FxOpen vs Tickmill: 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
Mongolia traders seeking a reliable forex broker face a critical choice between FxOpen and Tickmill. Both brokers are well-established in the industry and accept clients from Mongolia, supporting local deposit methods like Bank Transfer, QPay, and USDT. FxOpen, with a score of 3.7/5, has been operating since 2005 and offers a wide range of account types, including Micro, Standard, and ECN, catering to traders with varying capital levels. Tickmill, scoring 4.0/5, is a newer broker (founded 2014) but has quickly gained a reputation for low spreads and fast execution, especially favored by active and professional traders. For Mongolia traders, the decision often comes down to cost versus flexibility. While Tickmill excels in low-cost trading, FxOpen provides more account choices and a longer track record. Both brokers are not directly regulated by the FRC Mongolia, but they hold licenses from respected authorities like the FCA and CySEC, ensuring a level of safety. This comparison will help Mongolia traders evaluate which broker aligns better with their trading style, capital size, and local payment preferences.
Overall Scores Comparison
Trading Costs - Spreads & Commissions
| Instrument | FxOpen | Tickmill | Winner |
|---|---|---|---|
| EUR/USD avg spread | 0.09 pips + $3.5/lot | 0.0 pips + $3.5/lot | Tickmill |
| XAU/USD (Gold) | $0.14 typical | $0.12 typical | Tickmill |
| GBP/USD avg spread | 0.29 pips | 0.23 pips | Tickmill |
| Standard acc spread | from 1.0 pips | from 0.8 pips | Tickmill |
| ECN commission | $3.5/lot/side | $3.5/lot/side | Tie |
| Min deposit | $100 | $100 | Tie |
When comparing trading costs for Mongolia traders, Tickmill generally offers lower spreads and commissions. On Tickmill's Pro account, EUR/USD spreads start from 0.0 pips with a commission of $3 per lot round turn. FxOpen's ECN account also offers spreads from 0.0 pips but with a commission of $3.5 per lot. For a Mongolia trader executing 50 lots per month, Tickmill saves $25 in commissions alone. On standard accounts, Tickmill's Classic account has spreads from 1.6 pips with no commission, while FxOpen's Standard account spreads start from 1.8 pips. Over a month of active trading, these differences accumulate significantly, making Tickmill the more cost-effective choice for cost-conscious Mongolia traders.
Account Types Comparison
| Account Type | FxOpen | Tickmill |
|---|---|---|
| Standard account | ✓ | ✓ |
| ECN / Raw spread | ✓ | ✓ |
| Islamic (swap-free) | ✓ | ✓ |
| Demo account | ✓ | ✓ |
| PAMM / MAM account | ✗ | ✗ |
| Zero spread account | ✓ | ✓ |
| Copy trading | ✗ | ✗ |
| Min deposit | $100 | $100 |
Leverage Comparison - Mongolia Traders
| Entity / Asset | FxOpen | Tickmill |
|---|---|---|
| Mongolia (offshore) | Up to 1:500 | Up to 1:1000 |
| Forex major pairs | 1:500 | 1:1000 |
| 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 | FxOpen | Tickmill | Winner |
|---|---|---|---|
| Forex pairs | 90+ | 65+ | FxOpen |
| Gold (XAU/USD) | ✓ | ✓ | Tie |
| Oil (WTI/Brent) | ✓ | ✓ | Tie |
| Stock indices | 25+ indices | 20+ indices | FxOpen |
| Crypto CFDs | ✗ | ✗ | FxOpen |
| Stocks / Share CFDs | 1,000+ | ✗ | Tickmill |
| ETFs | ✗ | ✗ | Tie |
Platforms Comparison
| Platform | FxOpen | Tickmill |
|---|---|---|
| MetaTrader 4 (MT4) | ✓ | ✓ |
| MetaTrader 5 (MT5) | ✓ | ✓ |
| cTrader | ✓ | ✗ |
| TradingView | ✓ | ✗ |
| Expert Advisors (EAs) | ✓ | ✓ |
| Scalping allowed | ✓ | ✓ |
| Hedging allowed | ✓ | ✓ |
Both FxOpen and Tickmill offer the industry-standard MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms, which are widely used by Mongolia traders for their reliability and advanced charting tools. FxOpen additionally provides its own TickTrader platform, offering a modern interface and advanced order types, which may appeal to tech-savvy traders. Tickmill focuses on MT4 and MT5 but also offers a web trader and mobile apps. For Mongolia traders, both brokers ensure full functionality on desktop, web, and mobile, with no platform fees. The choice here is minimal unless you prefer FxOpen's additional TickTrader platform for more customization.
Execution Quality - Speed & Slippage
| Factor | FxOpen | Tickmill | Winner |
|---|---|---|---|
| Execution model | ECN/STP | True ECN | Tickmill |
| Avg execution speed | ~30ms | ~40ms | FxOpen |
| Slippage | Very low | Very low | Tie |
| Requotes | Very rare | Very rare | Tie |
| Scalping allowed | ✓ | ✓ | Tie |
| EA / Bot trading | ✓ | ✓ | Tie |
Tickmill is known for its ultra-fast execution, with average order execution speeds of under 40 milliseconds on its Pro account, making it ideal for scalpers and high-frequency traders in Mongolia. FxOpen also offers fast execution, averaging around 50-60 milliseconds on its ECN account. Both brokers use No Dealing Desk (NDD) execution with no requotes. For Mongolia traders who prioritize speed, Tickmill holds a slight edge.
