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. 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 6 brokers that support Dragonpay, following our tests:
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1
Eightcap
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$1000.01 Lots1:500ASIC, FCA, CySEC, SCBCFDs, Forex, Stocks, Indices, Commodities, CryptoMT4, MT5, TradingViewNeteller, Skrill, Visa, UnionPay, Credit Card, Debit Card, Bitcoin Payments, Wire Transfer, FasaPay, BPAY, PayPal, Dragonpay, PIX PaymentUSD, EUR, GBP, CAD, AUD, NZD, SGD -
2
Fusion Markets
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.01 Lots1:500ASIC, VFSC, FSACFDs, Forex, Stocks, Indices, Commodities, CryptoMT4, MT5, cTrader, TradingView, DupliTradeVisa, Skrill, Neteller, Mastercard, PayPal, Bitcoin Payments, FasaPay, Perfect Money, Doku Wallet, Wire Transfer, Credit Card, Debit Card, Dragonpay, Sticpay, Ethereum Payments, TransferWise, AstroPay, PayID, JetonCashUSD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD -
3
NordFXPro accounts can participate in the 100,000 USD Super Lottery
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$10$11:1000Forex, CFDs, indices, commodities, cryptos, stocksMT4, MT5Credit Card, Visa, Mastercard, Wire Transfer, WebMoney, Skrill, Neteller, Perfect Money, Dragonpay, QIWIUSD -
4
TopFX100% Universal Bonus T&Cs Apply
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$500.01 Lots1:500CySEC, FSACFDs, Forex, Shares, Indices, Metals, Energies, ETFs, CryptocurrencyMT4, cTrader, AutoChartist, TradingCentralVisa, Mastercard, Debit Card, Credit Card, Wire Transfer, Swift, Apple Pay, Google Wallet, Skrill, Neteller, Bitcoin Payments, Ethereum Payments, Perfect Money, Dragonpay, M-Pesa, FasaPay, PIX Payment, Sticpay, Bitwallet, Przelewy24, Sofort, iDealUSD, EUR, GBP -
5
FP Markets
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$400.01 Lots1:30 (UK), 1:500 (Global)ASIC, CySEC, FSA, CMACFDs, Forex, Stocks, Indices, Commodities, Bonds, ETFs, CryptoIress, MT4, MT5, cTrader, TradingView, AutoChartist, TradingCentralNeteller, Skrill, Visa, Wire Transfer, FasaPay, Credit Card, Dragonpay, Perfect Money, Mastercard, Debit Card, Sticpay, Bitcoin Payments, Rapid Transfer, Apple Pay, Google WalletUSD, EUR, GBP, CAD, AUD, NZD, JPY, TRY, CHF, HKD, SGD -
6
Global Prime
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
A$2000.01 Lots1:200ASIC, VFSC, FSAForex, indices, commodities, cryptocurrencies, shares, bondsMT4, TradingView, AutoChartistCredit Card, Visa, Mastercard, FasaPay, Neteller, Skrill, Wire Transfer, POLi, BPAY, Dragonpay, PayPal, JetonCashUSD, EUR, GBP, CAD, AUD, SGD
Here is a short overview of each broker's pros and cons
- Eightcap - Eightcap is a multi-regulated forex and CFD broker established in Australia in 2009. The broker has proven popular with active day traders, providing 800+ instruments with tight spreads and notable improvements in recent years, integrating the leading TradingView platform, alongside AI-powered financial calendars and algo trading tools with zero coding experience required.
- 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.
- 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.
- TopFX - TopFX, a Cyprus-headquartered company, has been an instrumental player in the financial services industry since its establishment in 2010, earning a solid reputation as a reliable broker for active traders. Initially, the company offered liquidity services to institutional clients, including hedge funds, banks, and brokers. However over the years, TopFX has grown to include retail traders in its clientele. It was one of the first brokers in the world to offer cTrader, a testament to its commitment to innovation.
- FP Markets - Established in 2005 in Australia, FP Markets is an ASIC- and CySEC-regulated broker boasting an extensive suite of tradable assets. Its Standard and Raw accounts cater to day traders at every level, while it packs a punch in the tooling department, from the MetaTrader suite and intuitive TradingView to actionable trading ideas from Trading Central and AutoChartist.
- 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.
