Understanding the Deriv Currency Account: a comprehensive guide

Deriv® is one of the world’s largest online brokers, with over 2.5 million customers using the Deriv trading platform to buy and sell assets including CFDs and other derivatives on forex, as well as stocks and indices, cryptocurrencies, commodities and more. This guide looks at the Deriv Currency Account for forex trading.

Need a simple way to hold and exchange currencies — try Wise. Wise is a licensed Money Transmitter and offers accounts and debit cards to hold 40+ currencies, send payments to 80+ countries, and spend in 150+ countries.

What is a Deriv Currency Account?

You can use a Deriv Currency Account¹ to trade forex, including CFDs, options and multipliers. All of these trading options allow you to trade on changes in the foreign exchange markets without necessarily owning underlying assets.

This can mean you generate larger profits — but it can also mean your potential losses are very high, and outweigh your initial stake.

Forex trading is inherently risky and should not be undertaken without understanding the market, the trade types and the potential opportunities and risks. Seek professional advice if you’re not sure if forex trading is right for you.

Pros and cons of the Deriv Currency Account

✅ Pros	❌ Cons
High leverage and low forex spreads 24/7 trading Money to Friday Broad range of trade types Good customer support	You may incur significant losses Fees apply Not suited to inexperienced investors;

Deriv is a popular trading platform with a very wide range of trade types and asset classes, including foreign exchange trading.

If you’re an experienced investor you may like Deriv’s easy to use trading interface and strong customer support.

However, as trading is risky and can incur significant losses, particularly with leveraged products, it may not be a suitable option for inexperienced investors.

Opening a Deriv Currency Account: step by step

To open a Deriv Currency Account for forex trading you’ll need to take a couple of steps.

You’re guided through the process on the Deriv website — but here’s a quick step by step outline to give a flavor:

Step 1. Open the Deriv webpage and click Sign up

Step 2. Create a demo account by entering and confirming your email

Step 3. Tap the option to create a real Deriv account, once you’re logged into your demo account

Step 4. Pick the currency of your account and enter personal details

Step 5. Upload documents for verification

Step 6. Open a Deriv currency account on MT5 by following the prompts once logged into your main Deriv real account — look for the option to open a financial account

Step 7. Download DMTV app, fund your account, and you can start trading

Funding your Deriv Currency Account

Depending on how your account is set up, you may be able to use the following payment methods to fund your Deriv account²:

• Debit and credit cards
• E-wallets
• Cryptocurrency wallets
• Deriv P2P
• Online banking
• Fiat onramp
• Payment agents

Withdrawing from your Deriv Currency Account

You’ll be able to use the same selection of methods to withdraw from your Deriv account as you can pay in. While the options do vary a little based on your country and account type, they’ll be similar to the list of funding methods above.

Bear in mind that if any currency conversion is required, this is done by your payment service provider³. This means that there may be fees to exchange currencies, or exchange rate markups to pay.

How can you switch between currencies in your Deriv Account?

If you have a live Deriv account which has a deposit in it, you’ll need to close all your positions before you can change the currencies of your account.

Close any open positions, withdraw your funds, and ask Deriv to help you change your account currency using the live chat service⁴.

Deriv Currency Account fees and charges

There’s no fee to open a Deriv currency account — however, Deriv charges will apply, depending on the type of forex trading you choose.

Fees vary widely based on the trade type and currencies involved, so you’ll need to check the costs for your specific trade before you start.

It’s also helpful to know that Deriv accounts that do not trade for 12 months or more are subject to a 25 USD fee every 6 months, until trading resumes⁵.

Trading forex with Deriv Currency Account

Let’s look at some common questions about using a Deriv currency account — there’s lots more information on the Deriv website if you need further detail.

Can you trade other assets with a Deriv Currency Account

To open a Deriv currency account you’ll have already created a general ‘real’ (as opposed to demo) Deriv account, which can be used to trade a broad range of assets including commodities, crypto, ETFs, stocks and indices.

Can you trade in different currencies with a Deriv Currency Account?

You can trade with Deriv in different ways covering about 50 different currency pairs, across CFDs, options and multipliers.

How quickly can you start trading after opening your Deriv account?

You may be able to start trading as soon as you’ve added funds. However, at some point you must verify your account — this may be required at the point of opening, when you first trade, or when Deriv prompts you to get verified to continue trading⁶.

How safe is it to use a Deriv Currency Account?

Deriv is regulated by the following bodies⁷:

• The Malta Financial Services Authority
• The Labuan Financial Services Authority
• The Vanuatu Financial Services Commission
• The British Virgin Islands Financial Services Commission

There are inherent risks involved in many forex trading activities, which you’ll need to understand before you start.

CFDs and similar trade types have high risks of losing money rapidly due to leverage.

Don’t trade until you’ve learnt as much as possible about the way the market and trade types work, and take professional advice if you need it.

Deriv vs Wise: what's right for you?

Deriv is a trading platform which is intended to allow experienced traders buy and sell relatively complex asset classes, often with leverage which means it’s possible to incur high losses.

If what you’re looking for is simply a way to hold and exchange foreign currencies — for day to day use or travel spending for example, check out Wise instead.

Wise accounts are opened and managed online or in the Wise app, and can hold and exchange 40+ currencies, with local bank details to get paid in 9 currencies direct to your account.

You can also order a Wise card to spend in 150+ countries, and send payments to 80 countries — all with the mid-market exchange rate and low fees from 0.43%.

Get started with Wise

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information

---

Deriv is a popular platform for experienced investors who want to trade forex and other asset classes online and using their phone.

However, there are inherent risks in trading foreign currencies, and as such it’s not necessarily the right choice for less experienced investors.

Use this guide to learn more — and take professional advice before you trade with Deriv or any other platform, if you’re not sure whether or not it’s right for you.

---

Sources:

1. Deriv forex trading
2. Deriv - payment options
3. Deriv - conversion rates for deposits and withdrawals
4. Deriv - change currency of your account
5. Deriv general terms and conditions
6. Deriv - verification
7. Deriv - regulatory information

Sources checked 07.18.2023