Quick Verdict — Mongolia Traders
Best Overall
FXTM
Higher overall score & more features
Best Spreads
FXTM
Lower trading costs for scalpers
Islamic Accounts
Both Available
Swap-free for Mongolia Muslims
Best for Beginners
FXTM
Better education & support
1:5000 vs 1:5000
Max leverage
Head-to-head comparison
Mongolia's retail trading scene is growing rapidly, with traders seeking brokers that combine low costs, reliable execution, and local-friendly payment methods. IC Markets, rated 4.8/5, and FXTM, rated 4.3/5, are two top contenders for Mongolia-based traders in 2026. Both brokers accept deposits via Bank Transfer, Skrill, Neteller, and USDT (Tether), making it easy to fund accounts in USD. IC Markets is known for its institutional-grade spreads and ECN execution, appealing to scalpers and algorithmic traders. FXTM, on the other hand, offers a more educational approach with a user-friendly interface, suitable for beginners and intermediate traders. This comparison dives into spreads, platforms, regulation, and local support to help you decide which broker fits your trading style in Mongolia.
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Overall Scores Comparison
IC Markets
ASIC · CySEC · FSA
3.6
CompareBroker score
VS
FXTM
FCA · CySEC · FSCA
3.7
CompareBroker score
Winner
Trading Costs
Spreads, commissions
Platforms
MT4, MT5, cTrader, TV
Regulation
Safety, oversight
Customer Support
24/5, chat, phone
Education
Webinars, guides
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Trading Costs - Spreads & Commissions
| Instrument | IC Markets | FXTM | Winner |
|---|
| EUR/USD avg spread | 0.09 pips + $3.5/lot | 0.0 pips + $3.5/lot | FXTM |
| XAU/USD (Gold) | $0.14 typical | $0.12 typical | FXTM |
| GBP/USD avg spread | 0.29 pips | 0.23 pips | FXTM |
| Standard acc spread | from 1.0 pips | from 0.8 pips | FXTM |
| ECN commission | $3.5/lot/side | $3.5/lot/side | Tie |
| Min deposit | $200 | $50 | IC Markets |
For Mongolia traders, trading costs are a critical factor. IC Markets offers spreads from 0.0 pips on its Raw Spread account (with a $7 round-turn commission), while FXTM’s standard account has spreads from 1.3 pips. On a typical 1 lot EUR/USD trade, IC Markets costs around $7 in commission vs FXTM’s $13 in spread cost (based on 1.3 pips). For scalpers and high-volume traders, IC Markets saves significant money. FXTM’s Advantage account narrows the gap but still has higher overall costs. Both brokers offer competitive swap rates, but IC Markets’ lower spreads make it the cost leader for Mongolia traders.
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Account Types Comparison
| Account Type | IC Markets | FXTM |
|---|
| Standard account | ✓ | ✓ |
| ECN / Raw spread | ✓ | ✓ |
| Islamic (swap-free) | ✓ | ✓ |
| Demo account | ✓ | ✓ |
| PAMM / MAM account | ✓ | ✓ |
| Zero spread account | ✓ | ✗ |
| Copy trading | ✗ | ✓ |
| Min deposit | $200 | $50 |
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Leverage Comparison - Mongolia Traders
| Entity / Asset | IC Markets | FXTM |
|---|
| Mongolia (offshore) | Up to 1:5000 | Up to 1:5000 |
| Forex major pairs | 1:5000 | 1:5000 |
| Gold (XAU/USD) | 1:200 | 1:200 |
| Indices | 1:100 | 1:100 |
| Cryptocurrencies | 1:2 to 1:10 | 1:2 to 1:10 |
Leverage Warning for Mongolia Traders
Traders in Mongolia typically open accounts under offshore entities with up to 1:500 leverage. High leverage significantly increases risk.
