Site icon MakeMoney.ng

How to trade on Deriv for beginners

Victor Iyiola
Deriv

Deriv is an easy-to-use online platform where users can trade CFDs like Forex, commodities, cryptocurrencies, synthetic indices, and lots more. In this post, you will learn how to trade on Deriv as a beginner.

We will also talk about the countries where Deriv is banned, the commodities you can trade on Deriv, how to download the Deriv X mobile app, what a Deriv Go account means, available deposit and withdrawal options on Deriv, and lots more.

What is Deriv, and how does it work?

Deriv is an award-winning online platform that provides its users with an opportunity to trade in a variety of derivatives from any supported country. With Deriv MT5, users can trade on the largest financial markets and Deriv’s synthetic indices.

You Might Be Interested In: How to trade on OctaFX as a beginner

Is it safe to use Deriv?

All the financial services offered by Deriv Investments Limited are licensed in Malta (licence no. IS/70156) and regulated by the Malta Financial Services Authority under the Investments Services Act.

Deriv is also authorised by the Financial Conduct Authority and is very safe to use. There are more than 2.5 million Deriv traders, and none has claimed to be defrauded so far.

Create a Deriv account

Deriv supported countries

Countries where Deriv is available

If you reside in a country that is part of the European Union, you can create a Deriv account and trade as you like. You can also use Deriv if you’re a resident of:

Countries where Deriv is not available

Deriv mobile app download

First, you need to create a Deriv account. Click here to create an account. Deriv has 2 mobile applications; Deriv X and Deriv Go. The former has a versatile trading experience and it lets users customize their trading environment.

Deriv Go is the main mobile app that is optimised for trading multipliers easily. Users can trade on Forex, synthetic indices and cryptocurrencies while also maximizing their potential profit. This is done without risking more than their stake.

Trading options on Deriv

A Contract For Difference (CFD) is a financial product that allows traders to obtain an indirect exposure by opening long (buying) or short (selling) positions in an underlying asset.

These can be securities, commodities, indices, cryptocurrencies and many other asset types. Users can trade a lot of CFDs on Deriv, including:

How to fund your Deriv account

Unless you open a Deriv demo account, you have to deposit some funds to your trading account before you can start trading.

There are many account funding options on Deriv, and we can’t explain the steps to them all. However, we’ll highlight the available deposit options.

1. Bank wire transfer

The minimum amount you can deposit to your Deriv trading account is $5. Most deposits are usually processed immediately.

2. Credit and debit cards

Visa and Mastercard credit/debit cards are supported, and they have a minimum deposit amount of 10 USD/GBP/EURO/AUD.

3. E-wallets

The supported online wallets include Skrill, Neteller, PaySafe, Fasapay, and WebMoney. Other e-wallets are also supported, but they vary based on the country where you’re residing.

The minimum deposit amount is 5 of your base currency. If your currency is Dollar, then your minimum deposit amount is $5. The same goes for all other currencies.

4. Cryptocurrencies

Deriv accepts cryptocurrencies as a method of funding trading accounts on its platform. Supported crypto payment options include Bitcoin, Ethereum, Litecoin and Tether. There is no minimum deposit amount when using cryptocurrencies.

Note: Deriv does not charge any service fees on account deposits.

How to trade on Deriv

After creating a real or demo account on Deriv, here’s how you can start your trading journey from the main page.

1. Select a trading market

There are 4 main markets available on Deriv. This includes Forex, Stocks and indices, Commodities, and Synthetic indices.

Note that silver, gold, crude oil, and energy are under the “commodities” market.

2. Select a trade type

On the next page, choose your desired trade type. You can select Up and Down, High and Lows, Digits, and many other options.

3. Set the duration of your trade

The next thing to do is to customize your trading duration. You can set your desired duration starting from 1 to 10 ticks or 15 seconds to 365 days.

Note that the duration options available to you will depend on whether you have a short-term or long-term view of the markets.

4. Set your stake amount

On the next page, input your desired stake amount. A payout quote will be shown on your device. Preferably, you can input the desired payout amount and a corresponding stake amount will be displayed to you.

5. Purchase your contract

If you’re satisfied with the payout quote displayed on your screen, you should place your order immediately. If you don’t like what you see, you can make a few changes to the parameters till the desired payout quote is shown.

Withdrawals on Deriv trading accounts

You can use any of the available deposit options to also withdraw funds from your Deriv trading account.

1. Although it varies depending on the type of bank, bank withdrawals start at 5 of your base currency. They are usually processed within 1 to 2 working days.

2. The minimum amount you can withdraw through debit or credit cards is 10 of your base currency. The withdrawal will be processed within one working day.

3. The minimum amount you can withdraw through an e-wallet is 5 of your base currency. This will also take one working day to be processed.

4. You can also withdraw through a crypto wallet. Bitcoin has the lowest minimum withdrawal amount of 0.0026. Crypto withdrawals usually take one working day alongside 3 blockchain confirmations.

Deriv customer care

You can always contact Deriv for questions and enquiries. They have customer support staff that will attend to you. There’s an option to start an online chat, ask the Deriv community or visit the help centre.
Disclaimer: The products mentioned here are affected by changes in currency exchange rates. If you invest in these products, you may lose some or all of your money. Don’t invest money that you can’t afford to lose and never trade with borrowed money.

Note: Investing in forex trading and online trading is risky. You can loose money. Do your own research

Don't miss a thing. Follow us on Telegram. If you love videos then also Subscribe to our YouTube Channel. We are on Twitter as MakeMoneyDotNG.

Exit mobile version