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Trading AUD/MYR

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Written By
James Barra
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James Barra
James is an investment writer with a background in financial services. As a former management consultant, he has worked on major operational transformation programmes at prominent European banks. James authors, edits and fact-checks content for a series of investing websites.
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Edited By
Jemma Grist
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Edited By
Jemma Grist
Jemma is a writer, editor and fact-checker focused on retail trading and investing. Jemma brings a unique perspective to the forex, stock, and cryptocurrency markets and works across several investment websites as a researcher and broker analyst.
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Fact Checked By
William Berg
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Fact Checked By
William Berg
William contributes to several investment websites, leveraging his experience as a consultant for IPOs in the Nordic market and background providing localization for forex trading software. William has worked as a writer and fact-checker for a long row of financial publications.
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Updated
Sep 25, 2024

The AUD/MYR currency pair is a popular forex asset. The Australian Dollar represents one of the world’s largest economies and is the fifth most traded currency. The Malaysian Ringgit is one of the strongest currencies on the Asian continent and is susceptible to changes in emerging markets and political sentiment.

This guide will break down the history of the AUD/MYR. We also explain how to trade the pair, looking at factors that influence the AUD vs. MYR exchange rate and principles for successful forex trading.

No brokers offer trading on AUD/MYR based on our tests, but the platforms listed offer a range of currency pairs.