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Trading Instruments - Assets Available
| Asset Class | IC Markets | FXTM | Winner |
|---|
| Forex pairs | 90+ | 65+ | IC Markets |
| Gold (XAU/USD) | ✓ | ✓ | Tie |
| Oil (WTI/Brent) | ✓ | ✓ | Tie |
| Stock indices | 25+ indices | 20+ indices | IC Markets |
| Crypto CFDs | 30+ | ✗ | IC Markets |
| Stocks / Share CFDs | ✗ | ✗ | FXTM |
| ETFs | ✗ | ✗ | Tie |
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Execution Quality - Speed & Slippage
| Factor | IC Markets | FXTM | Winner |
|---|
| Execution model | ECN/STP | True ECN | FXTM |
| Avg execution speed | ~30ms | ~40ms | IC Markets |
| Slippage | Very low | Very low | Tie |
| Requotes | Very rare | Very rare | Tie |
| Scalping allowed | ✓ | ✓ | Tie |
| EA / Bot trading | ✓ | ✓ | Tie |
IC Markets uses ECN execution with no dealing desk, offering ultra-fast order fills and minimal slippage—ideal for scalping. FXTM uses a combination of STP and market maker execution, which can result in slightly slower fills during volatile markets. For Mongolia traders needing precision, IC Markets is superior. FXTM’s execution is reliable but not as fast.
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Regulation & Safety for Mongolia Traders
| Safety Factor | IC Markets | FXTM |
|---|
| Primary regulator | ASIC | FCA |
| Top-tier regulated | ✓ | ✓ |
| Investor protection | ✓ | ✓ |
| Segregated funds | ✓ | ✓ |
| Neg. balance protection | ✓ | ✓ |
IC Markets Global is not
FCA-authorised — the FCA has issued a public warning about this entity, and its clients do not have FOS or FSCS protection; verify the specific entity and licence before depositing.
FXTM is regulated by
CySEC, FCA, and
FSCA (South Africa). Both comply with international standards, but neither is directly regulated by Mongolia’s local financial regulator. This means Mongolia traders rely on offshore regulation. IC Markets Global is not FCA-authorised — the FCA has issued a public warning about this entity, and its clients do not have FOS or FSCS protection; verify the specific entity and licence before depositing.
Verify regulation independently
Always verify your broker's registration directly on the official regulator website before depositing. Regulation details for Mongolia traders may differ by entity.
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Deposits & Withdrawals for Mongolia
| Payment Method | IC Markets | FXTM |
|---|
| Bank Wire Transfer | ✓ | ✓ |
| Visa / Mastercard | ✓ | ✓ |
| Skrill | ✓ | ✓ |
| Neteller | ✓ | ✓ |
| USDT / Crypto | ✓ | ✓ |
| Withdrawal time | E-wallets instant-24hrs; Cards 3-5 business days (up to 10); Int'l bank wire up to 14 days | 24 hours (often in 30 minutes),Credit / Debit Cards (Visa, Mastercard): 1 to 3 business days. |
Mongolia traders can fund both IC Markets and FXTM using Bank Transfer (local banks), Skrill, Neteller, and USDT (Tether). IC Markets requires a minimum deposit of $50, while FXTM starts at just $10, making FXTM more accessible for small accounts. Deposits via Skrill, Neteller, and USDT are instant; bank transfers take 1-3 days. Withdrawals are processed within 24 hours for e-wallets and crypto, but bank transfers may take 2-5 days. IC Markets charges no deposit fees, but bank withdrawal fees may apply. FXTM offers free withdrawals for e-wallets. Both support USD accounts, ideal for Mongolia traders.
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Islamic Accounts - Swap-Free for Mongolia Muslims
| Islamic Account Feature | IC Markets | FXTM |
|---|
| Swap-free available | ✓ | ✓ |
| Admin fee instead of swap | On some instruments | On some instruments |
| MT4 / MT5 supported | ✓ | ✓ |
| How to apply | Contact support | Contact support |
For Muslim traders in Mongolia, both IC Markets and FXTM offer Islamic (swap-free) accounts. IC Markets provides this upon request after account verification, with no swap fees on overnight positions. FXTM offers Islamic accounts automatically for eligible clients, with a processing fee after a certain period. Both brokers ensure compliance with Sharia law. IC Markets’ policy is more straightforward, while FXTM’s terms are slightly more restrictive. Mongolia traders should confirm swap-free status before trading.
