DERIV REVIEW: PROS & CONS
Have you come across this financial app and wonder what it is all about? In this review, we will walk you through the key points to consider when evaluating its features and benefits.
Last Update:
28.6.24
BASIC INFO
Deriv is an online trading platform specializing in binary options and CFDs. It offers a variety of financial instruments and a customizable platform.
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HeadQuarters
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PROS & CONS
PROS
CONS
APPS
The image shows the user interface of the mobile trading application, highlighted by its intuitive and easy-to-navigate design.
The main screen presents a clear and concise view of the market, with quick access to a diverse range of assets, including stocks, forex, and indices.
ACCOUNT OPENING
How to Open a Trading Account with Deriv
Opening a trading account is a process that involves several key steps to ensure both your trading needs and the broker's regulatory requirements are met. Below, we describe the process in detailed steps:
Visit the Broker's Website: Access the official website (found in the index of this review). Look for the option to open a new trading account, which is usually clearly indicated on the main page.
Complete the Registration Form: Provide your personal details, such as name, address, email, and phone number. Depending on the broker's need to know you better as a client, additional information about your trading experience, employment, and financial situation may be requested.
Identity Verification: Upload documents to verify your identity and residence. This generally includes a photo ID (passport or identification document) and a proof of address (utility bill or bank statement).Set Up Your Trading Account: Configure aspects of your account, such as currency type, leverage, and, in some cases, trading preferences.
Deposit Funds: Make an initial deposit using one of the payment methods accepted by the broker (We detail the alternatives later).
Access the Trading Platform: Download and install the trading platform. Log in with your account details.
Practice with a Demo Account (Optional): Practicing trading with virtual funds before risking real money means you won't be surprised when using real money.
Start Trading: Once your account is set up and funded, you can start trading.
How to Deposit
Once you have decided how much to deposit and which method to use, making the deposit is simple and quick. Just follow these steps:
Log in to your newly created account.
Click on "Deposit Funds".
Enter the amount and select the currency.
Finally, select your chosen deposit method. Don't worry, it's a secure and private process. Transactions are communicated using Secure Socket Layer (SSL) technology.
Below we show you the available alternatives.
Deposit & Withdrawal Methods
ASSETS & SERVICES
Deriv provides access to a variety of assets and asset classes for trading, catering to a broad spectrum of traders' needs. In its Financial Account, Deriv offers the following:
Forex Pairs: Access to 38 forex pairs, including popular ones like EUR/USD, GBP/USD, and USD/CAD.
Commodities: A selection of 13 commodities such as WTI Oil, Brent Oil, Gold, and Silver.
Stocks: The opportunity to trade in 60 stocks, focusing on popular companies from the U.S. and Europe.
ETFs: Availability of 31 ETFs, including well-known names like ARKK, DIA, and GLD.
Indices: Trading in 11 major indices such as Dow Jones, DAX, and Nikkei 225.
Cryptocurrencies: A diverse range of 43 cryptocurrencies including Bitcoin, Ethereum, Binance Coin.
Deriv also offers options and multipliers in other accounts. The platform specializes in CFDs (Contracts for Differences), allowing traders to speculate on securities without owning the underlying assets, and provides significant leverage, making it popular for short-term trading.
REGULATION
Selected Feedback of Deriv on Trustpilot
If you want to open an account with Deriv and browse the internet to find opinions from real users, you have come to the right place. What do we mean by 'real users'? Well, what other platform comparison sites do is give you their own opinion. But this is not 100% reliable. It just doesn't sound good.
We have searched for the most representative positive and negative opinions to describe the experience on this platform. How did we do it? We checked out trustpilot.com, the largest global website collecting information from services. Real users of every good or service on which an opinion can be given leave their comments on them at Trust Pilot. This section collects good and bad thoughts representing the “heard on the street” comments regarding the Broker.
Here is a detailed analysis of Deriv based on user reviews on Trustpilot:
Overall Rating: Deriv has a rating of 4.5 out of 5 on Trustpilot, indicating high customer satisfaction.
Positive Aspects: Users praise the efficiency of the support team, the quick verification process, and the smooth execution of trades. They also highlight the fast withdrawal process and the user-friendly platform.
Technical Issues: Some users have reported issues with account management, including problems related to IP restrictions and account closures, without clear reasons.
Fund Withdrawal: Most users report a positive experience with fund withdrawals, although a few have faced delays and complications due to documentation requirements.
Overall Conclusion: Deriv is highly regarded for its customer service and efficient trading platform. Despite some reported issues, the majority of users are satisfied with the services offered. Evaluating these factors against personal trading needs is essential for making an informed decision.