Overview
Sinegy Marketplace started with a clear focus: providing BTC and ETH trades paired with the Malaysian ringgit (MYR) in a regulated environment. It was proudly registered in Malaysia and claimed oversight from the Securities Commission Malaysia as a Recognized Market Operator.
Platform Offering
Sinegy offered simple spot trading without leverage: only BTC, ETH and XRP against MYR. Deposits and withdrawals in MYR were enabled via local banking; crypto deposits were supported too. Users could trade via browser on desktop or mobile (no app). Maker fees were a rare –0.25%, taker fees about 0.5%. Withdrawal charges were 0.05% or around RM 0.10 for fiat. An arbitrage-scanner tool was promoted to help traders exploit price discrepancies across markets.
Usage Reality
Despite regulated setup, publicly available data are minimal. CoinMarketCap marks it as “untracked” with no volume or liquidity information. Traders Union gives it a low trust score of 3.04/10, citing limited coin listing, lower security features, and minimal user feedback. Its web traffic and social activity are near zero, raising doubts about actual adoption.
Highlights
- Licensed by Malaysia’s regulator, offering local fiat access with an official status
- Unusual negative maker fee (–0.25%) that rewards liquidity providers
- Cold storage claims and secure custody backed by regulatory oversight
- Simple and functional interface suitable for basic trading needs
Key Limitations
- Only two crypto assets supported, paired with MYR exclusively
- No mobile app and no advanced trading or passive income options
- No live orderbook, no volume data, no transparency reports
- Low market traction; few user opinions or activity indicators
Verdict
| Category | Rating |
|---|---|
| Regulation & security | ★★★☆☆ |
| Fee model | ★★★☆☆ |
| Asset diversity | ★★☆☆☆ |
| Transparency & use | ★☆☆☆☆ |
| Community presence | ★☆☆☆☆ |
Sinegy is an officially regulated exchange in Malaysia that might suit local traders looking to exchange BTC or ETH for MYR with low trade fees. But its limited asset range, inactive appearance and lack of public metrics make it a poor choice for most users. Proceed carefully or consider alternatives with clearer track records.