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Dragon Options has shut down their operations.
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Dragon Options is operated by the Dragon Options Ltd company and specializes in binary options trading. It is a financial services businesses or broker currently regulated by CySEC or the Cyprus Securities and Exchange Commission. The broker’s license number is 223/14.
The brokerage received their license back in 2014. Back then they were one of the first binary options brokers to have a license mainly because it was so difficult to get one. Dragon Options is headquartered at 365 St. Andrew’s St, 3305, Limassol, Cyprus.
Traders who signup with the company can expect to receive up to an 80% payout on regular binary options and over 160 assets. The broker’s platform makes it very easy to trade an array of options types.
Promotions and Account Types
Dragon Options is perhaps one of the few binary options brokers in the industry that offers traders a number of different benefits when they signup for an account. To start with they provide a substantial welcome bonus which mainly depends on your deposit amount. Then that extends into many other promotions that account holders can benefit from.
Currently, the company offers only two types of trading accounts. The type of account you end up with will depend on the money you’re willing to deposit. However, they are all accompanied by a number of benefits obviously with some more than others.
- The Basic Account: Requires a minimum of $250 deposit which can then go up to $4,999, Comes with a welcome bonus which is set at 110% plus traders also get up to 120% of their initial deposit. Moreover, subsequent future deposits also attract a number of bonuses which includes a 50% bonus and even a training trades bonus of 60%. Also, all traders have access to the company’s basic training material. Traders also receive daily and weekly market news and reviews.
- The Premium Account: Requires that traders deposit a minimum of $5k and up to $24K. Has all the features of the basic account plus access to advanced educational material. They also get direct access to analysis 3 times, plus 6-month forecast, 50% aggregate bonus every month, a newsletter with market news, 60% bonus on all subsequent deposits and a 70% training trades bonus that is for every subsequent deposit.
Option Types Offered
- Binary Options: If anything this is your typical high/low type binary option, where traders can predict the overall direction of a trade, and it offers up to an 80% potential payout.
- Option Builder: This option allows traders to develop their own binary options which obviously should be compliant with the rules. Traders get a chance to determine their payout ratio, time of expiration and then set up the investment amount.
- One Touch: It is a high yield option. The trader chooses the overall number of units they want to invest in an asset. Like take for instance they can pick $25 per unit. After that, they need to select an investment the price of which they think will reach a certain level at least one time over the period defined.
- Sixty Seconds: The feature is geared towards traders who want to make a profit every minute. This is a high/low option which expires every 60 seconds.
- Black Dragon: The feature enables traders to buy out positions within a specific price prior to the option expiring.
- Tradable Currency pairs: AUD/JPY, , AUD/USD, AUD/CHF, , EUR/AUD, AUD/NZD, EUR/CAD, EUR/GBP, Bitcoin/USD, EUR/JPY, EUR/USD, EUR/TRY, EUR/RUB, GBP/CHF, GBP/AUD, GBP/JPY, NZD/JPY, NZD/USD, GBP/USD, USD/CHF, USD/NOK,USD/ZAR, USD/JPY, USD/TRY, USD/CAD, USD/SGD, USD/RUB
- Tradable Commodities: Copper, Corn, Coffee, Crude Oil, Platinum, Gold versus Oil, Gold, Gold versus Silver, Silver, Sugar Wheat, Gold/EUR, Natural Gas Future.
- Indices: BIST 100, ASX, Bombay SE, ASX Future, BOVESPA, Dow, DAX, DAX Future, Dubai, FTSE Future, FTSE 100, Hang Seng, KOSPI, IBEX Future, IBEX, Jakarta SE, NASDAQ, NASDAQ Future, MICEX 10, Nikkei 225, RTS, RTS Future, S&P 500 versus NASDAQ Future, Nikkei Future, S&P 500, S&P 500 Future, SMI, STOXX 50 Future vs FTSE Future, SSE 180, SSE 180 versus Shenzhen 300, SMI Future, TAIEX, Straits Times, TADAWUL, Tel Aviv 25, VIX
- Stocks: Dragon Options currently offers traders a selection of stocks from some of the leading businesses in the industry like Google, Apple, BP, Gazprom, Nissan Motor, Lukoil, BAE Systems, France Telecom, Sberbank, and Teva Pharma, etc. The company also has a selection of various tools and resources to choose from.
As discussed earlier in the various types of accounts section, Dragon Options offers a couple of interesting tools. These tools include their financial calendar, videos, breaking economic news, various trading strategies and an FAQ which is pretty comprehensive. All of this is in addition to a nearly complete glossary of terms.
Dragon Options is also one of the few binary options brokers that has a dedicated mobile app for Android and iOS devices. The app makes it possible for traders to trade on the go, something that’s growing in popularity especially amongst busy professionals.
Do we think Dragon Options is a Scam?
The company is regulated by CySEC something we mentioned during the first half of this article. Plus, they have been operating for some time now. So, we don’t think that they are a scam. Since the company is regulated, it is essential for them to maintain a degree of transparency with their clients.
Plus the funds also need to be separated from the company’s resources something which improves security. That said we would like to state that merely regulation does not automatically translate to your money being safe, we advise that you use caution whenever trusting someone with money.
Withdrawals and Deposits
Traders using Dragon Options can choose to withdraw and deposit funds whenever they like via Debit and Credit card in addition to WebMoney, KIWI, Wallet One, Moneta.ru, Skrill, Bank Wire, CashU, etc. The minimum deposit is $250 for the basic account. Traders can deposit the money in EUR, USD, TRY and RUB.
The minimum withdrawal allowed is around $10. Traders are allowed up to just 3 free withdrawals a month. The minimum withdrawal for those who want to use bank wire is $500, and here to users can order only 3 free withdrawals a month.
Any amount that traders choose to withdraw that’s lower than the minimum figures will attract at $15 charge for electronic wallets, and debit/credit cards. Electronic wire withdrawals will cost $30. The company also requires that traders at least reach 40x of their bonus amount in the overall trading volume to be able to withdraw the bonus.
Dragon Options can be contacted directly via email, Call Back service, Telephone, and the Contact form.
- Live Chat: 24 hours a day and 7 days a wee
- Contact Form: Available through the “Contact Us” page.
- Call Back: Available through the “Contact Us” page.
- Email: [email protected] Complaints are addressed within ten business days.
- Telephone: +357-2503-0345
- Regulated in the EU
- Offers Mobile Trading
- Multiple Assets
- Various Option Types
- Only a few Languages supported
- A Russian Broker