IC Markets vs Moneta Markets: A Detailed Comparison for Mongolia Traders (2026)

For Mongolian traders, the trading cost difference between IC Markets and Moneta Markets is significant. IC Markets offers spreads from 0.0 pips on its Raw Spread account with a commission of $3.50 per lot per side, providing extremely low costs for high-frequency traders. In contrast, Moneta Markets’ Standard account has spreads starting at 0.1 pips with no commission, but the average spread on major pairs like EUR/USD is higher – around 1.2 pips compared to IC Markets’ 0.6 pips. On a typical monthly volume of 50 lots, IC Markets can save Mongolian traders the equivalent of several million MNT in spread costs. Swap rates also favor IC Markets for most currency pairs. Both brokers offer competitive swap-free (Islamic) accounts, but IC Markets’ overall cost structure gives it a clear edge for cost-conscious Mongolian traders.

IC Markets provides a wider selection of platforms, including the popular MetaTrader 4 (MT4), MetaTrader 5 (MT5), cTrader, and a web trader. This variety is ideal for Mongolian traders who want advanced charting tools and automated trading via Expert Advisors. Moneta Markets offers only MT4 and MT5, which are sufficient for most retail traders, but lacks the multi-asset capability of cTrader. Both brokers have mobile apps for iOS and Android, but IC Markets’ cTrader app is particularly praised for its intuitive design and fast order execution. For Mongolian traders who rely on stable internet connections (increasingly common in cities), both platforms perform well, but IC Markets gives more flexibility for scaling up strategies.

Execution quality is a strength for IC Markets, which uses Equinix NY4 and LD4 data centers for ultra-low latency (average execution speed 40ms). This is ideal for Mongolian traders using scalping or high-frequency strategies. Moneta Markets also offers fast execution (around 60ms) through its own infrastructure, but does not guarantee no dealing desk (NDD) on all account types. IC Markets operates a true ECN/STP model with no requotes, while Moneta Markets may have occasional slippage during high volatility. For Mongolian traders seeking reliable execution, especially during major economic events affecting USD/MNT or other pairs, IC Markets is the superior choice.

Regulatory trust is vital for Mongolian traders. IC Markets is regulated by top-tier authorities: the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC), and the Financial Services Authority (FSA) of Seychelles. Moneta Markets is regulated by the Financial Sector Conduct Authority (FSCA) of South Africa and the FSA. Neither broker is directly supervised by the Financial Regulatory Commission (FRC) of Mongolia, but they comply with international standards that ensure client fund segregation and negative balance protection. For Mongolian traders, IC Markets’ ASIC regulation provides a higher level of security and recourse. Moneta Markets’ regulation is adequate but less robust. Always verify the legal entity you are trading with when depositing via QPay or Bank Transfer.

Both brokers make it convenient for Mongolian traders to fund accounts using local options. IC Markets supports Bank Transfers (in MNT and USD), QPay instant payments, and USDT (Tether) deposits. The minimum deposit is $200 (roughly 680,000 MNT). Withdrawals are free via Bank Transfer (takes 3-5 business days) and USDT (instant). Moneta Markets also accepts Bank Transfers, QPay, and USDT, with a lower minimum deposit of $50 (170,000 MNT). Additionally, Moneta Markets offers e-wallets like Skrill and Neteller for faster withdrawals. For QPay users, both brokers process deposits within minutes. A key consideration: IC Markets charges no deposit fees, while Moneta Markets may have a small fee for certain methods. Mongolian traders should note that USDT deposits are processed via blockchain and require careful address verification. Overall, Moneta Markets is more accessible for beginners with smaller capital, while IC Markets suits those with larger deposits.

Islamic (swap-free) accounts are available from both IC Markets and Moneta Markets for Mongolian Muslim traders who wish to comply with Sharia law. IC Markets offers Islamic accounts on its Raw Spread and Standard accounts, but only after holding positions overnight for a specific period (usually 10 days) before swap-free applies. Moneta Markets provides immediate swap-free status on request with no hidden conditions. Both brokers do not charge any extra fees for Islamic accounts. For Mongolians who trade long-term positions, Moneta Markets' straightforward Islamic account may be more convenient, while IC Markets’ policy is still acceptable for shorter-term traders. Always confirm with customer support to ensure the account meets your religious requirements.

Customer support is available in English and Russian for both brokers, which is beneficial for Mongolian traders who may not be fluent in English. IC Markets offers 24/7 live chat, email, and phone support with a responsive team – average response time under 5 minutes. Moneta Markets provides 24/5 live chat and email support (closed weekends). For Mongolians trading during Asian hours, IC Markets’ round-the-clock support is a clear advantage. Moneta Markets’ support quality is decent but slower during peak times. Neither broker offers Mongolian-language support, so traders should be comfortable communicating in English or Russian. Both have extensive FAQs and knowledge bases.