Best Forex Brokers

Click a broker for details
  1. 1
    FOREX.com
    Active Trader Program With A 15% Reduction In Costs
    Ratings
    4.9 / 5
    4 / 5
    4.3 / 5
    4.6 / 5
    4.6 / 5
    4.3 / 5
    4.8 / 5
    4.5 / 5
    3.6 / 5
    3.8 / 5
    $100
    0.01 Lots
    1:50
    NFA, CFTC
    Forex, Stocks, Futures, Futures Options
    MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral
    Wire Transfer, Credit Card, Debit Card, Visa, Mastercard, Skrill, Neteller, ACH Transfer
    USD, EUR, GBP, CAD, AUD, JPY, CHF, PLN
    Go To FOREX.com
  2. 2
    NinjaTrader
    Ratings
    4.3 / 5
    2.8 / 5
    2.9 / 5
    4.3 / 5
    4.5 / 5
    4 / 5
    4 / 5
    4 / 5
    3 / 5
    3.2 / 5
    $0
    0.01 Lots
    1:50
    NFA, CFTC
    Forex, Stocks, Options, Commodities, Futures, Crypto
    NinjaTrader Desktop, Web & Mobile, eSignal
    ACH Transfer, Debit Card, Wire Transfer, Cheque
    USD
    Go To NinjaTrader
  3. 3
    Interactive Brokers
    Ratings
    4.5 / 5
    3.5 / 5
    4.5 / 5
    4.3 / 5
    3.3 / 5
    3 / 5
    4.4 / 5
    4.3 / 5
    4.3 / 5
    4.5 / 5
    $0
    $100
    1:50
    FCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB, FINMA, AFM
    Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies
    Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral
    Cheque, ACH Transfer, Wire Transfer, Automated Customer Account Transfer Service, TransferWise, Debit Card
    USD, EUR, GBP, CAD, AUD, INR, JPY, SEK, NOK, DKK, CHF, AED, HUF
    Go To Interactive Brokers
  4. 4
    IG
    Forex trading involves risk. Losses can exceed deposits.
    Ratings
    4.9 / 5
    4 / 5
    4.5 / 5
    3.5 / 5
    4.8 / 5
    4.5 / 5
    4.9 / 5
    5 / 5
    4.6 / 5
    4 / 5
    $0
    0.01 Lots
    1:30 (Retail), 1:250 (Pro)
    FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB, AFM
    CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting
    Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral
    PayPal, Wire Transfer, Mastercard, Credit Card, Visa, Debit Card
    USD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD
    Go To IG
  5. 5
    OANDA US
    CFDs are not available to residents in the United States.
    Ratings
    4.5 / 5
    3.5 / 5
    2.8 / 5
    4 / 5
    4.5 / 5
    3.5 / 5
    4.3 / 5
    3.8 / 5
    4.7 / 5
    3.7 / 5
    $0
    0.01 Lots
    1:50
    NFA, CFTC
    Forex, Crypto with Paxos (Cryptocurrencies are offered through Paxos. Paxos is a separate legal entity from OANDA)
    OANDA Trade, MT4, TradingView, AutoChartist
    Wire Transfer, Visa, Mastercard, Debit Card, ACH Transfer
    USD, EUR, GBP, CAD, AUD, JPY, CHF, HKD, SGD
    Go To OANDA US
  6. 6
    Videforex
    20% to 200% Deposit Bonus
    $250
    $0.01
    1:500
    Binary Options, CFDs, Forex, Indices, Commodities, Crypto
    TradingView
    Skrill, Perfect Money, Bitcoin Payments, Neteller, Credit Card, Visa, Mastercard, Ethereum Payments
    USD, EUR, GBP, AUD, RUB
    Go To Videforex
  7. 7
    Capitalcore
    40% Deposit Bonus up to $2,500
    Ratings
    3.3 / 5
    3.8 / 5
    3.5 / 5
    3 / 5
    3.8 / 5
    3.5 / 5
    2.5 / 5
    3.5 / 5
    0 / 5
    0 / 5
    $10
    0.01 Lots
    1:2000
    IFSA
    Forex, Metals, Stocks, Cryptos, Futures Indices
    WebTrader, Pro
    Ethereum Payments, Mastercard, Visa, Perfect Money, Bitcoin Payments, Debit Card, Credit Card, PayPal
    USD
    Go To Capitalcore
  8. 8
    Coinexx
    100% Deposit Welcome Bonus
    0.001 BTC
    0.01 Lots
    1:500
    Forex, Commodities, Indices, Cryptocurrencies
    MT4, MT5
    Bitcoin Payments, Ethereum Payments
    USD
    Go To Coinexx
  9. 9
    Plus500 US
    Welcome Deposit Bonus up to $200
    Trading with leverage involves risk.
    Ratings
    3.5 / 5
    3.7 / 5
    3.5 / 5
    3.3 / 5
    3.3 / 5
    3.5 / 5
    2.8 / 5
    3.5 / 5
    4.1 / 5
    4.3 / 5
    $100
    0.0 Lots
    CFTC, NFA
    Futures on Forex, Commodities, Cryptos, Indices, Interest Rates
    WebTrader, App
    ACH Transfer, Wire Transfer, Debit Card, Mastercard, Visa
    USD
    Go To Plus500 US
  10. 10
    Plexytrade
    120% Cash Welcome Bonus
    Ratings
    1.5 / 5
    2.5 / 5
    2.5 / 5
    3.3 / 5
    2.5 / 5
    3.5 / 5
    0.5 / 5
    0.5 / 5
    4.8 / 5
    4.7 / 5
    $50
    0.01
    1:2000
    CFDs, Forex, Indices, Stocks, Commodities, Crypto
    MT4, MT5
    Bitcoin Payments, Ethereum Payments
    USD, EUR
    Go To Plexytrade

Here is a summary of why we recommend these brokers:

