Dragonpay Brokers 2024

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Jemma Grist
Jemma is a writer, editor and fact-checker focused on retail trading and investing. Jemma brings a unique perspective to the forex, stock, and cryptocurrency markets and works across several investment websites as a researcher and broker analyst.
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James Barra
James is an investment writer with a background in financial services. He has worked as a management consultant, where he delivered large-scale operational transformational programmes at some of Europe's biggest banks. James authors, edits and fact-checks content for a series of investing websites.
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Tobias Robinson
Tobias is a partner at DayTrading.com, director of a UK limited company and active trader. He has over 25 years of experience in the financial industry and contributed via CySec to the regulatory response to digital options and CFD trading in Europe. Toby’s expertise and dedication to financial education make him a trusted voice in the industry, including a BBC investigation into digital options.
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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

Here are the top 5 brokers that support Dragonpay, following our tests:

Dragonpay Brokers Comparison

Dragonpay Brokers Comparison
Broker Minimum Deposit Instruments Platforms Leverage Visit
Eightcap logo
$100 CFDs, Forex, Stocks, Indices, Commodities MT4, MT5, TradingView - Visit
Fusion Markets logo
$0 CFDs, Forex, Stocks, Indices, Commodities, Crypto MT4, MT5, cTrader, TradingView, DupliTrade 1:500 Visit
NordFX logo
$10 Forex, CFDs, indices, commodities, cryptos, stocks MT4, MT5 1:1000 Visit
Global Prime logo
A$200 Forex, indices, commodities, cryptocurrencies, shares, bonds MT4, TradingView, AutoChartist 1:200 Visit
FXPrimus logo
$15 CFDs, Forex, Stocks, Cryptos, Futures, Options, Commodities, Bonds MT4, MT5, cTrader 1:1000 Visit
FP Markets logo
$40 CFDs, Forex, Stocks, Indices, Commodities, Bonds, ETFs, Crypto Iress, 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

#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

#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 MT4 and MT5 platforms 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, MT5
  • Minimum Deposit: $10
  • Minimum Trade: $1
  • Leverage: 1:1000

#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

#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

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.

Best Dragonpay brokers

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, 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 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:

  1. Head to the payments section in the client area.
  2. Select Dragonpay from the list of payment options.
  3. Login to the payment portal through the website or app and enter the amount you wish to deposit or withdraw.
  4. Confirm the payment details.
  5. 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.