You just got into trading but did not know which online trading platform to choose? Your search ends here as Deriv will provide you with all paramount trading services. For instance, millions of registered customers trade CFDs, forex, cryptocurrencies, and others daily.
Since Deriv has been in the market for more than 22 years, it has become the biggest online broker in the world. But you may wonder if Deriv is available in your country or not. Therefore, we bring you a list of countries where Deriv is not operable.
What are strategic deficiency countries?
Before we get onto the list of banned countries, we need to understand the concept of strategic deficiencies. FATF, or the Financial Action Task Force, constantly monitors some countries that have been listed in the “grey list.” These countries usually suffer from strategic deficiencies in their governments and provinces. They actively work with FATF to eradicate money laundering, proliferation financing, and terrorist financing.
The jurisdiction put under increased monitoring by FATF has to dedicate itself to resolving the recognized strategic deficiencies. However, they should resolve the issue within the agreed timeframes.
All countries listed and identified as strategic deficiency countries by the FATF do not have Deriv as an operable online broker. Therefore, if you are a resident of any of these countries, you cannot make a Deriv trading account. Some of these countries are Albania, Barbados, Cambodia, Jordon, Malta, Pakistan, etc.
List of banned countries
Other than the ones mentioned above, here are some other prominent countries where you cannot create a Deriv trading account.
- United Arab Emirates (UAE)
FATF has recognized UAE as a country committed to resolving the strategic deficiencies. Therefore, Deriv is not operable in the country.
- United States of America (USA)
The USA is another country where you won’t find any Deriv users. The company doesn’t provide its trading services to the people located here.
- United Kingdom (UK)
Deriv has a large consumer base in European countries. From France to Italy, you will find tons of users that trade daily using this online trading platform. Deriv Investments (Europe) Limited is a company that helps in delivering services to EU members.
However, you won’t find the United Kingdom in the countries list where Deriv is available. Due to the famous Brexit movement, the UK became the first sovereign country that has left the European Union. That is one of the reasons why Deriv does not provide services in the United Kingdom.
Belarus is another country in Europe that is not a member of the EU. The relations between Belarus and the EU have not been good for a long time. In fact, it is one of those states that haven’t asked for the European Union membership.
Combining it with all other necessary factors makes it unable for Deriv to provide its services in the region.
The FATF list of strategic deficiencies does not include some other countries but still are Deriv banned countries. These include:
- Hong Kong
Deriv available countries
Excluding the countries above would result in the list of Deriv available countries. For instance, if you live in a country part of the EU, you can easily create a Deriv trading account. It is widely used in countries like South Africa, Nigeria, Botswana, India, and Japan.
Therefore, a person can register with Deriv if they fulfill these two conditions:
- They are 18 years old or above.
- They live in a country where Deriv provides its services.
Should you use Deriv?
So, now you know that you live in a Deriv available country, but should you really employ it as your broker? It is vital to study the pros and cons of the company to ascertain this. Therefore, here are the top things you need to know before choosing Deriv as your broker.
Deriv requires you to deposit a minimum amount before starting your trading account with it. However, the minimum deposit is so low (just $5!) that anyone can afford it.
Are you running out of deposits? Or need to withdraw your earned funds? Do not worry, as Deriv provides you with all major payment and withdrawal options. Furthermore, you can even deposit your funds in cryptocurrencies like Bitcoin, Ethereum, etc.
Most brokers provide the most used trading instruments on their websites. For instance, Deriv provides you with market instruments like forex, commodities, precious metals, indices, cryptocurrencies, etc.
Many people have trust issues with brokers that are not regulated by any authority. However, this is not the case with Deriv because authorities like VFSC (Vanuatu), FSC (British Virgin Islands), and IBFC (Malaysia) help in regulating the company.
Before choosing a broker, clients always look if the website provides customer support that is accessible at any moment. Deriv has customer support available 24 hours a day and 7 days per week. Therefore, you won’t be left hanging when a problem arrives.
A broker provides their customers with forex trading software. It is either a self-made or already-established trading platform. To make the life of traders easier, Deriv provides three trading software, namely DMT5, DTrader, and DBot. Clients can choose one according to their needs and preferences.
A broker may charge a commission on a client for completing trades on their behalf. The commission levels depend on what type of service and asset for trading you choose for. Fortunately, Deriv imposes charges only on cryptocurrencies.
As a beginner, you need an easy-to-understand platform. However, the tutorials provided on Deriv’s website may not be sufficient for a newbie.
As aforementioned, this broker does not operate in several countries, including the USA, UK, Canada, etc.
Since its inception, Deriv has won the trust of many clients and traders. Their goal has always been to get traders free of the commissions levied by other online trading platforms.
You will find help through these pros and cons while choosing whether to register with the company or not. For the people living in banned nations, you may have to look for other brokers available in your country.