  1. FOREX.com - FOREX.com continues to uphold its stature as a premier FX broker, offering over 80 currency pairs and boasting some of the most competitive fees in the industry. With EUR/USD spreads dipping as low as 0.0 and $5 commission per $100k, it stands out. Moreover, its SMART Signals help to identify price behaviors across numerous major currency markets.
  2. NinjaTrader - NinjaTraders supports the trading of popular currencies including the EUR/USD. The software also offers advanced features to streamline the trading experience, including complex order types like market if touched (MIT) and one cancels other (OCO).
  3. Interactive Brokers - IBKR presents an extensive range of over 100 major, minor, and exotic forex pairs, surpassing the offerings of nearly all leading alternatives, though not CMC Markets. Forex trading occurs over multiple platforms and boasts institutional-grade spreads starting from 0.1 pips and 20 complex order types, including brackets, scale, and one-cancels-all (OCA) orders.
  4. IG - IG offers an above-average suite of 80+ currency pairs on its proprietary web platform, mobile app or MetaTrader 4, with more advanced charts and forex analysis tools available on the ProRealTime software. Forex spreads are competitive based on tests, starting from 0.1 pips on majors like the EUR/USD.
  5. OANDA US - OANDA offers a diverse selection of 68 currency pairs, more than many alternatives. The broker’s in-house platform offers superb day trading capabilities via powerful TradingView charts, including 65+ technical indicators and 11 customizable chart types.
  6. Videforex - Videforex offers trading on 35 currency pairs through leveraged CFDs with spreads from 0.1 pips. Alternatively, traders can use binaries to speculate on upward/downward price movements with payouts up to 98%. Integrated technical analysis, economic calendars, and market news, all available within the platform, help support FX trading decisions.
  7. Capitalcore - Capitalcore offers a modest selection of around 35 currency pairs, which is very limited compared to CMC Markets' 300+ pairs. Spreads are lowest on the VIP account (0.4 pips on EUR/USD), but become less competitive in Classic and Silver accounts (1.5 pips on EUR/USD), and there aren't any zero spreads.
  8. Coinexx - Coinexx offers an excellent selection of 70+ major, minor and exotics currency pairs, presenting diverse opportunities with a forex calculator to aid trading decisions. It’s also one of a select few brokers to support forex trading on the ActTrader platform, alongside MT4 and MT5.
  9. Plus500 US - Plus500 US offers futures trading on a small selection of 13 currencies, including popular pairs like the EUR/USD and GBP/USD. Day trading margins are competitive, starting from $40, while the educational resources do an excellent job of breaking down the basics of forex futures for new traders.
  10. Plexytrade - Plexytrade presents major, minor, and exotic forex pairs for trading, with leverage reaching 1:2000 and raw spreads starting from 0.0 - an enticing proposition for advanced traders seeking gains from minor price shifts. However, the downside lies in the limited selection, with only 41 currency pairs available, significantly fewer than the 100+ forex assets at IG.

Trading AUD/MYR Comparison

Trading AUD/MYR Comparison
Broker Forex Assets EUR/USD Spread Forex App Rating Minimum Deposit Regulator
FOREX.com logo
80+ 1.2 4.9 / 5 $100 NFA, CFTC
NinjaTrader logo
50+ 1.3 3.5 / 5 $0 NFA, CFTC
Interactive Brokers logo
100+ 0.08-0.20 bps x trade value 4.3 / 5 $0 FCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB, FINMA, AFM
IG logo
80+ 0.8 4.9 / 5 $0 FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB, AFM
OANDA US logo
65+ 1.6 4 / 5 $0 NFA, CFTC
Videforex logo
35+ 0.1 2.5 / 5 $250 -
Capitalcore logo
35+ 0.4 - $10 IFSA
Coinexx logo
60+ 0.0 4.8 / 5 0.001 BTC -
Plus500 US logo
13 0.75 4.3 / 5 $100 CFTC, NFA
Plexytrade logo
40+ 0.7 4.8 / 5 $50 -

FOREX.com

"FOREX.com remains a best-in-class brokerage for active forex traders of all experience levels, with over 80 currency pairs, tight spreads from 0.0 pips and low commissions. The powerful charting platforms collectively offer over 100 technical indicators, as well as extensive research tools."

Christian Harris, Reviewer

FOREX.com Quick Facts

Bonus OfferActive Trader Program With A 15% Reduction In Costs
GBPUSD Spread1.3
EURUSD Spread1.2
EURGBP Spread1.4
Total Assets80+
Leverage1:50
PlatformsMT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral
Account CurrenciesUSD, EUR, GBP, CAD, AUD, JPY, CHF, PLN

Pros

  • There’s a wealth of educational resources including tutorials, webinars, and a stacked YouTube channel to help you get educated in the financial markets.
  • With over 20 years of experience, excellent regulatory oversight, and multiple accolades including runner-up in our 'Best Forex Broker' awards, FOREX.com boasts a global reputation as a trusted brokerage.
  • The in-house Web Trader continues to shine as one of the best-designed platforms for aspiring day traders with a slick design and over 80 technical indicators for market analysis.

Cons

  • Funding options are limited compared to leading alternatives like IC Markets and don’t include many popular e-wallets, notably UnionPay and POLi.
  • Demo accounts are frustratingly time-limited to 90 days, which doesn’t give you enough time to test day trading strategies effectively.
  • Despite increasing its range of instruments, FOREX.com's product portfolio is still limited to forex and CFDs, so there are no options to invest in real stocks, real ETFs or real cryptocurrencies.
Visit FOREX.com
FOREX.com Review

NinjaTrader

"NinjaTrader continues to meet the demands of active futures traders looking for low fees and premium analysis tools. The platform hosts top-rate charting features including hundreds of indicators and 10+ chart types."

