Trading AUD/MYR

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. In addition, we list the top brokers for trading AUD/MYR in 2024.

AUD/MYR Trading Brokers

Click a broker for details
  1. 1
    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
  2. 2
    Vantage

    Ratings
    4.6 / 5
    4.5 / 5
    4.5 / 5
    4.4 / 5
    4.3 / 5
    4.4 / 5
    4 / 5
    4 / 5
    3.6 / 5
    3.9 / 5

    $50
    0.01 Lots
    1:500
    FCA, ASIC, FSCA, VFSC
    CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds
    ProTrader, MT4, MT5, TradingView, DupliTrade
    Skrill, BPAY, JCB Card, AstroPay, Visa, Swift, Neteller, Wire Transfer, Credit Card, Debit Card, UnionPay, FasaPay
    USD, EUR, GBP, CAD, AUD, NZD, JPY, HKD, SGD, PLN
  3. 3
    IC Markets

    Ratings
    4.6 / 5
    4 / 5
    3.5 / 5
    4.6 / 5
    4 / 5
    4.5 / 5
    4 / 5
    3.5 / 5
    3.1 / 5
    4.2 / 5

    $200
    0.01 Lots
    1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global)
    ASIC, CySEC, FSA
    CFDs, Forex, Stocks, Indices, Commodities, Bonds, Futures, Crypto
    MT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade
    PayPal, Skrill, Neteller, Visa, UnionPay, Wire Transfer, Rapid Transfer, Mastercard, POLi, BPAY, Credit Card, Klarna, Swift, SafeCharge
    USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD
  4. 4
    AvaTrade

    Ratings
    4.8 / 5
    4.3 / 5
    4.5 / 5
    3.8 / 5
    4.3 / 5
    4.3 / 5
    4.3 / 5
    4.5 / 5
    4.3 / 5
    4 / 5

    0.01 Lots
    1:30 (Retail) 1:400 (Pro)
    ASIC, CySEC, FSCA, ISA, CBI, FSA, FSRA, BVI, ADGM
    CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting, Futures
    WebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade
    Skrill, Wire Transfer, FasaPay, Mastercard, Perfect Money, Swift, MoneyGram, Credit Card, WebMoney, JCB Card, Debit Card, Neteller, Boleto
    USD, EUR, GBP, CAD, AUD
  5. 5
    FOREX.com

    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
    1:400
    NFA, CFTC, CIRO, FCA, CYSEC, ASIC, SFC, FSA, MAS, CIMA
    CFDs, Forex, Stocks, Cryptos, Futures, Options, Commodities
    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
  6. 6
    Pepperstone
    CFDs and FX are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs.

    Ratings
    4.6 / 5
    4 / 5
    3.8 / 5
    4.4 / 5
    4.4 / 5
    4.6 / 5
    4.3 / 5
    4 / 5
    4.4 / 5
    4.1 / 5

    $0
    0.01 Lots
    1:30 (Retail), 1:500 (Pro)
    FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB
    CFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto, Spread Betting
    MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade
    Visa, Mastercard, Credit Card, Debit Card, PayPal, Wire Transfer, POLi, UnionPay, BPAY, Neteller, Skrill
    USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD
  7. 7
    XM

    Ratings
    4.3 / 5
    4.5 / 5
    4.3 / 5
    4.3 / 5
    4 / 5
    4.5 / 5
    4.5 / 5
    4.5 / 5
    4.7 / 5
    3.9 / 5

    $5
    0.01 Lots
    ASIC, CySEC, DFSA, FSC, FSCA
    Forex, Stock CFDs, Turbo Stocks, Indices, Commodities, Precious Metals, Energies, Shares, Crypto, Futures
    MT4, MT5
    Credit Card, Debit Card, Skrill, Neteller, Wire Transfer, Perfect Money, Apple Pay, Google Wallet, TransferWise, Visa, M-Pesa
    USD, EUR, GBP, AUD, JPY, ZAR, CHF, SGD, PLN, HUF
  8. 8
    Eightcap

