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DracoFX Review - is it scam or safe?

DracoFX Review Review - is dracofx.com scam or good forex broker?

RATING: 1 / 10 REVIEWS ForexBrokerz DracoFX
DracoFX is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Trading accounts and conditions

 

Account type Minimum deposit Minimum trade size Maximum leverage Average spreads
Standard $200   1:400 Fixed, 3 pips
Variable $500   1:400 Variable, from 0.2 pips
Islamic $500   1:200 Fixed, 5 pips
Premium $2500   1:400 Fixed, 2 pips
VIP $10 000   1:200 Fixed
Diamond $20 000   1:200 Fixed 2, variable 0.2 pips

 

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.


Trading platform


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.



Promotions


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.


Conclusion


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.


Pros Cons
MT4 Unregulated
  Wide spreads

 

 

Latest news about DracoFX
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Traders` reviews for DracoFX

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Dracofx Reveal

Hi All,

Good news whoever cheated from Dracofx forex company. Currently their website not working and cheated investors.

The main company name was "Draco Business Solution" and "Draco Global Limited". We find out the owner details and his living location including his history and photos as well current forex company name.

"Draco Global Limited" started 08/09/2016 and Dissolved 13/02/2018. They started forex trading 08/09/2016 platform called "Draco Fx".

"Draco Business Solution" started 30/06/2017 and Dissolved 04/12/2018.

Above both company established in UK the owner name was same, but not UK citizen he is from Sri Lanka.

While "Draco Global Limited" notice for compulsory strike-off they started new forex trading in 03/01/2018, currently running called ** Trad**.

The Owner Details Draco Global Limited including home location
(Akthar Sheriff) (39 Keppetipola, Mawatha, Kollonowa, Srilanka, 10600)
https://drive.google.com/open?id=1HPaQ7suF0nCWqLrJtrC_DoM1TDIGvbi-

The Owner Details Draco Business Solution
https://drive.google.com/open?id=1yNDRZsblOsqZRV3EgmNn7vhgMmhYCYgz

Exact Google Location of owner home by Google.
https://goo.gl/maps/cdPGhPfgxQfGYr8MA

https://drive.google.com/open?id=1jSY0w7RF9SmMT1UQazMWYccQfoqULUHa
https://drive.google.com/open?id=1ojSnK_bb9tZopIciHHe5xejGNyN2oEuP

Draco Business Solution - Dissolved
https://drive.google.com/open?id=1hu6sOCTiABEK4pssv8GzI1tT4th3Vd2u

Draco Global Limited - Dissolved
https://drive.google.com/open?id=1SP1keWd8hm0f_viV5-znbLVL4DKog3xE

Hari 07/18/2019

Draco Fx Reveal

Hi All,

Good news whoever cheated from Dracofx forex company. Currently their website not working and cheated investors.

The main company name was “Draco Business Solution” and “Draco Global Limited”. We find out the owner details and his living location including his history and photos as well current forex company name.

“Draco Global Limited” started 08/09/2016 and Dissolved 13/02/2018. They started forex trading 07/09/2016 platform called “Draco Fx”.

“Draco Business Solution” started 30/06/2017 and Dissolved 04/12/2018.

Above both company established in UK the owner name was same, but not UK citizen he is from Sri Lanka.

After both company dissolved they started new forex trading in 03/01/2018, currently running called ** Trades.

Find below both companies dissolved details. I will publish Owner name, history and photos including new company names next week.
Draco Business Solution - Dissolved - https://drive.google.com/open?id=1w3ljkBcOsce40XqSbRcXHu87JR_BPyfO
Draco Global Limited - Dissolved - https://drive.google.com/open?id=1pP9B7udwLrDiBu6aPGlq1oIviG2jqFWC

Remin 07/03/2019

Complaint

I have investment 2500$ but this company from us

Shahbaz Aslam 06/10/2019

Dracofx and AZ Trades

Who cheated from Dracofx, approach AZ trades https://www.aztrades.com/, They are same company and staffs, When i register AZ Trades those who worked before in Dracofx manager called me, when he recognize me disconnected the phone and no responds anymore.
You can see more review about migration from Dracofx to AZ Trades.
What Dracofx provided same benefits AZ Traders providing.

Guys, If you need your money deposited in Dracofx approach these team.

Adna Al Abdu 05/30/2019

Fraud - they shut down their business

Hi.
They shut their business. And those who are trading in their platforms lost all money.they close every thing.their website. Email.phoneno. everything. Basically we lost are money.my deposit is huge 25000 dollars. I have lost.
I dont know what should I do.

