Identity verification, an essential element in safeguarding online security, refers to the process of confirming your true identity to the online broker. This is required by the law in order to always ensure the ultimate beneficiary of transactions is known. Also, identitiy verification is a mandatory step in anti money laundering policies, which are also required by law in basically any country.
Deriv is required to verify your identity before letting you withdraw any money.
The Significance and Timing of ID Verification on Deriv
When you create an account with Deriv broker, you must authenticate your identity at some point.
This is normally necessary before making a withdrawal or, in some cases, immediately after making your initial deposit. The Deriv verification mechanism is in place to meet regulatory requirements, decrease fraudulent transactions, and protect users’ assets.
Furthermore, Deriv’s proof of identity verification helps the platform provide better and more tailored client support.
Necessary Deriv Verification Documents for South Africans
The verification process for South Africans withdrawing from Deriv includes supplying special Deriv verification documents. These are typical:
- Proof of identity: A clear, coloured copy of your valid passport or a government-issued ID card will suffice.
- Proof of address: A utility bill or bank statement from the last six months that shows your full name and address.
How to Verify Proof of Identity on Deriv: The Procedure
The Deriv verification process has been purposefully designed to be simple, especially for platform novices. This ease of use and a strong emphasis on security make it an essential aspect of the Deriv user experience. Let us take a closer look at the step-by-step guide:
- Please log in using your unique username and password. You can register one if you do not have an existing Deriv account.
- Navigate to the tab labelled “Profile & Settings.” Typically positioned at the top-right corner of your screen or within a dropdown menu, this category holds all pertinent details and customization options on your account.
- Click the “Verification” webpage, and you will be directed to a customized upload page for the required documents.
- Upload your files. You must submit a clear, colour scan of your government-issued ID and evidence of address. Ensure the documents are legible, unaltered, and all corners visible. Furthermore, attempts to change the document could delay verification or rejection.
- Finally, wait for the verification of your account by the Deriv team. After submitting your documents, they will undergo a thorough review process. If additional details are required, the Deriv team will contact you directly.
Duration of the Verification Process
The time it takes to verify a Derivation varies. However, in most circumstances, the process takes between one and three working days.
Remember that this estimate can change based on the quality of the uploaded documents and the total volume of requests handled by the verification team when you submit your documents for review.
Tips for a Smooth Deriv Verification Process
Ensure Clarity and Quality of Documents
To expedite the Deriv verification process, ensure the documents you submit are of good quality. Unnecessary delays in the verification process can be caused by poor image quality or cut-off text.
Stay Updated
After submitting your documents, monitor your email. If the Deriv team requires additional information or documentation to verify your account, they will contact you directly.
Frequently Asked Questions
What documents do I need for ID verification on Deriv?
You need a clear, coloured scan of a legitimate government-issued ID for evidence of identification and a recent utility bill or bank statement for address verification.
Can I use a driver’s license as proof of identity for Deriv verification?
Yes, a clear and coloured scan of your legal driver’s license is usually accepted as proof of identity for Deriv verification.
How long does Deriv verification take?
The Deriv verification process typically takes 1 to 3 working days. However, this will vary depending on the quality of the documents given and the volume of requests handled by the verification staff.
Does Deriv need verification?
Yes, account verification is required by Deriv to comply with regulatory regulations, prevent fraudulent transactions, and protect users’ funds.