The broker makes it easy for the local traders to move funds into and out of their accounts trading accounts using local payment methods like e-wallet and bank transfers.
It is possible to trade, deposit & withdraw on Deriv without verifying your account but you will have limited options and account access. For example, you will not be able to register on Dp2p, become an affiliate partner or act as a payment agent.
What is Forex & Binary Trading Account Verification?
Account verification is a documentary confirmation of clients' personal information.
This mandatory procedure helps forex brokers to ascertain their clients' identity & location when the client registers a trading account with them.
Since forex trading is done online there is a risk that anyone, anywhere can simply open a trading account using a fake name and address. Such an account can then be used for illegal activities like money laundering. Account verification helps forex brokers ensure that their traders are genuinely who they claim to be.
It is a critical aspect of the Know Your Customer (KYC) process.
Why Should You Verify Your Deriv Trading Account?
A fully verified Deriv trading account will give you full access to the Deriv trading account and will allow you to trade without any limitations or inconveniences. If you open a Deriv account and you do not verify it, you may face challenges when you want to withdraw over US$10 000 from the account.
You will not be able to move funds into and out of your accounts using the popular Dp2p platform. This is a major disadvantage because Dp2p allows you to conveniently buy and sell Deriv credits using local payment methods.
With a verified account you can also apply to be a Deriv payment agent and earn a commission by helping traders move funds into and out of their trading accounts. Deriv will need to verify you first because there is a risk that you can scam other traders as a payment agent.
Deriv also has an affiliate partnership program that allows you to earn up to 40% of the lifetime commissions charged on your referred traders. This can be a lucrative way for you to make extra passive income with the broker. However, you will need to verify your Deriv trading account to become a partner.
You can begin to apply to be a Deriv partner by clicking the button below.
How Do You Verify Your Deriv Trading Account?
To verify your Deriv trading account you will need to upload the following documents:
- A valid ID or Passport clearly showing your name and date of birth (for proof of legal existence)
- A utility bill (e.g. electricity, water, gas, phone, internet) or bank statement in your name that has been issued in the last 6 months (for proof of residence)
- You can also use a lease agreement showing your name and the name and contact details of your landlord
You will need to log in to your Deriv account and click on the account settings tab. Look for the account verification tab and click on the document you want to upload.
Do not be tempted to use fake documents as Deriv will quickly pick this up. You risk having your account blocked for fraud if you use fake documents. If you have challenges getting proof of residence you can simply look for a commissioner of oaths and sign an affidavit. Deriv will accept the affidavit as proof of residence.
Frequently Asked Questions on Deriv Account Verification
Do I need to verify my Deriv trading account?
Not necessarily. You can trade and withdraw up to US$10 000 before you are asked to verify your account. However, you will have limited access to some account functions with an unverified trading account.
How Long Does It Take To Verify Your Deriv Trading Account?
Deriv usually takes 1-3 business days to review your documents. You will be notified of the result of the verification process via email once it’s done.
Can My Documents be Declined When I try To verify my Deriv Account?
Yes, Deriv may decline your documents if they are insufficiently clear, invalid, expired, or have cropped edges. You will have to get better copies of your documents to proceed with the verification process.
Can I withdraw from Deriv without verifying my account?
Yes you can withdraw up to US$10 000
Can I trade forex with an unverified account?
Yes, you can do so through Deriv. Learn how to open a forex trading account on Deriv here.
Do you have any questions on how to verify your Deriv trading account? Ask them below in the comments and we will respond.