Reshama 04/11/2019

website not working

Hi Sherin

You still trading with Dracofx ? How? Their website not working and trading platform also ?

Why they are not releasing your payment ?

Adnan 04/09/2019

Withdrawal

Please kindly assist you guys,are not returning my money that i deposited. I need to pay my tuition please help me

Shereen 04/07/2019

Great News

Dear All,

Great news those who invested in Dracofx and Migrated to AZ Trade and cheated from them, Find out their location and employees details including the pictures. The employee pictures long shoot one but still clarity and recognize the face. I will publish their old and new office place 23 March 2019 also will share employee details and photo 01 April 2019.

Note that their office not in UK, Its in Srilanka. I will get few their employees photo Sunday and publish all photos 01 April 2019.

R Yusaf 03/20/2019

My profit

In pay 200dollar and they promise me that i will get 15 dollar daily profit but till now i did not get single dollar
Kindly advise bcoz this fraud I stopped believe any one of trade company

Hasina 03/06/2019

Latest news - website also is not opening

For the fast few days the MT4 platform is not working for Dracofx. No response from the mails sent to them. Their website also is not opening.

Mohanram 01/18/2019

totally scam and fraud

hey guys never invest in this shit dracofx...as their trade analytical team is one the worst team ..i lost more than 20k dollars within 6 month .shit analytical guy rakesh made me totally empty .now i came to know that dracofx website also closed and so many clints loose millions of dollars now they are cheating with another name called AZtrades . is their any guy who can make atleast police compliant so that no more people loose their hard earned money.

rajesh clint code (1310031765) 01/15/2019

totally scam and fraud

Guys one of the big scam company never try it I lost 17500 dollars in this sh*t market and even single time no withdrawal bcoz their withdrawal policy is also sh*t type.

Motherf*cker Guy so called Rakesh prasad who was market analytical shit man made me full empty .

i lost huge money but please never never try it.

vicky 01/10/2019

fraud

dracofx is one of the fraud broker . mohamed nazir and ashok r briliant fraud

Ramar 12/15/2018

No 1 Fraud broker

Friends, please do not oopen an account with this broker and deposit any money. If you do so you will have to lose all your hard earned money.
Initially, before opening the account, they politely speak with you and give all types of false promises. Once you open and make a deposit your money, for few days they will give you good signals and tips and see that you earn some profits . Then they will start persuading to deposit more funds so that you will get huge profits. They also tell you that your withdrawal limit will increase, you can withdraw any amount any time etc,. Etc,.
If you believe it and make more deposit your problem will start. If you make profit and make a withdrawal request, then they will start telling one condition after other and drag your withdrawal request. They will say you have to complete so many trades to go for withdrawal and so on.. Even after completing the trades they will start telling silly excuses like no staff in finance department, no funds, the bank refuses to release the funds etc,. Etc,..

My sincere advise to all of you is “Do not open any account with this broker and lose your money and avoid unnecessary tension.”

Mohanram 11/23/2018

DracoFx is Cheater

This company is cheating and nothing else comes in the hoax, I myself have been a victim of it

Sunil Prakash Pal 10/03/2018

Fraud People

Dear All,
I like to advice you to refrain from this fraud people who are cheating the clients. In my experience those who are offering bonus are not genuine people. Specially who are from India do not get cheated by the sweet word os this kind of robbers.

Senthil Kumar 09/27/2018

My account closed, withdraw my deposit amount 200$

my opinion my account closed my deposit amout nt 200$ withdraw I don't like trading please give me my amount Ian not happy

S.chinnadurai 09/20/2018

Fraud company

Any one Do not invest in this company. Because account manager's totally mis guide

Rajendra Ramchandra Patil 08/22/2018

Fraudsters!!! Stay away!

These are a bunch of fraudsters looking to eat away your savings. Special mention about "ABDUL SHAKIRUL" who ate away 3000$ of my savings and simply blames it on the market conditions. These fools do not know how to manage an account and make fool of people. All the good reviews on this site are posted by these fools itself. Stay Away!

Madhu 07/31/2018

DracoFX - Its risky due to Employee and Rule

Dracofx platform is very risky due to their employees & rules using their platform.

