IC Markets vs Plus500 for Mongolia Traders (2026): Complete Comparison

For Mongolia traders, trading costs are crucial. IC Markets offers ultra-low spreads from 0.0 pips on its Raw Spread account, with a commission of $3.50 per lot. This is ideal for active traders who trade high volumes. Plus500 uses variable spreads that are typically wider, often 0.6-1.2 pips on major pairs, with no commission. Over many trades, IC Markets becomes cheaper for Mongolia traders, especially scalpers. For example, trading 10 lots per month on EUR/USD, IC Markets costs around $35 in commissions plus spreads, while Plus500 may cost $60-120 in spreads alone. Lower costs directly improve profitability.

IC Markets provides MetaTrader 4, MetaTrader 5, and cTrader, which are powerful platforms preferred by experienced Mongolia traders. These offer advanced charting, automated trading via Expert Advisors (EAs), and custom indicators. Plus500 offers its proprietary web and mobile platform, which is intuitive but limited in features. For Mongolia traders who need algorithmic trading or detailed analysis, IC Markets is superior. Plus500 suits beginners who want a simple, all-in-one platform without downloads. Both have mobile apps for trading on the go.

IC Markets uses ECN technology with direct market access, offering average execution speeds under 40ms and no requotes. This is critical for scalpers and high-frequency traders in Mongolia. Plus500 uses a market maker model, which may result in slippage during volatile markets. For Mongolia traders needing fast, reliable execution, IC Markets is the clear winner. Plus500 is adequate for casual traders but not for those requiring precision.

IC Markets is regulated by top-tier authorities like the Australian Securities and Investments Commission (ASIC) and the Cyprus Securities and Exchange Commission (CySEC). Plus500 is regulated by the Financial Conduct Authority (FCA) in the UK and CySEC. Neither is regulated by the Financial Regulatory Commission (FRC) of Mongolia, but they comply with international standards. For Mongolia traders, this means client funds are segregated and negative balance protection applies. However, Mongolia traders should note that local investor compensation schemes do not cover these brokers. Always verify the broker's license and read terms carefully.

IC Markets offers Mongolia traders multiple deposit options: Bank Transfer (1-3 business days), QPay (instant, popular in Mongolia), and USDT (cryptocurrency stablecoin, instant). Minimum deposit is $200 (about 700,000 MNT). Withdrawals are processed within 1-2 business days to the same method. Plus500 mainly accepts credit/debit cards and bank transfers, with no QPay or USDT support. Minimum deposit is $100. For Mongolia traders, IC Markets is more convenient due to QPay and USDT, which are widely used locally. Bank transfers are also available for larger amounts. Always check for any fees from your bank.

Both IC Markets and Plus500 offer Islamic (swap-free) accounts for Muslim traders in Mongolia. IC Markets provides swap-free accounts upon request, with no overnight interest on positions. This is available for all account types. Plus500 automatically applies swap-free status for clients from Muslim-majority regions, including Mongolia, with no extra documentation. For Mongolia Muslim traders, both brokers are suitable, but IC Markets offers more flexibility with account types. Note that swap-free accounts may have holding period limits or additional spreads on long-term trades, so review terms.

IC Markets offers 24/7 customer support via live chat, email, and phone, with English as the primary language. Response times are fast, typically under 5 minutes. Plus500 provides 24/7 support through live chat and email, also in English. For Mongolia traders, neither broker offers Mongolian language support, but IC Markets' multilingual team is more responsive. Both have extensive FAQ sections. For urgent issues, IC Markets' live chat is more reliable.