheless, a few countries regulate their own NFT markets and exchanges.

How much money do I need to trade NFTs?

Depending on which NFT you want. Make your investment first after buying Ethereum. Then, each NFT will have its price.

About Omar Ortiz
About Omar Ortiz

Radio producer, interested in international media, long distance communications, technology and world cultures.