This article will show you how to verify your Deriv trading account In 2021 and enjoy full access to your account. Deriv is a very popular broker amongst Zimbabwean online traders who want to trade synthetic indices.
In addition, the broker makes it easy for the local traders to move funds into and out of their accounts trading accounts using local payment methods like EcoCash and bank transfers. This has become very handy since Skrill & Neteller stopped serving Zimbabweans and closed their accounts.
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 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.
Why Should You Verify Your 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.
With a verified account 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
How Do You Verify Your Deriv Trading Account?
To verify your Deriv trading account 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 proof of residence)
- You can also use a lease agreement showing your name and the name and contact details of your landlord
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.
Frequently Asked Questions on Deriv Account Verification
Do I need to verify my Deriv trading account?
Not necessarily. You can trade 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.
How Long Does It Take To Verify Your Deriv Trading Account?
It typically takes 1-3 business days for Deriv to review your documents and they will inform you of the result via email once it’s done.
Can My Documents be Declined When I try To verify my Deriv Account?
Yes, Deriv may decline your documents if they are insufficiently clear, invalid, expired, or have cropped edges.
Can I withdraw from Deriv without verifying my account?
Yes you can withdraw up to US$10 000
Do you have any questions on how to verify your Deriv trading account? Ask them below in the comments and we will respond.