Is Deriv Really Legit or a?scam?
Power Of Mindset Yields
Financial Markets trader, Affiliate Marketer, & Content Creator
It is risky not to risk?But…!
2 days before writing this piece of a story, had a call from my U.S friend. He was concerned to check about this “Deriv” thing I always write about or promote!
He then went on google to type this keyword,
“Is Deriv legit or a scam?”
According to him, the results were not appealing but alarming!
Why? Some traders claimed it is a total scam!
As an IT guy and cyber security enthusiast, he gave me a call to caution me about the platform. This pushed me to the wall emotionally and said I must share my opinion with you!
My friend is not a forex trader and financial market trader entirely but when I heard from him, the first instinct told me,
He is concerned about?You.
The second instinct wondered,
??Has he done detailed research about Deriv!
??Does he know what Deriv is all about!
??Where is he getting this information!
?? On what ground should I believe him after my 5 years dealing with the same brokerage firm!
I realized I was becoming emotional! I heard another voice tell me, calm down! Try to understand his point of view! And in a soft voice, I asked,
“Where did you get the information?”
Oh! I was overwhelmed with a lot of questions!
He told me his search query (keyword phrase used) and the source of his critical ideas-at forex peace Army, a website that reviews brokers I had no idea about!
Well, Forex Peace Army (FPA) is an online community and resource hub for forex traders, offering reviews of brokers, trading tools, signals, and courses. It also provides forums for traders to discuss strategies and experiences, as well as an area for reporting and resolving disputes with forex brokers or service providers.
While it allows traders to post detailed reviews about their experiences, whether good or bad, mediate disputes between traders and brokers, it has got its limitations such as:
That said, I picked a random negative review about Deriv and did a trailed search.
I googled the same keyword mentioned above (Is Deriv legit or a scam?) and landed on this review posted on Deriv community
I was curious to read through and found some “knots were not tying”
If you keenly observe the screenshot, the review is the same as the one taken above posted on Forex Peace Army (FPA) and on Deriv community accordingly and with the same date-Jul 16, 2024 but with different username that is,
On Deriv community, the username is “aloetic-airwise-2” and on FPA is “DXBTRADER”.
Remember I was directed to Forex Peace Army’s review by the link shared in my WhatsApp DM and found the same review on Google.
Continuing my search, I found the same review in form of a comment on a LinkedIn “Deriv Review article” by Jafar Omar, still with different usernames (Dr. Narasimha Raju) but this time left a Trustpilot link in his comment!
Well, I would wish to continue digging deeper into these claims (Deriv negative review) but again we have to consider the fact that some reviews are backed by personal intentions and subjective biases since Deriv can’t please everyone.
All I could say in my objective opinion to whether Deriv is a scam or legit have been compiled in this article I published a few weeks ago, if you don’t mind, be sure to check it out on medium.
Deriv is a well regulated financial market broker that has been in the market for 25 years, has won different awards in different fields. It has a 4.4 rating on Trustpilot.
I personally have made several withdrawals from the broker and actually have that recording. You can watch the video here when I was making the withdraw.
However this call about Deriv-whether a scam or not, reminded me how I started forex trading and what triggered me to enroll in such a career!
It was the scamming platforms which would induce investors to invest in them. You would invest and receive daily payouts as Return On Investment (ROI). The payouts were promising to an extent that some of such platforms would pay 5% daily ROI.
While members would have the feel of such high returns, majority of them fell a victim to them in one way or the other. Examples of such investment platforms or fake websites include, forexpros, bridge waters, Gresham (by Grace and Emma), microsoft invest, global index dot online, the list continues!
The common question, that was raised by members or investors, was,
Where do you get the funds to pay all our huge Return on Investment?
The response from one of the platforms was, “We trade?forex”.
By that time, I had no idea about “Forex”. That statement alone pushed me into serious and deep research about the business model. In less than 6 months, I had covered forex trading basics! Forex trading business is real and exists. There is no doubt to that.
But how do you access the markets?
That’s where brokers like Deriv come in!
It is something to ask yourself, which brokers are legit or a scam. That’s why reviews are there on Trust pilot, Google Play store, in trading groups among others. Thanks be to God I used trading groups like telegram groups, Youtube channels, WhatsApp groups where I interacted with different traders before committing my real funds and was never disappointed!
That is User Generated Content (UGC). Yeah, you can interact with different traders to iron out those doubts to whether a broker is legit or not.
Sometimes I wonder, can forex brokers like Deriv be like those fake investment platforms inducing clients to join them, make deposits and withdraws and then disappear like that?
Impossible! In fact, let me be clear to you, when you are a beginner trader, the first common experience you will have is to loose your money in form of losses. It is not about which broker you use but a range of factors behind that, including the technical expertise of analysing charts, risk management and your trading psychology!
And if you feel this is not your calling, that’s the stage you are going to quit forex trading!
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Additionally, trading with Deriv or any other broker you think is a scam whether true or false, requires you to actively trade unless you are into copy trading and automated trading (using bots to trade for you)!
That means, trading is different from investment. In those investment platforms, we would simply make deposits and wait for returns while doing nothing. Trading with Deriv broker or any other brokerage firm requires you to not only make deposits but also actively trade, analyze charts and monitor your trades.
