FP Markets vs IG: Which Broker Is Better for Mongolia Traders in 2026?
Which broker is better for Mongolia traders in 2026? Expert analysis across 12 categories.
Quick Verdict — Mongolia Traders
For emerging retail traders in Mongolia, choosing the right forex broker is critical to success in the fast-growing local trading scene. FP Markets (score 4.7/5) and IG (score 4.2/5) are both well-established global brokers that are regulated by the Financial Regulatory Commission (FRC) of Mongolia, ensuring legal protection. However, they differ significantly in terms of costs, payment methods, and account types. FP Markets stands out with its ultra-low spreads, support for local payments like QPay and USDT, and a strong focus on retail traders. IG offers a broader range of markets and a robust trading platform but has higher minimum deposits and less flexible local payment options. This comparison will help Mongolian traders decide which broker aligns best with their trading style and budget.
Overall Scores Comparison
Trading Costs - Spreads & Commissions
| Instrument | FP Markets | IG | Winner |
|---|---|---|---|
| EUR/USD avg spread | 0.09 pips + $3.5/lot | 0.0 pips + $3.5/lot | IG |
| XAU/USD (Gold) | $0.14 typical | $0.12 typical | IG |
| GBP/USD avg spread | 0.29 pips | 0.23 pips | IG |
| Standard acc spread | from 1.0 pips | from 0.8 pips | IG |
| ECN commission | $3.5/lot/side | $3.5/lot/side | Tie |
| Min deposit | $100 | $0 | IG |
For Mongolia traders, trading costs are a key factor, especially for those with smaller accounts. FP Markets offers spreads starting from 0.0 pips on its Raw account (plus a $3 commission per lot), while IG's standard account has spreads around 0.6 pips for EUR/USD with no commission. Over 100 trades per month, FP Markets can save you approximately $60 in spread costs. For emerging traders in Mongolia who trade smaller volumes, FP Markets' lower spreads translate into lower overall costs, making it more cost-effective.
Account Types Comparison
| Account Type | FP Markets | IG |
|---|---|---|
| Standard account | ✓ | ✓ |
| ECN / Raw spread | ✓ | ✓ |
| Islamic (swap-free) | ✓ | ✓ |
| Demo account | ✓ | ✓ |
| PAMM / MAM account | ✗ | ✗ |
| Zero spread account | ✓ | ✗ |
| Copy trading | ✗ | ✗ |
| Min deposit | $100 | $0 |
Leverage Comparison - Mongolia Traders
| Entity / Asset | FP Markets | IG |
|---|---|---|
| Mongolia (offshore) | Up to 1:500 | Up to 1:30 |
| Forex major pairs | 1:500 | 1:30 |
| Gold (XAU/USD) | 1:200 | 1:200 |
| Indices | 1:100 | 1:100 |
| Cryptocurrencies | 1:2 to 1:10 | 1:2 to 1:10 |
Trading Instruments - Assets Available
| Asset Class | FP Markets | IG | Winner |
|---|---|---|---|
| Forex pairs | 90+ | 65+ | FP Markets |
| Gold (XAU/USD) | ✓ | ✓ | Tie |
| Oil (WTI/Brent) | ✓ | ✓ | Tie |
| Stock indices | 25+ indices | 20+ indices | FP Markets |
| Crypto CFDs | 30+ | 20+ | FP Markets |
| Stocks / Share CFDs | 1,000+ | 1,700+ | IG |
| ETFs | ✓ | ✓ | Tie |
Platforms Comparison
| Platform | FP Markets | IG |
|---|---|---|
| MetaTrader 4 (MT4) | ✓ | ✓ |
| MetaTrader 5 (MT5) | ✓ | ✓ |
| cTrader | ✓ | ✗ |
| TradingView | ✓ | ✓ |
| Expert Advisors (EAs) | ✓ | ✓ |
| Scalping allowed | ✓ | ✓ |
| Hedging allowed | ✓ | ✓ |
FP Markets provides MetaTrader 4, MetaTrader 5, and cTrader, all of which are popular among Mongolian traders for their speed and customization. IG offers its proprietary web platform along with MetaTrader 4 and ProRealTime. For Mongolia traders who prefer mobile trading or automated strategies, FP Markets' support for cTrader and MT5 gives an edge. IG's platform is more beginner-friendly, but FP Markets offers greater flexibility for those who want advanced charting and algorithmic trading.
Execution Quality - Speed & Slippage
| Factor | FP Markets | IG | Winner |
|---|---|---|---|
| Execution model | ECN/STP | True ECN | IG |
| Avg execution speed | ~30ms | ~40ms | FP Markets |
| Slippage | Very low | Very low | Tie |
| Requotes | Very rare | Very rare | Tie |
| Scalping allowed | ✓ | ✓ | Tie |
| EA / Bot trading | ✓ | ✓ | Tie |
FP Markets boasts ultra-fast execution with an average latency of under 50ms, thanks to its Equinix data centers and STP/ECN model. IG also offers reliable execution but with slightly higher latency due to its market maker model. For Mongolia traders who scalp or trade news events, FP Markets' faster execution provides a clear advantage in minimizing slippage and improving trade outcomes.