Tobias Robinson, Reviewer

NinjaTrader Quick Facts

GBPUSD Spread1.6
EURUSD Spread1.3
EURGBP Spread1.6
Total Assets50+
Leverage1:50
PlatformsNinjaTrader Desktop, Web & Mobile, eSignal
Account CurrenciesUSD

Pros

  • NinjaTrader is a widely respected and award-winning futures broker and is heavily authorized by the NFA and CFTC
  • Low fees are offered, with $50 day trading margins & commissions from $.09 per micro contract
  • You can get thousands of add-ons and applications from developers in 150+ countries

Cons

  • There is a withdrawal fee on some funding methods
  • The premium platform tools come with an extra charge
  • Non forex and futures trading requires signing up with partner brokers
Visit NinjaTrader
NinjaTrader Review

Interactive Brokers

"Interactive Brokers is one of the best brokers for advanced day traders, providing powerful charting platforms, real-time data, and customizable layouts, notably through the new IBKR Desktop application. Its superb pricing and advanced order options also make it highly attractive for day traders, while its diverse range of equities is still among the best in the industry."

Christian Harris, Reviewer

Interactive Brokers Quick Facts

GBPUSD Spread0.08-0.20 bps x trade value
EURUSD Spread0.08-0.20 bps x trade value
EURGBP Spread0.08-0.20 bps x trade value
Total Assets100+
Leverage1:50
PlatformsTrader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral
Account CurrenciesUSD, EUR, GBP, CAD, AUD, INR, JPY, SEK, NOK, DKK, CHF, AED, HUF

Pros

  • The new IBKR Desktop platform takes the best of TWS while adding bespoke tools like Option Lattice and Screeners with MultiSort to create a genuinely impressive trading experience for day traders at every level.
  • There's a vast library of free or paid third-party research subscriptions catering to all types of traders, plus you can enjoy commission reimbursements from IBKR if you subscribe to Toggle AI.
  • While primarily geared towards experienced traders, IBKR has made moves to broaden its appeal in recent years, reducing its minimum deposit from $10,000 to $0.

Cons

  • You can only have one active session per account, so you can’t have your desktop program and mobile app running simultaneously, making for a sometimes frustrating trading experience.
  • Support can be slow and frustrating based on tests, so you might find it challenging to reach customer service representatives promptly or encounter delays in resolving issues.
  • TWS’s learning curve is steep, and beginners may find it challenging to navigate the platform and understand all the features. Plus500's web platform is much better suited to new traders.
Visit Interactive Brokers
Interactive Brokers Review

IG

"IG continues to provide a comprehensive package with an intuitive web platform and best-in-class education for beginners, plus advanced charting tools, real-time data, and fast execution speeds for experienced day traders."

Christian Harris, Reviewer

IG Quick Facts

GBPUSD Spread0.9
EURUSD Spread0.8
EURGBP Spread0.9
Total Assets80+
Leverage1:30 (Retail), 1:250 (Pro)
PlatformsWeb, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral
Account CurrenciesUSD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD

Pros

  • IG is amongst the best in terms of its range of instruments, which includes stocks, forex, indices, commodities, and cryptocurrencies, plus recently added US-listed futures and options, providing ample diversification opportunities
  • IG offers an extensive collection of professional and engaging educational resources, including webinars, articles, and analysis
  • The ProRealTime advanced charting platform is free as long as certain modest monthly trading activity requirements are met

Cons

  • Stock and CFD spreads still trail the cheapest brokers like CMC Markets based on tests
  • Beginners might find IG’s fee structure complex, with various fees for different types of trades or services, potentially leading to confusion or unexpected charges
  • IG has discontinued its swap-free account, reducing its appeal to Islamic traders
Visit IG
IG Review

OANDA US

"OANDA remains an excellent broker for US day traders seeking a user-friendly platform with premium analysis tools and a straightforward joining process. OANDA is also heavily regulated with a very high trust score."

