2 Easy Ways To Transfer Money From From Deriv Account To Another Other In South Africa

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This article will show you two easy ways to move funds from one Deriv account to another in South Africa.

Being able to conveniently transfer funds between different accounts belonging to different traders has contributed towards Deriv being the most popular broker in South Africa.

How To Transfer Funds Between Deriv Accounts Using Dp2p In South Africa

Deriv peer-to-peer (DP2P) is a platform that allows Deriv traders to make deposits and withdrawals into and from their Deriv trading accounts. The platform allows traders to exchange Deriv credits using local payment methods like bank transfers, e-wallets, cash, Mukuru etc.

How Does DP2P Work For South Africans?

Deriv Peer-To-Peer allows traders (peers) to exchange Deriv credits. This is how it works.

Let's suppose trader 1 (Sbu) has made profits whilst trading forex, synthetic indices or boom and crash on Deriv and they now want to withdraw and enjoy their profits locally. They will go on DP2P and post an ad ‘selling' Deriv credit for local e-wallet.

Trader 2 (Nosipho) wants to fund her account but she has e-wallet money which is not accepted as a deposit method by Deriv. So she will go DP2P and ‘book' the Deriv credit that Sbu is selling.

She will get Sbu's contact details from the ad and then get in touch.

After communicating, Nosipho will then make the e-wallet payment to Sbu. Sbu will confirm the payment and release the Deriv funds. The Deriv funds will be immediately deducted from Sbu's account and they will reflect in Nosipho's account.

Sbu can go and withdraw the e-wallet at an ATM if he wants and he can enjoy his Deriv profits locally. Nosipho can start trading on Deriv using the Deriv credits that Sbu has sent her.

Both traders will enjoy convenience from the transaction.

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How Do You Register On DP2P? 

Follow the following steps to register on DP2P South Africa.

  1. DP2P Deriv Account verificationLog in to your Deriv account. If you do not have an account you can create one for free first by clicking here (make sure you use the same name on your identity document for registration). If you want you can get step by step instructions on opening a Deriv account here.
  2. Go to Cashier > DP2P & register.
  3. Choose a nickname that will be displayed to other users when you are buying and selling credits.
  4. Upload your identity documents so that Deriv can verify your identity. This is done to protect you and other users on the platform. You can upload either a Passport or Identity document.
    Make sure you have registered your account using the same name that is on your identity documents for easy identity verification. You can get instructions on how to verify your Deriv account here.
  5. After your account is verified you can then buy and sell Deriv credits on Dp2p

Open A Deriv Account & Use DP2P Here

How To Avoid Being Scammed On DP2P in South Africa

As with all transactions where money is involved, there is a risk of getting scammed on Dp2p. The good thing is that the chances of getting scammed via dp2p are very low. You can even do more to protect yourself from dp2p scams using the tips below.

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The tips below will assume that you want to buy Deriv credits and you will be using your local payment method to pay the seller

1. Make sure before sending the payment (e-wallet or bank transfer etc) the seller has put an ad and you have ‘booked' it.

What is Booking on DP2P?

Booking is when the seller has put up an ad and the buyer clicks on the ad pending the making of the payment. The ad will then disappear from the main list and the funds will be removed from the seller's account pending the confirmation of payment from the seller. If you don't book the funds then the seller can easily sell them to someone else even after you have sent payment.

2. Always check the ratings and completion rate of the individual you are dealing with. The higher the ratings and completion rate, the better.

3. Make use of the chat feature on the platform for record's purposes. This will come in handy in the event of a dispute. WhatsApp, Telegram, SMS chats will not be as effective as the other party can easily delete or deny them. Insist of making all the communications concerning the transaction via dp2p chat only.

4. Screenshot attach the proof of payment message you get on the dp2p chat. This will help should the seller claim not to have received the funds.

5. Be a good sport and make payment as soon as possible after booking so as not to inconvenience the seller.

 

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How To Transfer Funds Between Deriv Accounts Using Payment Agents South Africa

Deriv payment agents in South Africa are authorised to do transfers on behalf of clients in exchange for payment using local payment methods.