Dragonpay Brokers Comparison
| Broker | Minimum Deposit | Instruments | Platforms | Leverage |
|---|---|---|---|---|
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$100 | CFDs, Forex, Stocks, Indices, Commodities, Crypto | MT4, MT5, TradingView | 1:500 |
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$0 | CFDs, Forex, Stocks, Indices, Commodities, Crypto | MT4, MT5, cTrader, TradingView, DupliTrade | 1:500 |
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$10 | Forex, CFDs, indices, commodities, cryptos, stocks | MT4, MT5 | 1:1000 |
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$50 | CFDs, Forex, Shares, Indices, Metals, Energies, ETFs, Cryptocurrency | MT4, cTrader, AutoChartist, TradingCentral | 1:500 |
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$40 | CFDs, Forex, Stocks, Indices, Commodities, Bonds, ETFs, Crypto | Iress, MT4, MT5, cTrader, TradingView, AutoChartist, TradingCentral | 1:30 (UK), 1:500 (Global) |
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A$200 | Forex, indices, commodities, cryptocurrencies, shares, bonds | MT4, TradingView, AutoChartist | 1:200 |
Eightcap
"Eightcap delivers in every area for day traders with a growing selection of charting platforms, education via Labs, and AI-powered tools. Now sporting 120+ crypto CFDs, it's also become a stand-out choice for crypto trading, winning our 'Best Crypto Broker' award two years in a row."
Christian Harris, Reviewer
Eightcap Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Stocks, Indices, Commodities, Crypto |
| Regulator | ASIC, FCA, CySEC, SCB |
| Platforms | MT4, MT5, TradingView |
| Minimum Deposit | $100 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:500 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, SGD |
Pros
- After bolstering its roster in 2021, Eightcap offers one of the most extensive selections of cryptocurrency CFDs in the market, with crypto/fiat pairs, crypto/crypto pairs, plus crypto indices for broader exposure to the market.
- Having excelled across all key areas for day traders, Eightcap outperformed every competitor to win our 'Best Overall Broker' award for 2024, also securing our 'Best Crypto Broker' title.
- Eightcap stands out with a selection of powerful trading tools and resources, including MT4 and MT5, the innovative algorithmic trading platform Capitalise.ai, and more recently the 50-million strong social trading network TradingView.
Cons
- Despite a useful library of educational guides and e-books in Labs, Eightcap still trails IG’s comprehensive toolkit for aspiring traders with its dedicated IG Academy app and 18 course categories.
- The demo account expires after 30 days and can only be extended upon request - a notable inconvenience compared to the likes of XM with its unlimited demo mode.
- 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.
Fusion Markets
"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."
Fusion Markets Quick Facts
| Demo Account | Yes |
|---|---|
| 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 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD |
Pros
- 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.
- Fusion Markets continues to impress with its pricing that provides tight spreads with below-average commissions that will appeal to active day traders.
- The market analysis features, Market Buzz and Analyst Views, are great tools for discovering opportunities and conveniently integrated into the client dashboard.
Cons
- While the selection of currency pairs trumps most rivals, the broker's alternative investment offering is average with no stock CFDs beyond the US.
- The demo account expires after 30 days, limiting its potential as a useful trading tool alongside a real-money account.
- There is no proprietary trading platform or app built with beginners in mind, a notable drawback compared to AvaTrade.
NordFX
"NordFX’s competitive trading conditions are exclusively available to upper-tier account holders, making it a suitable platform for experienced day traders seeking zero-spread trading on the MetaTrader platforms, with a minimum deposit of $100 for MT4 and $200 for MT5."
NordFX Quick Facts
| Bonus Offer | Pro accounts can participate in the 100,000 USD Super Lottery |
|---|---|
| Demo Account | Yes |
| Instruments | Forex, CFDs, indices, commodities, cryptos, stocks |
| Platforms | MT4, MT5 |
| Minimum Deposit | $10 |
| Minimum Trade | $1 |
| Leverage | 1:1000 |
| Account Currencies | USD |
Pros
- There’s a great range of day trading tools available to bolster the trading environment, notably VPS hosting, calculators, live signals and an economic calendar.
- NordFX has strengthened its account options with Pro accounts featuring spread-only pricing and Zero accounts with spreads from 0.0 on assets like the EUR/USD.
- NordFX has bolstered its charting tools for advanced traders, adding MT5 to its existing MT4 integration, with faster, multi-threaded processing.
