Short answer: open an account with an FRC-licensed Mongolian broker, remotely. A foreign individual reaches MSE-listed equities through a local broker that opens your Mongolian Central Securities Depository (MCSD) account for you. Contrary to the old “you must fly to Ulaanbaatar” assumption, Standard Investment Mongolia confirmed in writing that foreign individuals can onboard by international courier (physically signed hard copies). If the MSE is more friction than you want, several Mongolia-focused miners listed in Hong Kong, Toronto, Sydney and London need no local account.
Best route
Standard Investment Mongolia — the recommended start. The broker confirmed the full process by email: just four documents (a CSD agreement, a brokerage agreement, a passport copy, and a national-ID copy), couriered as signed originals to Ulaanbaatar. They then open the brokerage, MCSD depository and settlement-bank accounts on your behalf. No apostille/notarization in their baseline list (confirm for your jurisdiction).
Can you use IBKR?
No — IBKR doesn’t offer the MSE, and neither does any other mainstream international broker. The only way to own MSE-listed shares is a local Mongolian broker. For Mongolia exposure without that, use the offshore listings below through any normal broker.
Local broker route
- Standard Investment — courier-based, no visit (verified in writing). The lowest-friction route.
- TDB Securities — also works, but higher-friction: foreign citizens need in-person handling or a power-of-attorney / notarized-documents workaround.
Other FRC-licensed brokers (MICC, InvesCore, Golomt Capital, BDSec, Mirae Asset Mongolia) exist, but foreign-individual onboarding is unverified — reach for Standard Investment first.
Listed-abroad alternatives (no local account)
- Mongolian Mining Corporation (HKEX: 0975) — coking-coal producer; the cleanest Mongolian name listed abroad.
- SouthGobi Resources (HKEX: 1878) — coking-coal miner (also Toronto).
- Entrée Resources (TSX: ETG) — a focused way to play the giant Oyu Tolgoi deposit.
- Steppe Gold (TSX: STGO), Xanadu Mines (ASX: XAM), Petro Matad (LSE AIM: MATD) — gold, copper-gold and oil plays.
(Oyu Tolgoi is Rio Tinto-operated, but Mongolia is a tiny part of Rio — so Rio isn’t a Mongolia proxy; Entrée is the focused OT play.)
What can go wrong
The MSE is small and mostly illiquid: of ~180 listings, most are dormant relics of Mongolia’s 1990s voucher-privatisation, with real trading in only a handful of names (APU, Mongolian Mining, Tavan Tolgoi, a few financials). Total market cap is well under $1bn. This is a market for a specific thesis (Oyu Tolgoi, coal, consumer staples), not broad EM beta.
Next step
The Mongolia country page has the full broker table, the verified Standard Investment correspondence, and the offshore-listings detail.
Last updated 15 June 2026. The remote courier workflow is verified via direct email from Standard Investment Mongolia (May 2026); I have the documents in hand but have not completed account opening.