FBS vs IC Markets: Broker Comparison for Mongolia Traders (2025)
Which broker is better for Mongolia traders in 2026? Expert analysis across 12 categories.
Mongolia traders exploring forex brokers often compare FBS and IC Markets. FBS, with a score of 3.7/5, is popular among emerging retail traders due to low minimum deposits and localized support. IC Markets, scoring 4.8/5, is favored by active traders for its tight spreads and institutional-grade execution. Both brokers accept Mongolia clients and support local payment methods like Bank Transfer, QPay, and USDT. However, they differ significantly in trading costs, regulation, and platform offerings. This comparison highlights key factors for Mongolia traders, including the impact of the FRC Mongolia regulatory environment and local deposit options. Whether you are a beginner or an experienced trader, understanding these differences helps you choose the right broker for your trading style in Mongolia.
| Instrument | FBS | IC Markets | Winner |
|---|---|---|---|
| EUR/USD avg spread | 0.09 pips + $3.5/lot | 0.0 pips + $3.5/lot | IC Markets |
| XAU/USD (Gold) | $0.14 typical | $0.12 typical | IC Markets |
| GBP/USD avg spread | 0.29 pips | 0.23 pips | IC Markets |
| Standard acc spread | from 1.0 pips | from 0.8 pips | IC Markets |
| ECN commission | $3.5/lot/side | $3.5/lot/side | Tie |
| Min deposit | $1 | $200 | FBS |
| Inactivity fee | ✓ | ✓ | Tie |
Trading costs are crucial for Mongolia traders. IC Markets offers spreads from 0.0 pips on Raw Spread accounts with a $7 round-turn commission per lot. FBS spreads start from 0.5 pips on ECN accounts and 1 pip on standard accounts, with no commission. For a Mongolia trader trading 10 lots per month, IC Markets saves approximately $50–100 in spreads compared to FBS. Swap rates also favor IC Markets, with lower overnight fees. For scalpers and day traders in Mongolia, IC Markets provides a clear cost advantage.
| Account Type | FBS | IC Markets |
|---|---|---|
| Standard account | ✓ | ✓ |
| ECN / Raw spread | ✓ | ✓ |
| Islamic (swap-free) | ✓ | ✓ |
| Demo account | ✓ | ✓ |
| PAMM / MAM account | ✗ | ✓ |
| Zero spread account | ✗ | ✓ |
| Copy trading | ✗ | ✗ |
| VPS trading | ✗ | ✓ |
| Min deposit | $1 | $200 |
| Neg. balance protection | ✓ | ✓ |
| Entity / Asset | FBS | IC Markets |
|---|---|---|
| Mongolia (offshore) | Up to 1:3000 | Up to 1:500 |
| Forex major pairs | 1:3000 | 1:500 |
| Gold (XAU/USD) | 1:200 | 1:200 |
| Indices | 1:100 | 1:100 |
| Cryptocurrencies | 1:2 to 1:10 | 1:2 to 1:10 |
| Margin call level | 80% | 80% |
| Stop out level | 50% | 50% |
| Asset Class | FBS | IC Markets | Winner |
|---|---|---|---|
| Forex pairs | 90+ | 65+ | FBS |
| Gold (XAU/USD) | ✓ | ✓ | Tie |
| Oil (WTI/Brent) | ✓ | ✓ | Tie |
| Stock indices | 25+ indices | 20+ indices | FBS |
| Crypto CFDs | 30+ | 20+ | FBS |
| Stocks / Share CFDs | ✗ | ✗ | IC Markets |
| ETFs | ✗ | ✗ | Tie |
| Options | ✗ | ✗ | Tie |
| Futures | ✗ | ✗ | Tie |
| Platform | FBS | IC Markets |
|---|---|---|
| MetaTrader 4 (MT4) | ✓ | ✓ |
| MetaTrader 5 (MT5) | ✓ | ✓ |
| cTrader | ✗ | ✓ |
| TradingView | ✗ | ✗ |
| Expert Advisors (EAs) | ✓ | ✓ |
| Scalping allowed | ✓ | ✓ |
| Hedging allowed | ✓ | ✓ |
| Fixed spreads | ✓ | ✗ |
| Variable spreads | ✓ | ✓ |
Both brokers offer MetaTrader 4 and MetaTrader 5, the most popular platforms among Mongolia traders. IC Markets additionally provides cTrader, which is faster and more customizable for advanced traders. FBS offers a proprietary mobile app with simple interface, suitable for beginners. Mongolia traders with limited internet may prefer IC Markets’ low-latency servers in Tokyo and Hong Kong, reducing execution delays. FBS is easier for new traders but lacks advanced tools.
| Factor | FBS | IC Markets | Winner |
|---|---|---|---|
| Execution model | ECN/STP | True ECN | IC Markets |
| Avg execution speed | ~30ms | ~40ms | FBS |
| Slippage | Very low | Very low | Tie |
| Requotes | Very rare | Very rare | Tie |
| Dealing desk | ✗ | ✗ | Tie |
| Scalping allowed | ✓ | ✓ | Tie |
| News trading | ✓ | ✓ | Tie |
| EA / Bot trading | ✓ | ✓ | Tie |
IC Markets uses Equinix NY4 and LD4 servers with average execution speed under 40ms, ideal for scalping and high-frequency trading. FBS execution is slower, averaging 100ms, which can cause slippage for Mongolia traders during volatile markets. For active traders in Mongolia, IC Markets’ execution quality is superior.
