DragonEX Crypto Exchange Review: What Really Happened to This Platform?

When you hear about DragonEX, you might think it’s just another crypto exchange trying to compete with Binance or Coinbase. But the truth is far more complicated-and far more cautionary. DragonEX launched in 2017 with big promises: zero maker fees, transaction mining rewards, and a focus on Asian traders. By 2019, it claimed over 300,000 verified users. But today? There’s no real data. No volume reports. No updates. And no clear answer on whether it’s still running.

What DragonEX Claimed to Offer

DragonEX didn’t just offer spot trading. It pushed into derivatives hard: perpetual contracts, futures, options, and leveraged trades-all with a 0% fee for makers. That’s rare. Most exchanges charge at least a small fee for placing limit orders. DragonEX said you’d earn rewards just by trading. That’s called transaction mining. You didn’t mine Bitcoin. You mined rewards by placing trades. It sounded like a win-win: trade more, get paid.

The platform also had mobile apps on both iOS and Android. You could deposit and withdraw crypto. You had to go through KYC-no anonymous trading allowed. That’s a good thing, right? It should’ve made it safer. But here’s the problem: DragonEX never showed proof of how it handled those funds. No public audits. No breakdown of cold storage. No third-party security reports. Just claims.

The Red Flags No One Talked About

CoinMarketCap flagged DragonEX as an Untracked Listing in 2019. That’s not a minor note. It means the exchange failed to meet their basic transparency rules. To be tracked, an exchange needs to prove its 24-hour trading volume. DragonEX never did. Their numbers disappeared. No one could verify if they were handling $10 million a day-or $100,000.

And then there’s the domain issue. If you search for DragonEX today, you’ll find dragonex.io-the official site. But you’ll also see dragonex.us.com. That’s not a typo. That’s a scam site. Users have reported losing funds on dragonex.us.com, thinking they were on the real exchange. The real DragonEX never owned that domain. But the confusion helped scammers. And the real site? It hasn’t been updated since 2019.

Why DragonEX Disappeared

Regulation caught up. Singapore passed its Payment Services Act in January 2020. Estonia, where DragonEX claimed its license, tightened crypto rules in 2021. Suddenly, exchanges without clear audits, public volume, or stable compliance structures got squeezed out. DragonEX had none of that.

Meanwhile, the transaction mining model-once trendy-started falling apart. Exchanges like Huobi and OKEx tried similar reward systems. But users realized: if you’re getting paid to trade, who’s really paying? The exchange. And if trading volume drops, so do the rewards. By late 2019, most of these programs were scaled back or shut down. DragonEX never adapted.

Community channels that once had thousands of users-WeChat groups, Telegram, QQ-went quiet. By 2021, activity dropped to near zero. No announcements. No posts. No customer support replies. Just silence.

User Reviews: Mixed Signals and Scams

Some reviews still exist. One on Revieweek says: “Fast merge, instant withdrawal, and zero hassle. Completely legit.” But that review links to dragonex.us.com. Another on Fxmerge gives it a 1.0/5.0 rating. Only two votes. One user wrote: “Everything about it is good,” but then mentions a “mysterious fund event”-a phrase often used by scam platforms to lure people into fake staking programs.

Revain’s review is cut off mid-sentence: “I didn’t like the way I was attended to...” That’s not a glitch. That’s how real users felt. Customer service was inconsistent. Support tickets went unanswered. Withdrawals? Sometimes fast. Sometimes delayed for weeks. No clear reason why.

And here’s the worst part: no one from major crypto media-Cointelegraph, The Block, Messari-has covered DragonEX since 2020. Not one update. Not one analysis. That’s not an oversight. That’s abandonment.

What DragonEX Got Right (And Why It Wasn’t Enough)

Let’s be fair: DragonEX did have some smart moves. Zero maker fees were attractive for active traders. The mobile apps worked. The interface was clean. It focused on a market-Asia-that many Western exchanges ignored. And yes, it did have a real Estonian license. At least, that’s what they claimed.

But none of that matters if you can’t trust the numbers. If you can’t verify your funds are safe. If the platform vanishes without warning. In crypto, trust isn’t optional. It’s the only thing that keeps you from losing everything.

Is DragonEX Still Operating?

There’s no official shutdown notice. No press release. No tweet from their team. But that’s not how healthy businesses operate. If DragonEX was still active, someone would be updating the site. Posting new coins. Running promotions. Responding to users.

Instead, the site is frozen. The last update was in 2019. The mobile apps are no longer available on app stores. The official Telegram group has 12 members. The WeChat groups? Gone. The Fxmerge profile showing a “Member Since 2025” date? That’s a system error. No one signed up in 2025.

The evidence points to one conclusion: DragonEX is defunct.

What You Should Do Instead

If you’re looking for a reliable crypto exchange with derivatives trading, don’t chase ghosts. Use platforms that publish real data:

• Binance - Highest liquidity, transparent volume, global compliance
• Bybit - Strong derivatives focus, clear fee structure, active support
• Kraken - Regulated in the U.S. and EU, audited security practices
• OKX - Offers options and futures, transparent on-chain metrics

These exchanges don’t hide behind vague claims. They show you your funds. They prove their volume. They answer your questions.

DragonEX’s story is a warning: never trust an exchange that won’t show its work. No matter how good the fees sound.