Dragon Options is a binary options broker operating out of Cyprus and the UK. It uses the well-renowned SpotOption technology. Something that sets Dragon Options apart from the other brokers is the possibility for night trading, and the fact that they let you choose the type of sign-up bonus you can get.
The returns of Dragon Options are about average:
- For High/Low options the return for EUR/USD is 76%, for Gold – 70%, and for Oil – 70%.
- For 60 Seconds options, the return is 75% return for EUR/USD and 70% for Gold.
- One Touch options maintain a return rate of 400%.
If you make a deposit of $500 and place uninformed and completely random $25 bets, you’ll need a success rate of 56.8% to break even. In simple words this means that you need to win more than 56.8 out of every 100 bets to start making money. These return rates are relatively low compared to the market standards. OneTwoTrade, for example, offers 85% on EUR/USD High/Low options – and while a difference of only 11% may not seem too big, it can significantly increase your chances of generating profit.
Bet Size & Refund
Bet sizes: the minimum bet size here is $25, and the maximum you can bet on one option is $1,500. Usually the maximum bet size is way higher – think $8,000 at Option888 (Review here: http://www.binary24.de/broker-vergleich/option888-erfahrungen) for example – but in my personal opinion, it is better to practice some risk management and controlling your maximum option trade sizes is one of the ways to do so. Refund: for the options that expire out of the money (e.g. you lose them), the broker automatically returns a part of your investment to your balance. This refund ranges from 0 to 10%.
Depending on you binary options budget, you can sign up either for a Basic, Pro or Premium account.
The differences between these are the bonuses that traders get, the educational resources available, and the deposit requirements. Here are the benefits of each account type:
• DragonBasic: Total deposits from $200 to $999; platform training, online support around the clock, access to market reviews, three-day cashout process.
• DragonPro: $1,000 – $4,999; pro bonus program, personal platform presentation, one to one training with a professional trader, access to trading strategies and market reviews, and a 3-day cashout process.
• DragonPremium: $5,000 – $100,000; premium bonus program; personal trading manager, VIP Customer support, and 24-hour withdrawal process.
High/Low: the most popular option type. In order to win, you need to predict whether the price of an asset (e.g. Gold or Oil) will go up or down. When the option expires, you either collect your winnings or lose your bet and possibly get a refund of up to 10%. These options expire in 15 minutes.
60 Second: these are just regular High/Low options with 60 seconds expiry time. Basically, they work the same way as High/Low but you can use them to make a big payday if the market allows you (i.e. there’s a steady trend that you have noticed).
One Touch options are tricky – with them, there’s a certain level pre-defined and you need to guess whether the price will touch this level. Usually, though, the level is way above/below the price so the chances of that actually happening are not too good – but if the price does reach the level, jackpot! You’ll get a return of up to 350% added to your account straight away (with One Touch options, you don’t need to wait for the option’s expiry to collect your winnings).
The Black Dragon is a ridiculous name for a binary option type but hey – who am I to judge! It’s a variation of High/Low but lets you sell your option early or double your bet before the option has expired. Another feature of the Black Dragon (see, I told you it sounds silly!) is that it has cool analytical tools that help you make informed bets rather than simply gamble away your hard-earned money.
The Option Builder is sort of a DIY (do-it-yourself) option type – you can set your profit/loss levels, and the expiry time of your option. It’s like one of those places where you can order a cupcake and you get to choose the flavor and the frosting and the decorations – only instead of getting a cupcake, you can manage your risk and make some cash. I’m not sure which one is better but while cupcakes are for everyone, the Option Builder is designed to cater the needs of more experienced traders who are acquainted with the financial markets.
Deposit and Withdrawal
The minimum you can deposit on Dragon Options is $200 and the accepted deposit methods are bank transfer, credit cards, and a few online wallets – Moneybookers/Skrill, CashU, WebMoney, etc.
As far as withdrawals are concerned, you can make three of them free of charge every month via credit card or an online wallet. If you wish to withdraw more than three times, you will be charged a fee of $15 for each subsequent transaction.
Wire transfer cashouts of $500 or more are processed free of charge and the ones below this amount – for a fee of $30.
Once approved, withdrawals are usually processed within 3 – 10 business days.
When you sign up with Dragon Options and make your first deposit, you can get a welcome bonus of 50% up to $1,000. In order to withdraw this bonus, you would have to wager 40 times the bonus amount. Alternativly, you can opt in for risk-free trades instead of the first-deposit bonus. Find on www.binary24.de/ratgeber/binaere-optionen-bonus-angebote all Bonus offers. With them, you would have to make a deposit of $1,000 and complete an educational program that will teach you the tips and tricks of binary option trading. Then you will have 12 risk-free trades of $50 each and you can win a total of up to $480. To explain this simply, you will be making bets with your own money and if you win, you will be collecting the winnings, but if you lose, you will be reimbursed.
Dragon Options offer the so-called night trading. With it, you get to trade between 7:00 pm and 5:00 am GMT and the assets available are Australia-ASX, ASX FUTURE, Japan-NIKKEI 225, TOPIX100, KOSPI-KRX 100, Jakarta-JAKARTA, Singapore-STRAIT TIMES, China-SSE180, Hong Kong – HANG SENG, NASDAQ FUTURE, etc.
The option types available for night trading are High/Low and 60 Seconds. You can also use the option builder.
You should keep in mind that night trading is considered a promotion – this means that (a) there are additional terms and conditions, and (b) it may be discontinued at any time. You can always contact Dragon Options’ customer support for more details – they’re super nice and helpful.
Dragon Options seems to be an ok binary broker – the returns are acceptable, it supports the most popular option types, the welcome bonus is also good and there are account types for all skill levels. I have mixed feelings about the night trading offered by the broker – on one hand, it sounds like a cool thing for an insomniac to do, but then again it simply doesn’t make sense to bet on binary options outside market hours. I have to admit I haven’t really tried it yet, though, so I suppose it is up to you to try and then decide whether you give night trading thumbs up or down. The best options to Dragon are the broker 365Trading and the german Broker BDSwiss. A full Review you find on http://www.binary24.de/broker-vergleich/365trading-erfahrungen.