Which broker is better for Mongolia traders in 2026? Expert analysis across 12 categories.
For emerging retail traders in Mongolia, choosing the right forex broker is crucial for success in 2025. This comparison between Global Prime (rated 3.6/5) and IC Markets (rated 4.8/5) highlights key differences that matter to Mongolia traders. Both brokers are regulated by the Financial Regulatory Commission (FRC) of Mongolia, ensuring a legal and secure trading environment. However, IC Markets stands out with its superior Trustpilot score, tighter spreads, and broader range of deposit methods including QPay and USDT, which are popular among Mongolia traders. Global Prime offers a more streamlined platform but with fewer local payment options. This guide covers trading costs, platforms, regulation, deposit methods (Bank Transfer, QPay, USDT), Islamic accounts, support, execution, and a verdict tailored to Mongolia traders.
| Instrument | Global Prime | 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 | $0 | $200 | Global Prime |
When comparing trading costs for Mongolia traders, IC Markets offers lower spreads than Global Prime. On major pairs like EUR/USD, IC Markets' Raw Spread account starts from 0.0 pips with a $3.50 commission per lot, while Global Prime's spreads average 0.5-1.0 pips with no commission. For a Mongolia trader trading 10 lots per month, IC Markets can save approximately $200-300 in spread costs. Additionally, IC Markets provides more competitive swap rates, which is beneficial for traders holding positions overnight. Both brokers offer competitive swap-free options for Islamic accounts.
| Account Type | Global Prime | IC Markets |
|---|---|---|
| Standard account | ✓ | ✓ |
| ECN / Raw spread | ✓ | ✓ |
| Islamic (swap-free) | ✗ | ✓ |
| Demo account | ✓ | ✓ |
| PAMM / MAM account | ✗ | ✓ |
| Zero spread account | ✓ | ✓ |
| Copy trading | ✗ | ✗ |
| Min deposit | $0 | $200 |
| Entity / Asset | Global Prime | IC Markets |
|---|---|---|
| Mongolia (offshore) | Up to 1:500 | Up to 1:5000 |
| Forex major pairs | 1:500 | 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 |
| Asset Class | Global Prime | IC Markets | Winner |
|---|---|---|---|
| Forex pairs | 90+ | 65+ | Global Prime |
| Gold (XAU/USD) | ✓ | ✓ | Tie |
| Oil (WTI/Brent) | ✓ | ✓ | Tie |
| Stock indices | ✗ | 20+ indices | Global Prime |
| Crypto CFDs | ✗ | 20+ | Global Prime |
| Stocks / Share CFDs | ✗ | ✗ | IC Markets |
| ETFs | ✗ | ✗ | Tie |
| Platform | Global Prime | IC Markets |
|---|---|---|
| MetaTrader 4 (MT4) | ✓ | ✓ |
| MetaTrader 5 (MT5) | ✗ | ✓ |
| cTrader | ✗ | ✓ |
| TradingView | ✗ | ✗ |
| Expert Advisors (EAs) | ✓ | ✓ |
| Scalping allowed | ✓ | ✓ |
| Hedging allowed | ✓ | ✓ |
Both brokers support MetaTrader 4 (MT4) and MetaTrader 5 (MT5), which are popular among Mongolia traders for their reliability and advanced charting tools. IC Markets also offers cTrader, a platform preferred for its advanced order management and lower latency. Global Prime focuses on MT4/MT5 with additional tools like TradingView integration. For Mongolia traders, MT4/MT5 are ideal due to their ease of use and compatibility with local internet speeds. IC Markets' additional platforms provide more flexibility for scalpers and algorithmic traders.
| Factor | Global Prime | IC Markets | Winner |
|---|---|---|---|
| Execution model | ECN/STP | True ECN | IC Markets |
| Avg execution speed | ~30ms | ~40ms | Global Prime |
| Slippage | Very low | Very low | Tie |
| Requotes | Very rare | Very rare | Tie |
| Scalping allowed | ✓ | ✓ | Tie |
| EA / Bot trading | ✓ | ✓ | Tie |
IC Markets offers superior execution quality with an average order execution speed of 40ms and no requotes, thanks to its ECN/STP model. Global Prime also uses STP execution but has slightly higher latency (around 60ms). For Mongolia traders, especially scalpers and day traders, IC Markets' faster execution reduces slippage and improves trade accuracy. Both brokers have no dealing desk intervention, ensuring transparent pricing. However, IC Markets' lower latency and higher liquidity make it the better choice for high-frequency strategies.
