Is Deriv a safe broker?
Deriv operates on the license of a reliable jurisdiction and its operation is regularly monitored. Therefore, based on the regulatory framework and compliance requirements that Deriv has to offer, we can agree that they are one of the legit brokers.
It's an important decision to choose where to trade online, so understanding Deriv's legitimacy is wise before risking your hard-earned capital. As one of the oldest brokers around, they've been in the game for over two decades now. But in such a modern world of online scams, does that experience truly mean safety and trust?
In this review, we will cut through conflicting claims you may find elsewhere online. We will equip you with a balanced perspective, so you can make your own informed choice about Deriv. We've assessed their regulations, policies and reputation among both newbie traders and seasoned veterans. By the end, you walk away knowledgeably empowered, rather than confused - knowing both the pros and potential cons to consider.
Key points from the article
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Deriv is regulated by reputable financial authorities like the FCA, VFSC, MFSA and Labuan FSA, adding to its credibility.
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They have been in business for over 22 years serving over 2.5 million customers.
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Deriv uses encryption, SSL certificates, data privacy policies and audits to protect user data security.
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Overall, Deriv follows regulations closely and can be considered a legitimate and safe broker to trade with.
Is Deriv legit?
Deriv is considered a legitimate Forex broker. It has been operating in the industry since 1999 and is regulated by reputable financial authorities such as the UK Financial Conduct Authority (FCA), Vanuatu Financial Services Commission (VFSC), Malta Financial Services Authority (MFSA), and Labuan Financial Services Authority (Labuan FSA).
These regulatory bodies impose strict standards and oversight on brokers to ensure the protection of clients' funds and fair trading practices. Additionally, Deriv is a member of the Financial Commission, further adding to its credibility and providing an avenue for dispute resolution. However, it's always important for individuals to conduct their own research and due diligence before engaging with any broker or investment platform.
Is Deriv legit in my country?
Deriv has very strict laws regarding regulation and allowing who can trade in their platform; check which countries Deriv is available in. Although you can trade in Deriv from different parts of the world, there are certain countries where you can trade.
The broker agrees that they welcome traders worldwide but have some restrictions. Some of the countries whose residents cannot open an account on Deriv include the following:
Iran
Israel
Belarus
Myanmar
Jordan
Malaysia
North Korea
Guam
Cuba
Rwanda
More countries have residents who are banned from opening an account on Deriv. Therefore, the entire list is available on the official website of Deriv, and you can check it there.
Is Deriv regulated by governments?
When you choose a broker to trade with, your prime focus is understanding who regulates them. After all, you are investing your hard-earned money on that platform, so you want it to be secure. Thus, once you start investing in Deriv, you will want to know if any government regulates it.
The bodies that regulate Deriv are -
Malta Financial Services Authority (MFSA)
Vanuatu Financial Services Commission (VFSC)
Labuan Financial Services Authority (Labuan FSA)
Deriv website
Is Deriv a scam or safe?
Deriv takes the protection of user data seriously and employs various measures to safeguard it. Here are some ways in which Deriv protects user data:
Encryption: Deriv uses robust encryption techniques to secure data transmission and storage. This ensures that sensitive information, such as personal details and financial transactions, is protected from unauthorized access.
Secure Socket Layer (SSL) technology: Deriv's website and platforms are typically secured with SSL certificates. SSL encrypts the communication between users' devices and Deriv's servers, preventing interception and tampering of data.
Data Privacy Policies: Deriv has comprehensive data privacy policies in place, outlining how user data is collected, stored, and used. These policies adhere to relevant data protection regulations, ensuring transparency and providing users with control over their personal information.
Access Controls: Deriv implements strict access controls to limit the number of individuals who can access user data. Access is typically granted only to authorized personnel who require the information for legitimate purposes.
Regular Security Audits: Deriv conducts regular security audits to identify and address any vulnerabilities or weaknesses in its systems. This proactive approach helps maintain a robust security posture and protect user data from potential threats.
It's important to note that while Deriv takes significant measures to protect user data, no system is entirely foolproof. Users should also take precautions on their end, such as using strong and unique passwords, enabling two-factor authentication, and being vigilant against phishing attempts or suspicious activities.
Deriv pros and cons
Over the years, Deriv has become one of the most loved brokers among traders. When you're using Deriv, you will experience various benefits and some disheartening cons. Well, in the section below, you can read about the different pros and cons of Deriv:
👍 Deriv pros
When you compare Deriv to other brokers, you will probably be surprised to know how many advantages it has to offer. Some of the key benefits you are likely to experience with Deriv include:
• Unlike its competitors, Deriv has a wide range of trading instruments available across various groups like indices, metals, stocks and currency pairs.
• If you don't have capital, you don't have to worry much because you can get started with even low deposits.
• Once you earn the funds, you can easily withdraw it depending on your preferred mode.
• If you are stuck in understanding Deriv, contact their customer support
• You can choose between three convenient trading platforms to get started in Deriv.
👎 Deriv cons
It's only sometimes a bed of roses when trading in Deriv because it has some disadvantages. Here are some of the common disadvantages that you can experience in Deriv:
• Unlike other counterparts, Deriv has very limited options for reaching out to support.
• There are only limited countries whose users are allowed in Deriv. If you're from Malaysia, Israel, the USA or Canada, you cannot have an account and trade in Deriv.
Team that worked on the article
Upendra Goswami is a full-time digital content creator, marketer, and active investor. As a creator, he loves writing about online trading, blockchain, cryptocurrency, and stock trading.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).