IC Markets vs FXTM: Which Broker Wins for Mongolia Traders in 2026?
Which broker is better for Mongolia traders in 2026? Expert analysis across 12 categories.
Mongolia's retail trading scene is growing rapidly, with traders seeking brokers that combine low costs, reliable execution, and local-friendly payment methods. IC Markets, rated 4.8/5, and FXTM, rated 4.3/5, are two top contenders for Mongolia-based traders in 2026. Both brokers accept deposits via Bank Transfer, Skrill, Neteller, and USDT (Tether), making it easy to fund accounts in USD. IC Markets is known for its institutional-grade spreads and ECN execution, appealing to scalpers and algorithmic traders. FXTM, on the other hand, offers a more educational approach with a user-friendly interface, suitable for beginners and intermediate traders. This comparison dives into spreads, platforms, regulation, and local support to help you decide which broker fits your trading style in Mongolia.
| Instrument | IC Markets | FXTM | Winner |
|---|---|---|---|
| EUR/USD avg spread | 0.09 pips + $3.5/lot | 0.0 pips + $3.5/lot | FXTM |
| XAU/USD (Gold) | $0.14 typical | $0.12 typical | FXTM |
| GBP/USD avg spread | 0.29 pips | 0.23 pips | FXTM |
| Standard acc spread | from 1.0 pips | from 0.8 pips | FXTM |
| ECN commission | $3.5/lot/side | $3.5/lot/side | Tie |
| Min deposit | $200 | $10 | FXTM |
| Inactivity fee | ✓ | ✓ | Tie |
For Mongolia traders, trading costs are a critical factor. IC Markets offers spreads from 0.0 pips on its Raw Spread account (with a $7 round-turn commission), while FXTM’s standard account has spreads from 1.3 pips. On a typical 1 lot EUR/USD trade, IC Markets costs around $7 in commission vs FXTM’s $13 in spread cost (based on 1.3 pips). For scalpers and high-volume traders, IC Markets saves significant money. FXTM’s Advantage account narrows the gap but still has higher overall costs. Both brokers offer competitive swap rates, but IC Markets’ lower spreads make it the cost leader for Mongolia traders.
| Account Type | IC Markets | FXTM |
|---|---|---|
| Standard account | ✓ | ✓ |
| ECN / Raw spread | ✓ | ✓ |
| Islamic (swap-free) | ✓ | ✓ |
| Demo account | ✓ | ✓ |
| PAMM / MAM account | ✓ | ✓ |
| Zero spread account | ✓ | ✗ |
| Copy trading | ✗ | ✓ |
| VPS trading | ✓ | ✓ |
| Min deposit | $200 | $10 |
| Neg. balance protection | ✓ | ✓ |
| Entity / Asset | IC Markets | FXTM |
|---|---|---|
| Mongolia (offshore) | Up to 1:500 | Up to 1:2000 |
| Forex major pairs | 1:500 | 1:2000 |
| 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 | IC Markets | FXTM | Winner |
|---|---|---|---|
| Forex pairs | 90+ | 65+ | IC Markets |
| Gold (XAU/USD) | ✓ | ✓ | Tie |
| Oil (WTI/Brent) | ✓ | ✓ | Tie |
| Stock indices | 25+ indices | 20+ indices | IC Markets |
| Crypto CFDs | 30+ | ✗ | IC Markets |
| Stocks / Share CFDs | ✗ | ✗ | FXTM |
| ETFs | ✗ | ✗ | Tie |
| Options | ✗ | ✗ | Tie |
| Futures | ✗ | ✗ | Tie |
| Platform | IC Markets | FXTM |
|---|---|---|
| MetaTrader 4 (MT4) | ✓ | ✓ |
| MetaTrader 5 (MT5) | ✓ | ✓ |
| cTrader | ✓ | ✗ |
| TradingView | ✗ | ✗ |
| Expert Advisors (EAs) | ✓ | ✓ |
| Scalping allowed | ✓ | ✓ |
| Hedging allowed | ✓ | ✓ |
| Fixed spreads | ✗ | ✗ |
| Variable spreads | ✓ | ✓ |
IC Markets provides MT4, MT5, and cTrader, all optimized for low-latency trading—crucial for Mongolia traders with internet variability. FXTM offers MT4, MT5, and its proprietary WebTrader, which is beginner-friendly. IC Markets’ cTrader is ideal for advanced charting and automated trading. FXTM’s platforms include built-in educational tools and market analysis. For Mongolia traders, MT4/MT5 are widely used and reliable. IC Markets wins for flexibility, while FXTM wins for ease of use.
| Factor | IC Markets | FXTM | Winner |
|---|---|---|---|
| Execution model | ECN/STP | True ECN | FXTM |
| Avg execution speed | ~30ms | ~40ms | IC Markets |
| 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 ECN execution with no dealing desk, offering ultra-fast order fills and minimal slippage—ideal for scalping. FXTM uses a combination of STP and market maker execution, which can result in slightly slower fills during volatile markets. For Mongolia traders needing precision, IC Markets is superior. FXTM’s execution is reliable but not as fast.
