What is Deriv broker all about & Is it a good broker?
Deriv Review & Summary
Previously known as Binary.com, Deriv.com has received a face lift, but that hasn’t slowed down their growth and popularity. Founded in 1999 and with over 22 years of experience, Deriv is one of the largest online brokers that offer CFDs and other derivatives on forex, indices, cryptocurrencies, and commodities.
As of now, in 2022, Deriv.com boasts that they have over 2.5 million traders across the globe and have helped traders conduct over 114 million trades in this last month. As one of the largest online brokers, they have over 750 employees and have 12 locations spanning across 9 countries. Their headquarters is based in the United States and are regulated by several regulating authorities, including the Malta Financial Services Authority (MFSA), Labuan Financial Services Authority (LFSA), Vanuatu Financial Services Commission (VFSC), and the British Virgin islands Financial Services Commission (BVIFSC). Moreover, they support multiple languages to account for their global customer base.
Looking across the internet, Deriv.com has received surmountable support and approval ratings. Overall, they rate four stars or higher out of five stars across multiple reviewer websites. Thus, we will provide a review of their services and what we like and dislike about Deriv brokers.
Is Deriv a good broker?
Yes, Deriv hosts a platform called the Metatrader 5 , which is considered the Best standards for trading.
Deriv.com is a well known broker who offers CFDs and other derivatives on forex, indices, cryptocurrencies, and commodities. Backed by numerous regulatory authorities and with multiple glowing review, this is an online broker full of advantages.
Deriv Login & Account Opening
To open a deriv real account, you will go through Deriv.com. Creating an account through Deriv is relatively straightforward. Users should head over to Deriv.com, and select the red “Create free demo account.” You will then be prompted to input your information.
After you’ve entered your information, you’ll have access to the deriv demo account. The deriv demo account comes with unlimited funds and no expiration time. Moreover, to access the deriv demo account, you will not need to input payment information, just an email address.
Deriv.com is one of the few brokers who do this. Many other brokers require payment information or a deposit prior to demo account access, or their demo account is limited to a certain funded amount or duration of use. We always recommend taking full advantage of demo accounts because they give you access to the platform(s), allowing you to practice and play around before investing your money.
After you’ve interacted with the demo account and you are ready to start your deriv.com real account, you’ll have three account types to choose from Standard, MT5, or synthetic indices. Each account provides different types of trading. Also, the available account options wills differ based on the trader’s location.
For example, traders who live in South Africa will have different account options compared to traders who live in Singapore. The difference in available options is due to different regulations and Deriv licensing.
Deposit & Withdrawal - Deriv Minimum Deposit
After opening an account, you will need to fund it, and Deriv.com offers several deposit options, including bank wire transfer, major credit/debit cards (i.e., MasterCard and visa), e-wallets, or cryptocurrency. Deriv.com does not charge fees for deposits. The minimum deposit required depends on your deposit option, but all options require fairly low amounts ranging from $5 USD to $10 USD. For example, depositing through bank wire or e-wallet requires a $5 USD deposit, and depositing through credit or debit cards requires a $10 USD deposit. In contrast, users who deposit funds using cryptocurrency are not required to meet a minimum deposit. For all deposit options, the funds become accessible in the account immediately.
Users can withdraw their funds using the same methods as depositing. However, withdrawals are not as instantaneous as deposits. Depending on your bank and the type of currency being processed, withdrawals can take one to two business days to clear. Additionally, the minimum withdrawal amount is consistent with the required deposit amount. Users should keep in mind that withdrawing through Mastercard or Maestro is only an available option for people located in the United Kingdom. Finally, as with deposits, there are no fees affiliated with withdrawing funds. The Deriv broker is one of the only brokers that does not charge fees on both deposits and withdrawals, making it one of the more cost-effective brokers.
Deriv Trading Platform Overview
As of 2022, Deriv.com offers seven different trading platforms. Each platform provides unique opportunities and features. All of the trading platforms are available for download through Deriv.com.
Additionally, each platform is included in the Deriv.com demo account, so if you are unsure which platform will work best for your trading needs, you can try them all!
- Deriv MT5 – This platform is considered their “all-in-one” CFD trading platform. Through MT5 users have access to forex, synthetic indices, stocks, stock indices, cryptocurrencies, basket indices, and commodities, all bundled up within on single platform.
- Deriv X – For more of a customizable platform, users can opt for Deriv X, which is also a multi-asset trading platform, but it differs from Deriv MT5 in that it is versatile and allows for customized trading experience.
- DTrader – This is one of the simplest platforms to use because it allows for forex trading in three simple steps. Traders will select an asset of choice, monitor the chart, and place their trade. Using customized technical indicators and widgets, traders can make smart trading decisions and trade what they want and when they want it.
- Deriv GO – Users can download Deriv Go to their mobile device to trade on the go. Deriv Go allows users to trade forex, synthetic indices, and cryptocurrencies from their mobile devices. It’s extremely user-friendly and easy to access.
- Smart Trader – The platform for CFDs is smart trades where users set their entry spot and exit spot within the platform.
- Binary Bot – While not a platform per se, this tool uses drag and drops features to help users create trading bots. There are also charting options for advanced traders.
- DBot – Similar to Binary Bot, this tool allows for automatic trading without building or customizing the bot. This tool includes preset features for bot trading.
Deriv Trading Platform - Pros & Cons
We’ve already identified several advantages of Deriv, but in addition to no fees associated with withdrawals and deposits and an unlimited deriv demo account, there are more benefits making deriv.com appealing. In sum, they offer over one hundred assets, have 24/7 customer support, including three trading platform options, and have multipliers to increase potential profits. Their customer service is in line with their trading hours, and because the trading volume is drastically reduced during the weekends, there are less competitive spreads making it not as worthwhile to trade on weekends.
Customer support is available through live chat or the help center, and both options are available through the website. The only time customer service is not immediately available is if the representatives are busy helping other customers, but the wait is typically not long given the number of employees they have working customer service. In addition to these advantages listed, Deriv.com also has security features embedded into its website to maximize safety. Their website uses SSL encryption to help secure sensitive user information. The level of security used by Deriv.com is comparable to other leaders in the trading industry, making Deriv brokers trustworthy.
There are not many drawbacks to using Deriv.com, given its reputation and competitive fee structure. The only two drawbacks worth noting are the limited promotions and lack of copy trading. Many traders in the industry offer sign-on bonuses or competitive promotional offers to entice users and help with their earning potential; however, Deriv.com rarely offers any of these deals. Moreover, some brokers allow the option of social or copy trading, which helps novice traders learn strategies by mimicking the strategy of others, but Deriv brokers do not provide this option. Other than these drawbacks, there isn’t much else keeping us from giving our full support to the use of Deriv.com!
Bottom Line: Is Deriv.com Legit?
Deriv.com is a transformation of Binary.com, which was a known and reputable broker. Moreover, Deriv is backed by several regulatory authorities, has a large following, and is trusted by many traders. As always trading is inherently risky and there is no broker who can guarantee trading success, but Deriv broker’s track record provides comfort that they are setting their users up for success.
They have around the clock customer service, plenty of trading platforms, and an unlimited demo account to ensure you can be as successful as possible in your trading endeavors. Thus, we full heartedly recommend Deriv.com for your broker need. And as always, happy trading, friends!
