How Does DP2P Work For Zimbabweans?

What Is Deriv Peer-To-Peer DP2P?

The Deriv peer-to-peer (DP2P) is a platform that provides Deriv traders with an easy way to make deposits and withdrawals into and from their Deriv accounts. The platform allows traders to exchange Deriv credits using local payment methods like mobile money.

The platform was developed as an alternative after Skrill closed its accounts for Zimbabweans. Skrill was popular amongst Zimbabwean forex traders and they were using it to fund and withdraw from their accounts.

Another option for moving funds into and out of your trading accounts on Deriv is the use of local payment agents.

How Does DP2P Work For Zimbabweans?

Deriv Peer-To-Peer allows traders (peers) to exchange Deriv credits. This is how it works.

Let’s suppose trader 1 has made profits whilst trading forex, volatility indices or boom and crash on Deriv and they now want to withdraw. They will go on DP2P and post an ad ‘selling’ Deriv credit for local mobile money.

Trader 1 wants to fund her account but she has local mobile money which is not accepted as a deposit method by the broker. So she will go DP2P and ‘book’ the Deriv credit that Trader 2 is selling. She will get the contact details of trader 1 from the ad and then get in touch.

Trader 2 will then make the payment to Trader 1 and the Deriv credits will be transferred to her Deriv account and she will start trading.

 

Read: HOW TO TRADE SYNTHETIC INDICES: A COMPREHENSIVE GUIDE FOR 2021

How Do You Register On DP2P? 

Follow the following steps to register on DP2P from Zimbabwe.

  1. DP2P Deriv Account verificationLog in to your Deriv account. If you do not have an account you can create one for free first by clicking here (make sure you use the same name on your identity document for registration). If you need more instructions on how you can open a Deriv account you can read this article.
  2. Go to Cashier > DP2P & register.
  3. Choose a nickname that will be displayed to other users when you are buying and selling credits.
  4. Upload your identity documents so that Deriv can verify your identity. This is done to protect you and other users on the platform. You can upload either a Passport or Identity document.
    Make sure you have registered your account using the same name that is on your identity documents for easy identity verification

Advantages of DP2P Over Skrill

  • DP2P Transfers are Instant, Withdrawals To Skrill Take Up To 48 hours

The funds are transferred instantly from one account to the other once a seller has confirmed receipt of payment on DP2P. With Skrill withdrawals, on the other hand, you need to first put in a withdrawal request and this request takes up to 48 hours to be processed.

In other words, you probably won’t get your money withdrawn via Skrill the same day, but you get it instantly via DP2P.

  • DP2P Transfers Are Available 24/7 While Skrill Withdrawals Are Not Processed During The Weekend

The DP2P platform exchanges are available any time as long as there are buyers and sellers. Skrill withdrawals are not processed over the weekend so if you make a withdrawal request late on Friday or during the weekend it will only be processed on Monday.

This makes it very inconvenient for traders.

  • Flexible Commission Rates On DP2P While Skrill Has Fixed Charges

You voluntarily choose the rate you want to buy Deriv credits for on DP2P from the range of sellers with ads on the platform. This means you choose the rates that are favourable to you. With Skrill, on the other hand, the fees are fixed and you cannot do anything about it.

  • There Are Fewer Chances Of Being Scammed On DP2P Than When Using Skrill

A lot of Zimbabwean traders have been scammed via Skrill when they wanted to fund their accounts. They would send mobile money to someone claiming to be selling Skrill and then this person would block them. In such cases, it was almost impossible to recover the funds.

With DP2P however, it is easier to track the person selling or buying Deriv credits. If you have been scammed you can raise a dispute.

For example, Deriv blocks the ordered Deriv credits for a maximum of 30 days if the buyer confirms payment but the seller does not confirm receiving payment and the exchange expires.

There is also a chat feature that you can use to keep track of your communication with the other party on DP2P and you can use this as evidence in case of a dispute.

All these factors make the platform more secure than using Skrill.

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How To Avoid Being Scammed On DP2P 

Having said the above, it is vital to let you know that there are certain steps that you can take to further reduce the chances of being scammed on Dp2p. The tips below will assume that you want to buy Deriv credits and you will be using your local payment method to pay the seller

    1. Make sure before sending the payment (mobile money or bank transfer etc) the Seller has put an ad and you have booked it.
      What is Booking on DP2P?

Booking is when the seller has put up an ad and the buyer clicks on the ad pending the making of the payment. The ad will then disappear from the main list and the funds will be removed from the sellers account pending the confirmation of payment from the seller. If you don’t book the funds then the seller can easily sell them to someone else even after you have sent payment.

2. Always check the ratings and completion rate of the individual you are dealing with

3. Make use of the chat feature on the platform for record’s purposes. This will come in handy in the event of a dispute. WhatsApp chats will not be as effective.

4. Screenshot and keep the proof of payment message you get. This will help should the seller claim not to have received the funds.

5. Be a good sport and make payment as soon as possible after booking so as not to inconvenience the seller.

Open A Deriv Account & Use DP2P Here

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