    Ratings
    4.3 / 5
    4 / 5
    3.6 / 5
    3.8 / 5
    4.3 / 5
    4 / 5
    3.5 / 5
    3 / 5
    4.8 / 5
    4.4 / 5

    $100
    0.01 Lots
    ASIC, FCA, CySEC, SCB
    CFDs, Forex, Stocks, Indices, Commodities
    MT4, MT5, TradingView
    Neteller, Skrill, Visa, UnionPay, Credit Card, Debit Card, Bitcoin Payments, Wire Transfer, FasaPay, BPAY, PayPal, Dragonpay, PIX Payment
    USD, EUR, GBP, CAD, AUD, NZD, SGD
  9. 9
    PrimeXBT

    $0
    0.01 Lots
    1:1000
    CFDs, Cryptos, Forex, Indices, Commodities, Futures
    Own
    Bitcoin Payments, Ethereum Payments, Credit Card, Debit Card
    USD, EUR, GBP
  10. 10
    IQ Option
    RISK WARNING: YOUR CAPITAL MIGHT BE AT RISK

    $10
    0.001 Lots
    1:500
    CFD, Forex, Crypto, Stocks, Digital Options
    Own
    Skrill, Yandex Money, QIWI, Wire Transfer, Alipay, Perfect Money, MoneyGram, Credit Card, Vietcombank Transfer, Volet, Maestro, Sofort, GlobePay, Boleto
    USD, EUR, GBP, ZAR

Here is a short summary of why we think each broker belongs in this top list:

  1. 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.
  2. Vantage - Vantage offers 55+ currency pairs - above the industry average, so experienced traders can explore plenty of opportunities. Vantage's deep liquidity pool provides forex spreads from 0.0 pips in the ECN account, lower than many alternatives. There are also no commissions, deposit fees or hidden charges.
  3. IC Markets - IC Markets maintains its commitment to providing exceptionally tight 0.0-pip forex spreads on major currency pairs such as EUR/USD. This makes it an excellent option if you are seeking superior execution, with an average of 35 milliseconds. Additionally, if you are a high-volume trader, you can benefit from rebates of up to $2.50 per forex lot.
  4. AvaTrade - AvaTrade offers 50+ currency pairs with competitive spreads from 0.9 pips and zero commissions. You can trade majors, minors and exotics around the clock on industry-leading platforms, including MT4 and MT5. Traders can also access beginner-friendly trading tools and comprehensive forex education.
  5. 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.
  6. Pepperstone - Pepperstone offers ultra-competitive forex spreads averaging 0.12 pips on EUR/USD in the Razor account, accompanied by a diverse portfolio comprising 100+ currency pairs - an extensive selection surpassing most competitors. Additionally, Pepperstone distinguishes itself by offering three currency indices (USDX, EURX, JPYX), not commonly found among alternative platforms. Pepperstone has now won our annual 'Best Forex Broker' award twice.
  7. XM - XM offers ultra low spreads across a wide range of forex assets with no re-quotes or hidden charges. Over 50 currency pairs are available, which is above the market average and is in line with one of our top award-winners, AvaTrade.
  8. Eightcap - Eightcap offers 50+ currency pairs in line with the industry average but trailing category leaders like CMC Markets with its 300+ currency pairs. However, Eightcap stands out with institutional-level spreads from 0.0 pips on major pairs like the EUR/USD, alongside low $3.50/side commissions. The broker also offers rich forex data to inform trading decisions, including key fundamentals, bullish/bearish indicators and a calendar that tracks key events in the foreign exchange market.
  9. PrimeXBT - PrimeXBT offers 50 forex pairs, which is above the industry average and covers a good range of majors, minors and exotics. Traders can enjoy trading via margin with zero commissions. Additionally, the broker’s copy trading service allows you to explore various currency trading strategies.
  10. IQ Option - IQ Option offers CFD trading on 24 forex assets, including major pairs and some minors. EU traders can access a maximum of 1:30 leverage in line with local regulations. The broker offers commission-free trades but spreads are on the high side so the brand does not excel in this area.