Traders using Deriv can both deposit and withdraw using these payment agents without verifying their accounts. The minimum amount you can deposit and withdraw through agents is US$10.

If you get an error message saying that your account is not authorised to deposit or withdraw via payment agents then you will need to apply for authorisation. You can do this using the live chat feature on the Deriv website and ask for authorisation. It usually takes a short time.

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How To Deposit Into Your Deriv Account Using Payment Agents In South Africa

1. Find a payment agent In South Africa

Log in to your Deriv account (if you do not have a Deriv account you can create one (by clicking here). Then click on Cashier > Payment Agents. You will see a list of payment agents available in South Africa. You can filter the payment agents using the payment methods they accept.

Choose the payment agent you want and then get their contact details.

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2. Contact the payment agent

Contact the payment agent and alert them that you want to deposit via them. They will then let you know of other commission fees and the payment methods they take. If you are in agreement you can proceed to step three. If not, you can go back to the payment agents list and find another agent.

3. Make your payment to the agent

Pay the agent using your pre-agreed method and send them your proof of payment. This is, of course, not necessary for cash transactions done face-to-face.

4. Give the payment agent your name and CR number for them to make the transfer

These details are necessary so that the payment agent can verify if they are depositing to the right account. You can find your CR number using the image below.

Looking for a CR Number on Deriv account

5. Payment Agent makes the transfer 

The payment agent will then make the transfer and the funds will reflect instantly in your account. If needed, the payment agent can send you proof of transfer like the image below.

How to transfer funds from one Deriv account to the other In Zimbabwe

You can use the funds to trade binary options. You can also proceed to move the funds from your main account into your DMT5 account and trade synthetic indices like boom and crash and the step-index. The funds can even be used to trade forex on Deriv.

How To Withdraw From Your Deriv Account Using Payment Agents In South Africa

1. Find a payment agent in South Africa

Log in to your Deriv account (if you do not have a Deriv account you can create one by clicking here). Then click on Cashier > Payment Agents. 

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2. Contact the agent

Proceed to contact the payment agent of your choice and alert them that you want to withdraw through them. They will let you know of their commissions and the payment methods that they will use to pay you.

If you are in agreement you can proceed to step three. If not, you can go back to the payment agents list and find another agent.

3. Get the payments agent's CR number and name

You will need to enter and confirm these details when you make the withdrawal. It is important to ensure that you are withdrawing to the right agent. Once you have confirmed the withdrawal the funds will be instantly transferred to the agent's account.

You will both get an email confirming the withdrawal.

4. The payment agent pays you. 

The agent will then use your pre-agreed local payment method to pay you less their commission. The withdrawal via payment agent will then be complete.

As you can see, it is easy, fast and convenient to move funds from one Deriv user account to the other via payment agents. You can literally close your profitable trade, withdraw via an agent, and get that profit as local currency (e.g e-wallet) in minutes!

You can also apply to be a payment agent yourself.

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Frequently Asked Questions on DP2P & Payment Agents In South Africa

What do I need to transact on DP2P?
To use Dp2p you will need to have a fully verified Deriv account.

What is the minimum amount that I can transact via dp2p or payment agents?
The minimum amount you can move via dp2p is US$10. You can move a minimum of $10 via payment agents

How long does it take for the funds you move via either dp2p or payment agents to reflect in my account?
The transfers done using both methods are instant. You do not have to wait. This makes this the fastest withdrawal method on the market.

What happens if I am scammed via dp2p or by a payment agent?
You can raise a complaint and Deriv will investigate.

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Conclusion on How To Move Funds From One Deriv Account to The Other In South Africa

Deriv has made online forex and binary trading in South Africa a lot easier by introducing these two methods of transferring funds from one Deriv account to another. This has undoubtedly made Deriv the best broker in South Africa.

 

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What has been your experience using these two methods of transferring funds across Deriv accounts? Share your thoughts in the comments below.

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