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Dragon Options (Inactive) Review
Dragon Options (Inactive)
|Broker||Dragon Options (Inactive)|
|US Traders Accepted|
|Company Name||Rainbow Capital Ltd.|
|Bonus Type||Match bonus|
|Deposit Options||Credit/debit cards, Wallet One, WebMoney, Skrill, wire transfer|
|Deposit Currencies||USD, EUR, RUB|
|Trading Instruments||Commodities, stocks, indices, currencies|
|Number of Trading Instruments||150|
|Binary Option Types||Call/Put, Options Builder, One Touch, 60 Seconds|
|Customer Support Types||Web form, email, phone, schedule a call back, live chat|
|Education Offered||Binary options basics, eBook, video tour, FAQ, glossary|
|Tools Offered||Daily and weekly market reviews, expiry rates and financial calendar. Rollover/double-up. Trading manager and VIP line for high deposit customers.|
|Commission||$15 for any withdrawals past three per month. Withdrawals under $500 are subject to fees of $30.|
|Demo Account||Yes, upon a deposit of $500 or more.|
On April 1, 2020, Dragon Options ceased its binary brokerage activities. The review below is presented for the archiving purposes.
Dragon Options is a binary options website currently operated by Rainbow Capital Ltd. headquartered in Vanuatu. Previously, it was operated by Dragon Options Ltd., a company based in London, United Kingdom, and Limassol, Cyprus. On an initial guess, you might think that they’re based in Russia, since this is the language the site initially loads in. You can switch to English, Turkish, or Arabic. Dragon Options was indeed originally located in Russia, but shifted its focus to Western Europe after becoming popular. Sadly the site does not accept traders from the USA, but we can see why they’ve garnered such a strong reputation and been able to expand their business to a more global market. This is all in spite of only being in operation since 2020. If you’re not US-based, checking into their platform and features is well worth your time. Dragon Options has won awards and they are regulated!
Dragon Options Account Tiers
After registering for free, you can deposit in EUR, USD, or Rubles. $200 or equivalent is the minimum deposit, but there are three different account tiers. For customers who deposit up to $999, there is a match bonus on the first deposit (up to $1,000 or equivalent), platform training, 24-hour support, market reviews, and a 3-day withdrawal process. At the next level up (Dragon Pro: $1,000-$4,999), there’s a pro bonus program, personal platform presentation, one-on-one training, trading strategies, and everything included in Dragon Basic. Dragon Premium is available for those who deposit $5,000 to $100,000. This includes a premium bonus program, personal trading manager, VIP line, and everything in the other packages. It’s pretty awesome that there are so many extras for customers who deposit more.
There are numerous deposit methods available: credit card, CB, Wallet One, WebMoney, PayAnyWay, Skrill, CashU, and wire transfer. You can get match bonuses up to $1,000, and there are also other monthly bonus deals, a referral program, and night trading which pays out double.
Alas, they don’t impress us as much on the withdrawal front. You can make up to three withdrawals free each month, which isn’t as limiting as some binary options brokers (who only let you take out one), but after that you’re subject to fees. The real kicker is the $30 fee for any withdrawal you make under $500. That’s a margin which is higher than the initial deposit requirement. That means your money can easily get locked up in your account and become challenging to remove without paying a hefty amount just to get it out.
Trading with Dragon Options
Dragon Options runs on the SpotOption platform, one of the most popular binary options platforms in existence. There are a ton of websites powered by SpotOption, so odds are you’ve seen it before. Its familiarity makes it easy to learn and use. Dragon Options doesn’t yet offer mobile trading. Unfortunately they also don’t offer a demo account. Your first opportunity to use the platform on their site is to place actual trades. Since SpotOption is so common, however, you might consider demo testing with another broker and then coming back to Dragon Options to deposit and trade for real.
The minimum trade size for most trades is $25 ($5 for 60 Second options). The maximum trade is $1,500. Dragon Options has a huge selection of underlying assets; we counted 106 in all, with more than 60 of those being stocks. You can also trade indices, commodities, and currencies. You’ll never run out of different instruments to trade, which gives you access to more trade setups. There are a lot of different ways you can trade using Dragon Options. There are your basic Call/Put trades, One Touch, Options Builder (choose your own expiry time) and 60 Seconds. You can increase your stakes using rollover or double up.
Tons of Trading Resources
One of the best things about Dragon Options is that they offer a ton of different trading resources and tools to their customers. This shows good will; brokers that provide resources are saying that they’re looking for long-term clients. Educational resources on the site include basic information on binary options, an eBook, a video tour, FAQ, glossary, daily and weekly market reviews, expiry rates, and a financial calendar. There are also advanced features for customers with higher deposit amounts, as we discussed when talking about the account tiers. At the higher levels you can get professional advice and even your own trading manager. You also can get access to the special VIP line.
Dragon Options Customer Service and Awards
Dragon Options offers customer service via a number of channels. You can fill out the web form, use the email address provided, call the company or even schedule a call back (there’s a unique feature we’ve never seen before), or use live chat. The live chat function appears to be broken right now (it wouldn’t load in Chrome or Opera). Hopefully this is a temporary error (give it a try in IE or Firefox). The call back idea is great because it prevents you from having to sit around on hold.
