Dracomi has been identified as a risky opportunity by Intelligence Commissioner users. It is similar to Bull Market Station. We’ve received over 5 complaints against Dracomi.
Investors should perform extensive research to avoid misleading companies like Dracomi, which displays warning signals such as contradicting license information and exclusively accepts cryptocurrencies. Verify broker credibility with trustworthy regulatory authorities, avoid bogus reviews, and ensure prompt customer support. Exercise prudence when making investment selections.
We suggest working with a trustworthy broker with specialized staff, latest tech and most importantly, customer-centric trading conditions. After reviewing 1000+ brokers, we rank the following company as the best:
Key Takeaways
Is Dracomi Regulated? Do They Have a License?
To prevent falling victim to deceptive enterprises, investors must conduct thorough research and due diligence. Dracomi, a website purporting to be a registered broker, is a prime example of why comprehensive fact-checking is required before investing your money. Let’s look at the red flags related with Dracomi and how to find reputable financial service providers.
A legitimate financial service provider will prominently show clear and complete information about its ownership, location of operations, and regulatory licensing. Genuine brokers offer access to detailed legal documentation. However, transparency alone does not guarantee legitimacy, as fraudulent businesses may provide misleading or inaccurate information.
Dracomi’s homepage claims that the company is headquartered in Cyprus and licensed in Dubai. However, the Client Agreement refers to an offshore facility in Vanuatu. Furthermore, no corporate name appears in any of the legal documents, which is a major red flag.
Dracomi’s website also claims four licenses in Cyprus, Dubai, Australia, and the United Kingdom. Upon closer study, these licenses look to be valid, however they are posted on websites that impersonate official regulators. A direct check with these regulators indicates no licensed entity named Dracomi. The only relevant material discovered was a warning from the Bank of Russia that Dracomi is not a regulated broker.
When selecting a broker, ensure that all necessary information is available and accurate. Always check the company’s records with the designated authority to ensure that the domain is legitimately approved for that broker. Trustworthy brokers are regulated by respected regulatory authorities such as the Financial Conduct Authority (FCA) in the United Kingdom, the Cyprus Securities and Exchange Commission (CySEC), and the Australian Securities and Investments Commission (ASIC). Clients of these brokers benefit from features such as negative balance protection and fund segregation.
The lack of regulation or the presence of poor regulation is a huge red flag. It means
Dracomi might be a scam or most likely, an illegal operation.
Companies offering investment services or opportunities without having a license can vanish without leaving a trace. Furthermore, the lack of a regulatory license allows them to get away with it and face no legal consequences.
That’s why it’s vital for you to always check a company’s regulation status as well as its license information. The presence of a license allows consumers to reach out to an authority if something goes wrong.
In the case of Dracomi, victims have nowhere to go due to the absence of a watchdog or license.
You should ask yourself the following questions when you come across a new investment firm or opportunity:
- Does the investment provider maintain transparency about its CEO?
- Do they have a license from a renowned regulatory authority?
- If the need arises, can I reach out to an authority to report this company as a scam?
Trading Conditions and Deposit/Withdrawal Methods at Dracomi
Dracomi provides a basic web-based trading platform that contains complex tools and custom indicators, but no auto trading or mobile versions. The availability of a trading platform does not imply the validity of a broker, as scammers frequently utilize rigged systems to give the appearance of investing activity. Legitimate brokers offer a wide range of trading software options, including desktop, mobile, and web-based platforms. MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are industry standards that provide a wide range of capabilities, customisation possibilities, and support for automated trading and backtesting.
Dracomi needs a $150 minimum deposit, which is greater than many other regulated brokers. The sole accepted payment method is cryptocurrency, which is a popular choice among scammers due to its secrecy and the impossibility to request refunds. While some respectable brokers accept digital currencies, they also provide transparent payment options like as credit/debit cards, bank transfers, and popular e-wallets like PayPal, Neteller, and Skrill.
Dracomi claims to provide trading in currency pairs, stocks, indices, metals, commodities, and cryptocurrencies. However, such trading is frequently fraudulent. The site does not provide clear information on trading fees, instead recommending additional commissions without indicating the amount.
The advertised leverage of up to 1:500 is much higher than the limitations permitted in the jurisdictions where Dracomi claims to be licensed. High leverage can result in huge gains, but it also raises the danger of significant losses. Leading authorities limit retail traders’ leverage to 1:30 in the EU, UK, and Australia, and 1:50 in the United States. Only professional clients with high requirements have access to greater leverage levels.
