When a client opens a trading account with a broker such as Deriv, account verification is required to use all features and enable live trading. Because forex trading is conducted online, anyone, anywhere, has the potential to register a trading account under a false name and address.
An account like this can then be utilized for criminal purposes like money laundering and it is also required by the regulators. Forex brokers use account verification to ensure their customers are who they say they are. It’s an important part of the Know Your Customer (KYC) process. In the following, we will discuss everything about the verification on Deriv:
All important facts about the Deriv verification:
Verification time: | 1-3 business days (often in a few minutes or hours) |
ID verification: | Yes |
Address verification: | Required or not (depending on the regulation) |
Card verification: | Yes, can be requested by the broker |
Bank account verification: | Yes, can be requested by the broker |
How can I verify my account on Deriv?
There are certain requirements one has to fulfill to verify an account. To finish Deriv account verification, one needs to be able to upload the following documents:
- A legitimate passport or photo ID displays your birth date and name. This will act as proof of legal existence.
- Proof of residency in the form of a recent bank or utility statement in your name (e.g., phone, water, gas, internet, utility).
- You can also utilize a lease agreement containing your name and landlord’s name and contact information.
- If you don’t possess proof of residency, an oath commissioner can stamp your affidavit. Remember, this is a simple and effective means of obtaining legal residency proof.
Navigate to the Account Settings section after logging into your Deriv account. Select the account verification choice and click the document you wish to upload to authenticate your Deriv trading account.
At all costs, avoid using forged documents. This may be catastrophic for you. Deriv has legal document templates, and its computers can easily spot forged documents. If they do, then your account may get closed.
(RIsk warning: Your capital can be at risk)
Can you use Deriv without verification?
Yes. Before being prompted to verify your account, you can trade forex with Deriv (FX), trade synthetic indices, and trade cryptocurrencies with Deriv. Unverified trading accounts will have restricted access to certain account functions, limited deposit options, and are only able to withdraw small amounts of money.
Moreover, you can not use all payment methods when you are unverified. If you are a European trader, you have to verify your account before trading. However, the demo account is free to use without verification.
How long does Deriv take to verify?
Deriv verification takes about 1-3 business days on average. When Deriv has finished reviewing your documents, they will send you an email with the results. Deriv is one of the finest brokers because of its simple and rapid verification process.
(RIsk warning: Your capital can be at risk)
What are the benefits of verifying your Deriv trading account?
A properly verified Deriv trading account grants you complete access to the account and allows you to trade without any restrictions or problems. If you register and open a Deriv account without verifying it, you may experience difficulties withdrawing more than $10,000.
The famous Dp2p system will not allow you to transfer money into and out of the accounts. This is a significant drawback because Dp2p enables you to purchase and sell the Deriv credits utilizing local payment methods such as EcoCash and Zipit. Skrill has blocked its accounts for the people in Zimbabwe, and Dp2p has become a convenient alternative since then, so you don’t want to lose access to it.
Deriv also provides an affiliate scheme that allows users to make up to 40 percent of the lifetime charges traders you refer. This can be a valuable option for earning additional money with Deriv, but you must first authenticate the Deriv trading account to register.
After completing verification of the Deriv account, you can apply to become a Deriv payment agent. This will help you earn a commission by assisting traders with transferring funds into and out of the trading accounts. Deriv will need to check your identity first because there’s a chance you’ll use your position as a payment agent to defraud other dealers.
(RIsk warning: Your capital can be at risk)
When trying to verify the Deriv account, can my documents be rejected?
If your documents are not sufficiently invalid, expired, clear, or have cropped edges, Deriv may reject them. You get a notice via email by Deriv with information for your documents.
Deriv withdrawal without verification – Is it possible?
Yes, you can withdraw up to $10,000 unverified, but the broker can still ask for documents.
If you have not verified your account, you may encounter several issues. Here are some questions commonly asked by clients that may be related to accounting verification.
Which methods of payment does Deriv accept?
Bank wire, e-wallets, credit cards and debit cards, and cryptocurrencies are among the payment options that Deriv accepts. If a payment agent is accessible in your country, you can also handle your funds through them.
How long would it take to make a deposit or a withdrawal?
Unless otherwise stated, your deposits and withdrawals will be processed within one business day (Monday to Friday, from 9:00 a.m. to 5:00 p.m. The time above is in GMT+8). Please remember that the bank or money transfer service may take even longer to process your request.
My withdrawal verification link has expired. I’m at a loss on what to do.
This problem could have been caused by continually clicking the ‘Withdraw’ button. Resubmit your withdrawal request and tap the latest verification link sent to your inbox. Please click on the link within one hour after getting it.
What can I do to raise the amount I have available for withdrawal?
You can enhance your withdrawal limits by verifying your identity and residence. To see your current withdrawal restrictions, go to Settings – then- Security and safety- then – Account limits. Why is my credit card deposit being refused over and over?
Clients who are depositing for the first time with their credit card are most likely to experience this. Request that your bank authorizes ‘Deriv’ transactions.
Why can’t I use my maestro/MasterCard to make a cash withdrawal?
Only UK clients can withdraw money using their MasterCard or Maestro cards. Please withdraw utilizing a cryptocurrency or e-wallet if you are not from the UK.
(RIsk warning: Your capital can be at risk)
Available Payment options on verified accounts:
These deposit methods and withdrawal methods are available for all verified trading accounts:
#1 Online banking
Online banking, sometimes known as bank wire, is one of the most well-known and commonly utilized forms of digital transaction.
You can use this to execute transactions and access the bank account online. You only need an Internet-capable gadget.
#2 Credit/Debit card
Debit and credit cards are two of the most used payment methods which require an active bank card. Your location and card provider will usually determine if you can use debit, credit, or cards. For deposits and withdrawals on Deriv, they accept debit and credit cards.
#3 E-wallets
E-wallets are a closed ecosystem in which funds are exchanged between users and businesses who have partnered with them. Transactions are substantially faster, and the overall experience is smoother.
Due to their worldwide or at least continental reach, the majority of the e-wallets are being used for international transactions. Each e-wallet has its authentication procedure, similar to credit and debit cards. Neteller, Skrill, and PerfectMoney are among the most popular e-wallets.
(RIsk warning: Your capital can be at risk)
#4 Cryptocurrencies
They accept USDT (Tether Omni Layer and Tether Erc-20), LiteCoin (LTC), Bitcoin (BTC), Ethereum (ETH), and USD Coin as payment options on their platforms, in addition to fiat money (USDC).
#5 Fiat onramp
They also provide a payment option for those who don’t have any cryptocurrency but want to start trading with it. Their fiat onramp services enable you to buy cryptocurrencies with fiat money and get them immediately into the Deriv trading account.
Conclusion – Verify your account today!
Account verification is not a new thing. As a result of various online scams, many websites require users to be verified to access certain services. Deriv account verification usually takes 1 to 3 business days. After uploading your documents, they undergo strict scrutiny. It is important to ensure the documents you upload are clear and legit.
(RIsk warning: Your capital can be at risk)
Most asked questions about the Deriv verification:
Can you withdraw from Deriv without verification?
Yes, you can withdraw money without verification. This option is only available for clients outside European regulation. You can withdraw up to $ 10,000, but the broker is allowed to request some documents.
Which verification documents are required on Deriv?
Traders need to verify their account with the following documents: A copy of their passport/ID and a copy of a utility bill, rental agreement, or bank statement.
How fast is the Deriv verification?
Deriv live agents are working 24/7, and the trading account can be verified in a few minutes up to a maximum of 3 days. We recommend sending a notice to the live chat that you uploaded the verification documents. This can speed up the process.