IC Markets vs XM Group for Mongolia Traders 2026
Which broker is better for Mongolia traders in 2026? Expert analysis across 12 categories.
Mongolia’s forex trading scene is growing rapidly, with many retail traders seeking reliable brokers that accept local payment methods like Bank Transfer, Skrill, Neteller, and USDT. IC Markets (rated 4.8/5) and XM Group (rated 4.7/5) are two top-tier choices for Mongolia traders in 2026. IC Markets is known for its ultra-low spreads and institutional-grade execution, while XM Group offers a user-friendly platform, flexible leverage, and a very low minimum deposit. Both brokers are not regulated by the local financial regulator but hold licenses from major global authorities, ensuring a high level of security. This comparison will help Mongolia traders decide which broker aligns best with their trading style, budget, and local payment preferences.
| Instrument | IC Markets | XM Group | Winner |
|---|---|---|---|
| EUR/USD avg spread | 0.09 pips + $3.5/lot | 0.0 pips + $3.5/lot | XM Group |
| XAU/USD (Gold) | $0.14 typical | $0.12 typical | XM Group |
| GBP/USD avg spread | 0.29 pips | 0.23 pips | XM Group |
| Standard acc spread | from 1.0 pips | from 0.8 pips | XM Group |
| ECN commission | $3.5/lot/side | $3.5/lot/side | Tie |
| Min deposit | $200 | $5 | IC Markets |
| Inactivity fee | ✓ | ✓ | Tie |
For Mongolia traders, trading costs are a key factor, especially for those using USDT or e-wallets to fund accounts. IC Markets offers spreads from 0.0 pips on its Raw Spread account with a commission of $3.50 per lot round turn, making it ideal for high-frequency traders. XM Group’s standard account has spreads from 1.0 pips with no commission, but its Micro account allows trading with very small lot sizes. For a Mongolia trader executing 10 standard lots per month, IC Markets can save $50–$100 in spread costs compared to XM Group, depending on market conditions.
| Account Type | IC Markets | XM Group |
|---|---|---|
| Standard account | ✓ | ✓ |
| ECN / Raw spread | ✓ | ✓ |
| Islamic (swap-free) | ✓ | ✓ |
| Demo account | ✓ | ✓ |
| PAMM / MAM account | ✓ | ✓ |
| Zero spread account | ✓ | ✓ |
| Copy trading | ✗ | ✗ |
| VPS trading | ✓ | ✓ |
| Min deposit | $200 | $5 |
| Neg. balance protection | ✓ | ✓ |
| Entity / Asset | IC Markets | XM Group |
|---|---|---|
| Mongolia (offshore) | Up to 1:500 | Up to 1:500 |
| Forex major pairs | 1:500 | 1:500 |
| 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 | XM Group | 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+ | 20+ | IC Markets |
| Stocks / Share CFDs | ✗ | ✗ | XM Group |
| ETFs | ✗ | ✗ | Tie |
| Options | ✗ | ✗ | Tie |
| Futures | ✗ | ✗ | Tie |
| Platform | IC Markets | XM Group |
|---|---|---|
| MetaTrader 4 (MT4) | ✓ | ✓ |
| MetaTrader 5 (MT5) | ✓ | ✓ |
| cTrader | ✓ | ✗ |
| TradingView | ✗ | ✗ |
| Expert Advisors (EAs) | ✓ | ✓ |
| Scalping allowed | ✓ | ✓ |
| Hedging allowed | ✓ | ✓ |
| Fixed spreads | ✗ | ✗ |
| Variable spreads | ✓ | ✓ |
Both brokers offer the industry-standard MetaTrader 4 (MT4) and MetaTrader 5 (MT5), which are popular among Mongolia traders for their advanced charting and automated trading capabilities. IC Markets also provides cTrader, a platform with deeper liquidity and faster execution, favored by scalpers. XM Group’s platforms include web and mobile versions, plus a proprietary XM app for easy account management. For Mongolia traders with limited internet bandwidth, XM Group’s lighter web terminal may perform better, while IC Markets’ cTrader is best for high-speed connections.
| Factor | IC Markets | XM Group | Winner |
|---|---|---|---|
| Execution model | ECN/STP | True ECN | XM Group |
| 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 is known for its ultra-fast execution, with average speeds under 40 milliseconds on its cTrader platform, ideal for scalpers and algo traders in Mongolia. XM Group offers reliable execution with no requotes on its MT4/MT5 platforms, but speeds average around 100 milliseconds. For Mongolia traders with stable internet, IC Markets provides a clear edge for high-frequency strategies, while XM Group’s execution is sufficient for most retail traders.
