Best Dragonpay Brokers 2026
Dragonpay is an online payment service provider in the Philippines. It allows traders who do not have access to banks to make purchases through a digital account and mobile app. This review will cover everything you need to know about trading with Dragonpay, from service fees and account charges to speed and security.
We’ve also listed the best brokers that accept Dragonpay deposits below.
Best Dragonpay Brokers
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How Did We Choose The Best DragonPay Brokers?
To find the top DragonPay brokers, we:
- Scanned our library of 500 online brokers and platforms, removing all those that don’t accept DragonPay payments
- Verified that the shortlisted brokers support deposits and withdrawals for online trading
- Ranked them by their overall score, using 100+ data points and findings from our own evaluations
What Is Dragonpay?
Dragonpay is a digital payment provider established in 2010. It was set up in response to the need for an alternative transfer solution for consumers and businesses who do not have access to traditional banks and payment methods like PayPal.
The company’s mission is to provide convenient and accessible forms of payment to Filipinos around the world. The brand aims to be the driving force for e-commerce and e-banking in the Philippines.
Since being set up in 2010, Dragonpay has become an accepted form of payment at many corporations and merchants. These include 7 eleven (7/11), Shopee, Netflix gift cards, NBI Clearance and Kimstore. The transfer solution is also popular among Filipino traders. Brokers such as FP Markets, Fusion Markets, and NordFX all accept the payment method for deposits and withdrawals.
How Dragonpay Works
Customers top-up funds in their accounts and then use the cash to make payments. Account deposits can be made via a variety of methods including GCash, LBC, Metrobank, Bigo recharge, PayPal, PayMaya, BDO, BPI, Xendit, Bayad Center and ECPay.
Another way to use the transfer solution is through the Dragonpay credits app. This allows traders to buy prepaid credits which can then be used to make payments.
Clients can access the transfer solution through the website or they can install the mobile app. The application is available to download for Android (APK) on the Google Play store, but it is not available on iOS devices.
Fees
There are two services: Dragonpay Lite and Dragonpay. The former is free to set up but comes with a 20 Php transaction charge for all channels except PayPal and selected e-wallets.
The full version of Dragonpay has a 36,000 Php one-time setup fee. Users then get access to all online banking and other payment channels like GCash. Transaction rates vary between 10, 15 and 20 Php depending on the channel.
Speed
Dragonpay is fast. The network processes transactions immediately, and as a result, deposits at many brokers are instant. It provides much quicker deposit times than traditional methods like bank transfers, which can take one to two business days. This is ideal for traders, as it means they can deposit funds and start trading assets such as cryptos and stocks right away.
Withdrawals are slightly different. They tend to take longer and there is more variation between online brokers. Whilst Dragonpay processes the payment instantly, brokers often have compliance checks and other processes that they need to follow before payment is released. As a result, most withdrawals using Dragonpay take between 24 hours and two days to appear in accounts.
The company can also process refunds. Clients must ensure they have the relevant reference numbers, tickets and receipts ready when submitting a request. It can take up to two weeks to receive refund payouts.
Security
Dragonpay uses industry-standard Secure Socket Layer (SSL) technology to protect user data. This is the same encryption technology used by most financial institutions worldwide to prevent hacking and other security scandals. Online banking IDs and passwords are never stored.
The company also ensures that all transactions are verified. A tracker is used to make sure all payments are sent from and go to the correct addresses. All payments then run through a separate verification process.
Overall, the brand is a reputable and secure method for transferring money to broker accounts. Users, whether in the Philippines or abroad, can trust the company to make sure payments are sent and received safely.
How To Deposit Using Dragonpay
The deposit process may differ slightly between brokers. For example, at Eightcap:
- Head to the payments section in the client area.
- Select Dragonpay from the list of payment options.
- Login to the payment portal through the website or app and enter the amount you wish to deposit or withdraw.
- Confirm the payment details.
- You should receive a notification when the transfer is complete.
Benefits
The main benefits of using the payment solution for trading include:
- Reliability – Dragon Pay is a reliable payment method. Transactions are usually processed instantly and the system rarely encounters issues.
- Transfer limits – If using Dragonpay Lite, the daily transfer limit is 100,000 Php (about $2,000) and the limit per transaction is 10,000 Php ($200). While this is not particularly high, the full version has no daily limits or limits per transaction. This means that investors are free to deposit and withdraw as much money as they please from trading accounts.
- Cost – The fees per transaction are low. Most charges are only around 20 Php, which is about $0.40. This is cheap and ideal for active traders making lots of deposits and withdrawals.
- Customer service – Strong customer support is offered. If users encounter any errors or GCash problems, the hotline and live chat are available every day of the week, even on weekends.
Drawbacks
Our research flagged several potential drawbacks to trading with the payment solution:
- Limited brokers – Whilst some platforms operating in the Philippines do accept Dragonpay deposits, many do not. This means new traders have limited choice when it comes to choosing a forex and CFD broker.
- Setup fees – Another drawback is the high price of setups for a full account. There is a one-time fee of 36,000 Php, about $750, to create a full account.
Is Dragonpay Good For Day Trading?
Dragonpay is a popular payment method in the Philippines. Fees are low and transactions are processed instantly, perfect for traders who want to start investing. Use our list of brokers that accept Dragonpay deposits to get started.
FAQ
Do All Trading Brokers Accept Dragonpay?
No, not all brokers accept the payment solution. You can check for details in a broker’s payment area or you can use our list of platforms that accept Dragonpay deposits to get started.
How Do I Use Dragonpay To Deposit To My Trading Account?
To make a Dragonpay deposit to your live trading account, head to the payments section in your broker’s account area and select Dragonpay from the list of options. Login to the integrated payment portal and select the amount to deposit, then confirm the payment details.
Is Dragonpay Available 24 Hours For Depositing To A Trading Account?
Dragonpay can be used 24/7 to make deposits or withdrawals. Most brokers will allow you to make deposits at any time, though processing times may vary. The support team is available between 8:00 (PSP) and 18:00 PSP on weekdays and 9:00 (PSP) and 18:00 (PSP) on weekends.