Dragon Options Review
Editor’s Note – Why does DragonOptions Suck in 50 Words?
The majority of brokers continue to attract clients by showing glamorous limousines and red carpets on their websites and Dragon Option is no exception. That’s not really a bad thing but at some point in time – the sooner the better – I would like to see binary brokers become more focused on their professionalism not on their marketing. And speaking of professionalism: their daily market review dates back September 15th. I am writing this review on the 25th of September…
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Why DragonOptions doesn’t Suck?
Launched in 2011 and regulated by CySEC, this binary options provider proved they mean business. A lot of brokers come and go, leaving behind a trail of angry clients but this is not the case with Dragon Options as they have been in business long enough to become a respectable company.
DragonOptions Full Review – Unleash the Dragon’s Power
If you choose such a name, you’d better live up to the hype, but Dragon Options unfortunately doesn’t deliver. Although the website is reasonably well structured, it fails to standout and this is applies to their entire service. They use the Spotoption platform which seems to be the software of choice for 90% of brokers; maybe I’m exaggerating a bit, but this platform is so popular that it has become a synonym for Binary Options and it seems like fewer and fewer brokers try to do something innovative. Using Spotoption is the safe bet: almost everybody is familiar with this platform, it works well, it’s easy to use… however, playing it safe won’t make you a leader.
Dragon Options offers training webinars but those are available only in Russian for the time being so they are of no use to someone who doesn’t speak the language. However, this company is mostly focused on Russia and CIS countries so it’s understandable why they only offer webinars in Russian. An e-book and a video trading course are available to registered members and although I didn’t open an account, I could see the videos are provided by Mte-Media.com, the guys who make the educational videos for almost all Spotoption brands and not only for them. In other words, you will find the same information which is available from other brokers. It’s not bad information, but don’t expect some high level financial training. As a whole, the service provided by Dragon Options is average, without major flukes, but far from being outstanding. There are good sides and bad sides to this type of service: on one hand, if the company doesn’t try too hard to be innovative and to bring you never-seen-before features, they can get good at what they do and operating the platform is a normal routine, without unexpected errors, a fact which will probably give the trader a smooth experience. On the other hand, because they are average and similar to other brokers, I don’t see why a trader would go for Dragon Options instead of others.
Is DragonOptions a Scam?
They have been in business long enough and are regulated by CySEC so for the moment there’s no scam suspicion. Being a regulated company, they need to maintain a certain level of transparency and clients’ funds need to be kept separate from the company’s funds, a fact which aims to improve security. However, keep in mind that regulation alone doesn’t mean your money is completely safe so use caution whenever you trust someone with your money.
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DragonOptions Complaints
While searching the main forums and websites for complaints against Dragon Options, we couldn’t find any major issues. It seems like traders are content with their service and don’t feel the need to complain online. If you choose to open an account with this broker, we recommend conducting a thorough analysis.
DragonOptions Bonus
I encountered a small problem when reviewing the Bonus section: their English is poor (to say the least) and I don’t really understand what they are trying to say. I believe that if you want to do business with English speaking clients, you should have good command of the language, especially when you offer details about the clients’ money. That being said, what I could understand is that you will need a turnover of 40 times the Bonus if you want to withdraw it and if you want to take out your money before that trading volume is reached, the entire Bonus will be canceled. The Bonus percentages differ depending on the sum deposited by the client and Dragon Options also offers limited time promotions.
DragonOptions Withdrawal
After a withdrawal request has been approved by Dragon Options (no time frame is given for that), it may take 3-21 business days before the money will reach your account, depending on the procedures of your bank. There are no fees or commissions charged by Dragon Options.
DragonOptions Extras
Unfortunately for them, they don’t have anything that could be considered “Extra”… except maybe their name which continues to be a mystery to me.
DragonOptions Ratings
User Friendly 11/20
The website is available in three languages (English, Turkish and Russian), but mistakes are often seen throughout the English content and this makes it a rather unpleasant experience. The Spotoption platform is easy to use and user friendly but we are already accustomed to that and it’s not really the merit of Dragon Options.
Number of assets and expiry times 18/20
They offer 77 stocks, 24 currency pairs, 10 commodities and 40 indices, making their trading basket one of the widest I’ve seen. The expiry times range from the ever popular 60 seconds to a few hours, days and even years, a fact which allows the trader to adopt versatile trading methods.
Commissions, Support and Effective return 12/20
Dragon Options doesn’t charge any commissions or fees for opening an account or for withdrawing funds (however, your bank or e-wallet provider may charge you). Their Live Support doesn’t exist, at least for me. I tried to contact them around 10 am GMT and all I got was an option to leave a message. The effective return goes up to 85% which is average for the industry.
Deposit, Payment and Bonus 12/20
The minimum deposit is $250 for a DragonBasic account, $5000 for a DragonPremium account and $25,000 for a VIP account. Deposits can be made via credit cards, wire transfers and e-wallets including WebMoney, Skrill and Moneta.Ru and CashU. Withdrawals can be made through the same methods. The Bonus percentage goes as high as 110% and the wager 40 times. Clients can withdraw their money but if this occurs before the required trading volume is reached, the bonus will be deducted.
Dragon Options Extra 10/20
As I mentioned before, nothing convinced me to allocate more than one point for this category and that 10 points were earned by their mythical name and because that’s a SpotOption Platform after all.
Dragon Options Overall Ratings 63 + Regulated (+3) : 66/100
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