Synthetic Indices are very popular amongst Zimbabwean forex traders. As a result, many traders are looking for synthetic indices brokers so they open their accounts.
Deriv is the only broker that offers these synthetic and volatility indices. This article will show you how you can open a Deriv synthetic indices account step-by-step.
The account will allow you to trade such assets as volatility indices (v75, v100 etc), boom & crash indices, jump indices and step indices.
How To Open A Deriv Synthetic Indices Account From Zimbabwe Step-By-Step
How To Open A Deriv Synthetic Indices Account From Zimbabwe in 2021
1. Open A Deriv Main Account
First, you should open a main Deriv account. This account will give you access to all the Deriv account functions including binary options, forex trading, and synthetic indices. You can open the Deriv main account here.
Enter your email in the box provided and click on “Create Demo Account“.
Deriv will send you an email to verify your email address. Open that email and click the link to verify your email and finish setting up your account. If the email does not arrive try checking your spam.
Choose your preferred password & country of residence.
2. Open A Real Trading Account On Deriv
After verifying your email address you will have a demo account on Deriv with $10 000 of virtual or demo funds that you can use to practice trading and get to know the platform and test out any trading strategies.
To trade using real money you will need to open a ‘real account’. You do that by logging into the demo account that you created in the first step.
Click on the dropdown arrow beside the $10 000 demo balance and click on the ‘Real’ tab. Click on the Add button and you will see a page where you get to choose the default account currency. This is the currency you will use to deposit, trade & withdraw and you cant change it after you make your first deposit.
You can add a cryptocurrency account by clicking on ‘Add or Manage Account“.
You will need to supply some details to finalise opening your Deriv.com real account. You will need to add details such as your real name, address & phone number. You will need to use details that you can later verify.
This is because as part of its Know Your Customer (KYC) policy, Deriv will ask you to upload your proof of residence and ID or passport.
These documents ought to have the same details you will supply during the registration.
3. Open A DMT5 Synthetic Indices Trading Account
The real account you created on the step above will allow you to trade real money on binary options on Deriv. However, you will need to open a special Deriv MT5 (DMT5) account to trade synthetic indices.
Click on the ‘Real’ tab and you will see the option to add up to three DMT5 accounts i.e synthetic indices account, financial account for trading forex, and financial STP account.
Click on the Add button next to the synthetic account and then set the password. This is the password you will use for the synthetic indices account only. It’s not the main account password.
After creating the account you will now see the account listed. It will have a couple of numbers below and this will be your login ID which you will use together with the password to log in. You will also get an email with your login ID and password.
You will need to transfer funds from the main account to your DMT5 synthetic indices so that you can trade.
4. Download the DMT5 Platform
The next step is to download the DMT5 platform so that you can trade. Click on the synthetic indices account you have just created to go to the DMT5 download page. Download the platform that works for your device.
5. Log In To Your DMT5 Account
Open your DMT5 account and Click on Settings> Use Existing account.
You will need to enter the following:
Broker: Deriv Limited
Login: put the Login ID that you got when you opened the real trading account. You can also see it when you click on the ‘Real‘ tab in your Deriv account. It will be a string of numbers starting with “CR”
Password: Use the password you chose when you created the real account.
Make sure you type these correctly because if you make mistakes you will not be able to connect to your trading account.
Follow these steps and you will be able to join thousands of Zimbabwean forex traders trading synthetic indices daily. You can start trading right away before verifying your account by using local payment agents to deposit and withdraw from your account.Open A Free Deriv.com Account Here
However, if you want to move funds into and out of your Deriv account via the Deriv peer-to-peer platform (Dp2p) and if you want to become a Deriv payment agent you will need to fully verify your account by following the instructions here.
You will also need to be fully verified to become a Deriv partner and earn lifetime commission from your referred clients trades. However, you can apply to be a Deriv partner here and then verify your account later.
You can also read a comprehensive guide to trading synthetic indices here. Learn how Dp2p works for Zimbabweans here.