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

  1. Forex.com - Forex.com maintains its position as a leading FX broker, thanks to the 80+ currency pairs and some of the lowest fees in the industry. EUR/USD spreads come in as low as 0.0 with a $7 commission per $100k. The SMART Signals tool also uncovers forex price patterns from dozens of major markets.
  2. 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.
  3. 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).
  4. 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.
  5. 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.

Trading AUD/MYR Comparison

Trading AUD/MYR Comparison
Broker Forex Assets EUR/USD Spread Forex App Rating Minimum Deposit Regulator Visit
Forex.com logo
80+ 1.0
$100 NFA, CFTC Visit
Interactive Brokers logo
100+ 0.08-0.20 bps x trade value
$0 FCA, SEC, FINRA, CBI, CIRO, SFC, MAS, MNB Visit
NinjaTrader logo
50+ 1.3
$0 NFA, CFTC Visit
OANDA US logo
65+ 1.6
$0 NFA, CFTC Visit
IG logo
80+ 0.8
$0 FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA Visit
Videforex logo
35 Floating from 0.1 pips
$250 - Visit
Plus500 US logo
13 0.75
$100 CFTC, NFA Visit
DNA Markets logo
40+ 1.0
$100 ASIC Visit
CloseOption logo
20+ No fee - payouts approx. 80% (Copper) - $5 National Bank of Georgia Visit
Coinexx logo
60+ From 0.0 pips - 0.001 BTC - Visit
Axofa logo
10+ From 1.6 pips - $1 SVGFSA Visit
World Forex logo
53 From 0.6 - $1 SVGFSA Visit
IQCent logo
49 0.3
$250 IFMRRC Visit
RaceOption logo
25+ Floating - $250 - Visit
Scope Markets logo
44 1.0 - $50 CMA, FSC, FSCA Visit

#1 - Forex.com

Why We Chose Forex.com

Forex.com maintains its position as a leading FX broker, thanks to the 80+ currency pairs and some of the lowest fees in the industry. EUR/USD spreads come in as low as 0.0 with a $7 commission per $100k. The SMART Signals tool also uncovers forex price patterns from dozens of major markets.

"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."

- DayTrading Review Team
  • GBPUSD Spread: 1.0
  • EURUSD Spread: 1.0
  • EURGBP Spread: 1.0
  • Total Assets: 80+
  • Leverage: 1:50
  • Platforms: MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral

About Forex.com

Forex.com boasts a global reputation with multiple awards and 20+ years experience. Regulated in the US, EU, UK and Canada they provide a huge range of day trading markets, not just forex, and offer competitive fees on a cutting-edge platform. The brand also provides a suite of additional tools, from performance analytics and SMART Signals to advanced charts and strategy builders.

Pros

  • The free demo account allows you to practice day trading strategies in a risk-free environment
  • There's a VPS hosting solution for those using automated trading strategies
  • Forex.com is a respected and trusted broker overseen by tier-one regulators including the US SEC

Cons

  • The investment offering varies between countries
  • It's a shame that there's no copy trading platform for beginners or signal providers
  • The $15 monthly inactivity fee is higher than some competitors, including XM which only charges $5

#2 - Interactive Brokers

Why We Chose 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.

"Interactive Brokers is one of the best brokers for advanced day traders, providing powerful charting platforms, real-time data, and customizable layouts. 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."

- DayTrading Review Team
  • GBPUSD Spread: 0.08-0.20 bps x trade value
  • EURUSD Spread: 0.08-0.20 bps x trade value
  • EURGBP Spread: 0.08-0.20 bps x trade value
  • Total Assets: 100+
  • Leverage: 1:50
  • Platforms: Trader Workstation (TWS), Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral

About Interactive Brokers

Interactive Brokers (IBKR) is a premier brokerage for experienced traders, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.

Pros

  • 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.
  • With low commissions, tight spreads and a transparent fee structure, IBKR delivers a cost-effective environment for short-term traders.
  • The TWS platform has clearly been built for intermediate and advanced traders and comes with over 100 order types and a reliable real-time market data feed that rarely goes offline.

Cons

  • 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.
  • 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.
  • IBKR provides a wide range of research tools, but their distribution across trading platforms and the web-based 'Account Management' page lacks consistency, leading to a confusing user experience.

#3 - NinjaTrader

Why We Chose 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).

"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."

- DayTrading Review Team
  • GBPUSD Spread: 1.6
  • EURUSD Spread: 1.3
  • EURGBP Spread: 1.6
  • Total Assets: 50+
  • Leverage: 1:50
  • Platforms: NinjaTrader Desktop, Web & Mobile, eSignal

About NinjaTrader

NinjaTrader is a US-headquartered and regulated brokerage that specializes in futures trading. There are three pricing plans to suit different needs and budgets, as well as ultra-low margins on popular contracts. The brand's award-winning charting software and trading platform also offers a high-degree of customization and superb technical analysis features.

Pros

  • You can get thousands of add-ons and applications from developers in 150+ countries
  • Traders can get free platform access and trade simulation capabilities in the unlimited demo
  • Low fees are offered, with $50 day trading margins & commissions from $.09 per micro contract

Cons

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

#4 - OANDA US

Why We Chose 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.

"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."

- DayTrading Review Team
  • GBPUSD Spread: 3.4
  • EURUSD Spread: 1.6
  • EURGBP Spread: 1.7
  • Total Assets: 65+
  • Leverage: 1:50
  • Platforms: OANDA Trade, MT4, TradingView, AutoChartist

About OANDA US

OANDA is a popular brand offering exceptional execution, low deposit requirements and advanced charting and trading platform features. The top-rated brand has over 25 years of experience and is regulated by trusted agencies, including the NFA/CFTC. Around the clock support is available for short-term traders, alongside flexible contract sizes and automated trade executions.

Pros

  • Beginners can get started easily with $0 minimum initial deposit
  • The broker's API facilitates access to 25 years of deep historical data and rates from 200+ currencies
  • Day traders can enjoy fast and reliable order execution

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

#5 - IG

Why We Chose 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.

"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."

- DayTrading Review Team
  • GBPUSD Spread: 0.9
  • EURUSD Spread: 0.8
  • EURGBP Spread: 0.9
  • Total Assets: 80+
  • Leverage: 1:30 (Retail), 1:250 (Pro)
  • Platforms: Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral

About IG

Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand-US offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.

Pros

  • IG offers an extensive collection of professional and engaging educational resources, including webinars, articles, and analysis
  • The IG app offers a superb mobile trading experience with a clean design that helped it secure Runner Up at our Best Trading App award
  • As a well-established broker, IG operates under strict regulatory guidelines in multiple jurisdictions, maintaining a high level of trust

Cons

  • 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
  • Stock and CFD spreads still trail the cheapest brokers like CMC Markets based on tests

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 many top forex brokers.
  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%.