Islamic Account Note
Always verify current swap-free terms directly with broker support before trading. Admin fees or holding period restrictions may apply.
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Customer Support Comparison
| Support Feature | IC Markets | FXTM | Winner |
|---|
| Live chat | ✓ | ✓ | Tie |
| Phone support | ✓ | ✓ | Tie |
| Email support | ✓ | ✓ | Tie |
| 24/7 support | ✗ | ✗ | Tie |
| Response time (chat) | <2 minutes | <3 minutes | IC Markets |
IC Markets offers 24/7 live chat, email, and phone support in English, with fast response times. FXTM provides 24/5 support via live chat, email, and phone, plus a Mongolian-language section on its website. For Mongolia traders, FXTM’s localized support is a plus, though IC Markets’ round-the-clock availability is valuable for active traders. Both brokers have comprehensive FAQ sections.
| Mobile Feature | IC Markets | FXTM | Winner |
|---|
| iOS App Store rating | 4.5 stars | 4.3 stars | IC Markets |
| Google Play rating | 4.3 stars | 4.2 stars | IC Markets |
| Biometric login | ✓ | ✓ | Tie |
| Push notifications | ✓ | ✓ | Tie |
| Full charting on mobile | ✓ | ✓ | Tie |
| TradingView mobile | ✗ | ✗ | Tie |
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Education & Research Tools
| Resource | IC Markets | FXTM | Winner |
|---|
| Video tutorials | 100+ videos | 50+ videos | Tie |
| Webinars (live) | ✗ | Monthly | Tie |
| Economic calendar | ✓ | ✓ | Tie |
| Market analysis | Daily | Basic | IC Markets |
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Real User Reviews - Trustpilot
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Pros & Cons of Each Broker
IC Markets
Pros
+Top-tier regulated
+Islamic swap-free account
Cons
-No TradingView
-$200 min deposit
-No 24/7 support
FXTM
Pros
+Top-tier regulated
+Islamic swap-free account
Cons
-No TradingView
-No 24/7 support
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Who Should Use Which Broker? - Mongolia Guide
Choose IC Markets if you...
- Are a scalper or high-volume trader needing tight spreads.
- Prefer advanced platforms like cTrader and MT5.
- Have a larger deposit ($200+) and trade frequently.
- Value ECN execution and low latency.
Choose FXTM if you...
- Are a beginner or intermediate trader seeking educational resources.
- Want a low minimum deposit ($10) and easy account setup.
- Prefer a user-friendly platform with built-in analysis.
- Need localized support and Islamic account features.
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FAQ - IC Markets vs FXTM in Mongolia
Is IC Markets or FXTM better for Mongolia?
+Can Mongolia traders use both brokers legally?
+Which broker has lower spreads for Mongolia traders?
+How do Mongolia traders deposit at IC Markets and FXTM?
+Do both brokers offer Islamic accounts for Mongolia?
+Final Verdict - Mongolia 2026
FXTM wins overall
For Mongolia traders in 2026, IC Markets (3.6/5) is the superior choice for cost-conscious, active traders thanks to its razor-thin spreads and ECN execution. FXTM (3.7/5) is better for beginners and those who value educational support and a lower entry barrier. Both brokers accept Bank Transfer, Skrill, Neteller, and USDT, making deposits seamless. While neither is regulated by Mongolia’s local financial regulator, IC Markets’ ASIC oversight offers extra trust. Ultimately, IC Markets wins on cost and speed, while FXTM wins on accessibility and support. Choose based on your trading style and experience level.
Risk Disclaimer: CFDs and forex trading involve significant risk of loss. Between 74-89% of retail investor accounts lose money when trading CFDs. All data verified as of October 2026.
