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This article will show you how to verify your Deriv trading account In 2023 and enjoy full access to your account. Deriv is a very popular broker amongst online traders who want to trade synthetic indices.
It is possible to trade, deposit & withdraw on Deriv without verifying your account but you will have limited options. For example, you will not be able to register on Dp2p, become an affiliate partner or act as a payment agent.
What is Forex & Binary Trading Account Verification
Account verification is a mandatory procedure that helps forex brokers ascertain the clients' identity & location when the client registers a trading account with them.
Since forex trading is done online there is a risk that anyone, anywhere can simply open a trading account using a fake name and address. Such an account can then be used for illegal activities like money laundering. Account verification helps forex brokers ensure that their traders are genuinely who they claim to be.
It is a critical aspect of the Know Your Customer process.
How Do You Verify Your Deriv Trading Account?
To start the Deriv account verification process you will need to upload the following documents:
- A valid ID or Passport clearly showing your name and date of birth (for proof of legal existence)
- A utility bill (e.g. electricity, water, gas, phone, internet) or bank statement in your name that has been issued in the last 6 months (for Deriv proof of address)
- You can also use a lease agreement showing your name and the name and contact details of your landlord
- If you do not have any Deriv proof of address you can approach a commissioner of oaths and get a stamped affidavit. This is a simple and convenient way to get legit proof of residence.
You will need to log in to your Deriv account and click on the account settings tab. Look for the account verification tab and click on the document you want to upload to verify your Deriv trading account.
Do not be tempted to use forged documents. This will be disastrous for you. Deriv has templates of legit documents and their computers can easily pick out forged documents. When they do, you risk having your account closed.
Why Should You Verify Deriv Trading Account?
A fully verified Deriv trading account will give you full access to the Deriv trading account and will allow you to trade without any limitations or inconveniences. If you open Deriv account and you do not verify it, you may face challenges when you want to withdraw over US$10 000 from the account.
You will not be able to move funds into and out of your accounts using the popular Dp2p platform. This is a major disadvantage because Dp2p allows you to buy and sell Deriv credits using local payment methods like EcoCash and Zipit. Skrill closed its accounts for Zimbabweans and ever since Dp2p has become a very convenient alternative so you would not want to lose access to the platform.
After you have successfully done Deriv account verification you can also apply to be a Deriv payment agent and earn a commission by helping traders move funds into and out of their trading accounts. Deriv will need to verify you first because there is a risk that you can scam other traders as a payment agent.
Deriv also has an affiliate partnership program that allows you to earn up to 40% of the lifetime commissions charged on your referred traders. This can be a lucrative way for you to make extra passive income with the broker but to register for it you will need to verify your Deriv trading account.
You can begin to apply to be a Deriv partner by clicking the button below.Open A Deriv Affiliate Partner Account Here
Frequently Asked Questions on Deriv Account Verification
Not necessarily. You can trade forex, synthetic indices and cryptocurrencies and withdraw up to US$10 000 before you are asked to verify your account. However, you will have limited access to some account functions with an unverified trading account.
The Deriv verification process typically takes 1-3 business days. Deriv will review your documents and they will inform you of the result via email once it’s done. The quick and easy verification process on Deriv makes it one of the best brokers around.
Yes, Deriv may decline your documents if they are insufficiently clear, invalid, expired, or have cropped edges.
Yes, you can withdraw up to US$10 000