Trading AUD/MYR Comparison

Trading AUD/MYR Comparison
Broker Forex Assets EUR/USD Spread Forex App Rating Minimum Deposit Regulator
OANDA US logo 65+ 1.6 4 / 5 $0 NFA, CFTC
Vantage logo 55+ 0.0 4 / 5 $50 FCA, ASIC, FSCA, VFSC
IC Markets logo 75 0.02 4.8 / 5 $200 ASIC, CySEC, FSA
AvaTrade logo 50+ 0.9 4.3 / 5 - ASIC, CySEC, FSCA, ISA, CBI, FSA, FSRA, BVI, ADGM
FOREX.com logo 80+ 1.2 4.9 / 5 $100 NFA, CFTC, CIRO, FCA, CYSEC, ASIC, SFC, FSA, MAS, CIMA
Pepperstone logo 100+ 0.1 4.7 / 5 $0 FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB
XM logo 55+ 1.6 4.7 / 5 $5 ASIC, CySEC, DFSA, FSC, FSCA
Eightcap logo 50+ 0.0 3.6 / 5 $100 ASIC, FCA, CySEC, SCB
PrimeXBT logo 45+ Variable 3 / 5 $0 -
IQ Option logo 60+ 14 pips 4.5 / 5 $10 -

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."

Rebecca Holden, 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

  • Day traders can enjoy fast and reliable order execution
  • The broker offers a transparent pricing structure with no hidden charges
  • The broker's API facilitates access to 25 years of deep historical data and rates from 200+ currencies

Cons

  • 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
  • There's only a small range of payment methods available, with no e-wallets supported

Vantage

"Vantage remains an excellent option for CFD traders seeking a tightly-regulated broker with access to the reliable MetaTrader platforms. The fast sign-up process and $50 minimum deposit make it very straightforward to start day trading quickly."

Jemma Grist, Reviewer

Vantage Quick Facts

Bonus Offer50% Welcome Deposit Bonus, earn redeemable rewards in the Vantage Rewards scheme
GBPUSD Spread0.5
EURUSD Spread0.0
EURGBP Spread0.5
Total Assets55+
Leverage1:500
PlatformsProTrader, MT4, MT5, TradingView, DupliTrade
Account CurrenciesUSD, EUR, GBP, CAD, AUD, NZD, JPY, HKD, SGD, PLN

Pros

  • There’s an excellent suite of day trading software, including the award-winning platforms MT4 and MT5
  • There are no short-term strategy restrictions with hedging and scalping permitted
  • The ECN accounts are very competitive with spreads from 0.0 pips and a $1.50 commission per side

Cons

  • Unfortunately, cryptos are only available for Australian clients
  • It's a shame that some clients will need to register with the offshore entity, which offers less regulatory protection
  • The average execution speeds of 100ms to 250ms are slower than alternatives based on tests

IC Markets

"IC Markets offers superior pricing, exceptionally fast execution and seamless deposits. The introduction of advanced charting platforms, notably TradingView, and the Raw Trader Plus account, ensures it remains a top choice for intermediate to advanced day traders."

Christian Harris, Reviewer

IC Markets Quick Facts

GBPUSD Spread0.23
EURUSD Spread0.02
EURGBP Spread0.27
Total Assets75
Leverage1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global)
PlatformsMT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade
Account CurrenciesUSD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD

Pros

  • As a tightly regulated and widely respected broker, IC Markets prioritizes client security and transparency, helping to ensure a reliable trading experience globally.
  • IC Markets offers among the tightest spreads in the industry, with 0.0-pip spreads on major currency pairs, making it especially cost-effective for day traders.
  • You have access to over 2,250 CFDs across various markets, including forex, commodities, indices, stocks, bonds, and cryptocurrencies, allowing for diversified trading strategies.

Cons

  • Despite four industry-leading third-party platforms, there is no proprietary software or trading app built with new traders in mind.
  • While IC Markets offers a selection of metals and cryptos for trading via CFDs, the range is not as extensive as brokers like eToro, limiting opportunities for traders interested in these asset classes.
  • Interest isn't paid on unused cash, an increasingly popular feature found at alternatives like Interactive Brokers.

AvaTrade

"AvaTrade offers the full package for short-term traders. There is powerful charting software, reliable execution, transparent fees, and fast account opening with a low minimum deposit."