| Safety Factor | FBS | IC Markets |
|---|---|---|
| Primary regulator | IFSC | ASIC |
| Reg number | #IFSC/60/230/TS/19 | #335692 |
| Verify registration | Verify ↗ | Verify ↗ |
| Top-tier regulated | ✗ | ✓ |
| Investor protection | ✓ | ✓ |
| Segregated funds | ✓ | ✓ |
| Neg. balance protection | ✓ | ✓ |
FBS is regulated by the IFSC (Belize) and IC Markets by ASIC (Australia) and CySEC (Cyprus). Neither is regulated by the FRC Mongolia, but both are reputable internationally. IC Markets offers negative balance protection and client fund segregation, which is safer for Mongolia traders. FBS has a lower regulatory tier, meaning less investor protection. Mongolia traders should consider this when choosing, as IC Markets provides stronger safeguards.
| Payment Method | FBS | IC Markets |
|---|---|---|
| Bank Wire Transfer | ✓ | ✓ |
| Visa / Mastercard | ✓ | ✓ |
| Skrill | ✓ | ✓ |
| Neteller | ✓ | ✓ |
| USDT / Crypto | ✓ | ✓ |
| Deposit fee | None | None |
| Withdrawal time | 15-20 minutes for most methods; up to 48 hours for bank transfer | E-wallets instant-24hrs; Cards 3-5 business days (up to 10); Int'l bank wire up to 14 days |
| Min withdrawal | $50 | $50 |
Mongolia traders can deposit via Bank Transfer, QPay, and USDT at both brokers. FBS also supports Mobicom and Khaan Bank transfers, with a minimum deposit of $5. IC Markets requires a $200 minimum deposit via bank wire or $50 via USDT. Withdrawals are processed within 1-2 business days for USDT and QPay, but bank transfers may take 3-5 days. FBS has faster processing for local methods, while IC Markets is more reliable for larger sums. Both brokers charge no deposit fees, but withdrawal fees vary.
| Islamic Account Feature | FBS | IC Markets |
|---|---|---|
| Swap-free available | ✓ | ✓ |
| Admin fee instead of swap | On some instruments | On some instruments |
| MT4 / MT5 supported | ✓ | ✓ |
| Gold swap-free | ✓ | ✓ |
| Crypto swap-free | ✓ | ✓ |
| How to apply | Contact support | Contact support |
Both FBS and IC Markets offer Islamic (swap-free) accounts for Mongolia Muslim traders. FBS provides Islamic accounts on request with no swap fees, but spreads may be slightly wider. IC Markets offers Islamic accounts on all account types, with a small administration fee after 10 days of holding positions. Mongolia traders should check the specific conditions, as IC Markets’ policy may be more transparent. FBS’s Islamic account is simpler but may have hidden costs in spreads.
| Support Feature | FBS | IC Markets | Winner |
|---|---|---|---|
| Live chat | ✓ | ✓ | Tie |
| Phone support | ✗ | ✓ | Tie |
| Email support | ✓ | ✓ | Tie |
| 24/7 support | ✗ | ✗ | Tie |
| 24/5 support | ✓ | ✓ | Tie |
| Response time (chat) | <2 minutes | <3 minutes | FBS |
FBS offers 24/7 customer support in Mongolian language via live chat, email, and phone. IC Markets supports English and has limited Mongolian support, but its live chat is responsive. For Mongolia traders, FBS provides better local language support, while IC Markets relies on global teams. Response times are similar, but FBS is more accessible for local queries.
| Mobile Feature | FBS | IC Markets | Winner |
|---|---|---|---|
| iOS App Store rating | 4.5★ | 4.3★ | FBS |
| Google Play rating | 4.3★ | 4.2★ | FBS |
| Biometric login | ✓ | ✓ | Tie |
| Push notifications | ✓ | ✓ | Tie |
| Full charting on mobile | ✓ | ✓ | Tie |
| Mobile deposit/withdrawal | ✓ | ✓ | Tie |
| TradingView mobile | ✗ | ✗ | Tie |
| Dark mode | ✓ | ✓ | Tie |
| Resource | FBS | IC Markets | Winner |
|---|---|---|---|
| Video tutorials | 100+ videos | 50+ videos | FBS |
| Webinars (live) | Weekly | ✗ | FBS |
| Economic calendar | ✓ | ✓ | Tie |
| Market analysis | Daily | Basic | FBS |
| Beginner resources | Excellent | Basic | FBS |
Choose FBS if you...
- Are a beginner with a small trading capital (minimum deposit $5).
- Prefer local payment methods like QPay and Mobicom.
- Need customer support in Mongolian language.
- Want a simple platform without advanced tools.
Choose IC Markets if you...
- Trade frequently or scalp, needing tight spreads and fast execution.
- Deposit larger amounts via USDT or bank transfer.
- Value stronger regulation and investor protection.
- Use MetaTrader or cTrader for advanced charting.
For Mongolia traders, IC Markets is the better choice overall due to its lower trading costs, faster execution, and stronger regulation. It suits active traders who can meet the $200 minimum deposit, especially those using USDT or bank transfers. FBS is ideal for beginners with small deposits and those needing Mongolian language support. Both brokers accept local payments like QPay and USDT, but IC Markets offers better value for serious traders. Consider your trading volume and experience when choosing between FBS and IC Markets in Mongolia.