DracoFX Review

Is DracoFX Scam or Legit Broker?

DracoFX is a 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 guarantee from the official entities that oversee the Forex industry. Thus the engagement in trading with such a company means the trader will believe only in the broker’s words, and of course, it is a high risk.

What is DracoFX?

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 the name DracoFX while registered in Saint Vincent and the Grenadines.

• Saint Vincent and the Grenadines (SVG) is a popular offshore jurisdiction for forex brokers due to its low set-up requirements and minimal regulation. However, the lack of regulatory oversight and lax requirements can also lead to potential risks for traders who choose to sign up with brokers registered with the SVG Financial Services Authority.
• 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.  
• 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.

DracoFX Review Conclusion

We strongly recommend choosing among the reputable and regulated brokers that comply with necessary maintenance requirements and deliver customer protection service through their license. Usually, such companies run investment scams. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and HFM.

DracoFX Update

Based on our research, the DracoFX website is inactive. This means the broker has muted its trading offering and does not operate. However, we recommend avoiding and staying alert in case of any proposals.