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Deriv Forex Broker Review

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Overall Verdict

Deriv is an innovative online trading platform that caters to a wide range of trading needs, specializing in forex, CFDs, and options trading. Established in 1999, it has developed a strong reputation for its user-friendly interface and a variety of trading instruments. With a focus on client education and robust trading tools, Deriv is well-suited for both novice and experienced traders. Overall, it provides a compelling trading experience with a commitment to transparency and security.

Rating: 8.0/10

Open An Account

Deriv offers complex derivatives instruments, such as options and contracts for difference (“CFDs”). These products may not be suitable for all customers and trading them puts you at your own risk. Please ensure that you understand the following risks before trading Deriv products:
a) you may lose some or all of the amount invested in the transaction,
b) if your transaction involves conversion currency, exchange rates will affect your profits and losses. You should never trade with borrowed money or with money that you cannot afford to lose.

Pros and Cons

Pros

  • Regulated Broker: Deriv operates under multiple regulatory authorities, providing a sense of security and trust for traders.
  • Wide Range of Instruments: Access to various asset classes, including forex, commodities, stocks, and cryptocurrencies.
  • User-Friendly Platforms: The trading platforms are intuitive and cater to different trading styles, including options and synthetics.
  • Flexible Account Types: Multiple account types to suit different trading needs and experience levels.
  • Educational Resources: Comprehensive educational materials and resources to help traders improve their skills.

Cons

  • Limited Advanced Tools: Advanced traders may find some features lacking compared to competitors with more sophisticated tools.
  • Inactivity Fees: Inactivity fees may apply to accounts that remain dormant for extended periods.
  • Withdrawal Fees for Certain Methods: Some withdrawal methods incur fees, which can affect overall trading costs.

Trust and Safety

Regulation

Deriv is regulated by various authorities across different jurisdictions, ensuring a high level of compliance and security:

  • Malta Financial Services Authority (MFSA): Provides oversight for Deriv’s operations in Europe.
  • Labuan Financial Services Authority (LFSA): Regulatory body for its operations in Asia.
  • British Virgin Islands Financial Services Commission (BVI FSC): Offers regulatory support in the Caribbean.

Fraud Prevention Measures

Deriv takes several measures to protect its clients from fraud:

  • Two-Factor Authentication (2FA): Clients can enable 2FA for added account security.
  • Regular Monitoring: Continuous monitoring for suspicious activity helps in detecting potential fraud.

Client Fund Security

The security of client funds is a priority for Deriv:

  • Segregated Accounts: Client funds are kept in separate accounts to protect them from the broker’s operational funds.
  • Negative Balance Protection: Clients are protected from losing more than their account balance, reducing the risk of account liquidation.

Risk Management

Deriv offers various risk management tools, including:

  • Stop-Loss and Take-Profit Orders: Clients can set automated exit points for their trades.
  • Risk Assessment Tools: Tools are available to help clients analyze and manage their trading risks effectively.

Tradeable Instruments

Deriv provides an extensive range of tradeable instruments:

  • Forex Pairs: Access to a diverse selection of currency pairs, including major, minor, and exotic pairs.
  • CFDs: Trade a variety of CFDs on stocks, commodities, indices, and cryptocurrencies.
  • Options: A unique offering that allows traders to engage in binary and digit options.
  • Synthetics: Unique synthetic indices that simulate real market conditions without actual market events.

Account Types

Deriv offers several account types tailored to meet various trading preferences:

  • Deriv Account: The standard account for forex and CFD trading with competitive spreads.
  • DMT5 Account: A dedicated account for trading on the MetaTrader 5 platform, offering advanced trading features.
  • Binary Options Account: For those interested in trading binary options with a range of payout structures.
  • Demo Account: A risk-free account to practice trading strategies using virtual funds.

Commissions and Fees

Account Minimum

  • Minimum Deposit: The minimum deposit to open a Deriv account is $5, making it accessible for new traders.

Trading Fees

  • Trading Fees: Deriv does not charge commissions on trades, but spreads apply, which vary depending on the instrument.

CFD Fees

  • CFD Fees: Competitive spreads on CFDs, but traders should be aware of overnight financing fees for positions held overnight.

Forex Fees

  • Forex Fees: Spreads on forex pairs start from 0.3 pips, depending on market conditions and the account type.

Futures Fees

  • Futures Fees: Deriv offers access to futures trading, with specific fees depending on the instruments traded.

Inactivity Fees

An inactivity fee of $10 per month may be charged after a period of inactivity (typically three months).