Rebecca Holden, Reviewer

AvaTrade Quick Facts

GBPUSD Spread1.5
EURUSD Spread0.9
EURGBP Spread1.5
Total Assets50+
Leverage1:30 (Retail) 1:400 (Pro)
PlatformsWebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade
Account CurrenciesUSD, EUR, GBP, CAD, AUD

Pros

  • The broker offers reliable 24/5 multilingual customer support with fast response times during testing
  • Recently introduced AvaFutures offers an alternative vehicle to speculate on over 35 markets with low day trading margins
  • Automated trading is supported through MetaTrader Expert Advisors (EAs), as well as the AvaSocial and DupliTrade tools

Cons

  • There’s an above-average $50 inactivity fee after three months, though this won't impact active day traders
  • It’s a shame that there are no rebate schemes for serious traders looking for additional perks - CMC Markets would be a better choice here
  • A high $2000 minimum investment is required to use DupliTrade, which will be out of reach for many beginners

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

GBPUSD Spread1.3
EURUSD Spread1.2
EURGBP Spread1.4
Total Assets80+
Leverage1:400
PlatformsMT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral
Account CurrenciesUSD, EUR, GBP, CAD, AUD, JPY, CHF, PLN

Pros

  • 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.
  • There’s a wealth of educational resources including tutorials, webinars, and a stacked YouTube channel to help you get educated in the financial markets.
  • FOREX.com offers industry-leading forex pricing starting from 0.0 pips, alongside competitive cashback rebates of up to 15% for serious day traders.

Cons

  • 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.
  • Demo accounts are frustratingly time-limited to 90 days, which doesn’t give you enough time to test day trading strategies effectively.
  • There’s no negative balance protection for US clients, so you may find yourself owing more money than your initial deposit into your account.

Pepperstone

"Pepperstone stands out as a top choice for day trading, offering razor-sharp spreads, ultra-fast execution, and advanced charting platforms for experienced traders. New traders are also welcomed with no minimum deposit, extensive educational resources, and exceptional 24/7 support."

Christian Harris, Reviewer

Pepperstone Quick Facts

GBPUSD Spread0.4
EURUSD Spread0.1
EURGBP Spread0.4
Total Assets100+
Leverage1:30 (Retail), 1:500 (Pro)
PlatformsMT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade
Account CurrenciesUSD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD

Pros

  • Award-winning customer support is available via telephone, email or live chat with response times of <5 minutes during testing.
  • Pepperstone boasts impressive execution speeds, averaging around 30ms, facilitating fast order processing and execution that’s ideal for day trading.
  • Now offering spread betting through TradingView, Pepperstone provides a seamless, tax-efficient trading experience with advanced analysis tools.

Cons

  • Pepperstone’s demo accounts are active for only 30 days, which may not be not long enough to familiarize yourself with the different platforms and test trading strategies.
  • Despite enhancements to its range of markets, crypto offerings are relatively limited compared to other brokers such as eToro, with no option to invest in real coins.
  • There’s no simplified proprietary trading platform, nor are there any social trading features, which could be a disadvantage if you are new to day trading.

XM

"XM is one of the best forex and CFD brokers we have tested. The flexible account types will suit a variety of short-term trading styles while the $5 minimum deposit and smooth sign-up process make it easy to start trading."

Rebecca Holden, Reviewer

XM Quick Facts

Bonus Offer$30 No Deposit Bonus When You Register A Real Account
GBPUSD Spread1.9
EURUSD Spread1.6
EURGBP Spread1.8
Total Assets55+
PlatformsMT4, MT5
Account CurrenciesUSD, EUR, GBP, AUD, JPY, ZAR, CHF, SGD, PLN, HUF

Pros

  • XM continues to deliver diverse and multilingual educational materials and offers a useful live education schedule for its webinars and insights
  • The broker offers premium research including market sentiment, fundamental insights and strategy builders
  • Powerful MT4 and MT5 platforms are available with 60+ and 80+ technical charting tools

Cons

  • There's $5 inactivity fee after only 3 months, though this won't affect active traders
  • PayPal deposits are not supported
  • There is weak regulatory oversight through the global entity

Eightcap

"Eightcap delivers in every area for day traders with a growing selection of charting platforms and AI-powered tools. Now sporting 250+ crypto CFDs and the Crypto Crusher market scanner, it's also become a stand-out choice for crypto trading, winning our 'Best Crypto Broker' award two years in a row."

