Dracomi Review – Easily Exposing Four Fake Licenses

Dracomi trading firm is one of those who don’t hesitate to do anything to achieve success. They are even prepared to forge documents to make themselves look legit. Thus, traders always wonder how we can know.

These days, it’s quite easy to analyze all the information any company gives you. If you can’t find clues, then simply don’t invest with them. Luckily, after this Dracomi review, you will realize it’s all clear with this broker.

Legal Info: Is Dracomi Legit Or A Scam?

If you look at the company’s numbers, licenses, and even trading conditions, you can realize it’s nothing but a scam. First, they claim to have 136,000 users, yet there are zero Dracomi reviews. Second, the company claims to be registered in Cyprus, yet the T&Cs reveal it’s in Vanuatu.

Lastly, but most importantly, the company claims to have four top-tier licenses: FCA, ASIC, CySEC, and DFSA. However, checking those databases doesn’t yield any results about Dracomi Ltd. The only thing we could find was a warning from the Russian Central Bank.

Who Are Dracomi’s Victims?

Even though the reviews practically don’t exist, it’s not that hard to find out who this firm’s victims are. As can be seen, their features are mostly advertised in countries like: 

• Saudi Arabia
• Germany
• United States
• Australia

Similarly, you will realize that brokers like SIGEN and Bitetoro also target wealthy countries. The goal is to find a few rich people that would finance their scam activities. So, if you get lured into those traps, reach out to our refund experts for advice about chargeback options.

Leverage, Commissions, Spreads, Fees and Taxes

It’s important to realize that the only transparent detail about trading conditions with Dracomi broker is the leverage. However, that’s enough to prove they are not licensed anywhere. For instance, ASIC, FCA, and CySEC allow brokers to offer a maximum leverage of 1:30 for retail users. In this case, it’s 1:500. Besides, there’s no negative balance protection.

In addition to that high risk, the company doesn’t reveal any fees or commissions. Therefore, you can only hope there will be anything to withdraw in the end.

Bonuses

On the positive side, imagine there are some, the company doesn’t offer any bonus deals. At least they don’t mention them. But if you get such deals offered, make sure to decline them. Otherwise, your funds might be trapped forever.

Dracomi Trading Features

Once you realize the company mainly advertises automated trading features, you will know they are not up to good. With their API key feature, you can integrate different features and systems into your strategy. Thus, with the company’s credibility, we wouldn’t trust those features much.

Trading Platforms Available

Another huge disadvantage of Dracomi trading firm is its web-based platform. That’s a perfect soil for manipulation. With easy access to the back end, they can make it look like you are winning. Or even losing, depending on what they want. Some of the advanced features they promote are basic options with trusted platforms like MetaTrader.

Available Trading Assets

Generally, with solid instruments offered, the Dracomi Forex company can compete with others. Thus, with poor security, their whole offer becomes practically meaningless. Anyway, you can trade: 

• Forex – EUR/NOK, USD/CHF
• Indices – NYSE, ASX200
• Shares – IBM, AMD
• Cryptos – ETH, TRX
• Commodities – gold, silver

Account Types

To make traders deposit more money, scam brokers usually have fictive benefits on the table for users. In this case, those are deposit insurance and protection, but also 24/7 support. To simply avoid these cheesy tricks, choose top-tier licensed firms. 

In any case, you can opt here for three options: 

• Basic – $150
• Standard – $1.000
• Exclusive – $10.000

Mobile Trading App

Another big flaw of this broker is a lack of trusted mobile apps. Therefore, if you are a fan of trading from wherever you are, prepare your nerves. With their potentially unoptimized platform, you can expect a lot of issues.

Demo Account

To be fair, if the company wanted to be transparent, it would offer a demo account. After all, that’s a common thing with licensed brokers. However, with that feature missing, they prove again that they are lying.

Education

More benefits of FCA, ASIC, and CySEC licensed firms can be found in educational programs. Such companies tend to educate traders properly so they can collect commissions from their trades.

The goal is to make them trade more and more. But if they keep losing, they won’t be trading. Sadly, with this so-called “regulated” broker, there are zero educational programs available.

Dracomi Withdrawal

The most important issue we have to solve is the Dracomi withdrawal. With unclear withdrawal policy and cheeky verification statements, you can certainly expect long delays. Apparently, they are processing withdrawals within 2 business days. Thus, with their many lies, we highly doubt it.

Not to mention, the company claims they will charge a commission, yet the commission is variable. We strongly advise you not to pay anything.

Customer Support

If you have any questions about your Dracomi account, you can try your luck with the company’s support. E-mail, phone, and a web contact form are available for inquiries. Thus, without transparent operating hours, you might be waiting for a long time for some response. 

If you are looking for withdrawal assistance, don’t be surprised if your Dracomi login details stop working out of nowhere.

Key Information To Consider About Dracomi

The key problem with this brokerage is misleading information. All licenses they claim to have are completely fake. So, you have zero reasons to trust them. 

If you have discovered all these details after the deposit, we suggest you immediately apply for a refund. If you have any fears about it, please book a free first consultation with our specialists.

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