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This article will show you how to trade and without verifying your account.
Lack of Identity Documents
You may lose your identity documents like passport, Id or drivers licence. As you will know, it's not easy to replace these documents quickly and you may not want to wait until you replace them so that you can trade. In such a case, it would be easier to trade without verifying your account.
Lack of Proof Of Residence
Brokers need you to supply proof of residence in the form of bank statements, utility bills or lease agreements. For the average person though, getting these documents may not be easy.
For starters, many South Africans are in the informal sector and they do not use banks that much. Thus getting a bank statement will be out of the question for them. The majority of South Africans also live in rented properties and as such, they do not get utility bills in their name as these bills will be in their landlords' name.
Very few tenants sign lease agreement forms with their landlords so using that document as proof of residence is also not possible.
All these factors can be frustrating if you want to trade forex and synthetic indices in South Africa. That's why many search for ways on how to trade without verifying their accounts.
The good news is that you do not have to be completely shut out because you cannot verify your account. There is a way to work around this. Firstly, you need to open a trading account with Deriv here. This account will allow you to trade binary options, forex CFDs, volatility and synthetic indices without verification.
You can get instructions on how to open a synthetic indices trading account on Deriv here.
After opening the account you can go ahead and deposit instantly by using payment agents. These agents are able to move funds from their own accounts directly to your account instantly. You can pay them using local payment methods like e-wallet, Mukuru or cash.
You can also use them when you have traded and you want to withdraw your profits. Get all the instructions on how you can do this in this article.
There are some limitations that you need to know while you trade without verifying your account.
- You can only withdraw up to US$10 000 before verifying your account. If you want to withdraw more then you will have to verify your account.
- You cannot register on Deriv peer-to-peer platform (Dp2p). The platform allows you to move funds into and out of trading accounts with fellow traders who are not payment agents. You can only Learn how Dp2p works here.
- With an unverified account, you cannot register to be a payment agent
- You cannot become a fully verified affiliate partner with Deriv. A Deriv Partner earns a lifetime commission of up to 40% off the trades of his referred clients. However, you can apply to be a partner and verify your account later.
You can instantly start trading forex and synthetic indices without verifying your account with Deriv. This makes Deriv the best broker for South Africans.
However, your will have limited access to some account functions. You may also expose yourself to scams when you want to deposit and withdraw using an unverified account.
The best way to take advantage of this scenario is to ensure that you use your account without verification while getting the verification documents that you need.
You can trade without verifying your account for an extended period of time so that should give you enough time to get the documents and then to fully verify your account.
Once you have the documents you can read this article to learn how how to easily verify your Deriv trading account.
You can also read How To Trade Synthetic Indices: A Comprehensive Guide For 2021
Do you have any questions on How To Trade Without Verifying Your Account From South Africa? Share them in the comments below and we will get back to you with answers.