Dragon Options has won a couple of awards. They were awarded Best Binary Options Broker Russia & CIS 2020 by Global Banking and Finance, and also received a CROFR Certification. CROFR is a watchdog organization that monitors the service provided by brokers in binary options and other financial markets. As if we weren’t impressed enough already, we found out this broker was also regulated under Cyprus legislation (their license number was 223/14). And did we mention they also have a risk disclaimer? That’s showing some above-and-beyond responsibility.
Бонус за регистрацию 750$!
Быстрое открытие счета + 500 $ в подарок!
Dragon Options isn’t a perfect broker, but they do seem to have many superior qualities and features going for them. The $500 withdrawal minimum is a pretty big fault, and the lack of mobile trading or a demo account are also major drawbacks. Otherwise though, we’re suitably impressed by Dragon Options to recommend taking a look at their site and calling up their customer service team. As a formerly regulated broker with awards and certifications and a lot of great trading resources, tools and features, Dragon Options has a lot to offer a binary options trader.
Update 2020-04-07: On April 4, 2020, CySEC has decided to withdraw the suspension of the license of Dragon Options Ltd., the former operating company of Dragon Options binary platform, stating that it has already complied with the provisions of the law regarding own funds and capital adequacy ratio.
Update 2020-04-01: On March 31, 2020, CySEC has suspended the license of Dragon Options Ltd., the former operating company of Dragon Options binary platform. The regulator cited alleged undercapitalization as the reason for the license suspension. Dragon Options responded with moving its services and clients’ accounts to Rainbow Capital Ltd., an off-shore company registered on the island nation of Vanuatu. Rainbow Forex only offers spot Forex trading services. Binary options are no longer available.
Dragon Options (Inactive) , 5.0 out of 10 based on 1 rating
|Legal Entity||Dragon Options Ltd|
|Bonus||up to 100%|
|Full Address||Cyprus, Limassol, Ellados|
Dragon Options is the brainchild of a committed team of experienced traders, who aim to utilize their extensive experience to ensure traders make rewarding trade decisions in the binary options market. Here is our review of Dragon Options broker.
DragonOptions is one of the few brokers that take regulation seriously. It is licensed and regulated by the CySEC under license number 223/14. With this certification, traders can be sure of receiving trustworthy, reliable, and professional services.
Worth mentioning, Dragon Options has taken extra steps to offer secure services, including safeguarding clients’ funds in segregated accounts and employing the latest advanced technology in protecting transactions.
Therefore, Dragon Options is not scam broker, and you are sure of transparent conditions, if you choose it for trading. However, we found out the broker lacks sufficient regulation to accept traders from some few countries in the world, including the U.S., Israel, China, and Philippines.
DragonOptions Trading Platform
Dragon Options boasts of a cutting-edge trading platform that gives traders the confidence to make profitable trade decisions. The platform is available for trading 24/7 on the leading markets—stocks, currencies, indices, and commodities.
In addition to the web-based platform, the broker also offers a mobile trading platform, enabling traders to trade on the go, anytime, and anywhere.
The types of binary options available on the platform are long-term, pairs, 60 seconds, one touch, and ladder, with flexible expiry times—ranging from sixty seconds to several months.
Assets and payouts
Dragon Options offers more than 160 assets for trading, which is among the highest in the industry. This way, you cannot miss an asset to trade, whether you prefer trading on the fast-moving currency market or on other volatile markets.
During our Dragon Options review, we found out the broker offers predetermined payouts of 70% to 80%. Uniquely, traders can adjust their risk:return ratio using the broker’s innovative Option Builder tool and minimize their losses, if trades go against their prediction (through retaining up to 10% of the initial trade amount).
Deposits and withdrawals
Deposits and withdrawals at Dragon Options are convenient, secure, and professional. The broker offers a wide range of payment methods to suit the different needs of traders.
After completing the simple account opening form and providing the necessary identification documents, you can make your initial deposit using a credit card, an electronic wallet, or wire transfer. Your deposits will not incur any fees or charges. However, making a deposit using bank wire transfer is liable to bank charges. The broker usually runs monthly promotions, which you can take advantage of to earn lucrative bonuses, of up to 100% for every deposit made.
Dragon Options requires a minimum deposit of $10 before you can start trading, and the funds will be available in your account within one to two business days (depending on the deposit method used). The currencies allowed are U.S. dollar, Euro, British pound, Russian Ruble, Turkish Lira and, interestingly, Bitcoins. The broker usually takes up to three business days to process outgoing payments.
Dragon Options customer service
Founded by people who know the needs of traders, Dragon Options is committed to offering excellent and professional customer service to traders.
Importantly, to assist traders make educated trading decisions, the broker offers comprehensive training materials, which consists of webinars, courses, guided platform tours, and individualized trainings. For the broker, knowledge is indeed power!
Dragon Options also has a friendly and experienced customer support department, which can be reached 24/7 via email, live chat, or phone in different languages, including English and Russian. Furthermore, the broker’s “call-me-back” feature greatly enhances its customer support services.
- Duly certified and regulated
- Resourceful trading platform
- Mobile trading available
- Wide range of assets
- Low minimum deposit requirement
- Secure and convenient payment options
- Professional customer support department
- Availability of “call-me-back” feature
- Extensive education materials available
- Lucrative promotions
- Traders from some parts of the world are not allowed
- No demo account
Our Dragon Options review has indeed unleashed the dragon’s power. The broker’s powerful presence is reassuring that successful trading is still possible in the binary options markets. It is committed to enforcing transparency and providing excellent tools for maximal profits.
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Бонус за регистрацию 750$!
Быстрое открытие счета + 500 $ в подарок!