First dealing staff from Dracofx only for pushing to start account, they will say good words and 60% fault information. Of course their job Sales and aim is invest maximum money from client.Their main advantage is bonus, Few trading company only giving 100% bonus. They will give bonus based on our investment same day or next day. But the problem they are hiding from every client we can't withdraw the money until we have to open number of trade to achieve that bonus, that is main trick and cheat from Dracofx. They will ever never informing to the client, its hidden agenda. Also if you asking to them they will deny and will say other reason for withdrawal like example, Finance team is busy due to so much withdrawal or you Visa/Debit card is block in online due to some reason you have to wait one month or two month meanwhile you open this much trade, as an account manager we will help you to solve the issue immediately, So if you need urgent money to withdraw Dracofx is not good platform.

Find below reasons not invest in Dracofx

1.After our investment our first account manager will contact us anymore, we can't
reach him also.The second account manager will force all time for more
investment.

2. Their toll free number never will answer. if answer ur lucky person.
3. Their finance (finance@dracofx.com), compliance (compliance@dracofx.com)
department will never reply to your email. its only dummy, if you got reply you are
lucky.

4. Your second account manager is more powerful person, he will decide we need to
get withdrawal or not based on his composition. for avoiding withdrawal he will
give nice explanation and bull $#*!.

5. They are hidden policy, you have open more trade based on your bonus and
investment, then only possible to withdraw, it will take time.first time investment
they will not inform you that, even we ask they will deny.
6. When we submit for withdraw, email will receive to us its gonna process, but the
decision with second account manager, he will never ever allow easily unless they
are achieving their commission.

7. They are commission based on our profit, lost and trade open volume, so they will
give some times better advice and some time negative advice to loose our money.
8.They are trading analyst department each supporting their own staff for fooling
clients, if we are complaining, other person will call and act as he is supporting, but
all instruction our second account manager will give to him.
9. They will always push for more investment and more profit but that never gonna
happen.

10. Thier main advantage is 100% bonus and dracofx card, you will never get
dracofx card, the reason they will say its need more time due to security also our
back-end team is busy with more request of card, Here you will not get card, if
you are getting card you will be the one luckiest person.
11. Main thing their employees most of the names fake, they are changing names
and email based on clients. So if we giving negative review against one
employee, they will not use anymore that name gain to other client.

If you still wanna invest in Dracofx follow below instruction for your safety.

1. always record their conversation, cause what they agreeing will not follow. its
better u always have proof.

2.Get all your question and doubt via email before investment. they have to confirm
everything in email, later stage if you wanna complain you should have email and
voice proof also.

3. Mainly in email and phone proof, the question should be withdrawal time, policy
and dracofx card delivery time.

4. Do not follow always account manager for trading, you will loose always.
sometime will get profit.

5. Don't expect you will get help from other department like finance or management,
you have to always deal with your second account manager.

6. If you investing only basic fund, then trade withdraw one time, then only invest
more for your safety, if you are luck person you will get your money.

7. If you showing them these reviews they will say its competitor, they are updating
negative reviews against dracofx and other stories. I had same experience.

So over all, care yourself, always go for with reference, as per my experience platform is good and user friendly, but staff and rules very bad. Me invest few money until now didn't get any money even have profit due to account manager and policy.

Here am not mentioning my real name cause my money still with Dracofx. If am getting my money i will review again based on experience.

Adnan 07/27/2018

Draco FX Complaint

I like to complain about the trading I started with Draco FX few months back,when I was about starting I was not told that at the middle of the trading I will be depositing another 200dollars now that point is my initial deposit nothing has come out of it

Now I am no more interested can I have my fund back.

Adekunle Temilolu 06/20/2018

Withdrawal problem in dracofx

I frist withdrawal received in 10 days and second withdrawal approved 6 March but not receive payment in my bank please help me

Shantilal vaktariya 03/19/2018

Registration number with FSA

I had long conversations with both sales and their regulatory departments and was assured too that they are registered quoting " registration number with FSA as"
Draco Commercial Finance Ltd
Status: Appointed representative
(Reference number: 757027)

Thank you for clarifying as I has read unfavourable comments regarding withdrawl of fund sand decided not to join DracoFx.

H. Ashford 01/12/2018

Dracofx - Questions

Hello:

Thank you for the review. When they contacted me and I asked them about their being regulated, this is the link they sent me:
https://register.fca.org.uk/shpo_searchresultspage?search=draco&TOKEN=3wq1nht7eg7tr

So what does this mean? Are they regulated? Trustworthy or just another scam?

Thank you and best regards,
Reuel R. Lewis

Forexbrokerz Team:

They have sent you a link to a completely different company. DracoFX has nothing to do with Draco Commerical Finance

Reuel Lewis 12/07/2017
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