Best Dragonpay Brokers 2024
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. Cash can also be withdrawn without using a credit card. 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
Here are the top 5 brokers that support Dragonpay, following our tests:
Dragonpay Brokers Comparison
| Broker | Minimum Deposit | Instruments | Platforms | Leverage | Visit |
|---|---|---|---|---|---|
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$100 | CFDs, Forex, Stocks, Indices, Commodities | MT4, MT5, TradingView | - | Visit |
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$0 | CFDs, Forex, Stocks, Indices, Commodities, Crypto | MT4, MT5, cTrader, TradingView, DupliTrade | 1:500 | Visit |
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$10 | Forex, CFDs, indices, commodities, cryptos, stocks | MT4 | 1:1000 | Visit |
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A$200 | Forex, indices, commodities, cryptocurrencies, shares, bonds | MT4, TradingView, AutoChartist | 1:200 | Visit |
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$15 | CFDs, Forex, Stocks, Cryptos, Futures, Options, Commodities, Bonds | MT4, MT5, cTrader | 1:1000 | Visit |
|
$100 | CFDs, Forex, Stocks, Indices, Commodities, Bonds, ETFs, Crypto | MT4, MT5, cTrader, TradingView, AutoChartist, TradingCentral | 1:30 (UK), 1:500 (Global) | Visit |
#1 - Eightcap
Why We Chose Eightcap
"Eightcap delivers in every area for day traders with a growing selection of charting platforms and AI-powered tools. Now sporting 250+ crypto CFDs and the Crypto Crusher market scanner, it's also become a stand-out choice for crypto trading, winning our 'Best Crypto Broker' award two years in a row."
- DayTrading Review Team
- Instruments: CFDs, Forex, Stocks, Indices, Commodities
- Regulator: ASIC, FCA, xCySEC, SCB
- Platforms: MT4, MT5, TradingView
- Minimum Deposit: $100
- Minimum Trade: 0.01 Lots
Pros
- Eightcap stands out with a selection of powerful trading tools, including MT4 and MT5, the innovative algorithmic trading platform Capitalise.ai, and more recently the 50-million strong social trading network TradingView.
- With tight spreads from 0 pips, low commission fees, and high leverage up to 1:500 for certain clients, Eightcap provides cost-effective and flexible trading conditions that can accommodate an array of strategies, including day trading and scalping.
- Having excelled across all key areas for day traders, Eightcap outperformed more than 490 competitors to win our 'Best Overall Broker' award for 2024, also securing our 'Best Crypto Broker' title.
Cons
- In spite of an increasing variety of tools, Eightcap doesn't offer industry favorites like Autochartist or Trading Central, which offer cutting-edge charting analytics, live news, and market insights for short-term traders.
- Eightcap needs to continue bolstering its suite of instruments to match category leaders like Blackbull Markets with its 26,000+ assets, featuring a particularly weak selection of commodities.
- Despite a useful library of educational guides and e-books, Eightcap still trails IG’s comprehensive toolkit for aspiring traders with its dedicated IG Academy app and 18 course categories.
#2 - Fusion Markets
Why We Chose Fusion Markets
Fusion Markets is an online broker established in 2017 and regulated by the ASIC, VFSC and FSA. It is best known for its low-cost forex and CFD trading, although its multiple account types and copy trading solutions cater to a range of traders. New clients can sign up and start trading in 3 easy steps.
"Fusion Markets is a standout option for forex traders looking for excellent pricing with spreads near zero, industry-low commissions and recently TradingView integration. It’s a particularly good broker for Australian traders where the company is headquartered and regulated by the ASIC."
- DayTrading Review Team
- Instruments: CFDs, Forex, Stocks, Indices, Commodities, Crypto
- Regulator: ASIC, VFSC, FSA
- Platforms: MT4, MT5, cTrader, TradingView, DupliTrade
- Minimum Deposit: $0
- Minimum Trade: 0.01 Lots
- Leverage: 1:500
Pros
- Fusion Markets offers best-in-class support with very fast, friendly and helpful responses during tests and no frustrating automated chatbot to navigate.
- Average execution speeds of around 37 milliseconds are noticeably faster than many rivals and can help day traders secure optimal prices in fast-moving markets.
- Fusion Markets is set up to support algo traders with a sponsored VPS solution and a 25% discount if you opt for the NYC Servers VPS for MT4 or cTrader.
Cons
- Traders outside of Australia must sign up with weakly regulated global entities with limited safeguards and no negative balance protection.
- While the selection of currency pairs trumps most rivals, the broker's alternative investment offering is average with no stock CFDs beyond the US.
- Fusion Market trails alternatives, notably eToro and IG, in the education department with limited guides and live video sessions to upskill new traders.
