This article will show you how you can trade currencies on Deriv. Many Deriv clients are not aware of this, they think that the broker only does synthetic indices like V75, Step Index, Boom & Crash Indices.
Learn how you can open an account that allows you to trade spot forex & CFDs on Deriv's MT5 platform. This wide range of trading instruments makes Deriv the best broker for South Africans.
How To Open A Forex Trading Account On Deriv MT5
The first thing you need is the main Deriv account before you can open the forex trading account on Deriv. This main account will allow you to trade all the instruments offered by Deriv including synthetic indices, binary options, cryptocurrencies, stocks and forex.
To open this account you need to visit the Deriv official website and click on the “Signup” or “Create free demo account” button. Then you enter your email address and click submit.
Confirm your email by opening it and clicking the link sent by Deriv. If you don’t find the email check your Junk/Spam folder. The email looks like the one below.
Complete the signing up process by entering your preferred password and country of residence.
2. Open A Real Trading Account On Deriv
After verifying your email you will have access to a demo account with $10 000 virtual funds.
This demo account is meant to help you get used to the platform and try out strategies etc.
To trade real money you will need to open a ‘real’ account.
To open the real account you will need to login into the demo account you created in the step above. After logging in you will see the screen below:
Begin by clicking on the dropdown menu beside the $10 000 virtual money balance and then click the Real tab.
The first option under the Real tab will be the option to add a real Deriv account. Click on the Add button. The following screen will appear:
You will need to choose your preferred account currency. This is the currency that you will use to trade, deposit and withdraw. Make sure you choose the best currency as you will not be able to change this after you have made a deposit.
You can also create another account with another currency by clicking on the button that says ‘Add or manage account’.
On the next few pages add your correct details including name, address and phone number. You will need to use details that you can later verify.
This is because as part of its Know Your Customer (KYC) policy, Deriv will ask you to upload your proof of residence and ID or passport to verify your account.
These documents ought to have the same details you will supply during the registration.
However, you don't necessarily need to verify your account right away as Deriv allows you to trade without verifying your account.
3. Open a Forex Trading Account On Deriv MT5
The real account you have just created can be used to trade binary options on Deriv via the DTrader platform, but it cannot be used to trade forex currencies on DMT5.
To trade currencies on DMT5 you will need to open a dedicated DMT5 financial account.
To do that you must click on the Real account tab. You are able to create up to three different DMT5 accounts. These accounts give you the ability to trade different instruments on Deriv.
The Financial account gives you access to trading forex, commodities, cryptocurrencies as well as both major and minor currencies which can be traded using high leverage.
To create a DMT5 Financial account you click the ‘Add’ button next to that account type.
The first step is to choose a password for the DMT5 Financial Account. This is the password that you will use to log in to your Metatrader 5 account. It is not the master account password, it's just for use when you need to trade on DMT5.
After creating the account you will now see the account listed with your login ID. You will also get an email with your login ID that you will use to log in to the MT5 financial account.
After creating your account you will be prompted to transfer funds from your main account to your DMT5 so that you can trade. You can fund your Deriv account using the Deriv peer-to-peer (Dp2p) platform or payment agents.
4. Download DMT5
The next step is to download the Deriv MT5 platform. To do this you must click on the financial account as shown below.
You will then be taken to a page with links to download the Metatrader 5 application for various systems like Android, Windows, iOS etc at the bottom of the page. Download the one you want to use.
You can even choose to trade using the web terminal.
5. Log in to your DMT5 Financial Account
After downloading and installing your DMT5 you will then need to log in to your trading account.
Click on Settings> Log in to new account.
You will need to enter the following:
Broker: Deriv Limited
Make sure you type these correctly because if you make mistakes you will not be able to connect to your trading account.
After logging in you can then see the forex pairs that you can trade on Deriv. You can trade and withdraw without verifying your account. However, you will have limited account options. You have your account verified later so that you have unlimited access to your account.
6. Fund your DMT5 Financial Account
Proceed to fund your main Deriv account. You can do this through the various deposit methods available Deriv. You can even use local payment methods to deposit. There are two ways that you can do this. After funding your account you will then need to move the funds to your DMT5 financial account.
Click on Cashier> Transfer to see the option to move your funds. After doing this you can now trade forex currencies on Deriv.
Frequently asked questions on trading Forex Currencies on Deriv
Can I trade forex currencies and cryptocurrencies on Deriv?
Yes, you can trade forex, commodities and cryptocurrencies on Deriv. You just need to open a Financial account here.
Which leverage do I use when trading forex on Deriv?
The leverage on the Financial account on Deriv is up to 1:100.
How many forex pairs can I trade on Deriv?
You can trade up to 50+ assets using Deriv's financial account.
What is the minimum deposit required when you want to trade forex on Deriv?
The Deriv Financial account that you use to trade forex has no minimum deposit. You can transfer any amount you want from your main account into the DMT5 account.
How can I trade forex on Deriv using local payment methods?
You can do this via payment agents or dp2p You can also apply to be a payment agent yourself and make money by helping traders to deposit and withdraw using local payment methods.
Can I make money on Forex currencies on Deriv without trading?
Yes, you can earn up to 45% lifetime commissions from the trades of your referred traders as a Deriv affiliate partner.