DracoFX Review (2023)

Is DracoFX a scam or a legit broker?

DracoFX is 100% fraud company. The broker is registered offshore and does not hold any proper license from a well-known reliable financial regulator. It is NOT SAFE to trade DracoFX. We never advise trading with an offshore broker, since the financial investment service they deliver is not trustable. The reason is simple, the broker may promise the most ever competitive trading conditions or the trading environment, yet the trader has no any guarantee from the official entities that oversee the Forex industry. Thus the engagement to trading with such a companies means the trader will believe only on the broker’s words, and of course, it is a high risk.

DracoFX states its operation as a dealing room facility for trading various financial products including foreign exchange, CFDs and commodity spot trading through innovative technology and vast market liquidity. Draco Business Solutions is operating under name DracoFX while registered in Saint Vincent and the Grenadines. The broker is a relatively young company, while delivering its trading opportunities and mainly targets clients across the Asia region, claims numerous awards from reputable agencies in terms of their technology and service. Moreover, the broker mentions its safety of funds and delivery of highly reliable trading conditions.  

However, SVG generally is an offshore zone and does not maintain strict requirements to the financial firms, as well as not regulating the operation by any mean. That means that dealing with such a company, the client is not protected or backed by any authority behind, while the broker operates and maintain service at their own “standards”. For that reason, there are so many fraud companies among non regulated ones, as the brokerages simply attract clients while the only target to get the investors funds. 

In addition, there are many unfavorable comments and reviews towards DracoFX from the company traders, regarding withdrawals of funds and suspicious misleads while trading. Overall, it all seems like DracoFX is another company that delivers “not very well maintained” trading conditions and opportunities.

Conclusion

Therefore, we strongly recommend choosing among the reputable and regulated brokers that comply with necessary maintenance requirements and deliver customer protection service through its license. There are many reputable authorities that oversee the Forex business firms, which includes companies authorized by ASIC (Australia), BaFIN (Germany) and others.

DracoFX is no longer active.