IC Markets vs Exness: Which Broker is Best for Mongolia Traders in 2026?

When comparing trading costs for Mongolia traders, IC Markets has a slight edge with spreads starting from 0.0 pips on its Raw Spread account, plus a $7 round-turn commission per lot. Exness offers spreads from 0.1 pips on its Zero account with a similar commission structure. For high-volume traders in Mongolia, IC Markets can be more cost-effective, especially on major pairs like EUR/USD and USD/JPY. However, Exness provides lower costs on smaller lot sizes and offers tight spreads on its Standard account without commission. Both brokers have no hidden fees, and the impact of spread costs becomes significant for scalpers trading multiple lots daily. Mongolia traders should consider their average trade size and frequency when choosing between the two.

Both IC Markets and Exness offer the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms, which are widely used by Mongolia traders for their advanced charting tools and automated trading capabilities. IC Markets additionally provides cTrader, a platform favored for its intuitive interface and depth of market data, ideal for scalpers. Exness focuses on MT4/MT5 with seamless integration for mobile and web trading, ensuring fast execution on slower internet connections common in some parts of Mongolia. Both brokers offer demo accounts, so Mongolia traders can test platforms before committing. For those who prefer social trading, both support copy trading features, though IC Markets has a larger third-party signal provider network.

IC Markets is renowned for its ultra-fast execution, with average speeds under 40 milliseconds, making it ideal for scalpers and high-frequency traders in Mongolia. Exness also offers fast execution, typically under 100 milliseconds, but its focus on high leverage may lead to slight slippage during volatile markets. Both brokers use No Dealing Desk (NDD) execution, ensuring no re-quotes. For Mongolia traders who prioritize speed, IC Markets is the better choice, while Exness balances speed with flexibility for larger positions.

IC Markets is regulated by the Australian Securities and Investments Commission (ASIC) and the Cyprus Securities and Exchange Commission (CySEC), while Exness is regulated by the Financial Conduct Authority (FCA) in the UK and the Financial Services Authority (FSA) in Seychelles. For Mongolia traders, this means both brokers adhere to strict financial standards, including client fund segregation and negative balance protection. Although the local financial regulator in Mongolia does not directly oversee these brokers, the international licenses provide a high level of security. Exness also offers an Investor Compensation Fund for eligible clients under CySEC, adding extra peace of mind. Mongolia traders should verify the specific entity they register with, as terms may vary by jurisdiction.

Mongolia traders can fund their accounts using Bank Transfer, Skrill, Neteller, and USDT at both IC Markets and Exness. IC Markets has a minimum deposit of $200 and processes withdrawals within 1-2 business days for e-wallets and USDT, while bank transfers may take 3-5 days. Exness stands out with instant withdrawals for e-wallets and USDT, often processed within seconds, and a lower minimum deposit of just $10. Both brokers charge no deposit fees, but Exness has no withdrawal fees either, while IC Markets may charge a small fee for bank transfers. For Mongolia traders who value speed, Exness is the clear winner, while IC Markets is better for those who can wait a bit longer for lower spreads. USDT deposits are particularly popular in Mongolia due to their speed and low cost.

Both IC Markets and Exness offer Islamic (swap-free) accounts for Mongolia traders who follow Sharia law. IC Markets provides Islamic accounts on request for all account types, waiving overnight interest on positions held beyond one day. Exness automatically applies swap-free conditions on its Standard and Cent accounts, but not on Raw Spread or Zero accounts. Mongolia traders need to ensure they select the correct account type to avoid swap charges. Both brokers require a declaration of faith for Islamic accounts, and the accounts are available indefinitely. This makes both brokers suitable for Muslim traders in Mongolia, though Exness offers a more straightforward process for beginners.

IC Markets offers 24/7 customer support via live chat, email, and phone, with English as the primary language. Exness provides 24/7 support in multiple languages, including English and simplified Chinese, which can be helpful for Mongolia traders who prefer non-English support. Both brokers have comprehensive FAQ sections and educational resources. IC Markets is known for faster response times during active trading hours, while Exness excels in handling account-related queries quickly. For Mongolia traders, Exness may have a slight edge due to its multilingual support.