Jemma Grist, Reviewer

OANDA US Quick Facts

GBPUSD Spread3.4
EURUSD Spread1.6
EURGBP Spread1.7
Total Assets65+
Leverage1:50
PlatformsOANDA Trade, MT4, TradingView, AutoChartist
Account CurrenciesUSD, EUR, GBP, CAD, AUD, JPY, CHF, HKD, SGD

Pros

  • The proprietary OANDA web platform continues to deliver a highly competitive charting environment, including 65+ technical indicators powered by TradingView
  • There's a strong selection of 68 currency pairs for dedicated short-term forex traders
  • The broker offers a transparent pricing structure with no hidden charges

Cons

  • There's only a small range of payment methods available, with no e-wallets supported
  • It's a shame that customer support is not available on weekends
  • The range of day trading markets is limited to forex and cryptos only
Visit OANDA US
OANDA US Review

Videforex

"Videforex will serve traders looking for a no-frills, easy-to-use platform to speculate on the direction of popular financial markets through binaries. With a sign-up process that takes a matter of minutes and a web-accessible platform, getting started is a breeze. "

William Berg, Reviewer

Videforex Quick Facts

Bonus Offer20% to 200% Deposit Bonus
GBPUSD Spread0.1
EURUSD Spread0.1
EURGBP Spread0.1
Total Assets35+
Leverage1:500
PlatformsTradingView
Account CurrenciesUSD, EUR, GBP, AUD, RUB

Pros

  • Traders can earn up to 98% payouts on 100+ assets with the broker’s binary options, bringing it in line with competitors like IQCent.
  • Videforex regularly runs trading contests, offering practice opportunities and cash prizes to beginners and experienced traders, with position sizes from just ¢0.01.
  • Videforex is one of the few brokers with 24/7 multilingual video support, providing comprehensive assistance for active traders.

Cons

  • The absence of any educational tools is a serious drawback for newer traders who can find blogs, videos and live trading sessions at category leaders.
  • The client terminal needs improvements based on our latest tests, sporting sometimes slow and unresponsive widgets which could dampen the experience for day traders.
  • Videforex lacks authorization from a trusted regulator, meaning traders may receive little to zero safeguards like segregated client accounts.
Visit Videforex
Videforex Review

Capitalcore

"The major selling points of Capitalcore are its high leverage options up to 1:2000 and zero commission or swap fees. However, its weak regulatory oversight from the IFSA and non-existent education place it far behind the top brokers."

Christian Harris, Reviewer

Capitalcore Quick Facts

Bonus Offer40% Deposit Bonus up to $2,500
GBPUSD Spread0.5
EURUSD Spread0.4
EURGBP Spread0.5
Total Assets35+
Leverage1:2000
PlatformsWebTrader, Pro
Account CurrenciesUSD

Pros

  • Unlike most brokers, Capitalcore offers an unlimited demo account that takes under 5 minutes to open.
  • Capitalcore is one of the only brokers to charge zero swap fees, which may appeal to Islamic traders looking to comply with Islamic Finance.
  • The support team are available 24/7 and responded within minutes during testing with helpful responses.

Cons

  • Capitalcore is not regulated by major financial authorities and has an unproven reputation, raising concerns about the safety of client funds.
  • The web platform was inconsistent during testing, with occasional technical glitches that meant the trading platform wouldn’t load.
  • Capitalcore’s threadbare education and research seriously trail category leaders like IG, making it less suitable for aspiring traders.
Visit Capitalcore
Capitalcore Review

Coinexx

"Coinexx best serves short-term traders willing to foregoes regulatory protections in return for highly-leveraged CFDs and trading accounts, deposits and withdrawals processed in cryptos like BTC. "

Tobias Robinson, Reviewer

Coinexx Quick Facts

Bonus Offer100% Deposit Welcome Bonus
GBPUSD Spread0.0
EURUSD Spread0.0
EURGBP Spread0.0
Total Assets60+
Leverage1:500
PlatformsMT4, MT5
Account CurrenciesUSD

Pros

  • Coinexx uses an ECN model that facilitates ultra-tight spreads from 0 pips, which alongside high leverage up to 1:500, may serve fast-paced, high-volume trading strategies.
  • The virtual private server (VPS), hosted near the firm’s data center in Amsterdam, offers 24/7 connectivity, low latency and 99.99% uptime, catering to algo traders.
  • Coinexx is one of a limited pool of brokers to support the ActTrader platform, which is highly customizable with detachable widgets, as well as 48 indicators, 11 timeframes, and price quotes up to 8 decimal places.