Cons
- With only around 100 instruments, NordFX’s market coverage is lacklustre at best, with a particularly poor selection of around 20 shares.
- The lack of regulatory oversight is a significant concern as clients of NordFX may receive limited safeguards, notably no negative balance protection or segregated accounts.
- Although NordFX offers competitive pricing in its Zero accounts, it still trails the cheapest brokers like IC Markets, while the Pro accounts feature industry-high spreads from 10 pips.
TopFX
"TopFX is a strong choice for day trading due to ultra-low latency with execution times under 25 milliseconds. It also offers access to advanced charting platforms, MT4 and cTrader, with tight spreads and low commissions that can significantly reduce costs for active traders."
TopFX Quick Facts
| Bonus Offer | 100% Universal Bonus T&Cs Apply |
|---|---|
| Demo Account | Yes |
| Instruments | CFDs, Forex, Shares, Indices, Metals, Energies, ETFs, Cryptocurrency |
| Regulator | CySEC, FSA |
| Platforms | MT4, cTrader, AutoChartist, TradingCentral |
| Minimum Deposit | $50 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:500 |
| Account Currencies | USD, EUR, GBP |
Pros
- Active traders get reliable trade execution with speeds under 25ms, combined with consistent pricing, no slippage or requotes, and fast deposits and withdrawals during testing.
- TopFX is committed to supporting a diverse range of day traders, including those who prefer manual, algorithmic, and strategy-based trading with a choice of three flexible accounts (Zero, Raw and VIP).
- TopFX continues to deliver first-class support following years of real-money trading with responses on live chat in minutes and email replies in 24 hours for technical assistance.
Cons
- Despite a growing selection of 600+ instruments, you can't invest directly in real assets, such as stocks, ETFs, and crypto, and TopFX does not offer interest on uninvested cash like alternatives such as IBKR.
- Although it produces in-house market analysis content, notably the Daily Market Digest, and includes Autochartist and Trading Central, the woeful educational offering is limiting for beginners, especially compared to category leaders like XTB.
- TopFX supports only two platforms (cTrader and MT4), so there's no option to trade with MT5 or the increasingly popular TradingView. The lack of a proprietary platform for beginner traders is also an entry barrier.
FP Markets
"FP Markets strikes an ideal balance between affordability and quality for active traders. They’ve managed to keep trading costs low while expanding their investment offering, charting tools, and research features, all while providing excellent support you can rely on for urgent trading queries."
FP Markets Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Stocks, Indices, Commodities, Bonds, ETFs, Crypto |
| Regulator | ASIC, CySEC, FSA, CMA |
| Platforms | Iress, MT4, MT5, cTrader, TradingView, AutoChartist, TradingCentral |
| Minimum Deposit | $40 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:30 (UK), 1:500 (Global) |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, JPY, TRY, CHF, HKD, SGD |
Pros
- With MetaTrader, cTrader, Iress and more recently TradingView, FP Markets is one of the most accommodating brokers in terms of platform choice.
- FP Markets has integrated top-notch research tools from Trading Central and Autochartist, helping traders identify short-term opportunities based on chart patterns, indicators, and other technical factors.
- FP Markets offers a superb selection of tradable assets, especially since expanding its suite of commodities and supporting over 10,000 stocks.
Cons
- FP Markets trails the best MetaTrader brokers, despite offering a Trader's Toolbox on MT4, just 130 instruments are available, limiting opportunities for serious traders, especially compared to Pepperstone with its 1,300 assets.
- Although Traders Hub provides rich research, notably the Daily Report, Technical Report, Market Insights, and Fundamental Analysis, it needs to widen its daily content variety and keep its forex news updated to match category leaders like IG.
- While pricing in the Raw account is excellent, spreads in the Standard account trail the cheapest brokers with a 1.1-pip average spread on the EUR/USD compared to the 0.8-pip average at IC Markets.
Global Prime
"Global Prime is suitable for both beginners and seasoned traders with excellent market access, low fees and a range of tools including copy trading."
Global Prime Quick Facts
| Demo Account | Yes |
|---|---|
| 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 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, SGD |
Pros
- Full range of investments with 150+ assets including crypto
- ECN account
- $0 minimum deposit
Cons
- Narrow range of account options
- No MetaTrader 5 integration
- Clients from US and Canada are not accepted
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, 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:
- 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.