Sinegy is a centralized crypto exchange offering access to five digital assets: BTC, ETH, ADA, SOL, and XRP. The base currency in all trading pairs is the Malaysian Ringgit (MYR).
The minimum deposit and minimum trade size are MYR 1 and MYR 30, respectively.
Sinegy; An Introduction to the Crypto Exchange and Its Background
SINEGY DAX Sdn.Bhd. (Company No. 1424796-U) was founded in 2017 in Malaysia by "Kelvyn Chuah".
The platform is a Digital Asset Exchange (DAX) regulated by the Securities Commission (SC) Malaysia. It supports MYR deposits and Crypto/Fiat pairs. The exchange officially launched its services on April 8, 2020.
Sinegy Specific Details
Let’s take a quick look into the crypto exchange’s offerings and features.
Exchange | Sinegy |
Launch Date | 2020 |
Levels | Tier 0 - 5 |
Trading Fees | Maker 0.0% Taker 0.25% |
Restricted Countries | Iran, North Korea, Cuba, Sudan, Yemen, Syria, Russia, Ukraine |
Supported Coins | 5 |
Futures Trading | No |
Minimum Deposit | MYR 1 |
Deposit Methods | Bank Transfer, FPX, TNG eWallet, Crypto |
Withdrawal Methods | Crypto, Bank Transfer |
Maximum Leverage | 1:1 |
Minimum Trade Size | MYR 30 |
Security Factors | 2FA, Compliance with Malaysia SC |
Services | Spot Trading, Referral, MYR Trading Pairs |
Customer Support Ways | Email, Ticket |
Customer Support Hours | N/A |
Fiat Deposit | Yes |
Affiliate Program | Yes |
Orders Execution | Market |
Native Token | No |
Sinegy Exchange Pros & Cons
The limited asset offerings, out-of-date website, and limited support channels are some of the most significant disadvantages in this Sinegy review.
Pros | Cons |
Support for fiat deposits and withdrawals | Limited digital assets (5) |
Fee discounts | No leverage option |
3-tier KYC procedure | Lack of dedicated mobile application |
No trading fees for makers | Limited trading features and lack of advanced tools |
User Levels and Fee Reduction
The exchange offers fee discounts in a tiered user level system based on the MYR monthly trade volume, which is calculated on a daily basis.
Tier | 30-D Trading Volume (MYR) |
Tier 0 | 0 |
Tier 1 | 100K |
Tier 2 | 500K |
Tier 3 | 1M |
Tier 4 | 5M |
Tier 5 | 10M |
Sinegy Trading and Transaction Fees
While the default trading fee is 0% for makers and 0.25% for takers, the exchange offers discounts based on the user level.
Here are the fee discount structure:
User Level | Rate Discounts |
Tier 0 | 0% |
Tier 1 | 5% |
Tier 2 | 10% |
Tier 3 | 15% |
Tier 4 | 20% |
Tier 5 | 25% |
Sinegy Exchange Digital Assets
The platform offers spot trading on 5 MYR/Cryptocurrency trading pairs, including:
- Bitcoin (BTC)
- Ethereum (ETH)
- XRP
- Solana (SOL)
- Cardano (ADA)
Leveraged Trading
At the time of writing this Sinegy review, the platform does not offer Futures market or Margin trading options. This decision aligns with their focus on providing a straightforward and relatively low-risk trading environment for Crypto Spot trading in Malaysia.
Sign Up and KYC on Sinegy
Sinegy Verification has three levels with different funding limits: Tier 1 (Max MYR 10K), Tier 2 (Max MYR 300K), and Tier 3 (Max MYR 1M). Follow the sections below to learn Sinegy registration and verification.
#1 Go to the Official Website
Visit the official Sinegy website through a trusted browser. On the homepage, click "Sign Up" to start creating your account.
#2 Provide Basic Information
Enter your full name, country of residence, and email address accurately. If you have a referral code, add it to claim bonuses. Agree to the platform’s terms before submitting your registration.
#3 Verify Your Email
Check your inbox for a Sinegy verification message. Click the activation link or use the provided code to confirm your account.
#4 Log In and Access Dashboard
Use your registered email and password to log in. Enter the one-time password (OTP) sent to your email to access your trading dashboard and start trading.
#5 Verify Your Identity
Navigate to “Account” and then “Account Verification”. Provide personal information and a photo ID/selfie for KYC 1. For KYC 2, upload proof of address, such as a utility bill or bank statement.
Provide additional documents like income statements and source of funds documentation for KYC 3.
How to Trade Cryptocurrencies on Sinegy
This section includes a comprehensive and step-by-step tutorial on how to buy/sell crypto on the exchange.
#1 Verify Your Sinegy Account
Before you start trading on Sinegy, you need to verify your account. You can do it according to the guide above. Verification ensures security and allows you to access all trading features.
#2 Deposit Funds
After verification, add funds to your account using one of the available deposit methods supported by Sinegy. Your deposited balance will be available for trading immediately once processed.
#3 Buy/Sell Cryptocurrencies
In the next sections, we will guide you with buying and selling coins/tokens separately.