Cons

  • Although it supports near-instant account funding in 25+ cryptos, the absence of fiat deposit options at Coinexx will be severely limiting for many traders.
  • Despite operating for over 7 years, Coinexx still hasn’t secured any regulatory approvals, respected industry awards or the full confidence of our experts.
  • Aside from 7 calculators (forex, margin, pip, currency, commission, swap, PnL), Coinexx offers very little in terms of additional tools, with no education or research features to support traders.
Visit Coinexx
Coinexx Review

Plus500 US

"Plus500 US stands out as an excellent choice for beginners, offering a very user-friendly platform, low day trading margins, and access to the Futures Academy to enhance trading skills."

Michael MacKenzie, Reviewer

Plus500 US Quick Facts

Bonus OfferWelcome Deposit Bonus up to $200
EURUSD Spread0.75
Total Assets13
PlatformsWebTrader, App
Account CurrenciesUSD

Pros

  • The trading app provides a terrific user experience with a modern design, a clean layout and mobile-optimized charts
  • The straightforward account structure, pricing model and web platform offer an easier route into futures trading than rivals like NinjaTrader
  • The Futures Academy is an excellent resource for new traders with engaging videos and easy-to-follow articles, while the unlimited demo account is great for testing strategies

Cons

  • Although support response times were fast during tests, there is no telephone assistance
  • While Plus500 US continues to broaden its investment offering, it's currently restricted to around 50+ futures with no stocks
  • Despite competitive pricing, Plus500 US lacks a discount program for high-volume day traders, a scheme found at brokers like Interactive Brokers
Visit Plus500 US
Plus500 US Review

Plexytrade

"Plexytrade is a newcomer in the brokerage scene with attention-grabbing features like 1:2000 leverage, zero spreads on select instruments and fast execution speeds of less than 46 milliseconds. However, the absence of regulation is a significant concern, while the non-existent research and educational tools place it far behind industry frontrunners."

Christian Harris, Reviewer

Plexytrade Quick Facts

Bonus Offer120% Cash Welcome Bonus
GBPUSD Spread0.8
EURUSD Spread0.7
EURGBP Spread1.1
Total Assets40+
Leverage1:2000
PlatformsMT4, MT5
Account CurrenciesUSD, EUR

Pros

  • Plexytrade offers among the highest leverage we’ve seen, up to 1:2000, catering to advanced traders willing to forego regulatory protections.
  • Despite lacking regulation, Plexytrade provides negative balance protection and reinforces safety protocols by holding client funds in segregated accounts.
  • There are various VPS packages starting from $50 per month, but they become complimentary once specific deposit thresholds are reached.

Cons

  • Plexytrade lacks regulation in major jurisdictions, significantly increasing the risks of opening an account and depositing funds.
  • Deposits and withdrawals are exclusively facilitated through cryptocurrencies, as Plexytrade does not support bank cards, bank wire transfers, or e-wallets.
  • There are no social or copy trading features for inexperienced traders to replicate the trades of more experienced investors, trailing category leaders like eToro.
Visit Plexytrade
Plexytrade Review

AUD/MYR Explained

Firstly, what does the AUD/MYR mean? It is simply the quote for the Australian Dollar vs. Malaysian Ringgit exchange rate. The Australian Dollar is the base currency while the Malaysian Ringgit is the counter currency.

Note, the Ringgit is often unofficially referred to as the Malaysian Dollar.

Live Chart

AUDMYR Chart by TradingView

Why Trade AUD/MYR?

With so many daily forex options, why should you focus your attention on the AUD/MYR?

AUD To MYR History

The Ringgit has been Malaysia’s official currency since 1975. Originally, MYR was pegged to the USD, but over time the peg was removed. It was then reinstated in 1997 when Asia suffered a financial crisis. Because of the surge in capital outflows during the crisis, trading Ringgit outside of Malaysia was banned. Today, that peg to the US Dollar has once again been removed, and the Ringgit now floats against many large world currencies on the forex market.