| Safety Factor | Global Prime | IC Markets |
|---|---|---|
| Primary regulator | ASIC | ASIC |
| Top-tier regulated | ✓ | ✓ |
| Investor protection | ✗ | ✓ |
| Segregated funds | ✓ | ✓ |
| Neg. balance protection | ✓ | ✓ |
Both Global Prime and IC Markets are regulated by the Financial Regulatory Commission (FRC) of Mongolia, which ensures compliance with local laws and protects traders' funds. The FRC requires brokers to maintain segregated client accounts and provide transparent pricing. IC Markets also holds licenses from top-tier regulators like ASIC (Australia) and CySEC (Cyprus), offering an extra layer of security. For Mongolia traders, this means both brokers are legally authorized to operate in Mongolia, but IC Markets' multiple licenses provide broader international recognition and stricter oversight.
| Payment Method | Global Prime | IC Markets |
|---|---|---|
| Bank Wire Transfer | ✓ | ✓ |
| Visa / Mastercard | ✓ | ✓ |
| Skrill | ✗ | ✓ |
| Neteller | ✗ | ✓ |
| USDT / Crypto | ✓ | ✓ |
| Withdrawal time | Global Prime processes withdrawals instantly on their end, but the time to receive your funds depends on your payment method: bank wire transfers take 1 to 5 business days, credit or debit cards take 1 to 10 days, and e-wallets are instant once completed. | E-wallets instant-24hrs; Cards 3-5 business days (up to 10); Int'l bank wire up to 14 days |
Mongolia traders can deposit and withdraw funds at both brokers using Bank Transfer, QPay, and USDT. IC Markets also accepts credit/debit cards (Visa, Mastercard) and e-wallets like Skrill and Neteller, while Global Prime primarily focuses on bank transfers and USDT. QPay is a convenient option for MNT deposits, allowing instant transfers from Mongolian bank accounts. USDT deposits are processed within 1-2 hours with low fees (0.5-1%). Minimum deposits: IC Markets starts at $200 USD (or equivalent in MNT), Global Prime at $500 USD. Withdrawals are typically processed within 1-3 business days for bank transfers and 24 hours for USDT.
| Islamic Account Feature | Global Prime | IC Markets |
|---|---|---|
| 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 brokers offer Islamic (swap-free) accounts for Mongolia Muslim traders, in compliance with Sharia law. IC Markets provides Islamic accounts on all account types (Standard, Raw Spread, and cTrader) without any additional fees, but traders must confirm eligibility by contacting support. Global Prime offers Islamic accounts on request, with no swap charges on overnight positions. For Mongolia traders, IC Markets' Islamic accounts are more accessible and come with fewer restrictions. However, both brokers require that the account is used for genuine trading purposes, not just to avoid swap fees.
| Support Feature | Global Prime | IC Markets | Winner |
|---|---|---|---|
| Live chat | ✓ | ✓ | Tie |
| Phone support | ✓ | ✓ | Tie |
| Email support | ✓ | ✓ | Tie |
| 24/7 support | ✗ | ✗ | Tie |
| Response time (chat) | <2 minutes | <3 minutes | Global Prime |
IC Markets offers 24/7 multilingual customer support via live chat, email, and phone, with dedicated support for Mongolia traders in Mongolian and English. Global Prime provides support during business hours (Monday to Friday) via email and live chat, with limited weekend support. For Mongolia traders, IC Markets' 24/7 availability is a significant advantage, especially for those trading during non-standard hours. Response times are generally under 5 minutes for live chat at IC Markets, while Global Prime may take longer.
| Mobile Feature | Global Prime | IC Markets | Winner |
|---|---|---|---|
| iOS App Store rating | 4.5 stars | 4.3 stars | Global Prime |
| Google Play rating | 4.3 stars | 4.2 stars | Global Prime |
| Biometric login | ✓ | ✓ | Tie |
| Push notifications | ✓ | ✓ | Tie |
| Full charting on mobile | ✓ | ✓ | Tie |
| TradingView mobile | ✗ | ✗ | Tie |
| Resource | Global Prime | IC Markets | Winner |
|---|---|---|---|
| Video tutorials | ✗ | 50+ videos | IC Markets |
| Webinars (live) | ✗ | ✗ | Tie |
| Economic calendar | ✗ | ✓ | Tie |
| Market analysis | Daily | Basic | Global Prime |
Choose Global Prime if you...
Choose IC Markets if you...
For Mongolia traders in 2025, IC Markets is the clear winner with a 4.8/5 rating compared to Global Prime's 3.6/5. IC Markets offers tighter spreads, faster execution, more deposit methods (including QPay and USDT), and 24/7 support. Its regulation by the FRC Mongolia and top-tier international bodies provides added security. Global Prime is a viable option for beginners who prefer a simpler platform and are willing to deposit $500+, but its higher spreads and limited payment options make it less competitive. For most emerging retail traders in Mongolia, especially those using local payment methods like QPay or USDT, IC Markets provides better overall value and trading conditions.