Deposit and Withdrawal Fees

  • Deposits: Most deposit methods are free, but some payment providers may charge fees.
  • Withdrawals: Some withdrawal methods may incur fees, which can vary based on the payment processor used.

Overnight Funding Fees

Overnight financing fees apply to positions held overnight, and these can vary based on market conditions.

Currency Conversion Fees

Currency conversion fees may apply for trades executed in currencies different from the account’s base currency.

Trading Platforms

Mobile Trading

Deriv offers mobile trading applications for both iOS and Android devices:

  • User-Friendly Interface: The mobile app provides a seamless trading experience, allowing users to trade on the go.
  • Real-Time Alerts: Users can set notifications for price changes and trade executions.

Web Trading

Deriv’s web-based trading platform is designed for accessibility and user-friendliness:

  • Customizable Layouts: Traders can personalize their trading workspace with customizable charts and tools.
  • Advanced Charting Tools: The platform features a variety of technical indicators and drawing tools to enhance analysis.

Desktop Trading

Deriv provides access to its proprietary desktop trading platform:

  • Comprehensive Trading Features: The desktop platform offers advanced trading tools and real-time data for an optimal trading experience.

Unique Features

  • Synthetic Indices: Unique offerings that provide exposure to markets that operate 24/7 without real-world events.
  • Educational Webinars: Regularly hosted webinars covering various trading topics, helping traders enhance their knowledge and skills.
  • Demo Trading: A robust demo account allows traders to practice and refine their strategies risk-free.

Research and Education

Deriv offers a wealth of educational resources to help traders succeed:

  • Webinars and Tutorials: Regular webinars and tutorials covering a range of trading strategies and market analyses.
  • Market Analysis: Daily and weekly market analysis to keep traders informed about market trends and developments.

Customer Support

Deriv provides responsive customer support through various channels:

  • Help Center: A comprehensive online resource with FAQs and articles to assist users.
  • Email Support: Clients can submit inquiries via email for assistance with their accounts.
  • Live Chat: Available for immediate assistance, providing quick responses to inquiries.
  • Phone Support: Deriv offers customer support via phone in multiple languages.

How to Open an Account

Opening an account with Deriv is a straightforward process:

  1. Visit the Official Website: Go to the Deriv homepage to start the registration process.
  2. Click “Register”: Fill out the online registration form with your personal information.
  3. Complete the Application Form: Provide details such as your name, email, phone number, and address.
  4. Verify Your Identity: Upload identification documents, such as a government-issued ID and proof of address.
  5. Fund Your Account: Choose your preferred deposit method to fund your trading account.

Deposit and Withdrawal Methods

Deriv supports various deposit and withdrawal methods for user convenience:

  • Bank Transfers: Standard method for deposits and withdrawals, typically free of charge.
  • Credit/Debit Cards: Users can deposit funds using credit or debit cards, with quick processing times.
  • E-Wallets: Deriv supports popular e-wallets for quick deposits and withdrawals, including Skrill and Neteller.

Final Thoughts

Deriv stands out as a reliable and innovative broker, making it an excellent choice for both beginners and experienced traders. With a solid regulatory framework, a diverse range of tradeable instruments, and a commitment to client education, Deriv provides a secure and efficient trading environment. While some features may be less advanced compared to specialized platforms, the overall trading experience is strong, making it a broker worth considering for anyone looking to explore the forex and CFD markets.

Broker Contact Info

  • Website: Deriv
  • Email: support@deriv.com
  • Phone: +44 20 3129 6000 (UK)
  • Address: Deriv Ltd, 1st Floor, Tower Business Centre, Tower Street, Swatar, BKR 4013, Malta

Frequently Asked Questions

1. Is Deriv regulated?

Yes, Deriv is regulated by multiple authorities, including the MFSA and LFSA, ensuring a secure trading environment.

2. What is the minimum deposit to open an account?

The minimum deposit required to open a Deriv account is $5, making it accessible for new traders.

3. What trading platforms does Deriv offer?

Deriv provides access to a proprietary web-based platform, mobile app, and desktop trading platform.

4. Can I trade cryptocurrencies with Deriv?

Yes, Deriv offers trading on a selection of cryptocurrencies, including Bitcoin and Ethereum.

5. How do I contact Deriv customer support?

You can reach Deriv customer support via email, live chat, and phone, with a detailed help center available on their website.

6. What are the spreads like at Deriv?

Deriv offers competitive spreads, starting from 0.3 pips for major forex pairs.

7. How can I open an account with Deriv?

To open an account, visit the Deriv website, complete the registration form, verify your identity, and fund your account using your preferred method.