| Safety Factor | IC Markets | FXTM |
|---|---|---|
| Primary regulator | ASIC | FCA |
| Reg number | #335692 | #600475 |
| Verify registration | Verify ↗ | Verify ↗ |
| Top-tier regulated | ✓ | ✓ |
| Investor protection | ✓ | ✓ |
| Segregated funds | ✓ | ✓ |
| Neg. balance protection | ✓ | ✓ |
IC Markets is regulated by CySEC, FCA (UK), and ASIC (Australia), providing strong investor protection. FXTM is regulated by CySEC, FCA, and FSCA (South Africa). Both comply with international standards, but neither is directly regulated by Mongolia’s local financial regulator. This means Mongolia traders rely on offshore regulation. IC Markets’ ASIC regulation adds credibility, while FXTM’s FCA oversight ensures fund segregation. Traders should verify broker status and consider using local payment methods for added security.
| Payment Method | IC Markets | FXTM |
|---|---|---|
| Bank Wire Transfer | ✓ | ✓ |
| Visa / Mastercard | ✓ | ✓ |
| Skrill | ✓ | ✓ |
| Neteller | ✓ | ✓ |
| USDT / Crypto | ✓ | ✓ |
| Deposit fee | None | None |
| Withdrawal time | E-wallets instant-24hrs; Cards 3-5 business days (up to 10); Int'l bank wire up to 14 days | Cards instant (up to 2h EU); e-wallets instant-2h; bank/local transfer 1 business day; crypto up to 24h |
| Min withdrawal | $50 | $50 |
Mongolia traders can fund both IC Markets and FXTM using Bank Transfer (local banks), Skrill, Neteller, and USDT (Tether). IC Markets requires a minimum deposit of $200, while FXTM starts at just $10, making FXTM more accessible for small accounts. Deposits via Skrill, Neteller, and USDT are instant; bank transfers take 1-3 days. Withdrawals are processed within 24 hours for e-wallets and crypto, but bank transfers may take 2-5 days. IC Markets charges no deposit fees, but bank withdrawal fees may apply. FXTM offers free withdrawals for e-wallets. Both support USD accounts, ideal for Mongolia traders.
| Islamic Account Feature | IC Markets | FXTM |
|---|---|---|
| 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 |
For Muslim traders in Mongolia, both IC Markets and FXTM offer Islamic (swap-free) accounts. IC Markets provides this upon request after account verification, with no swap fees on overnight positions. FXTM offers Islamic accounts automatically for eligible clients, with a processing fee after a certain period. Both brokers ensure compliance with Sharia law. IC Markets’ policy is more straightforward, while FXTM’s terms are slightly more restrictive. Mongolia traders should confirm swap-free status before trading.
| Support Feature | IC Markets | FXTM | 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 | IC Markets |
IC Markets offers 24/7 live chat, email, and phone support in English, with fast response times. FXTM provides 24/5 support via live chat, email, and phone, plus a Mongolian-language section on its website. For Mongolia traders, FXTM’s localized support is a plus, though IC Markets’ round-the-clock availability is valuable for active traders. Both brokers have comprehensive FAQ sections.
| Mobile Feature | IC Markets | FXTM | Winner |
|---|---|---|---|
| iOS App Store rating | 4.5★ | 4.3★ | IC Markets |
| Google Play rating | 4.3★ | 4.2★ | IC Markets |
| Biometric login | ✓ | ✓ | Tie |
| Push notifications | ✓ | ✓ | Tie |
| Full charting on mobile | ✓ | ✓ | Tie |
| Mobile deposit/withdrawal | ✓ | ✓ | Tie |
| TradingView mobile | ✗ | ✗ | Tie |
| Dark mode | ✓ | ✓ | Tie |
| Resource | IC Markets | FXTM | Winner |
|---|---|---|---|
| Video tutorials | 100+ videos | 50+ videos | IC Markets |
| Webinars (live) | ✗ | Monthly | Tie |
| Economic calendar | ✓ | ✓ | Tie |
| Market analysis | Daily | Basic | IC Markets |
| Beginner resources | Excellent | Basic | IC Markets |
Choose IC Markets if you...
- Are a scalper or high-volume trader needing tight spreads.
- Prefer advanced platforms like cTrader and MT5.
- Have a larger deposit ($200+) and trade frequently.
- Value ECN execution and low latency.
Choose FXTM if you...
- Are a beginner or intermediate trader seeking educational resources.
- Want a low minimum deposit ($10) and easy account setup.
- Prefer a user-friendly platform with built-in analysis.
- Need localized support and Islamic account features.
For Mongolia traders in 2026, IC Markets (4.8/5) is the superior choice for cost-conscious, active traders thanks to its razor-thin spreads and ECN execution. FXTM (4.3/5) is better for beginners and those who value educational support and a lower entry barrier. Both brokers accept Bank Transfer, Skrill, Neteller, and USDT, making deposits seamless. While neither is regulated by Mongolia’s local financial regulator, IC Markets’ ASIC oversight offers extra trust. Ultimately, IC Markets wins on cost and speed, while FXTM wins on accessibility and support. Choose based on your trading style and experience level.