DracoFX is an offshore broker. It offers trading in forex, CFDs, indices, commodities and Bitcoin. In addition to the numerous types of live trading accounts, the broker also provides a free demo account for trial purposes.
The Company. Security of Funds
Company Country Regulation
Draco Business Solutions SVG None
DracoFX is owned by an offshore company in the Saint Vincent and the Grenadines. It is not regulated. Judging by the language options of the site, the broker mostly targets clients across Asia.
Dealing with such type of offshore unregulated forex brokers is rather risky. Like all offshore zones, SVG does not have very strict requirements for the companies registered there. It makes it a favorite destination for dodgy forex brokers who often are just a scam, ripping off its clients. We advise our clients to avoid offshore unregulated companies and rather choose more reliable ones. Such example are the brokers regulated by UK’s FCA.
Like most forex brokers, DracoFX has chosen the popular MetaTrader 4 (MT4) as trading platform. It offers the desktop version and the mobile apps, but not the browser version.
The MT4 is known for its ease of use, large number of options, charting and technical analysis tools. It is stable and reliable and platform offers API connectivity, supports PAMM and MAMM functionality, multiple types of orders, Expert Advisors and automated trading.
Additionally, DracoFX offers the Sirix platform as a web application, without requiring a download.
DracoFX offers a 100% trading bonus of up to $5000. There is also the option for the first five trades being protected.
Additionally, DracoFX provides its clients with a co-branded debit MasterCard, which can be used for withdrawing funds from the trading account or ATMs across the world and online payments.
Methods of payment
DracoFX accepts the standard payment methods with bank transfers and credit/debit cards, as well as the online payment platforms Skrill, Neteller and Fasa Pay.
It appears that DracoFX is a new forex broker. We could not find anything suspicious about it, except it being an offshore unregulated financial services provider.
There are hundreds like it, if not thousands, and it does not stand out among them. Its trading conditions are more or less average, but the fixed spreads are somewhat wide. There are relibale and regulated brokers who offer better trading conditions and we suggest you deal with them.
DracoFX Review Conclusion
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