IC Markets vs Oanda (2026): Which Forex Broker is Better for Mongolia Traders?

For Mongolia traders, trading costs are critical, especially for those trading major pairs like EUR/USD or USD/JPY. IC Markets offers spreads from 0.0 pips on its Raw Spread account with a $3.50 commission per lot, while Oanda's spreads start around 1.0 pips with no commission. On a standard lot trade, IC Markets costs about $3.50 per trade, while Oanda costs $10 (at 1 pip spread). For a trader executing 50 lots per month, IC Markets saves $325 in costs. This difference is significant for Mongolia's emerging traders who often trade smaller volumes and need to maximize profitability.

Both brokers offer MetaTrader 4 and 5, which are popular among Mongolia traders for their advanced charting and automated trading capabilities. IC Markets also provides cTrader, a modern platform with fast execution and a clean interface, ideal for scalping. Oanda's proprietary platform, Oanda Trade, is intuitive but less feature-rich for advanced strategies. For Mongolia traders who rely on Expert Advisors (EAs) or need low latency, IC Markets' cTrader and MT4/5 support with VPS options are superior. Oanda's platforms are better for beginners but lack the depth needed for serious trading.

IC Markets boasts ultra-fast execution speeds of under 40ms on its Equinix NY4 servers, ideal for scalping and high-frequency trading. Oanda's execution is slightly slower, averaging 50-60ms, but still reliable for most retail traders. For Mongolia traders, IC Markets' low latency and deep liquidity from top-tier banks reduce slippage, especially during volatile news events. Oanda's execution is adequate for swing trading but may lag for scalpers. IC Markets' No Dealing Desk (NDD) model ensures transparent order execution.

IC Markets is regulated by the Australian Securities and Investments Commission (ASIC) and the Cyprus Securities and Exchange Commission (CySEC), while Oanda is regulated by multiple bodies including the FCA (UK), ASIC, and the CFTC (US). Neither broker is directly regulated by Mongolia's Financial Regulatory Commission (FRC). However, this does not impede Mongolia traders, as both brokers accept international clients. IC Markets' ASIC regulation provides strong client fund segregation and negative balance protection. For Mongolia traders, IC Markets' regulatory framework is robust and trusted globally, while Oanda's multi-regulatory status offers similar protection. Always verify current licensing before depositing.

Mongolia traders benefit from IC Markets' diverse deposit methods, including Bank Transfer, QPay (local Mongolian payment), and USDT (Tether) for fast, low-cost transfers. Minimum deposit is just $200, and withdrawals via USDT are processed within 24 hours. Oanda supports Bank Transfer and credit/debit cards, but lacks QPay or direct USDT support, which can slow down funding for local traders. IC Markets' integration of QPay and USDT makes it highly convenient for Mongolia traders who prefer crypto-based or local bank transfers. For withdrawals, IC Markets charges no fees, while Oanda may have bank transfer fees. Overall, IC Markets offers more flexible and cost-effective options for Mongolian clients.

For Muslim traders in Mongolia, both IC Markets and Oanda offer Islamic (swap-free) accounts that comply with Sharia law by eliminating overnight interest charges. IC Markets provides Islamic accounts on request for all account types, with no additional fees, and approval is straightforward. Oanda also offers swap-free accounts, but approval may require documentation of Muslim faith, and availability depends on the account type. IC Markets' process is simpler and more inclusive, making it a better choice for Mongolia's Muslim traders. Both brokers ensure no swap is charged on positions held overnight, but always confirm terms with customer support.

IC Markets offers 24/7 customer support via live chat, email, and phone, with multilingual agents available. Oanda provides support 24/5 via live chat and phone, with a comprehensive FAQ section. For Mongolia traders, IC Markets' round-the-clock support is advantageous, especially when trading during Asian sessions. Oanda's support is reliable but limited to weekdays. IC Markets also has a local presence through its global support network, ensuring faster response times for Mongolian clients.