Trading USD/MYR

Although the USD/MYR is not traded in significant volumes, the nature of the pair does provide investing opportunities. The US Dollar is considered the global reserve currency and, coupled with the Malaysian Ringgit, creates an exotic forex pair with interesting market dynamics.

This guide will discuss the history of the USD/MYR, price influences, exchange rate historical data, investing outlooks, live charts, and more. We also list the best FX brokers in 2024 below.

USD/MYR Trading Brokers

  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.

Trading USD/MYR Comparison

Trading USD/MYR Comparison
Broker Forex Assets EUR/USD Spread Forex App Rating Minimum Deposit Regulator Visit
OANDA US logo
65+ 1.6
$0 NFA, CFTC Visit
Vantage logo
55+ 0.0
$50 FCA, ASIC, FSCA, VFSC Visit
IC Markets logo
75 0.02
$200 ASIC, CySEC, FSA Visit
AvaTrade logo
50+ 0.9
- ASIC, CySEC, FSCA, ISA, CBol, FSA, FSRA, BVI, ADGM Visit
FOREX.com logo
80+ 1.2
$100 NFA, CFTC, CIRO, FCA, CYSEC, ASIC, SFC, FSA, MAS, CIMA Visit
Pepperstone logo
100+ 0.1
$0 FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB Visit
XM logo
55+ 1.6
$5 ASIC, CySEC, DFSA, FSC, FSCA Visit
Eightcap logo
50+ 0.0
$100 ASIC, FCA, CySEC, SCB Visit
PrimeXBT logo
45+ Variable
$0 - Visit
IQ Option logo
60+ 14 pips
$10 - Visit
IG logo
80+ 0.8
$0 FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA Visit
FxPro logo
70+ 1.58 pips (Ave)
$100 FCA, CySEC, FSCA, SCB, FSC Visit
FXCC logo
70+ 0.2
$0 CySEC Visit
XTB logo
70+ 1.0
$0 FCA, CySEC, KNF, CNMV, DFSA, FSC Visit
Plus500 logo
60+ 0.6
$100 FCA, ASIC, CySEC, DFSA, MAS, FSA, FSCA, FMA, EFSA Visit

#1 - OANDA US

Why We Chose 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.

"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

#2 - Vantage

Why We Chose Vantage

Founded in 2009, Vantage offers trading on 1000+ short-term CFD products to over 900,000 clients. You can trade Forex CFDs from 0.0 pips on the RAW account through TradingView, MT4 or MT5. Vantage is ASIC-regulated and client funds are segregated. Copy traders will also appreciate the range of social trading tools.

"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."

- DayTrading Review Team
  • GBPUSD Spread: 0.5
  • EURUSD Spread: 0.0
  • EURGBP Spread: 0.5
  • Total Assets: 55+
  • Leverage: 1:500
  • Platforms: ProTrader, MT4, MT5, TradingView, DupliTrade

#3 - IC Markets

Why We Chose IC Markets

IC Markets is a globally recognized forex and CFD broker known for its excellent pricing, comprehensive range of trading instruments, and premium trading technology. Founded in 2007 and headquartered in Australia, the brokerage is regulated by the ASIC, CySEC and FSA, and has attracted more than 180,000 clients from over 200 countries.

"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."

- DayTrading Review Team
  • GBPUSD Spread: 0.23
  • EURUSD Spread: 0.02
  • EURGBP Spread: 0.27
  • Total Assets: 75
  • Leverage: 1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global)
  • Platforms: MT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade

#4 - AvaTrade

Why We Chose AvaTrade

AvaTrade is a leading forex and CFD broker, established in 2006 and regulated across 9 jurisdictions. Over 400,000 users have signed up with the broker which processes over 2 million trades each month. The firm offers multiple trading platforms, including MT4, MT5, and a proprietary WebTrader. 1250+ financial instruments are available for day trading, from CFDs to AvaOptions and now AvaFutures, alongside a comprehensive education center and multilingual customer support.

"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."

- DayTrading Review Team
  • GBPUSD Spread: 1.5
  • EURUSD Spread: 0.9
  • EURGBP Spread: 1.5
  • Total Assets: 50+
  • Leverage: 1:30 (Retail) 1:400 (Pro)
  • Platforms: WebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade

#5 - FOREX.com

Why We Chose FOREX.com

Founded in 1999, FOREX.com is now part of StoneX, a financial services organization serving over one million customers worldwide. Regulated in the US, UK, EU, Australia and beyond, the broker offers thousands of markets, not just forex, and provides excellent pricing on cutting-edge platforms.

"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: 1.3
  • EURUSD Spread: 1.2
  • EURGBP Spread: 1.4
  • Total Assets: 80+
  • Leverage: 1:400
  • Platforms: MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral

Chart

Breaking Down ‘USD/MYR’

The US Dollar (USD) is the currency of the United States of America. Its stability is impacted by the policies of the US Federal Reserve (Fed). Today, the USD is considered the global reserve currency, settling the majority of international transactions. Many countries also choose to peg their currencies to the Dollar.

The Malaysian Ringgit (MYR) is the authorized currency of Malaysia, licensed by the Central Bank of Malaysia (Bank Negara Malaysia, BNM).

The exchange rate is the buy or sell price of the USD into MYR. For example, 1 USD to MYR (1.2) means to buy 1 US Dollar, you will pay 2 Malaysian Ringgit.

The all-time high for the pair was in January 1998 at 4.77, while the all-time low was established in September 1978 at 2.10.