Dracomi does not state any withdrawal requirements, however frauds frequently incorporate hidden fees and limitations that make withdrawing funds difficult. These traps are typically tied to benefits provided by the scammer.
- False assertions about regulation
- Fake legal details
- Authorities have blacklisted them.
- Only takes cryptocurrency payments.
- Provides dangerous leverage ratios.
However, it’s worth noting that many forex scams disable their payment channels before shutting down their operations.
They might give you multiple reasons including:
- A technical error
- A glitch in their system
- Banking issues
- A “hacking attack”
And many others.
But in 9/10 cases, shady forex brokers stop making payments and keep the money to themselves. Hence, the payment methods we discussed here might not work.
To avoid such scenarios, it’s best to work with a reliable and trusted broker.
Dracomi Customer Service: Do They Handle Complaints Well?
When it comes to forex brokers, you should only measure the quality of their customer service if they respond to your complaint.
In the beginning, shady brokers tend to remain very accessible.
This means their representatives will keep calling you until you invest with them. Furthermore, they will act friendly and make it seem as if you’re one of their most valuable consumers.
However, they do all this just to win your trust.
Shady brokers understand that to convince someone to give them a large sum, they will need to seem like a friend.
Nevertheless, when you have invested a considerable amount of money and need to get it back, their customer support will become inaccessible.
All of a sudden, their numbers would either stop responding or become unavailable.
Still, they might remain accessible to convince you to invest further. Also, they might begin by making a few excuses regarding your payment.
However, in the end, customer support won’t resolve your issues and become increasingly unavailable.
If you have information on a scam or criminal operation, you can get access to 40+ investigative journalists & news outlets for free. Send us a detailed report here and if you qualify, we will forward your case ahead.
Dracomi Reviews: What Do Others Say?
It’s worth noting that many scammers tend to purchase fake reviews. Buying fake reviews has become extremely easy and it’s a multi-million dollar industry.
Even if Dracomi might not be a scam, brokers like them rely on fake reviews to increase their credibility.
TIME Magazine investigated the fake review industry and estimated it to be worth more than $150 million. Certainly, there are a ton of scammers who want to seem legitimate and a bunch of fake reviews is the most effective way to do so.
That’s why you shouldn’t trust the online Dracomi reviews easily.
It’s easy to identify fake reviews as well. You should look out for 5-star reviews posted by temporary accounts (profiles that only posted 1 or 2 reviews on the platform). Also, you should see if the positive reviews share any detailed information about their experience with the firm or not.
In the case of Dracomi, chances are, you wouldn’t find many legitimate reviews.
Another prominent way brokers like Dracomi enhance their credibility is by burying negative reviews and complaints under a lot of fake reviews.
This way, when you’ll look up “Dracomi reviews”, you might not find many complaints. Or, you might find them buried within numerous reviews praising Dracomi.
You should always look out for consumer complaints. In the case of Dracomi, the most common complaints I found were about:
- Poor customer support
- Delays in payments
- High fees
- Lack of transparency regarding their leadership team
- Aggressive sales staff
Do you have a similar complaint about Dracomi? You can share your complaint in the comment section or submit an anonymous tip.
Is Dracomi Legit Or a Scam?
Dracomi is an unregulated entity. Although they might fall under the jurisdiction of a watchdog, they don’t have the license to offer financial services to consumers.
The lack of a license means they are not answerable to any regulatory authority. As a result, the people behind Dracomi can run away with your money without any prior notice. It would help if you were extremely cautious when dealing with an unregulated service provider.
The absence of a watchdog also means you cannot report to them to anyone.
Also, due to the absence of specific regulations, there is no provision protecting you from the insolvency of this entity. If they go bankrupt, you won’t be able to do anything about it.
Can You Trust Dracomi?
Dracomi’s numerous red flags highlight the significance of completing extensive study and verification prior to investing. Trust only brokers who are properly licensed and regulated by respectable agencies. Ensure that all information is correct, and that the broker offers transparent and secure payment options. By exercising caution and due diligence, you can avoid fraudulent schemes and make sound investing selections.
All the evidence suggests that Dracomi might be a scam. You shouldn’t risk your funds with a broker you don’t fully trust.
That’s why we recommend working with a trusted broker. That way, you can avoid any hiccups and be certain of
Frequently Asked Questions
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How Forex Scams Work
Intelligence Commissioner investigates & reviews online money-making opportunities. We strive to provide critically helpful information to our readers and assist them in identifying scams. 
