IC Markets vs FP Markets for Mongolia Traders (2026)

For Mongolia traders, trading costs are a key factor. IC Markets offers a Raw Spread account with spreads from 0.0 pips and a commission of $3.50 per lot per side, while FP Markets’ Raw account has spreads from 0.0 pips with a similar commission structure. On standard accounts, IC Markets’ spreads average around 0.6 pips, while FP Markets averages 1.0 pips. For high-volume traders in Mongolia, IC Markets tends to be more cost-effective, especially for frequent scalping strategies. Both brokers offer negative balance protection, which is important for retail traders.

IC Markets provides MetaTrader 4, MetaTrader 5, and cTrader, all popular among Mongolia traders for their advanced charting and algorithmic trading capabilities. FP Markets also offers MT4 and MT5, plus the IRESS platform, which is favored by traders who need direct market access and advanced order types. For Mongolia traders who rely on mobile trading, both brokers have robust apps, but FP Markets’ IRESS platform is a unique advantage for those who trade equities or CFDs alongside forex.

IC Markets is known for its ultra-fast execution, averaging under 40ms on its Raw Spread account, ideal for scalpers and algorithmic traders in Mongolia. FP Markets offers execution speeds around 60ms, which is still competitive. Both use No Dealing Desk (NDD) execution with low latency, but IC Markets’ lower latency gives it an edge for high-frequency trading strategies.

IC Markets is regulated by ASIC (Australia) and CySEC (Cyprus), while FP Markets is regulated by ASIC and the FSA (Seychelles). Neither broker is directly regulated by Mongolia’s local financial regulator, but both comply with international standards for client fund segregation and negative balance protection. For Mongolia traders, this means your funds are held in separate accounts and you are protected from losing more than your deposit. Always verify the broker’s license before trading.

Mongolia traders can deposit and withdraw using Bank Transfer, Skrill, Neteller, and USDT with both brokers. IC Markets processes withdrawals within 1 business day for e-wallets and USDT, while bank transfers may take 2-5 business days. FP Markets offers similar speed, with e-wallet withdrawals typically processed within 24 hours. Both brokers do not charge deposit fees, and withdrawal fees are minimal. Using USDT is particularly popular among Mongolia traders for its speed and low cost. Minimum deposit for IC Markets is $200, while FP Markets requires $100, making FP Markets more accessible for beginners.

Both IC Markets and FP Markets offer Islamic (swap-free) accounts for Mongolia traders who follow Sharia law. These accounts do not accrue overnight swap interest, aligning with Islamic finance principles. IC Markets requires a request via support to activate the account, while FP Markets allows direct selection during registration. A small administrative fee may be charged after a holding period (e.g., 10 days) to cover costs. This is a crucial feature for Mongolia’s Muslim traders seeking compliant trading.

IC Markets offers 24/7 customer support via live chat, email, and phone, with agents fluent in English and Chinese—useful for Mongolia traders. FP Markets also provides 24/7 support with multilingual staff, including Mongolian language support on occasion. Both brokers have extensive FAQ sections and educational resources, but FP Markets edges ahead with its dedicated account managers for larger accounts.