Dragon Options (Inactive) Review
On April 1, 2017, Dragon Options ceased its binary brokerage activities. The review below is presented for the archiving purposes.
Dragon Options is a binary options website currently operated by Rainbow Capital Ltd. headquartered in Vanuatu. Previously, it was operated by Dragon Options Ltd., a company based in London, United Kingdom, and Limassol, Cyprus. On an initial guess, you might think that they’re based in Russia, since this is the language the site initially loads in. You can switch to English, Turkish, or Arabic. Dragon Options was indeed originally located in Russia, but shifted its focus to Western Europe after becoming popular. Sadly the site does not accept traders from the USA, but we can see why they’ve garnered such a strong reputation and been able to expand their business to a more global market. This is all in spite of only being in operation since 2011. If you’re not US-based, checking into their platform and features is well worth your time. Dragon Options has won awards and they are regulated!
Dragon Options Account Tiers
After registering for free, you can deposit in EUR, USD, or Rubles. $200 or equivalent is the minimum deposit, but there are three different account tiers. For customers who deposit up to $999, there is a match bonus on the first deposit (up to $1,000 or equivalent), platform training, 24-hour support, market reviews, and a 3-day withdrawal process. At the next level up (Dragon Pro: $1,000-$4,999), there’s a pro bonus program, personal platform presentation, one-on-one training, trading strategies, and everything included in Dragon Basic. Dragon Premium is available for those who deposit $5,000 to $100,000. This includes a premium bonus program, personal trading manager, VIP line, and everything in the other packages. It’s pretty awesome that there are so many extras for customers who deposit more.
There are numerous deposit methods available: credit card, CB, Wallet One, WebMoney, PayAnyWay, Skrill, CashU, and wire transfer. You can get match bonuses up to $1,000, and there are also other monthly bonus deals, a referral program, and night trading which pays out double.
Alas, they don’t impress us as much on the withdrawal front. You can make up to three withdrawals free each month, which isn’t as limiting as some binary options brokers (who only let you take out one), but after that you’re subject to fees. The real kicker is the $30 fee for any withdrawal you make under $500. That’s a margin which is higher than the initial deposit requirement. That means your money can easily get locked up in your account and become challenging to remove without paying a hefty amount just to get it out.
Trading with Dragon Options
Dragon Options runs on the SpotOption platform, one of the most popular binary options platforms in existence. There are a ton of websites powered by SpotOption, so odds are you’ve seen it before. Its familiarity makes it easy to learn and use. Dragon Options doesn’t yet offer mobile trading. Unfortunately they also don’t offer a demo account. Your first opportunity to use the platform on their site is to place actual trades. Since SpotOption is so common, however, you might consider demo testing with another broker and then coming back to Dragon Options to deposit and trade for real.
The minimum trade size for most trades is $25 ($5 for 60 Second options). The maximum trade is $1,500. Dragon Options has a huge selection of underlying assets; we counted 106 in all, with more than 60 of those being stocks. You can also trade indices, commodities, and currencies. You’ll never run out of different instruments to trade, which gives you access to more trade setups. There are a lot of different ways you can trade using Dragon Options. There are your basic Call/Put trades, One Touch, Options Builder (choose your own expiry time) and 60 Seconds. You can increase your stakes using rollover or double up.
Tons of Trading Resources
One of the best things about Dragon Options is that they offer a ton of different trading resources and tools to their customers. This shows good will; brokers that provide resources are saying that they’re looking for long-term clients. Educational resources on the site include basic information on binary options, an eBook, a video tour, FAQ, glossary, daily and weekly market reviews, expiry rates, and a financial calendar. There are also advanced features for customers with higher deposit amounts, as we discussed when talking about the account tiers. At the higher levels you can get professional advice and even your own trading manager. You also can get access to the special VIP line.
Dragon Options Customer Service and Awards
Dragon Options offers customer service via a number of channels. You can fill out the web form, use the email address provided, call the company or even schedule a call back (there’s a unique feature we’ve never seen before), or use live chat. The live chat function appears to be broken right now (it wouldn’t load in Chrome or Opera). Hopefully this is a temporary error (give it a try in IE or Firefox). The call back idea is great because it prevents you from having to sit around on hold.
Dragon Options has won a couple of awards. They were awarded Best Binary Options Broker Russia & CIS 2012 by Global Banking and Finance, and also received a CROFR Certification. CROFR is a watchdog organization that monitors the service provided by brokers in binary options and other financial markets. As if we weren’t impressed enough already, we found out this broker was also regulated under Cyprus legislation (their license number was 223/14). And did we mention they also have a risk disclaimer? That’s showing some above-and-beyond responsibility.
Dragon Options isn’t a perfect broker, but they do seem to have many superior qualities and features going for them. The $500 withdrawal minimum is a pretty big fault, and the lack of mobile trading or a demo account are also major drawbacks. Otherwise though, we’re suitably impressed by Dragon Options to recommend taking a look at their site and calling up their customer service team. As a formerly regulated broker with awards and certifications and a lot of great trading resources, tools and features, Dragon Options has a lot to offer a binary options trader.
Update 2017-04-07: On April 4, 2017, CySEC has decided to withdraw the suspension of the license of Dragon Options Ltd., the former operating company of Dragon Options binary platform, stating that it has already complied with the provisions of the law regarding own funds and capital adequacy ratio.
Update 2017-04-01: On March 31, 2017, CySEC has suspended the license of Dragon Options Ltd., the former operating company of Dragon Options binary platform. The regulator cited alleged undercapitalization as the reason for the license suspension. Dragon Options responded with moving its services and clients’ accounts to Rainbow Capital Ltd., an off-shore company registered on the island nation of Vanuatu. Rainbow Forex only offers spot Forex trading services. Binary options are no longer available.