DragonPips – Why won't they refund the money?
DragonPips advertised in the FPA's forums, with the subject line “Dragonpips.com - $1,000 Exploding Into $78,352,326”. FPA member Aussie2010 found that it only blew a hole in his wallet.
Aussie2010 was so impressed by the claims on the Dragon Pips website that he bought 3 copies of their expert advisor. He planned to trade it on 3 accounts. The reason he bought them up front was that the site had warnings about upcoming price increases. He felt safe, because there was a 90 day guarantee.
After he tested the DragonPips EA, Aussie2010 reports that forward testing took a demo account from $10,000 down to 5 087.79 using standard settings. He tried to get a refund, but says that the people at DragonPips stopped responding to his messages.
Because of vacations and other cases, there wasn't an FPA investigator available. The FPA Forums Team volunteered to pitch in and handled the negotiations. Because DragonPips had an FPA forums account, they tried using the email address tied to it. That yahoo.com email account was no longer functioning. Aussie2010 provided a different address that worked.
The people at Dragon Pips claimed that the first test wasn't valid because it didn't use a VPS to run the EA. Aussie2010 provided receipts to show that he had purchased VPS services for testing. They also claimed that he needed to do one more test because he had bought three licenses. The Forums Team advised Aussie2010 to run two tests on different brokers to prevent DragonPips from demanding a third test later.
The two tests came back showing large losses again. This should have been the end of the matter. DragonPips should have honored their guarantee. Instead, they waited 10 days and came up with new excuses. They claimed that a number of new settings were not used. No mention any changes had been made prior to the new tests. Both Aussie2010 and the FPA Forums Team pointed this out to the people at Dragon Pips. There was no reply from DragonPips. The Forums Team set a deadline. There was no reply from DragonPips. They set a final deadline before the case would be tuned over to the Scam Investigations Committee. There was still no reply from DragonPips.
In our view, promising a refund and refusing to honor the terms is simple theft. Taking money legitimately owed to traders is the FPA's first definition of scam. The actions of DragonPips.com seem to fit that definition very well.
Dragon Pips does not use Plimus or Clickbank for payment processing. If they did, Aussie2010 could have gone to the payment processor and would have probably gotten a refund easily. DragonPips gets their money through wire transfer, Western Union, and places like Liberty Reserve. None of these have simple ways to request a refund.
We urge Aussie2010 and anyone else who has been scammed in this was to complain to the payment processor anyway. If enough complaints come in, that can cause a company to lose the ability to use some payment systems. That cuts into their supply of potential victims.
FPA Scam Finding against Dragon Pips
Aussie2010's Original complaint against DragonPips
DragonPips advertising in the FPA's Classified Ads
FPA Review Page for DragonPips.com