History Of The USD

The US Dollar was officially adopted as the United States currency in 1785. The exchange rate was set against the value of gold until 1973. As gold stocks started to deplete due to banks using Dollar to gold conversions, the value of the currency fell. This signaled the end of the US peg for many countries at that time.

After the US Dollar’s value was detached from gold, the Federal Reserve was appointed to maintain the value of the currency and the exchange rate, doing so with a low, stable rate of inflation.

US Economy

The United States is the world’s second-largest economy after China, accounting for over 16.8% of global output. The country is the single largest importer and exporter of goods and services. US monetary policy plays a major role in financial conditions across the world due to the USD being the most widely used currency. As a result, developments can impact its strength against other currencies, such as the Ringgit. With this in mind, USD/MYR traders should keep an eye on GDP data, employment, interest rates, and US political announcements, which can all trigger shifts in the forex markets.

History Of The MYR

The Malaysian Dollar substituted the British Borneo Dollar and the Malaya in 1967. It was called the Malaysian Ringgit in 1975 and is the country’s official currency. With that said, it is still sometimes known as the Malaysian Dollar.

After the Asian financial crisis in the 1990s, the public Bank of Malaysia chose to peg the MYR to the USD at a conversion rate of 3.8 to 1 until 2005. The MYR is now free-floating, but offshore trading is limited.

Malaysian Economy

After Covid-19, the country has been on an upward course, recovering from the effects of the virus. Malaysia has diversified its economy from reliance on agriculture to one that supports manufacturing. Accounting for close to 36% of the nation’s exports are electronic integrated circuits and microassemblies. And while income equality is still prevalent in Malaysia, the country is making progress.

Investors should keep a close eye on economic reports, especially manufacturing data on the production of electricals, plus petroleum and palm oil, for an indication as to where the price of the MYR is heading.

Value Of The MYR

The value of the MYR is prone to changes in global emerging markets and the political stability in Malaysia. Other factors include:

USD/MYR forex trading

Value Of The USD

Factors influencing the value of the US Dollar include:

USD to MYR lowest forex rates

Managing Price Movements

Supply and demand for currencies, such as the USD/MYR, can be heavily influenced by monetary policies set by respective central banks, plus other factors such as market sentiment or inflation. Other aspects include GDP growth rates, interest rates, inflation, and employment rates. Brokers and financial data sources integrate USD/MYR real-time spot rates, daily forex live charts, and the latest news bulletins to help you understand these.

Traders can also use technical analysis for USD to MYR forecast support. This includes extensive price history charts, such as 5, 10, 20, or 30 years data views. It is also good to utilize price trend statistics before trading the forex pair. Reference signals and indicator rates for entry and exit points of a trade can be leveraged, with candlestick charts commonly used for this.

Pros Of Trading USD/MYR

What makes the currencies a trading interest in today’s financial markets?

Risks Of Trading USD/MYR

There are a few points to consider before investing in the USD versus MYR:

US Dollar Index

The US Dollar Index (USDX) is a measure of the value of the USD in relation to other key foreign currencies, including the Euro. The index fluctuates in response to macroeconomic factors impacting the supply and demand of the Dollar and price movements of the other foreign currencies.

The outlook of the USDX can help paint a picture of the relative strength of the USD, which can, in turn, inform investment decisions when trading pairs related to the Dollar, such as the USD/MYR.

USD/MYR & Exotic Pairs

Exotic pairs are those that include one major currency and one currency from an emerging or developing market, such as the USD/MYR. They make up a much smaller share of the total forex market. Major currencies such as the USD are associated with stable economies. Exotic currencies such as the MYR can be heavily influenced by political and economic instability. Exotic currencies are usually traded at low volumes and can be very volatile. Importantly, the lack of liquidity can often lead to wider spreads at brokers.

Final Word On Trading USD/MYR

There are many opportunities to start trading the USD/MYR forex pair. There is ample financial data and resources available such as USD vs. MYR exchange price charts and forecasts. XE, TradingView, or X-rates are good options for currency data and graphs. Understanding the influences on the individual economies and finding a broker that provides USD/MYR trading tools such as live streaming rates and historical data is also key.

But while the exotic pair does offer profit potential, it is best suited to experienced investors. Beginners may want to start off trading the EUR/USD, which is easier to track and find data on.

FAQs

How Much Is 1 USD To MYR?

The exchange rate value of 1 USD into MYR is constantly moving. Use live charts for the latest buying and selling rates, daily forecasts, or trading history to understand previous price trends.

Which Statutory Body Regulates The Malaysian Ringgit For USD To MYR Investing?

The Central Bank of Malaysia (Bank Negara Malaysia) is the country’s financial regulator. Commercial banks of Malaysia include Public Bank Berhad, CIMB, and Maybank.

What Is The USD Versus MYR In The Currency Pair?

The exchange rate is the price of the USD per MYR. You can use a selling rate of 1.2 Dollar to MYR to help you understand this concept. The bid-ask is 1 USD to 2 MYR so to buy 1 US Dollar you will pay 2 Malaysian Ringgit.

What Is A USD/MYR Basis Swap?

A USD/MYR basis swap is an agreement between two parties exchanging interest payments based on two floating rates, subject to swap points.

What Is USD/MYR Forward Rates?

Forex forward rates are exchange rates ‘locked in’ for the buying or selling of pairs such as USD to MYR at a later date. For example, investing now for six months ahead at the current forward rate.