Buy Cryptocurrency
Go to the "Trade" section in the main menu. Choose the cryptocurrency you want to purchase and select either a Limit Order or a Market Order.
Enter the amount and price you wish to buy, then click the "BUY" button to complete your purchase.
Sell Cryptocurrency
Open the "Trade" section again and select the cryptocurrency you want to sell. Pick your preferred order type, either Limit Order or Market Order.
Enter the price and amount, then confirm the transaction by clicking the "SELL" button. Once executed, the funds will be added to your account balance.
Sinegy App and Trading Platform
One of the platform’s most significant weaknesses is the lack of a dedicated mobile application. Sinegy offers service only through its web-based platform, which provides access to the TradingView platform charts.
Sinegy Services
The table below goes through all of the services for trading, earning, etc. that are offered by the exchange:
Service | Availability |
TradingView Integration | No |
Auto Trading (Bots) | No |
API Access | Yes |
P2P Trading | No |
OTC Trading | Yes |
No | |
Launchpad | No |
NFT Marketplace | No |
Referral Program | Yes |
DEX Trading | No |
Auto-Invest (Recurring Buy) | No |
Sinegy Exchange Security Measures
The Malaysian Securities Commission (SC) oversees the platform’s activities. However, it doesn’t perform well concerning security measures.
We must mention in this Sinegy review that the exchange hasn’t disclosed many details about its security factors on the official website.
The only disclosed security method is Two Factor Authentication, enabling 2FA for an additional layer of account security.
Deposit & Withdrawal Options
Sinegy supports crypto and MYR transactions. While crypto deposits are free of charge, withdrawals come with a network fee as follows:
Digital Asset | Withdrawal Rate |
Bitcoin | 0.00004 BTC |
Ethereum | 0.004 ETH |
Solana | 0.005 SOL |
XRP | 0.2 XRP |
Cardano | 1 ADA |
MYR withdrawals are processed via bank transfers with no transaction fees. However, there are multiple methods for funding accounts with Malaysian Ringgit. Sinegy MYR deposit options:
- FPX: 1.5% fee
- TNG eWallet: 1.5% fee
- Bank Transfer
Credit/debit card payments and PayPal are not supported, which limits convenience for some users.
Sinegy User Experience
The Sinegy CoinMarketCap profile indicates that the platform is inactive. However, the website has over 2.7K monthly visits. Nonetheless, the exchange has no trust score on reputable review platforms like Trustpilot, ForexPeaceArmy, or CoinGecko.
Sinegy Features
For an overview of the additional features and products offered by the exchange, the table below is provided:
Staking | No |
Yield Farming | No |
No | |
Liquidity Pool | No |
Crypto Cards | No |
Sinegy Support Channels
The exchange is located at Wisma Leader, 8-3-2 Jalan Larut, 10050 Georgetown Penang, Malaysia. The lack of a live chat feature is a disappointment in this Sinegy review. However, there are two other methods to contact support:
- Email: support@sinegy.com
- Ticket: Through the FAQ section on the official website
Investment or Growth Plans on Sinegy Exchange
While the platform doesn’t offer investment plans like Staking or Copy Trading, it provides a comprehensive affiliate program in 3 levels for passive income, including:
Affiliate Level | Commission |
R-Level 3 | 10% |
R-Level 2 | 20% |
R-Level 1 | 40% |
Red Flag Countries on Sinegy
As a regulated cryptocurrency exchange in Malaysia, Sinegy doesn’t provide services in jurisdictions sanctioned by the Malaysian Ministry of Home Affairs (MOHA), the United Nations, the European Union, the UK Treasury, and the U.S. Office of Foreign Assets Control (OFAC). Sinergy prohibited countries:
- Iran
- North Korea
- Cuba
- Sudan
- Yemen
- Syria
- Russia
- Ukraine
Note that the list is subject to changes, and check the exchange’s official website for the latest updates.
How Does Sinegy Perform Compared to Its Prominent Peers?
Here's a comparison of Sinegy with other popular platforms in terms of fees, security factors, etc.:
Parameters | Sinegy Exchange | |||
Number of Assets | 5 | 700+ | +2,800 | 400+ |
Maximum Leverage | 1x | 200x | 200x | 125x |
Minimum Deposit | 30 MYR | 1 USDT | $1 | $1 |
Spot Maker Fee | 0.0% | 0.0126% - 0.2% | 0.05% | 0.02% - 0.1% |
Spot Taker Fee | 0.25% | 0.0218% - 0.2% | 0.05% | 0.04% - 0.1% |
Mandatory KYC | Yes | Yes | No | Yes |
Futures Trading | No | Yes | Yes | Yes |
Mobile Application | No | Yes | Yes | Yes |
Fiat Payment | Yes | No | Yes | Yes |
Staking | No | Yes | Yes | Yes |
Copy Trading | No | Yes | Yes | Yes |
Writer’s opinion and conclusion
Sinegy provides access to Crypto Spot trading with a default Maker/Taker fee of 0%/0.25%. It offers discounts for users with high trading volume for MYR in taker orders.
The exchange supports FPX and TNG eWallet deposits with a 1.5% transaction commission.