Regulation & Safety for Mongolia Traders
| Safety Factor | FxOpen | Tickmill |
|---|---|---|
| Primary regulator | FCA | FCA |
| Top-tier regulated | ✓ | ✓ |
| Investor protection | ✓ | ✓ |
| Segregated funds | ✓ | ✓ |
| Neg. balance protection | ✓ | ✓ |
Neither FxOpen nor Tickmill is regulated by the Financial Regulatory Commission (FRC) of Mongolia. However, both brokers are regulated in respected jurisdictions: FxOpen is regulated by the FCA (UK), CySEC (Cyprus), and ASIC (Australia), while Tickmill is regulated by the FCA, CySEC, and FSA (Seychelles). For Mongolia traders, this means your funds are held in segregated accounts with major banks, and you have access to investor compensation schemes (up to €20,000 under CySEC). While FRC regulation would offer local recourse, these international licenses provide a strong safety net. Mongolia traders should verify the specific entity they are trading with, as terms may vary.
Deposits & Withdrawals for Mongolia
| Payment Method | FxOpen | Tickmill |
|---|---|---|
| Bank Wire Transfer | ✓ | ✓ |
| Visa / Mastercard | ✓ | ✓ |
| Skrill | ✓ | ✓ |
| Neteller | ✓ | ✓ |
| USDT / Crypto | ✓ | ✗ |
| Withdrawal time | 24 hours | Most withdrawals 1 business day; bank wire 1-3 days, Credit/Debit Cards: Up to 8 working days. |
Mongolia traders can deposit and withdraw funds using several convenient methods. Both FxOpen and Tickmill support Bank Transfer, which is reliable but may take 1-3 business days and incur intermediary fees (typically $10-30). QPay is supported by both brokers, offering instant deposits in MNT with no fees, making it a popular choice for local traders. USDT (Tether) is also accepted, allowing fast, low-cost deposits and withdrawals with no currency conversion issues. Tickmill additionally accepts local credit/debit cards and e-wallets like Skrill and Neteller. Minimum deposits vary: FxOpen requires $10 for Micro accounts, while Tickmill's minimum is $100 for Classic accounts. Withdrawals are processed within 24 hours for most methods, with QPay and USDT being the fastest options for Mongolia traders.
Islamic Accounts - Swap-Free for Mongolia Muslims
| Islamic Account Feature | FxOpen | Tickmill |
|---|---|---|
| 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 FxOpen and Tickmill offer Islamic (swap-free) accounts for Muslim traders in Mongolia, in compliance with Sharia law. Tickmill requires a formal application and supporting documentation (e.g., proof of faith) to activate a swap-free account. FxOpen provides Islamic accounts upon request without extensive documentation, making it slightly more accessible. On Islamic accounts, both brokers maintain the same spreads, commissions, and execution conditions as standard accounts, ensuring no disadvantage. For Mongolia Muslim traders, either broker is a suitable choice, but FxOpen offers a simpler activation process.
Customer Support Comparison
| Support Feature | FxOpen | Tickmill | Winner |
|---|---|---|---|
| Live chat | ✓ | ✓ | Tie |
| Phone support | ✗ | ✓ | Tie |
| Email support | ✓ | ✓ | Tie |
| 24/7 support | ✗ | ✗ | Tie |
| Response time (chat) | <2 minutes | <3 minutes | FxOpen |
Both brokers offer customer support in English, with Tickmill also providing support in Chinese, which may be helpful for some Mongolia traders. Support channels include live chat, email, and phone. FxOpen's support is available 24/5, while Tickmill offers 24/7 support for live chat. Response times are generally under 5 minutes for live chat. Neither broker offers Mongolian language support, which could be a drawback for traders not fluent in English or Chinese.
Mobile App Comparison
| Mobile Feature | FxOpen | Tickmill | Winner |
|---|---|---|---|
| iOS App Store rating | 4.5 stars | 4.3 stars | FxOpen |
| Google Play rating | 4.3 stars | 4.2 stars | FxOpen |
| Biometric login | ✓ | ✓ | Tie |
| Push notifications | ✓ | ✓ | Tie |
| Full charting on mobile | ✓ | ✓ | Tie |
| TradingView mobile | ✓ | ✗ | FxOpen |
Education & Research Tools
| Resource | FxOpen | Tickmill | Winner |
|---|---|---|---|
| Video tutorials | 100+ videos | 50+ videos | Tie |
| Webinars (live) | ✗ | ✗ | Tie |
| Economic calendar | ✓ | ✓ | Tie |
| Market analysis | Daily | Basic | FxOpen |
Real User Reviews - Trustpilot
Pros & Cons of Each Broker
FxOpen
Tickmill
Who Should Use Which Broker? - Mongolia Guide
Choose FxOpen if you...
- Prefer a wider variety of account types, including Micro accounts for small capital.
- Want access to the TickTrader platform for advanced customization.
- Value a longer operational history (since 2005) and brand recognition.
- Need Islamic accounts with a simpler activation process.
Choose Tickmill if you...
- Want the lowest spreads and commissions for active trading.
- Prioritize ultra-fast execution for scalping or day trading.
- Prefer a broker with a higher overall rating (4.0 vs 3.7).
- Need 24/7 customer support for flexible trading hours.
FAQ - FxOpen vs Tickmill in Mongolia
Final Verdict - Mongolia 2026
For Mongolia traders, Tickmill emerges as the stronger choice overall, thanks to its lower trading costs, faster execution, and higher rating. It is particularly suitable for active traders who trade high volumes and want to minimize expenses. FxOpen, however, remains a solid alternative for traders who prefer more account flexibility, a longer track record, or the TickTrader platform. Both brokers support local payment methods like Bank Transfer, QPay, and USDT, making deposits and withdrawals convenient. While neither is regulated by the FRC Mongolia, their international licenses provide adequate security. Ultimately, your decision should be based on your trading style: choose Tickmill for cost efficiency and speed, or FxOpen for account variety and flexibility.