The Malaysian central public bank, the Bank Negara Malaysia (BNM), usually has a policy of keeping the MYR exchange rate down instead of supporting it.

MYR accounts for about 0.1% of daily turnover in the forex market and ranks 34th in trading activity among the world’s currencies.

The Malaysian Ringgit is made up of 100 sen and is issued in denominations of 1, 5, 10, 20, 50, and 100. The 500 and 1,000 denominations are not usable, even though some are still in circulation.

Note, the AUD/MYR reached an all-time high of 3.44 in July 2017; and an all-time low of 2.15 in October 2008.

The Malaysian Economy

Malaysia has been able to reduce extreme poverty and increase prosperity for its citizens. Its goal is to become a high-income and developed nation while making sure that everyone can live well.

The currency plays a key role in its development and understanding the drivers will help you make informed decisions when investing in the AUD/MYR.

Trading the AUDMYR currency pair

The Australian Economy

It is also important to understand the make-up of the Australian economy to implement an effective strategy when trading the AUD/MYR.

AUD MYR forex conversion

Factors Driving MYR Value

Several key factors impact the MYR exchange rate:

Factors Driving AUD Value

Several key drivers affect the AUD exchange rate:

Tips For Trading AUD/MYR

Whether you are trading AUD to MYR or another currency pair, you will want to develop a good strategy to incorporate into your investing plan. This will significantly increase your chances of success when trading forex.

Several popular strategies used to trade forex could be suitable for you, depending on your experience level and personality.

The popular principles listed below are common trading tactics to help you become a successful forex investor:

  1. Keep up to date with news – Day traders, in particular, need to keep up with the latest news and events that could affect a currency’s exchange rate, for example, interest rate announcements from central banks. Events from yesterday can significantly impact AUD/MYR exchange rate forecasts and market outlook.
  2. Set aside funds – Assess how much capital you’re willing to risk on each trade and set your risk accordingly. See our guide to risk management for more tips.
  3. Set aside time for the markets – Online trading takes time. It requires a trader to track the FX markets and spot opportunities, which can arise at any time during trading hours. Studying average historical 10-year charts, for example, can also be a great way to learn more about the AUD/MYR pair.
  4. Start small – Whether you’re a beginner or experienced but investing in a new currency pair like the AUD/MYR, start small to test out a strategy. Check the current buying and selling rates before you take a position and use leverage calculators offered by the best forex trading platforms.
  5. Cut losses with limit orders – Use stop losses to help manage your AUD/MYR trades. If the currency dips below a certain price, it will automatically close the trade, meaning you won’t lose more than a fixed amount.
  6. Stay calm – There are times when the forex market tests nerves. As a day trader, in particular, it is important to stay calm. Decisions should be made using logic and not emotion.
  7. Stick to your plan – Developing a strategy in advance is important to becoming a successful day trader. Don’t let your emotions get the best of you and abandon your strategy.

Final Word On Trading AUD/MYR

The AUD/MYR forex pair offers good opportunities for traders looking to speculate on emerging markets. While not traded in the significant volumes seen with major FX pairs, there is plenty of room to implement effective strategies.

Before you start trading AUD/MYR, make sure you understand what influences the exchange rate and strength of each economy.

You will also need a top forex broker that offers excellent tools, such as live exchange rate charts, historical data, and real-time quotes to enable you to make predictions about future prices.

FAQs

Why Has The MYR Weakened Against The AUD In Recent Years?

The Malaysian Ringgit weakened due to political instability and the impact of inflation on consumers. Lower yuan rates are also a contributing factor. However, Malaysian economists predict an economic recovery. 

Is MYR Getting Stronger Against The AUD?

The MYR is forecast to continue strengthening on the back of a recovering economy, helped by stronger energy prices and higher production rates. 

Is MYR/AUD A Restricted Currency?

The MYR is often considered to be a restricted currency. Fund transfers in this currency are typically not allowed outside Malaysia, though online trading is still possible.

Is The AUD Likely To Rise Against The MYR?

AUD is expected to rise in the next five years. By 2027, the AUD/MRY pair is predicted by some market commentators to go from the current 3.11 to 3.56, an increase of more than 14%.