| Safety Factor | IC Markets | XM Group |
|---|---|---|
| Primary regulator | ASIC | ASIC |
| Reg number | #335692 | #443670 |
| Verify registration | Verify ↗ | Verify ↗ |
| Top-tier regulated | ✓ | ✓ |
| Investor protection | ✓ | ✓ |
| Segregated funds | ✓ | ✓ |
| Neg. balance protection | ✓ | ✓ |
IC Markets is regulated by the Australian Securities and Investments Commission (ASIC) and the Cyprus Securities and Exchange Commission (CySEC), while XM Group holds licenses from the Financial Conduct Authority (FCA) in the UK and CySEC. Neither broker is overseen by Mongolia’s local financial regulator, but their international licenses provide robust client fund segregation and negative balance protection. For Mongolia traders, this means deposits are safe even if the broker faces financial difficulties. However, leverage restrictions under CySEC may apply to EU clients, but Mongolia traders using offshore entities can access higher leverage.
| Payment Method | IC Markets | XM Group |
|---|---|---|
| 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 | Visa/Mastercard and e-wallets near-instant to 1-2 business days; bank wire several days |
| Min withdrawal | $50 | $50 |
Mongolia traders can fund their IC Markets and XM Group accounts using Bank Transfer, Skrill, Neteller, and USDT—all widely accepted in the country. IC Markets requires a minimum deposit of $200 (or equivalent in USDT), while XM Group starts at just $5, making it more accessible for beginners. Deposits via Skrill, Neteller, and USDT are processed instantly, and bank transfers take 1–3 business days. Withdrawals are also fast: IC Markets processes e-wallet withdrawals within 24 hours, while XM Group completes them in the same day. Neither broker charges deposit fees, but bank transfer fees may apply from Mongolia banks. USDT deposits (ERC-20 or TRC-20) are supported and offer low-cost transfers.
| Islamic Account Feature | IC Markets | XM Group |
|---|---|---|
| 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 |
Both IC Markets and XM Group offer Islamic (swap-free) accounts for Mongolia Muslim traders who wish to trade without interest charges. IC Markets provides swap-free accounts on request for all account types, including Raw Spread and Standard, with no expiry date. XM Group automatically offers Islamic accounts to clients from Muslim-majority regions, including Mongolia, and applies no additional fees. The swap-free feature applies to most forex pairs, but some commodities and indices may still incur overnight fees. This makes both brokers suitable for Mongolia traders observing Sharia law.
| Support Feature | IC Markets | XM Group | 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 multilingual customer support via live chat, email, and phone, with a dedicated team for Asia-Pacific regions. XM Group provides 24/5 support in multiple languages, including English and Chinese, which is helpful for Mongolia traders. Both brokers have extensive FAQ sections and educational resources. IC Markets’ support is slightly faster for technical issues, while XM Group excels in account-related queries.
| Mobile Feature | IC Markets | XM Group | 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 | XM Group | 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-frequency trader needing ultra-low spreads and fast execution.
- Plan to trade large volumes and want to minimize trading costs.
- Prefer using cTrader for its advanced order management and depth of market.
- Have a minimum deposit of $200 and want access to institutional-grade trading conditions.
Choose XM Group if you...
- Are a beginner or retail trader with a small account (minimum $5 deposit).
- Want commission-free trading with competitive spreads and no hidden fees.
- Need flexible leverage options up to 1:888 for smaller capital.
- Value a wide range of educational resources and a user-friendly platform.
For Mongolia traders in 2026, the choice between IC Markets and XM Group depends on your trading style and budget. IC Markets excels in low-cost, high-speed execution, making it the best pick for active scalpers and volume traders who can meet the $200 minimum deposit. XM Group, with its $5 minimum deposit and commission-free model, is ideal for beginners or those testing strategies with smaller capital. Both brokers support local payment methods like Bank Transfer, Skrill, Neteller, and USDT, ensuring smooth deposits and withdrawals. While neither is regulated by Mongolia’s local financial regulator, their strong international licenses provide adequate security. Ultimately, IC Markets is better for cost-conscious, high-volume traders, while XM Group suits those seeking flexibility and low entry barriers.