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DragonEX Review - is it scam or safe?

DragonEX Review - Is dragonex.io scam or safe cryptocurrency exchange?

RATING: 2.4 / 1 REVIEWS DragonEX

RECOMMENDED BITCOIN BROKERS


 Trading Accounts & Conditions 

 

Account type Leverage Maker Fee Taker Fee Deposit Fee
Standard 1:1 0.20% 0.20% Crypto: Free

 

DragonEX is a cryptocurrency exchange, focused on Chinese clients. Despite operating out of Singapore, there currently isn’t an English version of the website. This means our review will take an outsider’s perspective and we may miss some details.

 

DrangonEX Advantages

 

A few altcoins – at the time of writing DragonEX supports trading in: BTC, BCH, ETH, USDT, NEO, QTUM, EOS, SAFE, KNC, ABT, LRC, KNC and a few less popular tokens. This is is a decent line-up for such a young project and is likely to expand in the future. Interestingly enough trading is done against USDT and ETH.

 

Competitive fees –  the costs of trading at DragonEX are close to the industry averages, with 0.20% being the rate for both makers and takers. Some other venues have lower rates for those who place orders in the book, rather than taking the best possible price instantly.

 

Own token, profit sharing scheme – DragonEX has their own token, which is exclusively traded at the exchange (and also occasionally “dropped” into user’s accounts. The token will be used as a mechanism to share the profit, generated from trading fees with the users. We can’t comment on it’s potential as an investment.

 

CNY to USD Tether conversion – This trading venue allows Chinese customers to convert CNY to USDT. However the process by which this is done is a bit unclear to us (it’s explained with pictures, which aren’t friendly towards translating software). We suspect a Bank Transfer of sort is involved.

 

>>Exchanges accepting Credit Cards<<

 

Decent platform – the trading interface at DragonEX isn’t bad, but also isn’t that impressive. The layout seems nice, but the charts can be improved upon. Here is a screenshot of the desktop iteration

 


The platform at DragonEX

 

That being said, we must mention this exchange puts a high emphasis on the mobile apps, which it offers. This is reiterated by one of the specifics, which we will mention in the negatives section. It’s also worth noting, that positive price movements are coloured in red, while the declines are in green, as is typical for the Chinese traditional trading systems (red is a lucky colour in the culture) . 

 

 

DragonEX Disadvantages

 

 

Focused on China  – this isn’t an issue for us, as there are a lot of local exchanges, which only want to serve a particular audience. In case you are not Chinese you may find a better service elsewhere. 

 

New exchange – new projects always come with a certain level of risk, even if they aren’t connected to a cryptocurrency exchange. This is the roadmap for DragonEX, which we can’t quite understand (due to the previous negative):

 

USDT offered – there are a lot of concerns when it comes to the long term viability of Tether, as a solution. This is a company which “mints” a cryptocurrency, which has a fixed price of 1 USD and is allegedly backed by real money. This exchange not only offers it, but states it is “stable”. Many crypoto experts, as well as the US authorities tend to disagree.

 

Taken from the front page of DragonEX

 

Phone number used for registration – This is a feature specific to some Eastern exchanges. We feel asking for someone’s e-mail is a somewhat less intrusive. Still, serious traders will have to fully verify their accounts, while we are only reviewing the exchange.

 

No leverage available  – we weren’t expecting this at a young exchange, lie this one. Traders who are looking to trade cryptocurrencies on leverage may find some forex brokers to be a better option.

 

>>Leveraged Bitcoin trading<< 

 

We have to clarify, trading with such companies is not that suitable for long term investing. They offer the so called CFDs, which allow you to trade with leverage or even enter short positions, but may involve overnight rollover fees. Check our detailed explanation, if you are interested. 

 

 

Conclusion

 

DragonEX is a rather new cryptocurrency exchange, which targets the Chinese market. The company supports the conversion of Renminbi to USDT coins. We are a bit surprised how quickly the volumes on this exchange have picked up, given the fact they aren’t very friendly towards foreigners.

 

Having a bit of an outsider’s perspective on DragonEX, we didn’t mange to find much negative, nor positive information about them – there is no background on the team operating the exchange and no user reviews in English. This will likely change in the future, when we’ll update this review.

 

At the end of the day, all cryptocurrency exchanges carry some form of risk. In case you are only looking to trade some of the major coins and are looking for a much safer environment to trade, some forex brokers can be an alternative.

 

>>Regulated Bitcoin brokers<<

 

A summary of this review:

Pros Cons
A few altcoins Focused on China
Competitive fees New exchange
Own token, profit sharing scheme USDT offered
CNY to USD Tether conversion Phone number used for registration
  No leverage available

 

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Traders` reviews for DragonEX

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Slippage

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Price feed

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Platform

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Summary

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Fake Exchange DO NOT USE

All the trading volume is 100% fake. Their BTC-USD chart crashed for 20 days and didn't move during the big volatility. I lost a lot of money because I couldn't trade or do anything for 20 days. It was not my account that was at fault. You can see their bitcoin chart is flat lined. DO NOT USE this scam exchange.

Sally 04/25/2019
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