DragonEx Crypto Exchange Review: Red Flags and Scam Warning

There’s a crypto exchange called DragonEx that pops up in search results with flashy claims: 2 million users, 0% maker fees, Estonian licensing, and advanced trading tools. But if you dig even a little deeper, the story changes fast. This isn’t a platform you want to touch - not even with a ten-foot pole. DragonEx is a scam, and here’s why.

False Licensing Claims

DragonEx says it’s licensed by Estonia. That sounds legit, right? Estonia is known for its digital innovation and has a clear public registry for financial licenses. But if you check Estonia’s Financial Intelligence Unit’s official database, DragonEx doesn’t appear. Not once. Not even as a pending application. This isn’t a mistake - it’s a lie. Legitimate exchanges like Kraken or Bitstamp publish their license numbers openly. DragonEx doesn’t. Instead, it hides behind vague website text and third-party sites that repeat the same unverified claim. That’s textbook fraud.

Trading Volume? Almost Zero

The exchange claims to serve over 2 million users. That number sounds impressive - until you look at real trading data. According to CryptoCompare’s November 2025 report, DragonEx handles less than 0.0001% of global crypto volume. For comparison, Binance alone processes over $1.2 trillion in a single month. DragonEx’s daily volume? It’s barely visible on charts. CoinGecko removed it from their listings in early 2025 because the data didn’t add up. If a platform has millions of users, you’d expect massive trading activity. You don’t see that here because the users don’t exist - or worse, they’re bots.

Fake Reviews and Future-Dated Testimonials

Look at the reviews on Trustpilot or Fxmerge. One review from July 6, 2025, says, “I am full of joy and happiness see my dreams come true.” That’s not just poorly written - that date is in the future as of December 2025. Another review on Fxmerge is dated October 11, 2025. How? These aren’t real users. These are fake accounts created to trick new people into signing up. Real platforms have hundreds of reviews with mixed feedback - complaints, praise, screenshots, timestamps that make sense. DragonEx’s reviews look like they were written by AI using a thesaurus and a dream journal.

Withdrawals Don’t Work

This is the part that costs people real money. On Reddit’s r/CryptoScams, users like “CryptoWatcher2025” reported depositing $12,500 into DragonEx in April 2025. When they tried to withdraw, their account froze. No response. No explanation. Just silence. Similar reports flood CryptoScamAlert and ScamAdviser. The pattern is always the same: easy deposits, impossible withdrawals. You can fund your account with Bitcoin or USDT. But when you try to cash out, suddenly you need “additional verification,” “compliance checks,” or “security audits.” These are delays designed to wear you down until you give up. The International Association of Financial Crimes Investigators calls this a classic exit scam tactic.

No Transparency, No Support

Regulated exchanges have customer service teams that reply within hours. DragonEx? Users report waiting 14 days for a response - if they get one at all. Their support page is a dead end. No live chat. No phone number. No email address that works. Their documentation is confusing, full of contradictions, and missing basic security info. Meanwhile, legitimate platforms like Coinbase or Bybit offer clear KYC steps, two-factor authentication guides, and 24/7 support. DragonEx doesn’t even pretend to offer that. Why? Because they don’t plan to be around when you need help.

Domain Hopping and Regulatory Warnings

DragonEx used to be at dragonex.io. Now it’s at dragonex.us.com. That’s not a rebrand - that’s a scammer running from trouble. Chainalysis’ 2025 Fraud Report shows that domain changes like this are almost always a sign of a platform being exposed or shut down. The UK Financial Conduct Authority added DragonEx to its official warning list on March 15, 2025. The FCA doesn’t issue these lightly. They only warn about platforms that are operating illegally and putting people’s money at risk. CryptoLegal UK lists DragonEx alongside known frauds like HEROex and HotCoinPro. That’s not a coincidence - it’s a pattern.

Why People Still Fall for It

You might be wondering: if it’s so obvious, why do people still use it? The answer is simple: greed. DragonEx promises 0% maker fees. That sounds amazing - until you realize every other top exchange charges 0.1% or less, and they actually deliver on withdrawals. DragonEx’s “low fees” are bait. They lure you in with numbers that look too good to be true - because they are. Then they trap you with hidden withdrawal fees, fake verification hurdles, and account freezes. It’s not a trading platform. It’s a money trap.

What You Should Do Instead

If you want to trade crypto safely, stick with exchanges that are regulated, transparent, and have real track records. Binance, Coinbase, Bybit, and Kraken all have public licenses, verified trading volumes, responsive support, and years of user history. They don’t need to lie about their user count or fake reviews. Their reputation speaks for itself. DragonEx has no reputation - only red flags. Don’t risk your money on a platform that’s already been flagged by regulators, exposed by researchers, and abandoned by real users.

Final Verdict

DragonEx is not a crypto exchange. It’s a scam operation designed to steal funds and vanish. Every claim it makes - from licensing to user numbers to trading volume - has been debunked. The reviews are fake. The support is nonexistent. The withdrawals don’t happen. The domain keeps changing. The regulators have warned about it. If you’re thinking of signing up, don’t. Save yourself the stress, the time, and the potential loss of thousands of dollars. Walk away. There are dozens of safe, reliable, and honest exchanges out there. You don’t need to gamble with your crypto on a platform that’s already been exposed as a fraud.