You are in control of your profits or losses. Once you feel you want to withdraw your profits you can, and when you feel you are no longer interested in trading you can as well withdraw your initial?deposit.
Therefore, I urge you to be careful, because every good thing comes with bad ones. I know scammers are excelling in their skills to take your hard earned money but that does not stop us-risk takers to do online businesses. As long as you are interested in making a living online, be ready to encounter scammers along the way.
However, it is wrong to assume that every company, broker, person is a scammer. You have to be positive minded, exercise due diligence and face the situation like a man-Ladies inclusive, don’t kill me for that????!
This is why cyber security courses, trainings are rampant today because you need to have knowledge to counteract such scams! If that is the missing piece, Fiverr has got you covered with 39 Cyber security experts to equip you with the right knowledge and skills
FREQUENTLY ASKED QUESTIONS ABOUT?DERIV
1.Who is the owner and founder of Deriv?
Jean-Yves Sireau is the founder of Deriv since 1999. He is an entrepreneur since the age of 20. Deriv has rebranded from the Regent markets group to binary.com and currently to Deriv.com
2. Who is the CEO of Deriv broker?
Deriv currently has two co-Chief Executive Officers. The first one being its founder-Jean-Yves Sireau as seen above and the second one being Rakshit Choudhary.
The latter was promoted to co-CEO in April 2024 and his passion aligns perfectly with Deriv company’s mission to make trading accessible to everyone including retail traders.
3. Which countries is Deriv based in?
Deriv has 20 locations but is based and has offices in 15 countries as of 2024. These include:
Vanuatu: Port Vila, France: Paris, Malta: Birkirkara, Malaysia: Ipoh, Cyberjaya, Labuan, Melaka, Paraguay: Ciudad del Este, Asunción, Senegal: Dakar, British Virgin Islands: Road Town, Cyprus: Limassol, Channel Islands: Guernsey, Jordan: Amman, Germany: Berlin, Singapore: Singapore, Rwanda: Kigali, UK: London, Reading and Cayman Islands: George Town
4. How many clients does Deriv have?
Deriv has over 2.5m traders world wide and I am part of them?? with $46m+ monthly withdraws, 187m+ monthly trades and $15 Trillion+ total trade turnover
5. Who controls Deriv/Is Deriv a verified broker?
Deriv is verified and regulated by different authorities in various countries. For instance in Malta, Malaysia, Mauritius, The Republic of Virgin Islands, Vanuatu,Saint Vincent and Grenadines
6. Which broker is better than Deriv?
This varies from one individual trader to another depending on various trading goals, preferences and features. This could include regulations, variety of tradable assets, user friendly interface, trading platforms, different trading accounts like standard and cent accounts, spreads among others.
In my opinion, if Deriv was to crash and disappear the next day, I would maintain Exness and XM brokers because they have all the mentioned features and many more others!
7. Which one is better, exness or Deriv?
As for me, Deriv is better based on the tight spreads which is my preference and being the only global broker for synthetic indices traded 24/7. Like I said, this also varies from individual trader to another.
8. Can you make money from Deriv?
One of the common ways to make money from Deriv not traders making deposits is its affiliate marketing where you can earn an estimated $850 for 10 clients referred but this depends on a number of factors because you may refer clients and don’t trade on real accounts.
To get a glimpse of how much top traders can earn. Here is an overview of October 2024 top performers
But to be honest, if you don’t have a trading skill, affiliate marketing skill, and established audience, this might be harder to realize and may take some time! However, with the mentioned “assets” it’s going to be a walk over.
Interested in making money from Deriv through affiliate marketing? You can get started here!
9. What are the disadvantages of Deriv?
??Deriv has high leverage that can’t be changed from 1:1000 to 1:4000. This makes it easier for small accounts below $50 to blow their accounts
??Deriv is not on MT4 platform like most of other brokers and if you prefer MT4, then you have missed out!
??Most of Deriv synthetic indices are volatile and require a minimum lot size which is high. This means that small equity accounts can’t easily survive without proper risk management.
Be sure to be checking the minimum lot size on every trading platform since different account types and trading platforms may have different minimum lot sizes on some assets. I realized this on cTrader platform where the minimum lot size for volatility 75 is 0.01 and on MT5, it’s 0.001.
However there is a way of reducing the lot size below its minimum. For example, the minimum lot size for Volatility 25 is 0.5 but if you want to reduce it below that, you open a trade position higher than that, like 0.6, then close like o.4 to remain with 0.2.
10. How long does deriv withdrawal take?
Deriv withdrawals are processed within 24 hours but this depends on withdrawal methods. If it is a bank account, it may take even 2–3 days.
11.Which is the safest forex broker?
A priority is given to such a broker that is regulated by top-tier financial authorities. Deriv, Exness and XM are part of the safest brokers.
12. Deriv broker complaints
If you have any complaint, write a detailed email of your issue with supporting evidence attached and send to [email protected]. You can also reach out to Deriv via live chat or WhatsApp support number which can be accessed on their official website!
With that being said, I hope you can make informed decisions based on the information provided. If you are new to Deriv and wish to try it, I would appreciate you grabbing your account here!
Until next time, keep winning!
Disclosure: This post contains affiliate links. If you click on them, you’ll be redirected to another page that offers additional value at no extra cost to you. If you decide to make a purchase, it helps support my work, and I truly appreciate that!