Christian Harris, Reviewer

Eightcap Quick Facts

GBPUSD Spread0.1
EURUSD Spread0.0
EURGBP Spread0.1
Total Assets50+
PlatformsMT4, MT5, TradingView
Account CurrenciesUSD, EUR, GBP, CAD, AUD, NZD, SGD

Pros

  • Eightcap stands out with a selection of powerful trading tools, including MT4 and MT5, the innovative algorithmic trading platform Capitalise.ai, and more recently the 50-million strong social trading network TradingView.
  • Having excelled across all key areas for day traders, Eightcap outperformed more than 490 competitors to win our 'Best Overall Broker' award for 2024, also securing our 'Best Crypto Broker' title.
  • With tight spreads from 0 pips, low commission fees, and high leverage up to 1:500 for certain clients, Eightcap provides cost-effective and flexible trading conditions that can accommodate an array of strategies, including day trading and scalping.

Cons

  • Eightcap needs to continue bolstering its suite of instruments to match category leaders like Blackbull Markets with its 26,000+ assets, featuring a particularly weak selection of commodities.
  • In spite of an increasing variety of tools, Eightcap doesn't offer industry favorites like Autochartist or Trading Central, which offer cutting-edge charting analytics, live news, and market insights for short-term traders.
  • The demo account expires after 30 days and can only be extended upon request - a notable inconvenience compared to the likes of XM with its unlimited demo mode.

PrimeXBT

"PrimeXBT is good for beginners looking to trade crypto derivatives among traditional assets like forex and indices. There's also a proprietary copy trading solution for novices looking to learn from more experienced investors. With that said, the lack of regulation means traders will receive limited safeguards."

Christian Harris, Reviewer

PrimeXBT Quick Facts

Bonus Offer$100 Deposit Bonus
GBPUSD SpreadVariable
EURUSD SpreadVariable
EURGBP SpreadVariable
Total Assets45+
Leverage1:1000
PlatformsOwn
Account CurrenciesUSD, EUR, GBP

Pros

  • The broker’s platform and app offer advanced charting features, including 50+ technical indicators, a customizable layout and multiple order types including OCO
  • Beginners can access a crypto trading Academy with bite-size resources and YouTube videos
  • There’s a range of additional trading opportunities on offer, including demo contests and a copy trading solution

Cons

  • It’s a shame that there are no popular third-party platforms on offer such as MT4
  • The lack of reputable regulatory oversight is a security concern, though this is common in the crypto trading industry
  • The total selection of 110+ assets is far fewer than top competitors, including OKX with 400+

IQ Option

"IQ Option is a good broker for beginners with a slick platform and low minimum investment. New users can also open an account in three easy steps."

Christian Harris, Reviewer

IQ Option Quick Facts

GBPUSD Spread5 pips
EURUSD Spread14 pips
EURGBP Spread15 pips
Total Assets60+
Leverage1:500
PlatformsOwn
Account CurrenciesUSD, EUR, GBP, ZAR

Pros

  • High payouts on binary options
  • User-friendly platform for beginners
  • iOS & Android compatible app

Cons

  • €10 inactivity fee after 90 days
  • No MetaTrader 4 integration

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

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. However, the MYR has lost strength in recent years because of Covid-19 and political uncertainty. Interest rates had a projected hike of up to 3.2% in 2022.

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. Oanda is one popular forex platform.

FAQs

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

The Malaysian Ringgit weakened due to Covid-19, 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.

Why Is The AUD So Strong Against The MYR?

Several forces are driving the AUD. First and foremost, mining and export industries are on the rise, particularly with China wanting to resume normal pre-Covid-19 operations. Secondly, Australia had a record low unemployment rate of 3.9% in April 2022. 

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%.