#3 - NordFX
Why We Chose NordFX
Founded in 2008, NordFX is an offshore CFD broker offering forex, stock, commodities, indices and crypto trading to over 1.7 million clients in 190 countries. Traders access markets through the MetaTrader 4 platform and benefit from low commissions, spreads from zero and decent extra features. Minimum deposits start from just $10 and very high leverage is available up to 1:1000.
"NordFX's biggest advantages are available to upper-tier account holders, so this is a good option for experienced, higher volume traders looking for ECN, zero-spread trading. That said, the lack of regulation is a notable concern and the broker's market coverage is weak compared to alternatives."
- DayTrading Review Team
- Instruments: Forex, CFDs, indices, commodities, cryptos, stocks
- Platforms: MT4
- Minimum Deposit: $10
- Minimum Trade: $1
- Leverage: 1:1000
Pros
- The FIX and Pro accounts will serve beginners, with minimum deposits at $10 and $100, respectively
- There's an impressive 25+ payment methods, including local bank transfers, with zero fees and near-instant processing
- NordFX continues to offer decent trading terms for seasoned day traders in the Zero ECN account, with a reasonable $500 barrier for entry
Cons
- With only around 100 instruments, NordFX’s market coverage is uncompetitive vs most alternatives
- The lack of strong regulatory oversight is a major concern as clients will receive limited safeguards
- Minimum spreads in the Standard account are 2 pips, which is wider than equivalent accounts at many competitors - Vantage, for example, offers minimum quotes from 1.1 pips
#4 - Global Prime
Why We Chose Global Prime
Global Prime is a multi-regulated trading broker offering 150+ markets. Traders can get started with a $200 minimum deposit and trade with leverage up to 1:100. The firm also has a high trust score and a good reputation with a license from the ASIC.
"Global Prime is suitable for both beginners and seasoned traders with excellent market access, low fees and a range of tools including copy trading."
- DayTrading Review Team
- Instruments: Forex, indices, commodities, cryptocurrencies, shares, bonds
- Regulator: ASIC, VFSC, FSA
- Platforms: MT4, TradingView, AutoChartist
- Minimum Deposit: A$200
- Minimum Trade: 0.01 Lots
- Leverage: 1:200
Pros
- Wide range of deposit options with zero fees
- 24/7 customer support
- Trade receipts
Cons
- Clients from US and Canada are not accepted
- Narrow range of account options
- No MetaTrader 5 integration
#5 - FXPrimus
Why We Chose FXPrimus
FXPrimus is an award-winning CySEC-regulated brokerage offering CFD trading on 200+ instruments via the MetaTrader 4, MetaTrader 5 and cTrader platforms. The choice between a competitive commission-free account and two affordable raw spread options make this an accessible broker for anyone seeking forex, stocks, indices and commodities with high leverage.
"FXPrimus's platform support, fast execution, raw spread/commission-free accounts and copy trading support make it a good all-rounder for beginner and experienced forex traders."
- DayTrading Review Team
- Instruments: CFDs, Forex, Stocks, Cryptos, Futures, Options, Commodities, Bonds
- Regulator: CYSEC, MIFID, ICF, FCA, BaFin, VFSC
- Platforms: MT4, MT5, cTrader
- Minimum Deposit: $15
- Minimum Trade: 0.01 Lots
- Leverage: 1:1000
Pros
- Choice of MT4, MT5 and cTrader platforms gives traders great flexibility
- Copy trading support through a PAMM function allows beginner or time-poor traders to earn money from experienced pros
- Good range of account types with a $15 minimum deposit on the cent account through to an achievable $1000 minimum for the PrimusZERO account
Cons
- Relatively small range of assets, with just 45+ forex pairs
- This broker does not accept traders from the US
- High $8 MT5/$10 MT4 commissions on the Primus Pro account
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, Fatima University, other schools, Netflix gift cards, NBI Clearance and Kimstore. The transfer solution is also popular among Filipino traders. Brokers such as FP Markets, Fusion Markets, NordFX and FXPrimus 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 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. There is a 10,000 Php limit per transaction and a daily transaction limit of 100,000 Php.
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. With the full version, there are no limits per transaction or daily transaction limits.
Speed
Dragon Pay 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
Follow these instructions to make a payment:
- Firstly, either go to the Dragonpay website or follow the instalment instructions for the mobile application.
- Next, sign up for an account and complete the registration process. Fill in all the required information and upload the necessary verification documents.
- Sign in to your new account with your login details, usually your email and password.
- Deposit funds into your account using one of the supported payment channels.
- Go to your desired broker that accepts Dragonpay deposits and withdrawals.
- Head to the payments section in the broker’s account 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.