Regulation & Safety for Mongolia Traders
| Safety Factor | FP Markets | IG |
|---|---|---|
| Primary regulator | ASIC | FCA |
| Top-tier regulated | ✓ | ✓ |
| Investor protection | ✓ | ✓ |
| Segregated funds | ✓ | ✓ |
| Neg. balance protection | ✓ | ✓ |
Both FP Markets and IG are regulated by the Financial Regulatory Commission (FRC) of Mongolia, providing a layer of safety for local traders. FP Markets also holds licenses from ASIC (Australia) and CySEC, while IG is regulated by the FCA (UK) and ASIC. For Mongolia traders, FRC regulation ensures that both brokers comply with local financial laws, including client fund segregation and reporting standards. This dual regulation gives traders confidence in the security of their funds.
Deposits & Withdrawals for Mongolia
| Payment Method | FP Markets | IG |
|---|---|---|
| Bank Wire Transfer | ✓ | ✓ |
| Visa / Mastercard | ✓ | ✓ |
| Skrill | ✓ | ✗ |
| Neteller | ✓ | ✗ |
| USDT / Crypto | ✓ | ✓ |
| Withdrawal time | 24 hours | 1 to 5 business days |
Mongolia traders have distinct payment preferences, and FP Markets caters to them exceptionally well. FP Markets supports Bank Transfer, QPay (a popular Mongolian mobile payment system), and USDT (Tether) for deposits, with no fees and fast processing. IG primarily accepts Bank Transfer and credit/debit cards, but does not support QPay or USDT, which can be inconvenient for local traders. Withdrawals are processed within 1-2 business days for both brokers, but FP Markets offers more seamless options for Mongolia-based users.
Islamic Accounts - Swap-Free for Mongolia Muslims
| Islamic Account Feature | FP Markets | IG |
|---|---|---|
| Swap-free available | ✓ | ✓ |
| Admin fee instead of swap | On some instruments | On some instruments |
| MT4 / MT5 supported | ✓ | ✓ |
| How to apply | Contact support | Contact support |
Both FP Markets and IG offer Islamic (swap-free) accounts to accommodate Muslim traders in Mongolia who need Sharia-compliant trading. FP Markets provides swap-free accounts upon request, with no interest charged on overnight positions. IG offers Islamic accounts that are automatically available for eligible clients. Both brokers require a declaration of faith or account selection during registration. For Mongolia's Muslim community, both options are viable, but FP Markets' faster account setup and lower spreads make it more attractive.
Customer Support Comparison
| Support Feature | FP Markets | IG | Winner |
|---|---|---|---|
| Live chat | ✓ | ✓ | Tie |
| Phone support | ✓ | ✓ | Tie |
| Email support | ✓ | ✓ | Tie |
| 24/7 support | ✗ | ✗ | Tie |
| Response time (chat) | <2 minutes | <3 minutes | FP Markets |
FP Markets offers 24/7 customer support via live chat, email, and phone, with multilingual agents including English and Mongolian language options. IG provides 24/5 support with similar channels but limited Mongolian language assistance. For Mongolia traders, FP Markets' around-the-clock availability and local language support ensure quicker resolution of issues, especially during active trading hours.
Mobile App Comparison
| Mobile Feature | FP Markets | IG | Winner |
|---|---|---|---|
| iOS App Store rating | 4.5 stars | 4.3 stars | FP Markets |
| Google Play rating | 4.3 stars | 4.2 stars | FP Markets |
| Biometric login | ✓ | ✓ | Tie |
| Push notifications | ✓ | ✓ | Tie |
| Full charting on mobile | ✓ | ✓ | Tie |
| TradingView mobile | ✓ | ✓ | Tie |
Education & Research Tools
| Resource | FP Markets | IG | Winner |
|---|---|---|---|
| Video tutorials | 100+ videos | 50+ videos | Tie |
| Webinars (live) | ✗ | Monthly | Tie |
| Economic calendar | ✓ | ✓ | Tie |
| Market analysis | Daily | Basic | FP Markets |
Real User Reviews - Trustpilot
Pros & Cons of Each Broker
FP Markets
IG
Who Should Use Which Broker? - Mongolia Guide
Choose FP Markets if you...
- Are an emerging retail trader in Mongolia looking for low spreads and low minimum deposits.
- Prefer local payment methods like QPay or USDT for deposits and withdrawals.
- Need fast execution for scalping or day trading strategies.
- Want access to MetaTrader 5 or cTrader for advanced charting and automation.
Choose IG if you...
- Want a wider range of markets including stocks, ETFs, and options.
- Prefer a beginner-friendly proprietary platform with educational resources.
- Are comfortable with bank transfers or credit/debit cards for deposits.
- Value the reputation of a FCA-regulated broker with a long history.
FAQ - FP Markets vs IG in Mongolia
Final Verdict - Mongolia 2026
For emerging retail traders in Mongolia, FP Markets is the clear winner due to its lower costs, local payment support (Bank Transfer, QPay, USDT), and FRC regulation. IG is a solid alternative for those who want a broader market range and a more established brand, but its higher spreads and lack of QPay or USDT make it less practical for Mongolia-based users. Ultimately, FP Markets offers better value and convenience for Mongolian traders starting their forex journey in 2026.