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DragonGain Review - Is it scam or safe?

DragonGain Review - is dragongain.com a good forex broker or a scam?

RATING: 3 / 0 REVIEWS DragonGain
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Trading Accounts & Conditions

 

Account type

Minimum deposit 

Minimum trade size

Maximum leverage

Spreads           

ECN

$1000

0.01 (micro lot)

1:100

From 0.7 pips

 

DragonGain offers its clients a single ECN account intended for institutional and professional traders. It provides variable spreads, leverage up to 1:100 and micro tradeable lots on the most widely used forex trading platform, the MetaTrader 4.  

 

Besides, DragonGain provides managed account solutions (MAM accounts) for money managers and investors.

 

Overall, the broker‘s trading conditions are competitive: comparatively low variable spreads and no commission fees. For comparison purposes, you may look up real-time spreads of 15 leading brokers here. Some traders, however, may find the leverage levels offered mediocre, as most brokerages provide higher ratios.

 

The Company. Security of Funds

 

DragonGain provides traders with access to wide range of global markets including over 60 currency pairs, as well as CFDs on Indices, precious metals and some commodities through the MetaTrader 4 platform.  

 

DragonGain is a brand of Finotec Trading UK Limited, which targets mainly Japanese investors. The company is authorized and regulated by the Financial Conduct Authority (FCA) since 2007.  Stemming out of Asia, the company operates a number of brands: CSI-FX, Sky Clearing, Ballistic Markets, 121 Clearing Noa Prime, and others.

 

FCA applies stringent requirements and standards to financial services providers in the UK. To acquire a license from the UK financial watchdog, brokerages must hold net tangible assets amounting to €730 000 and maintain this capital. Furthermore, clients` assets should be kept in segregated bank accounts, separated from the company operating funds.

 

Most importantly, financial regulation in the UK involves a compensation scheme. All FCA-licensed companies are under the umbrella of the Financial Services Compensation Scheme (FSCS) and in the event of insolvency, there is a maximum compensation cover of £50,000 per person.

 

Trading Platform

 

Like the majority of forex brokers, DragonGain supports the Metatrader 4 (MT4) trading platform, available as a desktop version and mobile applications.

 

 

Developed by Russian company MetaQuotes, MT4 is the worlds’ most popular trading platform. It is equipped with its one-click trading, outstanding charting package, a number of technical analysis indicators and signal copying options. Besides, MT4 enables clients to fully automate their trades by choosing from a wide range of Expert Advisors (EA) and let the program do all the work.

In addition, Built-in Virtual Hosting allows robots and signals to Work 24/7 without interruption.

 

Methods of Payment

 

Clients of DragonGain can make deposits to and withdrawals from their accounts via bank wire, credit/debit card (Visa, MasterCard, American Express), e-wallets, such as China Union Pay, and SafeCharge.

 

Keep in mind that SafeCharge involves 2.95% processing fee, while China UnionPay charges 3.95% plus a 35 cent(USD) transaction processing fee, plus additional withdrawal fee of 2% credit fee plus 20 EUR.

 

Conclusion

 

DragonGain is a brand operated by FCA-licensed Finotec Trading UK Ltd., which targets mainly Japanese traders. To sum up the above, here are the Pros and Cons with regards to this broker:

 

Pros

Cons

FCA-regulated

No choice of trading platforms

MT4 available

Relatively high minimum initial deposit

Commission-free trading in ECN environment

Mediocre leverage levels offered

 

Latest news about DragonGain
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Traders` reviews for DragonGain

Spread

Pros

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Slippage

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Cons

 

 

Requotes

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Cons

 

 

Price feed

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Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

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Cons

 

 

Summary

Pros

Cons

 

 

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