is deriv legit

@maasai_princess - 7 months ago - Forex Brokers

I am in Kenya and I hear so much about this forex broker called deriv, are they for real? How lefit are they because I heard they changed their name from binary.com to deriv but what is their track record?

@segun_33 - 7 months ago

Yes, deriv is legit but the source of their legitimacy is weak. Let me explain, deriv got their operational licenses from some low tier regulators, they are regulated by:

1. Saint Vincent & Grenadines - weak regulator

2. FSC British Virgin Islnds - weak regulator

3. Malta FSC - weak regulator

4. Labuan FSA - moderate reguator

Now, although deriv is legit because they have about 4 operational licenses, you will notice these licenses are not from well-known reguators like those ones in the United Kingdom, Australia, Germany etc. This is why i saw deriv has weak regulation.

Most of these weal regulators are located in island countries whose governments are just interested in generating revenue through licensing various brokers. These island nation governments do not have proper structures on ground to monitor these forex broker operations overseas.

So, to summarize deriv is legit but I would not deposit a huge sum of money with them I would only deposit what i want to trade with and withdraw it after that.

@scooter_mx - 7 months ago

Hi, if you are in Kenya why do you not consider brokers regulated by the government Capital Markets Authority (CMA) in Kenya? CMA regulated brokers are the safest because you get local protection.

Brokers like deriv are not CMA regulated and although they offer higher leverage up to 1:1000 (while CMA brokers are limited to 1:400), deriv is still a high risk broker because you wont get local protection should something go wrong.

Deriv is legit because it is licensed by some foreign regulators but you wont get any help from the Kenyan government if they go bankrupt or if they choose to withold your funds or reverse your profits for any reason.

@maasai_princess